How do I get a mortgage for a $200,000 home?

Apply online for free and lock in your rate for 90 days. If you’re ready to buy a home, you might wonder how to budget for your target home cost. Here’s a breakdown of what you might face monthly, in interest and over the life of a $200,000 mortgage. Fill out the form and click on “Calculate” to see your estimated monthly payment.

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.

What factors affect my monthly mortgage payment on a $200K loan?

The other major factor that influences your monthly mortgage payment on a $200K loan is your interest rate. We already mentioned that the length of your loan can impact your interest rate, but other factors like your credit score, loan-to-value ratio and down payment amount also come into play. A higher interest rate means a higher monthly payment.