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

At a 4.5% fixed interest rate, your monthly mortgage payment on a 25-year mortgage might total $1,111.66 a month, while a 10-year mortgage might cost $2,072.77 a month.

• 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

Amortization schedule for a $200,000 mortgage

What is amortization?

Your amortization period is the total number of years you have to pay off your mortgage.

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.

This 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.

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.