Finance & Loan · Guide
Monthly Mortgage Payment on a $200k to $600k House
House price is not loan amount. Here is what a home at each price really costs per month once you add the down payment, tax and insurance.
Want the answer for your own numbers? Use the free Mortgage Calculator — it does every step below for you.
House price vs loan amount
People search for "mortgage on a 300k house" and "300k mortgage payment" as if they were the same. They are not. With 20% down, a $300,000 house needs a $240,000 loan. With 10% down, it needs $270,000. The loan is what sets your payment.
Monthly payment by house price
Assumptions: 30-year fixed at 6.5%, property tax of 1% of the price per year, and home insurance of $150 a month. PMI is not included for the 10% down column.
| House price | Loan (20% down) | Principal & interest | With tax & insurance | P&I with 10% down |
|---|---|---|---|---|
| $200,000 | $160,000 | $1,011 | $1,328 | $1,138 |
| $250,000 | $200,000 | $1,264 | $1,622 | $1,422 |
| $300,000 | $240,000 | $1,517 | $1,917 | $1,707 |
| $350,000 | $280,000 | $1,770 | $2,211 | $1,991 |
| $400,000 | $320,000 | $2,023 | $2,506 | $2,275 |
| $500,000 | $400,000 | $2,528 | $3,095 | $2,844 |
| $600,000 | $480,000 | $3,034 | $3,684 | $3,413 |
So the mortgage on a $400k house with 20% down is about $2,023 a month for the loan alone, or roughly $2,500 once tax and insurance are added.
Payment by loan amount
Already know how much you will borrow? Use this instead. Principal and interest only, 30 years.
| Loan | 5.5% | 6.5% | 7.5% |
|---|---|---|---|
| $200,000 | $1,136 | $1,264 | $1,398 |
| $250,000 | $1,419 | $1,580 | $1,748 |
| $300,000 | $1,703 | $1,896 | $2,098 |
| $350,000 | $1,987 | $2,212 | $2,447 |
| $400,000 | $2,271 | $2,528 | $2,797 |
| $500,000 | $2,839 | $3,160 | $3,496 |
| $600,000 | $3,407 | $3,792 | $4,195 |
15-year vs 30-year payment
A shorter loan costs more each month but far less overall. With 20% down, both at 6.5%:
| House price | Term | Principal & interest | Total interest |
|---|---|---|---|
| $300,000 | 30 years | $1,517 | $306,100 |
| $300,000 | 15 years | $2,091 | $136,300 |
| $400,000 | 30 years | $2,023 | $408,100 |
| $400,000 | 15 years | $2,788 | $181,800 |
The 15-year loan saves well over half the interest. In practice 15-year rates are usually a little lower than 30-year rates, which makes the gap even wider.
What else goes into the monthly bill
- Property tax. Varies hugely — well under 1% of value in some US states and over 2% in others. Check your county's rate.
- Home insurance. Depends on location, rebuild cost and weather risk.
- PMI. On a conventional loan with less than 20% down, private mortgage insurance is usually added until you reach 20% equity.
- HOA fees. For condos and some neighbourhoods.
Lenders call the full bundle PITI: principal, interest, taxes and insurance.
How the down payment changes the bill
A $400,000 house at 6.5% for 30 years, with 1% property tax, $150 a month insurance, and PMI estimated at 0.5% of the loan a year when you put down less than 20%:
| Down payment | Cash needed | Loan | Principal & interest | PMI | Total a month |
|---|---|---|---|---|---|
| 5% | $20,000 | $380,000 | $2,402 | $158 | $3,044 |
| 10% | $40,000 | $360,000 | $2,275 | $150 | $2,909 |
| 15% | $60,000 | $340,000 | $2,149 | $142 | $2,774 |
| 20% | $80,000 | $320,000 | $2,023 | $0 | $2,506 |
Going from 5% to 20% down cuts the monthly bill by about $538. Part of that is the smaller loan; part is losing PMI altogether.
How the rate changes your payment
On a 30-year loan, each 1 percentage point adds roughly $67 a month per $100,000 borrowed. On a $300,000 loan, going from 6.5% to 7.5% adds about $200 a month and around $73,000 over the full term. That is why a better credit score, or buying points, can be worth so much.
Worked example: a $350k house
10% down, 30 years at 6.5%
Down payment: $35,000. Loan: $315,000.
Principal and interest: about $1,991. Tax at 1%: $292. Insurance: $150. PMI (estimate 0.5% a year): $131.
Total: about $2,564 a month
Change any of these numbers in the mortgage calculator, which also shows your full amortization schedule. Not sure you can afford it? Read how much income you need for a mortgage.
What you pay over 30 years
The monthly figure hides the total. With 20% down at 6.5%:
| House price | Down payment | Loan payments over 30 years | Of which interest |
|---|---|---|---|
| $200,000 | $40,000 | $364,100 | $204,100 |
| $300,000 | $60,000 | $546,100 | $306,100 |
| $400,000 | $80,000 | $728,100 | $408,100 |
| $500,000 | $100,000 | $910,200 | $510,200 |
| $600,000 | $120,000 | $1,092,200 | $612,200 |
On a 30-year loan at this rate, interest adds up to more than the amount borrowed. Paying even a little extra each month, or switching to biweekly payments, chips away at that total.
Frequently asked questions
About $1,896 a month for principal and interest at 6.5% over 30 years. Add property tax, insurance and any PMI on top. At 7.5% the same loan costs about $2,098.
With 20% down ($80,000) the loan is $320,000. At 6.5% over 30 years that is about $2,023 a month, or roughly $2,500 with typical tax and insurance.
With 20% down ($100,000), a $400,000 loan at 6.5% for 30 years costs about $2,528 a month for principal and interest, or roughly $3,095 once 1% property tax and $150 a month insurance are added.
It saves a lot of interest — on a $240,000 loan at 6.5%, about $136,300 instead of $306,100 — but the monthly payment is around $574 higher. It suits buyers who can afford the bigger payment comfortably and still keep an emergency fund.
Sources and further reading
- CFPB — Owning a home — comparing loan offers, closing costs and monthly payments
- CFPB — What is private mortgage insurance? — when PMI applies and how it is removed