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$200,000 loan: monthly payment by rate
| Rate | 30-year | 15-year | Total interest (30y) |
|---|---|---|---|
| 5% | $1,073.64 | $1,581.59 | $186,512 |
| 5.5% | $1,135.58 | $1,634.17 | $208,808 |
| 6% | $1,199.10 | $1,687.71 | $231,676 |
| 6.5% | $1,264.14 | $1,742.21 | $255,089 |
| 7% | $1,330.60 | $1,797.66 | $279,018 |
| 7.5% | $1,398.43 | $1,854.02 | $303,434 |
| 8% | $1,467.53 | $1,911.30 | $328,310 |
Worked example
At 6.5% for 30 years, r = 6.5 ÷ 12 ÷ 100 = 0.0054167 and n = 360, so the payment is $1,264.14 a month and you would pay $255,089 in interest over the loan. A 15-year term raises the payment to $1,742.21 but cuts interest to $113,599, saving $141,490.
Buying a $200,000 house vs borrowing $200,000
If $200,000 is the price and you put 20% down, you borrow $160,000: $1,011.31 a month at 6.5% (30 years). Borrowing $200,000 with 20% down means a home price of about $250,000.
Under the traditional 28% guideline (housing cost ≤ 28% of gross income), a $1,264.14 principal-and-interest payment alone suggests a gross income of about $54,177 a year; taxes and insurance push that higher.
Rates in the tables are a range for comparison, not current market quotes. Payments are principal and interest only unless stated.
Related
Frequently asked questions
What is the monthly payment on a $200,000 mortgage?
$1,264.14 at 6.5% for 30 years, or $1,742.21 for 15 years (principal and interest).
How much interest on a $200,000 mortgage?
About $255,089 over 30 years at 6.5%.
What income do I need for a $200,000 mortgage?
Roughly $54,177+ a year under the 28% guideline, before taxes and insurance.