Monthly payment on $200,000 by rate and term
Principal and interest on the $160,000 borrowed after a 20% deposit of $40,000. The rate is the single biggest lever, which is why it is worth shopping.
| Rate | 30 years | 20 years | 15 years |
|---|---|---|---|
| 5.50% | $908.46 | $1,100.62 | $1,307.33 |
| 6.00% | $959.28 | $1,146.29 | $1,350.17 |
| 6.50% | $1,011.31 | $1,192.92 | $1,393.77 |
| 7.00% | $1,064.48 | $1,240.48 | $1,438.13 |
| 7.50% | $1,118.74 | $1,288.95 | $1,483.22 |
| 8.00% | $1,174.02 | $1,338.30 | $1,529.04 |
Principal and interest only, before taxes, insurance and any PMI.
How the deposit changes it
| Down payment | Loan | P&I | PMI | PMI ends |
|---|---|---|---|---|
| 5% ($10,000) | $190,000 | $1,200.93 | $87.08 | month 135 |
| 10% ($20,000) | $180,000 | $1,137.72 | $82.50 | month 109 |
| 20% ($40,000) | $160,000 | $1,011.31 | — | not charged |
At 6.5% over 30 years. PMI applies above 80% loan-to-value and is cancelled automatically at 78%.
Frequently asked questions
What is the monthly payment on a $200,000 house?
With 20% down at 6.5% over 30 years, principal and interest are $1,011.31 a month. Adding property tax and insurance brings the full payment to about $1,344.64.
How much do I need to put down on a $200,000 home?
20% is $40,000, which avoids PMI. At 5% down ($10,000) you would borrow $190,000 and pay an extra $87.08 a month in PMI until month 135.
How much interest does a $200,000 mortgage cost?
On the $160,000 borrowed at 6.5% over 30 years, total interest is $204,070 — about 128% of the amount borrowed. A 15-year term cuts that to $90,879.
Nearby prices
Related tools
- Amortization schedule — every payment on this loan, with CSV export
- Mortgage calculator — any price, rate, term and deposit
- Paycheck calculator — the take-home pay this payment comes out of