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How much would I pay on a $100,000 mortgage?
Find out repayments, total interest and amortization on a $100k mortgage to borrow with confidence.
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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.
Your total interest on a $100,000 mortgage
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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.
Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
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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 |
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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.
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