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If you’re ready to buy a home, you might wonder how to budget for your target home cost. As of August 30, 2024 the national average 30-year mortgage rate is sitting at 6.53% according to Bankrate. However, your rate also depends on your personal financial factors and credit history.
Here’s a breakdown of what you might face monthly, in interest and over the life of a $200,000 mortgage.
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Your loan |
|---|
| Loan amount |
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| Loan terms (in years) |
| Interest rate |
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You can expect to pay back$per month
Based on your loan terms
| Principal | $ |
|---|---|
| Interest | $ |
| Total Cost | $ |
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- Enter how much you want to borrow under Loan amount.
- Type in your mortgage term in years (not months) under the Loan terms field.
- Enter the loan’s interest rate if it doesn’t come with any fees under Interest rate. Note that your monthly mortgage payments will vary depending on your interest rate, taxes, PMI costs and other related fees. If you have this information available, you can enter the annual percentage rate (APR), which includes interest and fees combined.
- Select Calculate.
- Review your results.
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.
See your monthly payments by interest rate.
| Interest | Mortgage term | Monthly payments |
|---|---|---|
| 5.75% | 15 years | $1,661 |
| 5.75% | 30 years | $1,167 |
| 6.00% | 15 years | $1,688 |
| 6.00% | 30 years | $1,199 |
| 6.25% | 15 years | $1,715 |
| 6.25% | 30 years | $1,231 |
| 6.50% | 15 years | $1,742 |
| 6.50% | 30 years | $1,264 |
| 6.75% | 15 years | $1,770 |
| 6.75% | 30 years | $1,297 |
| 7.00% | 15 years | $1,798 |
| 7.00% | 30 years | $1,331 |
| 7.25% | 15 years | $1,826 |
| 7.25% | 30 years | $1,364 |
| 7.50% | 15 years | $1,854 |
| 7.50% | 30 years | $1,398 |
| 7.75% | 15 years | $1,883 |
| 7.75% | 30 years | $1,433 |
| 8.00% | 15 years | $1,911 |
| 8.00% | 30 years | $1,468 |
| 8.25% | 15 years | $1,940 |
| 8.25% | 30 years | $1,503 |
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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.
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Interest Mortgage term Total interest charged 5.75% 15 years $98,948 5.75% 30 years $220,172 6.00% 15 years $103,788 6.00% 30 years $231,676 6.25% 15 years $108,672 6.25% 30 years $243,316 6.50% 15 years $113,599 6.50% 30 years $255,089 6.75% 15 years $118,567 6.75% 30 years $266,991 7.00% 15 years $123,578 7.00% 30 years $279,018 7.25% 15 years $128,631 7.25% 30 years $291,167 7.50% 15 years $133,724 7.50% 30 years $303,434 7.75% 15 years $138,859 7.75% 30 years $315,817 8.00% 15 years $144,035 8.00% 30 years $328,310 8.25% 15 years $149,251 8.25% 30 years $340,912
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.
- 30-year loan
- 15-year loan
| 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.
