Mortgage Payment at 6% on a $200,000 Home
At a 6% fixed rate, the monthly principal and interest payment on a $200,000 home (with 20% down) is $959. Total cost over 30 years: $345,341 ($185,341 in interest).
30-Year Fixed at 6%
$959
Monthly P&I
$185,341
Total Interest
$160,000
Loan Amount (20% down)
By Down Payment
| Down Payment | Loan Amount | Monthly P&I | Total Interest |
|---|---|---|---|
| 5% ($10,000) | $190,000 | $1,139 | $220,093 |
| 10% ($20,000) | $180,000 | $1,079 | $208,509 |
| 20% ($40,000) | $160,000 | $959 | $185,341 |
| 25% ($50,000) | $150,000 | $899 | $173,757 |
| 30% ($60,000) | $140,000 | $839 | $162,173 |
30-Year vs 15-Year at 6%
| Term | Rate | Monthly P&I | Total Interest |
|---|---|---|---|
| 30-Year Fixed | 6.0% | $959 | $185,341 |
| 15-Year Fixed | 5.5% | $1,309 | $75,626 |