How Much Is a $200K Mortgage per Month?
A $200,000 mortgage is one of the most common loan sizes in the US. This guide breaks down the monthly payment at today's rates, compares it to $100K and $300K loans, and shows exactly how rate changes affect what you pay.
The short answer
A $200,000 mortgage at 6.5% over 30 years costs about $1,264/month in principal and interest. Add property taxes (~$220) and insurance (~$125), and your total monthly housing payment is around $1,610.
$200K mortgage at different interest rates
| Interest rate | Monthly P&I | Total interest | Total paid |
|---|---|---|---|
| 5.0% | ~$1,074 | ~$186,500 | ~$386,500 |
| 5.5% | ~$1,136 | ~$208,800 | ~$408,800 |
| 6.0% | ~$1,199 | ~$231,700 | ~$431,700 |
| 6.5% | ~$1,264 | ~$255,100 | ~$455,100 |
| 7.0% | ~$1,331 | ~$279,000 | ~$479,000 |
| 7.5% | ~$1,398 | ~$303,400 | ~$503,400 |
A 1% drop in rate saves about $130/month on a $200K loan — and over $45,000 in interest across the full term.
$100K, $200K, and $300K compared
All at 6.5%, 30-year fixed:
| Loan amount | Monthly P&I | Total interest | Income needed (28% rule) |
|---|---|---|---|
| $100,000 | ~$632 | ~$127,500 | ~$27,000/yr |
| $200,000 | ~$1,264 | ~$255,100 | ~$54,000/yr |
| $300,000 | ~$1,896 | ~$382,600 | ~$81,000/yr |
| $400,000 | ~$2,528 | ~$510,200 | ~$108,000/yr |
Income figures cover P&I only. Add 20–30% for taxes and insurance.
15-year vs 30-year on $200K
| Term | Rate | Monthly P&I | Total interest |
|---|---|---|---|
| 30 years | 6.5% | ~$1,264 | ~$255,100 |
| 15 years | 5.85% | ~$1,675 | ~$101,400 |
| Difference | −0.65% | +$411 | −$153,700 |
The 15-year costs about $411 more per month — and saves nearly $154,000 in interest. See our full 30-year vs 15-year mortgage guide to decide which is right for you.
PMI cost on a $200K mortgage
If your down payment is under 20%, you'll pay private mortgage insurance. The annual rate depends on your credit score and loan-to-value (LTV):
| Credit / LTV | Annual PMI rate | Added monthly cost | Cost until 78% LTV |
|---|---|---|---|
| 760+ / 95% LTV | ~0.30% | ~$50 | ~$3,500 |
| 720 / 90% LTV | ~0.50% | ~$83 | ~$4,400 |
| 680 / 95% LTV | ~0.95% | ~$158 | ~$11,000 |
| 640 / 95% LTV | ~1.15% | ~$192 | ~$13,500 |
PMI drops off automatically at 78% LTV (about year 11 on a $200K loan with 5% down at 6.5%). You can request removal at 80% LTV — often years earlier if home values rose.
How much equity you build each year
On a $200K loan at 6.5% over 30 years, most early payments go to interest — not principal. Here's the principal-vs-interest split:
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| After year 1 | ~$2,300 | ~$12,900 | ~$197,700 |
| After year 5 | ~$15,500 | ~$60,500 | ~$184,500 |
| After year 10 | ~$37,000 | ~$114,700 | ~$163,000 |
| After year 15 | ~$66,800 | ~$160,800 | ~$133,200 |
| After year 20 | ~$108,000 | ~$195,400 | ~$92,000 |
This is why an extra $200/month early in the loan saves so much — every extra dollar of principal you pay today removes 30 years of interest from the balance.
Refinance break-even on a $200K loan
The rule of thumb is: if rates drop enough to save more per month than your closing costs divided by your remaining months in the home, refinance.
- 0.5% rate drop (6.5% → 6.0%): saves ~$65/month. At $5,000 closing cost, break-even is ~77 months (6.4 years).
- 1.0% rate drop (6.5% → 5.5%): saves ~$128/month. Break-even at $5,000 closing = ~39 months (3.3 years).
- 1.5% rate drop (6.5% → 5.0%): saves ~$190/month. Break-even at $5,000 closing = ~26 months (2.2 years).
Only refinance if you plan to stay past the break-even point. Use our refinance calculator for your exact numbers.
Closing costs and cash-to-close on a $200K mortgage
Plan for closing costs separate from the down payment. On a $200K loan, expect:
- Lender fees (origination, underwriting): $1,500–$3,000
- Title insurance + escrow: $1,000–$2,500
- Appraisal + inspection: $500–$900
- Prepaid property tax + insurance + interest: $1,500–$3,500
- Recording, transfer tax, misc.: $300–$1,200
Total: roughly $4,800–$11,100, or 2.4–5.5% of the loan. Closing-cost credits from the seller or lender can reduce cash needed, sometimes to zero — usually in exchange for a slightly higher rate.
What income do I need for a $200K mortgage?
Using the standard 28% housing-to-income rule, you'd need:
- P&I only ($1,264/month): ~$54,000/year gross income.
- Including taxes and insurance ($1,610/month): ~$69,000/year.
- For comfortable margin (25% rule): ~$77,000/year.
Run your own number with our affordability calculator.
Get your exact $200K payment
See your exact monthly payment
Plug in $200,000 (or any amount), your rate, and term — see the full breakdown in seconds.
Open Mortgage CalculatorFrequently Asked Questions
How much is a $200,000 mortgage per month?
At 6.5% over 30 years, the principal & interest payment is about $1,264/month. Add roughly $300–$400 for property taxes and insurance, and total monthly cost is around $1,560–$1,660.
What income do I need for a $200K mortgage?
Using the 28% rule, you'd need a gross monthly income of about $4,500 (around $54,000/year) to comfortably afford the $1,264 P&I payment, or about $5,900/month ($71,000/year) including taxes and insurance.
How much does a $200K mortgage cost over 30 years?
At 6.5%, total payments are about $455,000 — meaning you'll pay around $255,000 in interest on top of the $200,000 principal.
How much is a $200K mortgage at 7%?
At 7% over 30 years, the monthly P&I is about $1,331 — roughly $67/month more than at 6.5%, or $24,000 more in total interest.
How much is a $200K mortgage at 5%?
At 5% over 30 years, monthly P&I drops to about $1,074 — saving roughly $190/month vs 6.5% and over $68,000 in interest over the loan.
Should I take a 15-year or 30-year mortgage on $200K?
A 15-year at 5.85% costs about $1,675/month — roughly $411 more than a 30-year, but saves over $150,000 in interest. See our 30-year vs 15-year guide for the full comparison.
What's included in my monthly mortgage payment?
Principal, interest, property taxes, and homeowners insurance (PITI). If your down payment is below 20%, add private mortgage insurance (PMI). HOA dues are billed separately if your property has them.
How much does PMI add on a $200K mortgage?
PMI typically runs 0.3%–1.15% of the loan annually. On $200K that's roughly $50–$190/month. It drops off automatically when you reach 78% LTV, or sooner if you request removal at 80% LTV with a good payment history.
What does $200K of equity look like 5 years in?
On a $200K loan at 6.5% over 30 years, after 5 years you'll have paid about $76,000 in payments — but only ~$15,500 of that went to principal. Most of your early equity comes from price appreciation, not amortization.
Is it worth paying $200/month extra on a $200K mortgage?
Yes — an extra $200/month at 6.5% pays the loan off about 6.5 years early and saves roughly $73,000 in interest. The earlier in the loan you start, the bigger the saving.
How much closing cost should I expect on a $200K loan?
Closing costs typically run 2–5% of the loan amount — about $4,000–$10,000 on a $200K mortgage. This covers lender fees, title insurance, appraisal, and prepaid taxes/insurance. Some can be rolled into the loan.