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.
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.
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.
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.
Katia Iervasi is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in insurance. Her writing and analysis on life, disability and health insurance has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. She holds a BA in communication from Australia's Griffith University.
Cornerstone Home Lending offers a standard list of mortgage loans with some portfolio options, but you have to contact a loan officer for rates and fees.
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