Mortgage Calculator: $200,000-$300,000 Home with 5% Down
Calculate your monthly mortgage payment for homes priced $200,000 to $300,000 with a 5% down payment. See your payment breakdown, PMI costs, and amortization schedule.
Estimated Monthly Payment Summary
| Component | Monthly Cost |
|---|---|
| Principal & Interest | $1,540 |
| Property Tax (est. 1.2%) | $250 |
| Homeowners Insurance | $63 |
| PMI (est. 0.7%) | $139 |
| Total Monthly | $1,992 |
Estimates based on a $250,000 home, 5% down ($12,500), 6.75% APR, 30-year fixed term. Actual costs vary by location and credit.
Understanding Your $200,000-$300,000 Mortgage
With a 5% down payment on a $250,000 home, you'll finance approximately $237,500. Your monthly payment depends on your interest rate, property taxes, insurance costs, and PMI until you reach 20% equity.
PMI on Your Mortgage
With 5% down, Private Mortgage Insurance (PMI) is required until you build 20% equity. PMI typically costs 0.3%-1.5% of your loan amount annually. On a $237,500 loan, expect approximately $139/month for PMI.
Income Requirements
Using the 28/36 rule, a $1,992/month payment requires approximately $7,114 monthly gross income (about $85,371/year).