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

Find out repayments, total interest and amortization on a $200k mortgage to borrow with confidence.

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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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Monthly payments on a $200,000 mortgage

At a 7.00% fixed interest rate, your monthly payment on a 30-year $200,0000 mortgage might total $1,331 a month, while a 15-year might cost $1,798 a month.

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Veterans United
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Veterans United stands out from other lenders for its focus on serving the military community.
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Your total interest on a $200,000 mortgage

On a 30-year $200,000 mortgage with a 7.00% fixed interest rate, plan to pay around $279,018 in interest over the life of your loan. If you instead opt for a 15-year mortgage, you may pay around $123,578 in interest over the life of your loan — or about half of the interest you’d pay on a 30-year mortgage.

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 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 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.

Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $200,000 $1,331 $13,936 $2,032 $15,967 $197,968
2 $197,968 $1,331 $13,789 $2,178 $15,967 $195,790
3 $195,790 $1,331 $13,631 $2,336 $15,967 $193,454
4 $193,454 $1,331 $13,462 $2,505 $15,967 $190,949
5 $190,949 $1,331 $13,281 $2,686 $15,967 $188,263
6 $188,263 $1,331 $13,087 $2,880 $15,967 $185,383
7 $185,383 $1,331 $12,879 $3,088 $15,967 $182,295
8 $182,295 $1,331 $12,656 $3,312 $15,967 $178,983
9 $178,983 $1,331 $12,416 $3,551 $15,967 $175,432
10 $175,432 $1,331 $12,160 $3,808 $15,967 $171,625
11 $171,625 $1,331 $11,884 $4,083 $15,967 $167,542
12 $167,542 $1,331 $11,589 $4,378 $15,967 $163,164
13 $163,164 $1,331 $11,273 $4,695 $15,967 $158,469
14 $158,469 $1,331 $10,933 $5,034 $15,967 $153,436
15 $153,436 $1,331 $10,569 $5,398 $15,967 $148,038
16 $148,038 $1,331 $10,179 $5,788 $15,967 $142,250
17 $142,250 $1,331 $9,761 $6,206 $15,967 $136,043
18 $136,043 $1,331 $9,312 $6,655 $15,967 $129,388
19 $129,388 $1,331 $8,831 $7,136 $15,967 $122,252
20 $122,252 $1,331 $8,315 $7,652 $15,967 $114,600
21 $114,600 $1,331 $7,762 $8,205 $15,967 $106,395
22 $106,395 $1,331 $7,169 $8,798 $15,967 $97,597
23 $97,597 $1,331 $6,533 $9,434 $15,967 $88,162
24 $88,162 $1,331 $5,851 $10,116 $15,967 $78,046
25 $78,046 $1,331 $5,120 $10,848 $15,967 $67,198
26 $67,198 $1,331 $4,335 $11,632 $15,967 $55,566
27 $55,566 $1,331 $3,495 $12,473 $15,967 $43,094
28 $43,094 $1,331 $2,593 $13,374 $15,967 $29,719
29 $29,719 $1,331 $1,626 $14,341 $15,967 $15,378
30 $15,378 $1,331 $589 $15,378 $15,967 $0
Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $200,000 $1,798 $13,752 $7,820 $21,572 $192,180
2 $192,180 $1,798 $13,187 $8,385 $21,572 $183,796
3 $183,796 $1,798 $12,581 $8,991 $21,572 $174,805
4 $174,805 $1,798 $11,931 $9,641 $21,572 $165,164
5 $165,164 $1,798 $11,234 $10,338 $21,572 $154,826
6 $154,826 $1,798 $10,487 $11,085 $21,572 $143,740
7 $143,740 $1,798 $9,685 $11,887 $21,572 $131,854
8 $131,854 $1,798 $8,826 $12,746 $21,572 $119,108
9 $119,108 $1,798 $7,905 $13,667 $21,572 $105,441
10 $105,441 $1,798 $6,917 $14,655 $21,572 $90,785
11 $90,785 $1,798 $5,857 $15,715 $21,572 $75,070
12 $75,070 $1,798 $4,721 $16,851 $21,572 $58,220
13 $58,220 $1,798 $3,503 $18,069 $21,572 $40,151
14 $40,151 $1,798 $2,197 $19,375 $21,572 $20,776
15 $20,776 $1,798 $796 $20,776 $21,572 $0

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.

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