$200,000 mortgage at 6%: monthly payment over 30 and 15 years
$1,199.10 a month for 30 years, or $1,687.71 for 15: that is a $200,000 mortgage at 6%, principal and interest only. Below, the full arithmetic — interest totals, amortization milestones, PMI cancellation points and late fees — from the standard formula.
| 30-year fixed | 15-year fixed | |
|---|---|---|
| Monthly principal & interest | $1,199.10 | $1,687.71 |
| Total interest over the term | $231,676 | $103,788 |
| Total paid (principal + interest) | $431,676 | $303,788 |
| Interest as a share of total paid | 54% | 34% |
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.
Balance and equity over time (30-year loan)
In the first year, $11,933 of the $14,389 you pay is interest; only $2,456 reduces the balance. The split reverses slowly: by year 15 most of each payment is principal.
| After | Remaining balance | Paid down |
|---|---|---|
| 5 years | $186,109 | $13,891 |
| 10 years | $167,371 | $32,629 |
| 15 years | $142,098 | $57,902 |
| 20 years | $108,007 | $91,993 |
| 25 years | $62,024 | $137,976 |
Mortgage insurance: the months that matter
If this loan was more than 80% of the home’s original value, private mortgage insurance applies until the balance falls to 80% (cancellation on request) and 78% (automatic). By the schedule alone, with no extra payments or appreciation:
| Starting LTV | Home value | 80% (request) | 78% (automatic) |
|---|---|---|---|
| 97% | $206,186 | month 127 | month 138 |
| 95% | $210,526 | month 118 | month 129 |
| 90% | $222,222 | month 89 | month 103 |
Extra principal payments or a new appraisal showing appreciation can bring cancellation forward — see PMI removal. FHA mortgage insurance follows different rules.
Late fees and the 30-day line
Late fee at day 16: usually 4% to 5% of $1,199.10, so $47.96 to $59.96 (states cap the percentage). Credit reporting at day 30. Foreclosure referral no sooner than 120 days of delinquency under federal rules. If a payment is genuinely at risk, read what to do this month.
The arithmetic behind the table
M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P = $200,000, r = 6% ÷ 12 = 0.5000% per month, n = 360 (30 years) or 180 (15 years).
Same formula every lender uses; differences between quotes come from the rate, points and fees, never from the arithmetic. Balance after k payments: P(1 + r)k − M((1 + r)k − 1) ÷ r.
Frequently asked questions
What is the monthly payment on a $200,000 mortgage at 6%?
$1,199.10 a month for principal and interest on a 30-year fixed loan, or $1,687.71 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 6%?
$231,676 over 30 years, or $103,788 over 15 years, if every payment is made as scheduled with no extra principal. In the first year of the 30-year loan, about $11,933 of your $14,389 in payments is interest and $2,456 reduces the balance.
When can I cancel PMI on a $200,000 loan at 6%?
By the regular schedule alone, a loan that started at 95% of the home’s value reaches 80% loan-to-value in month 118 (when you may request cancellation) and 78% in month 129 (automatic cancellation). Extra principal payments or an appraisal showing appreciation can move that earlier.
Same amount, other rates: 5% · 7% · 8%. Same rate, other amounts: $150,000 · $250,000 · $300,000 · $350,000 · $400,000 · $500,000 · $600,000 · $800,000. All tables.