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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 mortgage.

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Based on your loan terms...

You can expect to pay back $ per month

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$ in principal and $ in interest charged, with a total cost of $ Compare lenders

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. Select Calculate.
5. Review your results.

Monthly payments on a $200,000 mortgage

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $954.83 a month, while a 15-year might cost $1,479.38 a month.

See your monthly payments by interest rate.

Interest	Mortgage term	Monthly payments
3.0%	15 years	$1,381.16
3.0%	30 years	$843.21
3.25%	15 years	$1,405.34
3.25%	30 years	$870.41
3.5%	15 years	$1,429.77
3.5%	30 years	$898.09
3.75%	15 years	$1,454.44
3.75%	30 years	$926.23
4.0%	15 years	$1,479.38
4.0%	30 years	$954.83
4.25%	15 years	$1,504.56
4.25%	30 years	$737.91
4.5%	15 years	$1,529.99
4.5%	30 years	$1,013.37
4.75%	15 years	$1,555.66
4.75%	30 years	$1,043.29
5.0%	15 years	$1,581.59
5.0%	30 years	$1,073.64
5.25%	15 years	$1,607.76
5.25%	30 years	$1,104.41
5.5%	15 years	$1,634.17
5.5%	30 years	$1,135.58

Compare mortgage lenders

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.

Name	Loan products offered	State availability	Min. credit score	‎
Rocket Mortgage (NMLS #3030)	Conventional, Jumbo, FHA, VA, Refinance	Available in all states	620	See rates More Info	Streamline your mortgage from quote to final payment — all from your computer or phone.	loading Fetching your data...
AmeriSave (NMLS #1168)	Conventional, Jumbo, FHA, VA, USDA, Refinance	Not available in: NY	620	See rates 833-426-1288	Great customer reviews and customized rate quotes in three minutes with no SSN needed.	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...
Better (NMLS #330511)	Conventional, Jumbo, FHA, Refinance	Not available in: HI, MA, MN, NV, NH, VT, VA	620	See rates More Info	Online preapproval in minutes and no origination fees with this direct lender.	loading Fetching your data...

Compare up to 4 providers

Your total interest on a $200,000 mortgage

On a 30-year mortgage with a 4% fixed interest rate, you’ll pay $143,739.38 in interest over the life of your loan. That’s about two-thirds of what you borrowed in interest.

If you instead opt for a 15-year mortgage, you’ll pay $66,287.45 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
3.0%	15 years	$48,609.55
3.0%	30 years	$103,554.53
3.25%	15 years	$52,960.81
3.25%	30 years	$113,349.37
3.5%	15 years	$57,357.45
3.5%	30 years	$123,311.97
3.75%	15 years	$61,800.42
3.75%	30 years	$133,443.52
4.0%	15 years	$66,287.45
4.0%	30 years	$143,739.38
4.25%	15 years	$70,819.86
4.25%	30 years	$154,196.69
4.5%	15 years	$75,397.32
4.5%	30 years	$164,813.83
4.75%	15 years	$80,019.82
4.75%	30 years	$175,588.16
5.0%	15 years	$84,685.48
5.0%	30 years	$186,513.24
5.25%	15 years	$89,395.54
5.25%	30 years	$197,585.53
5.5%	15 years	$94,149.77
5.5%	30 years	$208,806.90

How much do I need to make to afford a $200,000 house?

To afford a $200K mortgage with a 20% down payment, 30-year term and 4% 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 mortgage at 4% 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 payed throught the year	Remaining balance
1	$200,000.00	$954.83	$7,935.92	$3,522.04	$11,457.96	$196,477.96
2	$196,477.96	$954.83	$7,792.41	$3,665.55	$11,457.96	$192,812.41
3	$192,812.41	$954.83	$7,643.07	$3,814.89	$11,457.96	$188,997.52
4	$188,997.52	$954.83	$7,487.64	$3,970.32	$11,457.96	$185,027.20
5	$185,027.20	$954.83	$7,325.90	$4,132.06	$11,457.96	$180,895.14
6	$180,895.14	$954.83	$7,157.53	$4,300.43	$11,457.96	$176,594.71
7	$176,594.71	$954.83	$6,982.33	$4,475.63	$11,457.96	$172,119.08
8	$172,119.08	$954.83	$6,799.98	$4,657.98	$11,457.96	$167,461.10
9	$167,461.10	$954.83	$6,610.20	$4,847.76	$11,457.96	$162,613.34
10	$162,613.34	$954.83	$6,412.70	$5,045.26	$11,457.96	$157,568.08
11	$157,568.08	$954.83	$6,207.16	$5,250.80	$11,457.96	$152,317.28
12	$152,317.28	$954.83	$5,993.22	$5,464.74	$11,457.96	$146,852.54
13	$146,852.54	$954.83	$5,770.57	$5,687.39	$11,457.96	$141,165.15
14	$141,165.15	$954.83	$5,538.87	$5,919.09	$11,457.96	$135,246.06
15	$135,246.06	$954.83	$5,297.72	$6,160.24	$11,457.96	$129,085.82
16	$129,085.82	$954.83	$5,046.75	$6,411.21	$11,457.96	$122,674.61
17	$122,674.61	$954.83	$4,785.56	$6,672.40	$11,457.96	$116,002.21
18	$116,002.21	$954.83	$4,513.69	$6,944.27	$11,457.96	$109,057.94
19	$109,057.94	$954.83	$4,230.78	$7,227.18	$11,457.96	$101,830.76
20	$101,830.76	$954.83	$3,936.32	$7,521.64	$11,457.96	$94,309.12
21	$94,309.12	$954.83	$3,629.88	$7,828.08	$11,457.96	$86,481.04
22	$86,481.04	$954.83	$3,310.97	$8,146.99	$11,457.96	$78,334.05
23	$78,334.05	$954.83	$2,979.02	$8,478.94	$11,457.96	$69,855.11
24	$69,855.11	$954.83	$2,633.59	$8,824.37	$11,457.96	$61,030.74
25	$61,030.74	$954.83	$2,274.08	$9,183.88	$11,457.96	$51,846.86
26	$51,846.86	$954.83	$1,899.90	$9,558.06	$11,457.96	$42,288.80
27	$42,288.80	$954.83	$1,510.50	$9,947.46	$11,457.96	$32,341.34
28	$32,341.34	$954.83	$1,105.20	$10,352.76	$11,457.96	$21,988.58
29	$21,988.58	$954.83	$683.44	$10,774.52	$11,457.96	$11,214.06
30	$11,214.06	$954.83	$244.48	$11,214.06	$11,458.54	$0.00

Year	Beginning balance	Monthly payment	Total interest paid	Total principal paid	Total payed throught the year	Remaining balance
1	$200,000.00	$1,479.38	$7,819.22	$9,933.34	$17,752.56	$190,066.66
2	$190,066.66	$1,479.38	$7,414.51	$10,338.05	$17,752.56	$179,728.61
3	$179,728.61	$1,479.38	$6,993.32	$10,759.24	$17,752.56	$168,969.37
4	$168,969.37	$1,479.38	$6,554.95	$11,197.61	$17,752.56	$157,771.76
5	$157,771.76	$1,479.38	$6,098.77	$11,653.79	$17,752.56	$146,117.97
6	$146,117.97	$1,479.38	$5,623.95	$12,128.61	$17,752.56	$133,989.36
7	$133,989.36	$1,479.38	$5,129.82	$12,622.74	$17,752.56	$121,366.62
8	$121,366.62	$1,479.38	$4,615.56	$13,137.00	$17,752.56	$108,229.62
9	$108,229.62	$1,479.38	$4,080.36	$13,672.20	$17,752.56	$94,557.42
10	$94,557.42	$1,479.38	$3,523.31	$14,229.25	$17,752.56	$80,328.17
11	$80,328.17	$1,479.38	$2,943.58	$14,808.98	$17,752.56	$65,519.19
12	$65,519.19	$1,479.38	$2,340.26	$15,412.30	$17,752.56	$50,106.89
13	$50,106.89	$1,479.38	$1,712.33	$16,040.23	$17,752.56	$34,066.66
14	$34,066.66	$1,479.38	$1,058.82	$16,693.74	$17,752.56	$17,372.92
15	$17,372.92	$1,479.38	$378.69	$17,372.92	$17,751.61	$0.00

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

Repayments, total interest and amortization to borrow with confidence.

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