Quick answer
A $200,000 mortgage costs about $1,264 a month in principal and interest at 6.5% over 30 years, or $1,688 at 6% over 15 years. Taxes, insurance and PMI are extra.
Monthly payment on a $200,000 mortgage by rate and term
Principal and interest only (taxes, insurance and PMI not included):
| Rate \ Term | 10 years | 15 years | 20 years | 30 years |
|---|---|---|---|---|
| 4.5% | $2,073 | $1,530 | $1,265 | $1,013 |
| 5% | $2,121 | $1,582 | $1,320 | $1,074 |
| 5.5% | $2,171 | $1,634 | $1,376 | $1,136 |
| 6% | $2,220 | $1,688 | $1,433 | $1,199 |
| 6.5% | $2,271 | $1,742 | $1,491 | $1,264 |
| 7% | $2,322 | $1,798 | $1,551 | $1,331 |
| 7.5% | $2,374 | $1,854 | $1,611 | $1,398 |
| 8% | $2,427 | $1,911 | $1,673 | $1,468 |
Total interest over the life of the loan
| Rate | 15-year total interest | 30-year total interest | Extra cost of 30 years |
|---|---|---|---|
| 4.5% | $75,398 | $164,813 | $89,416 |
| 5% | $84,686 | $186,512 | $101,826 |
| 5.5% | $94,150 | $208,808 | $114,658 |
| 6% | $103,788 | $231,676 | $127,888 |
| 6.5% | $113,599 | $255,089 | $141,490 |
| 7% | $123,578 | $279,018 | $155,440 |
| 7.5% | $133,724 | $303,434 | $169,710 |
| 8% | $144,035 | $328,310 | $184,276 |
Income needed for a $200,000 mortgage
Lenders commonly cap housing costs at 28% of gross monthly income. Including roughly 1.1% property tax and $1,500 a year insurance, a 30-year loan at 6.5% costs about $1,572 a month, which suggests a household income of around $67,392 a year (more if you have other debts — see the DTI calculator).
Ways to reduce the payment
- Put more down — at 20% or more you also avoid PMI.
- Buy points to lower the rate, or shop at least three lenders.
- Make one extra payment a year to cut years off the loan — try it in the mortgage calculator.
- Refinance if rates fall — see the refinance calculator.
Figures are estimates for planning purposes; your lender's quote will differ.
Open $200,000 in the mortgage calculator →
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