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How much would I pay on a $200,000 mortgage?

Repayments, total interest and amortization to borrow with confidence.

Updated May 4, 2021.

Fact checked

If you’re ready to buy a home, you might wonder how to budget for your target home cost. Here’s a breakdown of what you might face monthly, in interest and over the life of a $200,000.00 mortgage.

Your loan
Loan amount
$
Loan terms (in years)

Interest rate
%

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Fill out the form and click on “Calculate” to see your estimated monthly payment.

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You can expect to pay back $ per month

Based on your loan terms

Principal	$
Interest	$
Total Cost	$

1. Enter how much you want to borrow under Loan amount.
2. Type in your mortgage term in years (not months) under the Loan terms field.
3. Enter the loan’s interest rate if it doesn’t come with any fees under Interest rate. Note that your monthly mortgage payments will vary depending on your interest rate, taxes, PMI costs and other related fees. If you have this information available, you can enter the annual percentage rate (APR), which includes interest and fees combined.
4. Click Calculate.
5. Review your results.

Monthly payments on a $200,000.00 mortgage

At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year $200,000.000 mortgage might total $1,330.60 a month, while a 15-year might cost $1,797.66 a month.

See your monthly payments by interest rate.

Interest	Mortgage term	Monthly payments
5.75%	15 years	$1,660.82
5.75%	30 years	$1,167.15
6.00%	15 years	$1,687.71
6.00%	30 years	$1,199.10
6.25%	15 years	$1,714.85
6.25%	30 years	$1,231.43
6.50%	15 years	$1,742.21
6.50%	30 years	$1,264.14
6.75%	15 years	$1,769.82
6.75%	30 years	$1,297.20
7.00%	15 years	$1,797.66
7.00%	30 years	$1,330.60
7.25%	15 years	$1,825.73
7.25%	30 years	$1,364.35
7.50%	15 years	$1,854.02
7.50%	30 years	$1,398.43
7.75%	15 years	$1,882.55
7.75%	30 years	$1,432.82
8.00%	15 years	$1,911.30
8.00%	30 years	$1,467.53
8.25%	15 years	$1,940.28
8.25%	30 years	$1,502.53

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Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.

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Name	Product	Loan products offered	State availability	Min. credit score	‎
LendingTree (NMLS #1136)		HELOC, Home Equity loans	Available in all states	620	See rates More Info	Connect with vetted lenders quickly through this free online marketplace.		loading Fetching your data...
Veterans United (NMLS #1907)		Conventional, FHA, VA, USDA, Jumbo, Refinance	Available in all states	620	See rates More Info	Veterans United stands out from other lenders for its focus on serving the military community.		loading Fetching your data...

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Your total interest on a $200,000.00 mortgage

On a 30-year $200,000.00 mortgage with a 7.00% fixed interest rate, plan to pay around $279,017.80 in interest over the life of your loan.

If you instead opt for a 15-year mortgage, you may pay around $123,578.18 in interest over the life of your loan — or about half of the interest you’d pay on a 30-year mortgage.

Interest	Mortgage term	Total interest charged
5.75%	15 years	$98,947.63
5.75%	30 years	$220,172.46
6.00%	15 years	$103,788.46
6.00%	30 years	$231,676.38
6.25%	15 years	$108,672.23
6.25%	30 years	$243,316.38
6.50%	15 years	$113,598.65
6.50%	30 years	$255,088.98
6.75%	15 years	$118,567.41
6.75%	30 years	$266,990.63
7.00%	15 years	$123,578.18
7.00%	30 years	$279,017.80
7.25%	15 years	$128,630.64
7.25%	30 years	$291,166.92
7.50%	15 years	$133,724.45
7.50%	30 years	$303,434.45
7.75%	15 years	$138,859.27
7.75%	30 years	$315,816.82
8.00%	15 years	$144,034.75
8.00%	30 years	$328,310.49
8.25%	15 years	$149,250.53
8.25%	30 years	$340,911.95

How much do I need to make to afford a $200,000.00 house?

To afford a $200K mortgage with a 20% down payment, 30-year term and 7.00% interest rate, you’d need to make at least $38,268 a year before taxes. How much you ultimately can afford depends on your down payment, loan terms, taxes and insurance. As a general rule, your mortgage payment shouldn’t exceed one-third of your monthly income.

Amortization schedule

When you take out a mortgage, you agree to pay the principal and interest over the life of the loan. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.

Amortization means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your balance.

Estimate your monthly loan repayments on a $200,000.00 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.

30-year loan
15-year loan

Year	Beginning balance	Monthly payment	Total interest paid	Total principal paid	Total paid throughout the year	Remaining balance
1	$200,000.00	$1,330.60	$13,935.64	$2,031.62	$15,967.26	$197,968.38
2	$197,968.38	$1,330.60	$13,788.77	$2,178.49	$15,967.26	$195,789.89
3	$195,789.89	$1,330.60	$13,631.29	$2,335.97	$15,967.26	$193,453.93
4	$193,453.93	$1,330.60	$13,462.42	$2,504.84	$15,967.26	$190,949.09
5	$190,949.09	$1,330.60	$13,281.35	$2,685.91	$15,967.26	$188,263.18
6	$188,263.18	$1,330.60	$13,087.18	$2,880.08	$15,967.26	$185,383.10
7	$185,383.10	$1,330.60	$12,878.98	$3,088.28	$15,967.26	$182,294.83
8	$182,294.83	$1,330.60	$12,655.73	$3,311.53	$15,967.26	$178,983.30
9	$178,983.30	$1,330.60	$12,416.34	$3,550.92	$15,967.26	$175,432.38
10	$175,432.38	$1,330.60	$12,159.65	$3,807.61	$15,967.26	$171,624.77
11	$171,624.77	$1,330.60	$11,884.39	$4,082.87	$15,967.26	$167,541.90
12	$167,541.90	$1,330.60	$11,589.24	$4,378.02	$15,967.26	$163,163.88
13	$163,163.88	$1,330.60	$11,272.75	$4,694.51	$15,967.26	$158,469.38
14	$158,469.38	$1,330.60	$10,933.39	$5,033.87	$15,967.26	$153,435.50
15	$153,435.50	$1,330.60	$10,569.49	$5,397.77	$15,967.26	$148,037.73
16	$148,037.73	$1,330.60	$10,179.28	$5,787.98	$15,967.26	$142,249.76
17	$142,249.76	$1,330.60	$9,760.87	$6,206.39	$15,967.26	$136,043.37
18	$136,043.37	$1,330.60	$9,312.21	$6,655.05	$15,967.26	$129,388.32
19	$129,388.32	$1,330.60	$8,831.12	$7,136.14	$15,967.26	$122,252.17
20	$122,252.17	$1,330.60	$8,315.24	$7,652.02	$15,967.26	$114,600.16
21	$114,600.16	$1,330.60	$7,762.08	$8,205.18	$15,967.26	$106,394.98
22	$106,394.98	$1,330.60	$7,168.93	$8,798.33	$15,967.26	$97,596.64
23	$97,596.64	$1,330.60	$6,532.89	$9,434.37	$15,967.26	$88,162.27
24	$88,162.27	$1,330.60	$5,850.88	$10,116.38	$15,967.26	$78,045.90
25	$78,045.90	$1,330.60	$5,119.57	$10,847.69	$15,967.26	$67,198.20
26	$67,198.20	$1,330.60	$4,335.39	$11,631.87	$15,967.26	$55,566.33
27	$55,566.33	$1,330.60	$3,494.52	$12,472.74	$15,967.26	$43,093.59
28	$43,093.59	$1,330.60	$2,592.86	$13,374.40	$15,967.26	$29,719.19
29	$29,719.19	$1,330.60	$1,626.03	$14,341.23	$15,967.26	$15,377.96
30	$15,377.96	$1,330.60	$589.30	$15,377.96	$15,967.26	$0.00

Year	Beginning balance	Monthly payment	Total interest paid	Total principal paid	Total paid throughout the year	Remaining balance
1	$200,000.00	$1,797.66	$13,752.28	$7,819.60	$21,571.88	$192,180.40
2	$192,180.40	$1,797.66	$13,187.00	$8,384.88	$21,571.88	$183,795.53
3	$183,795.53	$1,797.66	$12,580.86	$8,991.02	$21,571.88	$174,804.51
4	$174,804.51	$1,797.66	$11,930.90	$9,640.98	$21,571.88	$165,163.53
5	$165,163.53	$1,797.66	$11,233.95	$10,337.93	$21,571.88	$154,825.60
6	$154,825.60	$1,797.66	$10,486.62	$11,085.26	$21,571.88	$143,740.35
7	$143,740.35	$1,797.66	$9,685.27	$11,886.61	$21,571.88	$131,853.74
8	$131,853.74	$1,797.66	$8,825.98	$12,745.89	$21,571.88	$119,107.84
9	$119,107.84	$1,797.66	$7,904.58	$13,667.30	$21,571.88	$105,440.55
10	$105,440.55	$1,797.66	$6,916.57	$14,655.31	$21,571.88	$90,785.24
11	$90,785.24	$1,797.66	$5,857.14	$15,714.74	$21,571.88	$75,070.50
12	$75,070.50	$1,797.66	$4,721.12	$16,850.76	$21,571.88	$58,219.74
13	$58,219.74	$1,797.66	$3,502.98	$18,068.90	$21,571.88	$40,150.84
14	$40,150.84	$1,797.66	$2,196.77	$19,375.10	$21,571.88	$20,775.73
15	$20,775.73	$1,797.66	$796.15	$20,775.73	$21,571.88	$0.00

Bottom line

Buying a house is among the biggest investments you’ll make. Know how much you might pay each month on your $200,000.00 mortgage — including how much of your payment goes toward your interest over the principal — when shopping for a lender.

Learn more about how home loans work in our comprehensive guide to mortgages.

Thank you for your feedback!

Britny Lawhorn

Britny Lawhorn is a former publisher for Finder who specialized in mortgages. She helped readers get a better deal when they bought or refinanced a home. Prior to joining Finder, she spent over five years working in marketing agencies where she helped businesses grow their audience. She attended the University of Tennessee, where she earned a degree in English. In her free time, she enjoys traveling, volunteer work and dabbling in photography.

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