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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.

How much does a 30-year mortgage cost?

Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details. For a $200,000 house, 30-year mortgage at a 3.5% interest rate having a $40,000 down payment you'd pay around $718. But the exact costs of your mortgage will depend on its length, the rate you get and other factors.

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.

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