Mortgage Calculator - Monthly Payment, Taxes, PMI & Total Costs

Mortgage Payment Amortization Table

How Much Is $200,000 Mortgage Payment for 30 Years?

Simply put, if you borrow $200,000 for a home at 6% interest over 30 years, you'll pay $1,199.10 each month. That payment covers your principal and interest.

But when you're actually buying a house, there's a lot more to consider. For example:

• Down Payment: 10%
• Property Tax: 1.2%
• Home Insurance: $1,500
• PMI Insurance: $1,000
• HOA Fee: $1,000
• Other Costs: $4,000

When you factor all of these in, your monthly payment jumps to 1904.19. This amount includes principal, interest, insurance, taxes, HOA fees, and other expenses.

So the real cost of homeownership is way more than just the mortgage interest!

What Is the Monthly Payment on a $400,000 Mortgage at 6%?

Assuming a fixed rate of 6.00%, you're looking at around $2,398.20 per month for a 30-year mortgage, or about $3,375.43 per month if you go with a 15-year mortgage.

How Much Is a Mortgage on $500,000?

For a $500,000 mortgage with a 30-year term and a 7% interest rate, the monthly payment is $3,326.51. Over one year, your combined principal and interest payments would total $39,918.15. Over the full 30-year term, the total amount paid would be $1,197,544.49.

References

• Consumer Financial Protection Bureau (CFPB): Official Home Buying Guide
• U.S. Department of Housing and Urban Development: HUD.gov - Housing Information
• Federal Housing Administration: FHA Loan Programs and Requirements
• Fannie Mae: Conventional Loan Guidelines
• Federal Reserve: Mortgage Shopping Tools (PDF)
• IRS Publication 936: Home Mortgage Interest Deduction