How much does a 30 year fixed $200k mortgage cost?

At a 7% interest rate, a 30-year fixed $200K mortgage has a monthly payment amount of $1,331, while a 15-year fixed $200K mortgage at the same interest rate has a monthly payment amount of $1,798. It’s important to note that your loan term can also influence your mortgage rate, which we’ll cover in more detail in the next section.

How do you calculate the monthly payment of a $200k mortgage?

To calculate the monthly payment of a $200,000 mortgage, use this calculator based on the loan amount, interest rate, and loan length. It assumes a fixed rate mortgage. Subtract your down payment from the loan amount. Many lenders estimate the most expensive home that a person can afford as 28% of one's income.

Can you afford a $200k mortgage with a 20% down payment?

To afford a $200K mortgage with a 20% down payment, 30-year term and 7.00% interest rate, you’d need to make at least $38,268 a year before taxes. How much you ultimately can afford depends on your down payment, loan terms, taxes and insurance. As a general rule, your mortgage payment shouldn’t exceed one-third of your monthly income.