What is the mortgage payment for a $200,000 loan amount?

Country home. Question about payment on a 200K loan.Because the interest paid on the loan must be factored into the monthly payment, it is not as simple as dividing the loan amount by the number of months in the loan term. The simplest way to determine a monthly payment for a mortgage of a certain amount is to use a mortgage calculator like the one found here. You must also enter the interest rate on the proposed loan as well as the loan term in order to calculate the payment.

For example, the monthly payment on a $200,000 loan at a rate of 5.000% with a 30 year loan term is $1073.64. Switch to a 15 year loan with a rate of 4.500% and the payment becomes $1529.98.

 

Please note: The content on AFRMortgage.com is for informational purposes only. It is not a substitute for the advice of a mortgage professional, real estate agent, attorney, tax advisor, or other professional.

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