$200,000 mortgage at 7%: monthly payment over 30 and 15 years
Borrow $200,000 at 7% and the principal-and-interest payment is $1,330.60 a month over 30 years, or $1,797.66 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 | $1,330.60 | $1,797.66 |
| Total interest over the term | $279,018 | $123,578 |
| Total paid (principal + interest) | $479,018 | $323,578 |
| Interest as a share of total paid | 58% | 38% |
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.
How fast the balance falls
In the first year, $13,936 of the $15,967 you pay is interest; only $2,032 reduces the balance. The split reverses slowly: by year 15 most of each payment is principal.
| After | Remaining balance | Paid down |
|---|---|---|
| 5 years | $188,263 | $11,737 |
| 10 years | $171,625 | $28,375 |
| 15 years | $148,038 | $51,962 |
| 20 years | $114,600 | $85,400 |
| 25 years | $67,198 | $132,802 |
PMI tipping points: 80% and 78%
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 140 | month 151 |
| 95% | $210,526 | month 130 | month 142 |
| 90% | $222,222 | month 101 | month 115 |
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
A payment received after the 15-day grace period typically costs 4% to 5% of the P&I amount — $53.22 to $66.53 here, subject to state limits. Thirty days late is the line that matters for your credit: that is when the delinquency can be reported. See what happens at 30, 60, 90 and 120 days.
How the payment is computed
M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P = $200,000, r = 7% ÷ 12 = 0.5833% 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 7%?
$1,330.60 a month for principal and interest on a 30-year fixed loan, or $1,797.66 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 7%?
$279,018 over 30 years, or $123,578 over 15 years, if every payment is made as scheduled with no extra principal. In the first year of the 30-year loan, about $13,936 of your $15,967 in payments is interest and $2,032 reduces the balance.
When can I cancel PMI on a $200,000 loan at 7%?
By the regular schedule alone, a loan that started at 95% of the home’s value reaches 80% loan-to-value in month 130 (when you may request cancellation) and 78% in month 142 (automatic cancellation). Extra principal payments or an appraisal showing appreciation can move that earlier.
Same amount, other rates: 5% · 6% · 8%. Same rate, other amounts: $150,000 · $250,000 · $300,000 · $350,000 · $400,000 · $500,000 · $600,000 · $800,000. All tables.