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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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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

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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

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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Veterans United
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Veterans United
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Veterans United stands out from other lenders for its focus on serving the military community.
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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
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.

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