$200,000 mortgage at 8%: monthly payment over 30 and 15 years
At 8%, a $200,000 mortgage amortizes at $1,467.53 a month over 30 years and $1,911.30 over 15. This page lays out the consequences of that rate on that balance, all computed: interest paid, equity built, when PMI ends, and the cost of paying late.
| 30-year fixed | 15-year fixed | |
|---|---|---|
| Monthly principal & interest | $1,467.53 | $1,911.30 |
| Total interest over the term | $328,310 | $144,035 |
| Total paid (principal + interest) | $528,310 | $344,035 |
| Interest as a share of total paid | 62% | 42% |
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, $15,940 of the $17,610 you pay is interest; only $1,671 reduces the balance. The split reverses slowly: by year 15 most of each payment is principal.
| After | Remaining balance | Paid down |
|---|---|---|
| 5 years | $190,140 | $9,860 |
| 10 years | $175,449 | $24,551 |
| 15 years | $153,563 | $46,437 |
| 20 years | $120,956 | $79,044 |
| 25 years | $72,376 | $127,624 |
PMI tipping points: 80% and 78%
For a borrower who put less than 20% down, the question is when the balance hits 80% and 78% of the original value. Without extra principal or a new appraisal, this loan gets there in:
| Starting LTV | Home value | 80% (request) | 78% (automatic) |
|---|---|---|---|
| 97% | $206,186 | month 152 | month 163 |
| 95% | $210,526 | month 142 | month 154 |
| 90% | $222,222 | month 112 | month 127 |
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
Late fee at day 16: usually 4% to 5% of $1,467.53, so $58.70 to $73.38 (states cap the percentage). Credit reporting at day 30. Foreclosure referral no sooner than 120 days of delinquency under federal rules. Before it happens: the first 72 hours after a missed payment.
The formula
M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P = $200,000, r = 8% ÷ 12 = 0.6667% per month, n = 360 (30 years) or 180 (15 years).
This is the standard fixed-rate amortization — the payment is constant, the interest share falls each month as the balance falls. 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 8%?
$1,467.53 a month for principal and interest on a 30-year fixed loan, or $1,911.30 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 8%?
$328,310 over 30 years, or $144,035 over 15 years, if every payment is made as scheduled with no extra principal. In the first year of the 30-year loan, about $15,940 of your $17,610 in payments is interest and $1,671 reduces the balance.
When can I cancel PMI on a $200,000 loan at 8%?
By the regular schedule alone, a loan that started at 95% of the home’s value reaches 80% loan-to-value in month 142 (when you may request cancellation) and 78% in month 154 (automatic cancellation). Extra principal payments or an appraisal showing appreciation can move that earlier.
Same amount, other rates: 5% · 6% · 7%. Same rate, other amounts: $150,000 · $250,000 · $300,000 · $350,000 · $400,000 · $500,000 · $600,000 · $800,000. All tables.