How to calculate management fees based on called capital vs committed capital

I'm hoping to get some clarity on best practices when calculating mgmt fees based on called capital vs committed.

**Assumptions: ** $200M fund 5M LP commitment 5 year investment period 2% mgmt fee Assume 1 deal per quarter in equal investment amounts, so quarterly mgmt fees are billed quarterly

**Mgmt Fee on committed capital: ** 2% * 5M = $100k paid each year over 5 years or $500k total fees over total investment period. Comes out to $25k each quarter with pace of investing.

**Mgmt Fee on called capital: ** $250k of the $5M called every quarter to line up with the pace of investing. How do you calculate the quarterly mgmt fee to be billed based only on what's been called? Do you charge 2% of the cumulative capital called each quarter minus the previous period's mgmt fee (so to not double charge)?

For example: Q1 Capital called: 250,000 Cumulative Capital Called: 250,000 Mgmt Fee: 2%* 250,000 = 5,000

Q2 Capital Called: 250,000 Cumulative: 500,000 Mgmt Fee: 2%*500,000-5,000 = 5,000

I'm getting a total of $550k at the end of 20 quarter which doesn't seem right?

Am I thinking about this the right way? Or is there a standard "best practices" way to do this? Thanks for the help