Use the mortgage calculator to calculate the cost of buying a $200k home. Change the numbers to see different options.
This calc can be used for car loans, debt, real estate, home purchase, etc.
Can I afford a 200,000 dollar house? It depends.
In addition to the mortgage payment, a home also has insurance, maintenance, and taxes.
Taxes can vary drastically by area. A very rough estimate is to not spend more than 30% of your income
on housing.
How do I get a mortgage? A simple first step is to talk to a local banker and fill out a mortgage application. Then consider other offers, either local or online.
How much of a down payment should I make? Here's a little chart that shows monthly payments based on down payment for a $200,000 house.
$200,000 Home at 2%
| 0% down | $739.24/mo |
| 5% down | $702.28/mo |
| 10% down | $665.32/mo |
| 15% down | $628.35/mo |
| 20% down | $591.39/mo |
| 25% down | $554.43/mo |
| 30% down | $517.47/mo |
| 35% down | $480.51/mo |
| 40% down | $443.54/mo |
| 45% down | $406.58/mo |
| 50% down | $369.62/mo |
$200,000 Home at 4%
| 0% down | $954.83/mo |
| 5% down | $907.09/mo |
| 10% down | $859.35/mo |
| 15% down | $811.61/mo |
| 20% down | $763.86/mo |
| 25% down | $716.12/mo |
| 30% down | $668.38/mo |
| 35% down | $620.64/mo |
| 40% down | $572.90/mo |
| 45% down | $525.16/mo |
| 50% down | $477.42/mo |
$200,000 Home at 6%
| 0% down | $1,199.10/mo |
| 5% down | $1,139.15/mo |
| 10% down | $1,079.19/mo |
| 15% down | $1,019.24/mo |
| 20% down | $959.28/mo |
| 25% down | $899.33/mo |
| 30% down | $839.37/mo |
| 35% down | $779.42/mo |
| 40% down | $719.46/mo |
| 45% down | $659.51/mo |
| 50% down | $599.55/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.