Mortgage Calculator — $200K First-Time Buyer (5% Down)
Monthly payment for a first-time buyer with 5% down on a $200,000 home, including PMI.
Quick Answer
Monthly payment: $1,264
Down payment
$10,000
Loan amount
$190,000
Monthly P&I
$1,264
Total interest
$265,067
Total cost
$465,067
- ✓At 7%, you pay $265,067 in interest over 30 years — 140% on top of the loan
- ✓Income needed (28% rule): $54,175/year gross
- ✓5% down triggers PMI until you reach 20% equity (~$30,000 more needed)
- ✓A 15-year mortgage at similar rates roughly halves total interest paid
Monthly P&I
$1,264.07
PMI (if applicable)
$118.75/mo
Property Tax (est.)
$200.00/mo
Total Monthly Payment
$1,707.82
Total Interest Paid
$265,066.91
Loan Amount
$190,000.00
PMI (~0.5–1%) required for down payments under 20%. Property tax estimated at 1.2% annually.
Frequently Asked Questions
What is the monthly payment on a $200,000 home at 7%?
$1,264 per month for principal and interest on a 30-year fixed mortgage with 5% down ($190,000 loan). This doesn't include property tax, homeowners insurance, or HOA fees, which typically add $300–800/month.
How much total interest do I pay on this mortgage?
$265,067 in interest over 30 years. On a 30-year term at 7%, interest adds up significantly. Choosing a 15-year mortgage at a similar rate would roughly halve total interest paid, though monthly payments would be higher.
What salary do I need to afford a $200,000 home?
Using the 28% front-end rule, you'd need approximately $54,000/year in gross income. Lenders also check total debt-to-income (≤36% guideline), so existing car payments or student loans reduce your maximum home price.
Does 5% down make sense, or should I put more down?
5% down will require PMI until you reach 20% equity. Weigh the PMI cost (~$50–200/month) against keeping cash liquid. If PMI costs less than potential investment returns on the saved cash, a lower down payment can make sense.
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Monthly payment and total interest on a $500,000 home with a 15-year mortgage.
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Monthly mortgage payment on a $400,000 home at the current average rate of 6.8%.
Results are estimates for informational purposes only and do not constitute financial advice. Tax figures use 2026 US rates. Consult a licensed financial advisor before making financial decisions.Last updated: April 2026