Mortgage Example
$200,000 Mortgage — 30-Year Payment Example
See the monthly payment, total interest, and amortization for a $200,000 mortgage over 30 years.
Scenario
You take out a $200,000 mortgage at 7% APR for 30 years.
Inputs
Loan Amount$200,000
Annual Rate (APR)7.0%
Term30 years
Results
Monthly Payment (P&I)$1,331
Total Paid$479,016
Total Interest$279,016
Interest / Principal139.5%
Explanation
At 7% APR over 30 years, you pay nearly 2.4× the original loan amount. The first years are heavily interest-weighted — in Month 1, about $1,167 goes to interest and only $164 reduces your balance.
Key Takeaways
- Adding $100/month extra cuts ~4 years and ~$30k interest.
- Refinancing to 6% saves ~$130/month.
- A 15-year term at the same rate costs $1,797/month but saves ~$150k total.