$200,000 mortgage at 5%: monthly payment over 30 and 15 years
Borrow $200,000 at 5% and the principal-and-interest payment is $1,073.64 a month over 30 years, or $1,581.59 over 15. The rest of this page shows where the money goes: total interest, the balance year by year, the month PMI can end, and what a late payment costs.
| 30-year fixed | 15-year fixed | |
|---|---|---|
| Monthly principal & interest | $1,073.64 | $1,581.59 |
| Total interest over the term | $186,512 | $84,686 |
| Total paid (principal + interest) | $386,512 | $284,686 |
| Interest as a share of total paid | 48% | 30% |
Principal and interest only. Property taxes, homeowners insurance, mortgage insurance and HOA dues are added to the actual payment. Rates shown are for the arithmetic, not an offer; see 30-year vs 15-year for how to choose.
Where the payments go: the 30-year amortization
In the first year, $9,933 of the $12,884 you pay is interest; only $2,951 reduces the balance. The split reverses slowly: by year 15 most of each payment is principal.
| After | Remaining balance | Paid down |
|---|---|---|
| 5 years | $183,657 | $16,343 |
| 10 years | $162,684 | $37,316 |
| 15 years | $135,768 | $64,232 |
| 20 years | $101,225 | $98,775 |
| 25 years | $56,893 | $143,107 |
Mortgage insurance: the months that matter
PMI ends by the calendar if nothing else changes: you may request cancellation at 80% of the original value and the servicer must cancel at 78%. On this loan’s schedule, those months are:
| Starting LTV | Home value | 80% (request) | 78% (automatic) |
|---|---|---|---|
| 97% | $206,186 | month 115 | month 125 |
| 95% | $210,526 | month 106 | month 117 |
| 90% | $222,222 | month 79 | month 92 |
Extra principal payments or a new appraisal showing appreciation can bring cancellation forward — see PMI removal. FHA mortgage insurance follows different rules.
Missing a payment on this loan
Most mortgages charge a late fee of 4% to 5% of the principal-and-interest payment after a 15-day grace period (state caps vary): on this loan, about $42.95 to $53.68. The costlier consequence comes at day 30, when the servicer may report the payment late to the credit bureaus — a mark that stays seven years. Behind already? The options are in our mortgage problems hub.
Standard amortization formula
M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P = $200,000, r = 5% ÷ 12 = 0.4167% per month, n = 360 (30 years) or 180 (15 years).
Total interest is M × n − P. The remaining balance after k payments is P(1 + r)k − M((1 + r)k − 1) ÷ r. Every figure on this page comes from these two expressions.
Frequently asked questions
What is the monthly payment on a $200,000 mortgage at 5%?
$1,073.64 a month for principal and interest on a 30-year fixed loan, or $1,581.59 on a 15-year fixed loan. Property taxes, homeowners insurance, mortgage insurance and any HOA dues are added on top and typically raise the total payment by 25% to 50%.
How much interest will I pay on a $200,000 loan at 5%?
$186,512 over 30 years, or $84,686 over 15 years, if every payment is made as scheduled with no extra principal. In the first year of the 30-year loan, about $9,933 of your $12,884 in payments is interest and $2,951 reduces the balance.
When can I cancel PMI on a $200,000 loan at 5%?
By the regular schedule alone, a loan that started at 95% of the home’s value reaches 80% loan-to-value in month 106 (when you may request cancellation) and 78% in month 117 (automatic cancellation). Extra principal payments or an appraisal showing appreciation can move that earlier.
Same amount, other rates: 6% · 7% · 8%. Same rate, other amounts: $150,000 · $250,000 · $300,000 · $350,000 · $400,000 · $500,000 · $600,000 · $800,000. All tables.