How much will a $200,000 mortgage cost?

If you’re ready to apply for a mortgage, you might wonder how to budget for your target home cost. Your mortgage size will depend on the price of the home you are buying and the downpayment you are contributing. If you are buying a $300,000 home and contributing $100,000 in a downpayment, you will need a $200,000 mortgage to make up the difference.

Here’s a breakdown of what your $200,000 mortgage monthly payment might cost, as well as what you’ll pay in interest and over its lifetime.

Monthly payments on a $200,000 mortgage

• Click here to see monthly payments by interest rate

  Interest	Amortization period	Monthly payments
  1.5%	10 years	$1,795.83
  1.5%	25 years	$799.87
  1.75%	10 years	$1,817.96
  1.75%	25 years	$823.58
  2%	10 years	$1,840.27
  2%	25 years	$847.71
  2.25%	10 years	$1,862.75
  2.25%	25 years	$872.26
  2.50%	10 years	$1,885.40
  2.50%	25 years	$897.23
  2.75%	10 years	$1,908.22
  2.75%	25 years	$922.62
  3%	10 years	$1,931.21
  3%	25 years	$948.42
  3.25%	10 years	$1,954.38
  3.25%	25 years	$974.63
  3.50%	10 years	$1,977.72
  3.50%	25 years	$1,001.25
  3.75%	10 years	$2,001.22
  3.75%	25 years	$1,028.26
  4%	10 years	$2,024.90
  4%	25 years	$1,055.67
  4.25%	10 years	$2,048.75
  4.25%	25 years	$1,083.48
  4.5%	10 years	$2,072.77
  4.5%	25 years	$1,111.66

  Note that your monthly mortgage payments will vary depending on your interest rate, taxes and private mortgage insurance (PMI), among related fees.

Your total interest on a $200,000 mortgage

On a mortgage with a 25-year amortization and a 4.5% fixed interest rate, you’ll pay $133,499.49 in interest over the life of your loan.

If you instead opt for a mortgage with a 10-year amortization, you’ll pay $48,732.18 in interest over the life of your loan — or less than half of the interest you’d pay on a 25-year mortgage.

• Click here to see how much you'd pay in total interest based on the interest rate.

  Interest	Amortization period	Total interest charged
  1.5%	10 years	$15,450.22
  1.5%	25 years	$39,961.80
  1.75%	10 years	$18,155.58
  1.75%	25 years	$47,073.47
  2%	10 years	$20,832.29
  2%	25 years	$54,312.60
  2.25%	10 years	$23,529.69
  2.25%	25 years	$61,678.42
  2.50%	10 years	$26,247.76
  2.50%	25 years	$69,170.04
  2.75%	10 years	$28,986.47
  2.75%	25 years	$76,786.51
  3%	10 years	$31,745.79
  3%	25 years	$84,526.79
  3.25%	10 years	$34,525.67
  3.25%	25 years	$92,389.74
  3.50%	10 years	$37,326.08
  3.50%	25 years	$100,374.14
  3.75%	10 years	$40,146.98
  3.75%	25 years	$108,478.72
  4%	10 years	$42,988.33
  4%	25 years	$116,702.10
  4.25%	10 years	$45,850.08
  4.25%	25 years	$125,042.86
  4.5%	10 years	$48,732.18
  4.5%	25 years	$133,499.49

Compare lenders for $200,000 mortgages in Canada

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Name	Product	Interest Rate (APR)	Loan Term	Min. credit score	Provincial availability
CASHBACK nesto Mortgages nesto Mortgages	CASHBACK	4.54%	5 Year Fixed Rate	680	All of Canada	Get 1% cashback on your mortgage value (up to a total cashback of $9,250).	Go to site More Info	Compare	loading Fetching your data...
BMO Mortgages BMO Mortgages		6.49%	5 Year Fixed Rate	Varies	All of Canada	Lock in a rate for up to 130 days - the longest of any major bank in Canada.	Go to site More Info	Compare	loading Fetching your data...
Tangerine Mortgages Tangerine Mortgages		5.74%	5 Year Fixed Rate	620	All of Canada	Secure a mortgage rate for up to 120 days. Make lump sum prepayments up to 25% of your original mortgage amount each year.	Go to site More Info	Compare	loading Fetching your data...
Meridian Mortgages Meridian Mortgages		6.29%	5 Year Fixed Closed Rate	600	ON	Meridian is a credit union that provides Ontario residents featured rates and the option to defer one payment every 12 months without penalty.	Go to site More Info	Compare	loading Fetching your data...
Homewise Mortgages Homewise Mortgages		Varies	Varies	600	Not available in Quebec	Homewise's personal advisors can get you mortgage rates from over 30 banks and lenders.	Go to site More Info	Compare	loading Fetching your data...

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Amortization schedule for a $200,000 mortgage

You can estimate your monthly loan repayments on a $200,000 mortgage at 3% fixed interest with our amortization schedule over 10 and 25 years.

• 10-year loan
• 25-year loan

Other mortgage amounts you might be interested in:

• $100,000
• $250,000
• $750,000
• $1 million

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 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.