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If you’re ready to buy a home, you might wonder how to budget for your target home cost. A good way to start is by using our monthly mortgage payment calculator — you can enter in mortgage amounts, interest rates and loan terms to see what you can realistically afford.
Monthly mortgage payment calculator
See how much you'll pay for your home
Your loan |
|---|
| Loan amount |
$ |
| Loan terms (in years) |
| Interest rate |
% |
Fill out the form and click on “Calculate” to see yourestimated monthly payment.
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You can expect to pay back$per month
Based on your loan terms
| Principal | $ |
|---|---|
| Interest | $ |
| Total Cost | $ |
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- Enter how much you want to borrow under Loan amount.
- Type in your mortgage term in years (not months) under the Loan terms field.
- Enter the loan’s interest rate if it doesn’t come with any fees under Interest rate. Note that your monthly mortgage payments will vary depending on your interest rate, taxes, PMI costs and other related fees. If you have this information available, you can enter the annual percentage rate (APR), which includes interest and fees combined.
- Select Calculate.
- Review your results.
Monthly payments on a $100,000 mortgage by interest rate
At a 7.00% fixed interest rate, a 30-year $100,000 mortgage may cost you around $665 per month, while a 15-year mortgage has a monthly payment of around $899.
| Interest | Mortgage term | Monthly payments |
|---|---|---|
| 5.75% | 15 years | $830 |
| 5.75% | 30 years | $584 |
| 6.00% | 15 years | $844 |
| 6.00% | 30 years | $600 |
| 6.25% | 15 years | $857 |
| 6.25% | 30 years | $616 |
| 6.50% | 15 years | $871 |
| 6.50% | 30 years | $632 |
| 6.75% | 15 years | $885 |
| 6.75% | 30 years | $649 |
| 7.00% | 15 years | $899 |
| 7.00% | 30 years | $665 |
| 7.25% | 15 years | $913 |
| 7.25% | 30 years | $682 |
| 7.50% | 15 years | $927 |
| 7.50% | 30 years | $699 |
| 7.75% | 15 years | $941 |
| 7.75% | 30 years | $716 |
| 8.00% | 15 years | $956 |
| 8.00% | 30 years | $734 |
| 8.25% | 15 years | $970 |
| 8.25% | 30 years | $751 |
Your total interest on a $100,000 mortgage
On a 30-year $100,000 mortgage, a 7.00% fixed interest rate means paying approximately $139,509 in total interest charges, and a 15-year term may cost you around $61,789. Reducing your loan term dramatically decreases how much interest you pay over the life of a $100,000 mortgage.
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Interest Mortgage term Total interest charged 5.75% 15 years $49,474 5.75% 30 years $110,086 6.00% 15 years $51,894 6.00% 30 years $115,838 6.25% 15 years $54,336 6.25% 30 years $121,658 6.50% 15 years $56,799 6.50% 30 years $127,544 6.75% 15 years $59,284 6.75% 30 years $133,495 7.00% 15 years $61,789 7.00% 30 years $139,509 7.25% 15 years $64,315 7.25% 30 years $145,583 7.50% 15 years $66,862 7.50% 30 years $151,717 7.75% 15 years $69,430 7.75% 30 years $157,908 8.00% 15 years $72,017 8.00% 30 years $164,155 8.25% 15 years $74,625 8.25% 30 years $170,456
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How much do I need to make to afford a $100,000 house?
Ideally, you don’t want your mortgage payment to exceed 28% to 30% of your monthly household income.
With a 20% down payment (or $20,000) on a 30-year $100,000 mortgage, you’d need to make at least $1,418 in minimum monthly income to afford it. That means your annual household income would have to be around $17,000 to afford a $100,000 home with 20% down.
Just keep in mind that this example doesn’t include other household expenses.
Amortization schedule
When you take out a mortgage, you agree to pay the principal and interest over the life of the loan. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.
Amortization means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your principal.
Estimate your monthly loan repayments on a $100,000 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.
- 30-year loan
- 15-year loan
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $100,000 | $665 | $6,968 | $1,016 | $7,984 | $98,984 |
| 2 | $98,984 | $665 | $6,894 | $1,089 | $7,984 | $97,895 |
| 3 | $97,895 | $665 | $6,816 | $1,168 | $7,984 | $96,727 |
| 4 | $96,727 | $665 | $6,731 | $1,252 | $7,984 | $95,475 |
| 5 | $95,475 | $665 | $6,641 | $1,343 | $7,984 | $94,132 |
| 6 | $94,132 | $665 | $6,544 | $1,440 | $7,984 | $92,692 |
| 7 | $92,692 | $665 | $6,439 | $1,544 | $7,984 | $91,147 |
| 8 | $91,147 | $665 | $6,328 | $1,656 | $7,984 | $89,492 |
| 9 | $89,492 | $665 | $6,208 | $1,775 | $7,984 | $87,716 |
| 10 | $87,716 | $665 | $6,080 | $1,904 | $7,984 | $85,812 |
| 11 | $85,812 | $665 | $5,942 | $2,041 | $7,984 | $83,771 |
| 12 | $83,771 | $665 | $5,795 | $2,189 | $7,984 | $81,582 |
| 13 | $81,582 | $665 | $5,636 | $2,347 | $7,984 | $79,235 |
| 14 | $79,235 | $665 | $5,467 | $2,517 | $7,984 | $76,718 |
| 15 | $76,718 | $665 | $5,285 | $2,699 | $7,984 | $74,019 |
| 16 | $74,019 | $665 | $5,090 | $2,894 | $7,984 | $71,125 |
| 17 | $71,125 | $665 | $4,880 | $3,103 | $7,984 | $68,022 |
| 18 | $68,022 | $665 | $4,656 | $3,328 | $7,984 | $64,694 |
| 19 | $64,694 | $665 | $4,416 | $3,568 | $7,984 | $61,126 |
| 20 | $61,126 | $665 | $4,158 | $3,826 | $7,984 | $57,300 |
| 21 | $57,300 | $665 | $3,881 | $4,103 | $7,984 | $53,197 |
| 22 | $53,197 | $665 | $3,584 | $4,399 | $7,984 | $48,798 |
| 23 | $48,798 | $665 | $3,266 | $4,717 | $7,984 | $44,081 |
| 24 | $44,081 | $665 | $2,925 | $5,058 | $7,984 | $39,023 |
| 25 | $39,023 | $665 | $2,560 | $5,424 | $7,984 | $33,599 |
| 26 | $33,599 | $665 | $2,168 | $5,816 | $7,984 | $27,783 |
| 27 | $27,783 | $665 | $1,747 | $6,236 | $7,984 | $21,547 |
| 28 | $21,547 | $665 | $1,296 | $6,687 | $7,984 | $14,860 |
| 29 | $14,860 | $665 | $813 | $7,171 | $7,984 | $7,689 |
| 30 | $7,689 | $665 | $295 | $7,689 | $7,984 | $0 |
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $100,000 | $899 | $6,876 | $3,910 | $10,786 | $96,090 |
| 2 | $96,090 | $899 | $6,594 | $4,192 | $10,786 | $91,898 |
| 3 | $91,898 | $899 | $6,290 | $4,496 | $10,786 | $87,402 |
| 4 | $87,402 | $899 | $5,965 | $4,820 | $10,786 | $82,582 |
| 5 | $82,582 | $899 | $5,617 | $5,169 | $10,786 | $77,413 |
| 6 | $77,413 | $899 | $5,243 | $5,543 | $10,786 | $71,870 |
| 7 | $71,870 | $899 | $4,843 | $5,943 | $10,786 | $65,927 |
| 8 | $65,927 | $899 | $4,413 | $6,373 | $10,786 | $59,554 |
| 9 | $59,554 | $899 | $3,952 | $6,834 | $10,786 | $52,720 |
| 10 | $52,720 | $899 | $3,458 | $7,328 | $10,786 | $45,393 |
| 11 | $45,393 | $899 | $2,929 | $7,857 | $10,786 | $37,535 |
| 12 | $37,535 | $899 | $2,361 | $8,425 | $10,786 | $29,110 |
| 13 | $29,110 | $899 | $1,751 | $9,034 | $10,786 | $20,075 |
| 14 | $20,075 | $899 | $1,098 | $9,688 | $10,786 | $10,388 |
| 15 | $10,388 | $899 | $398 | $10,388 | $10,786 | $0 |
Bottom line
Purchasing a home is a big decision – both personally and financially. When you find a $100,000 property you like, make sure you can afford it by taking the down payment, mortgage insurance and monthly repayments into account.
Learn more about how home loans work in our comprehensive guide to mortgages.
I'm a real estate finance expert with extensive knowledge in mortgage calculations and home buying. My expertise comes from years of working in the financial industry, assisting individuals in understanding the intricacies of home financing and making informed decisions.
Now, let's break down the concepts mentioned in the article:
-
Monthly Mortgage Payment Calculator:
- This tool allows you to estimate your monthly mortgage payment based on the loan amount, interest rate, and loan term.
- You can enter different values for loan amount, interest rate, and loan term to see how they affect your monthly payments.
-
Interest Rates and Loan Terms:
- The article provides a table showing monthly payments for different interest rates (ranging from 5.75% to 8.25%) and loan terms (15 years and 30 years).
- It emphasizes that the total interest paid over the life of the mortgage varies significantly based on the interest rate and loan term.
-
Affordability Calculation:
- It suggests that your mortgage payment ideally shouldn't exceed 28% to 30% of your monthly household income.
- With a 20% down payment on a $100,000 mortgage, it gives an example of the minimum monthly income needed to afford the home.
-
Amortization Schedule:
- Explains the concept of amortization, where a significant portion of early payments goes toward interest, gradually shifting towards the principal.
- Provides a detailed amortization schedule for a $100,000 mortgage at a fixed 7.00% interest rate over 15 and 30 years.
-
Total Interest Paid:
- Demonstrates the impact of interest rates and loan terms on the total interest paid over the life of the mortgage.
-
Comparing Mortgage Lenders:
- Advises on comparing mortgage lenders based on home loan type, state availability, and credit score.
-
Affordability Bottom Line:
- Stresses the importance of considering down payment, mortgage insurance, and monthly repayments to ensure you can afford the property.
Understanding these concepts is crucial when considering a home purchase, as they provide insights into the financial aspects and help make informed decisions. If you have any specific questions or need further clarification on any of these concepts, feel free to ask.
