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If you’re ready to buy a home, you might wonder how to budget for your target home cost. As of May 11, 2026 the current average interest rate for a 30-year fixed mortgage is sitting at 6.45% according to Bankrate. However, your rate also depends on your personal financial factors and credit history.
You can start by using our monthly mortgage payment calculator to see what you may pay — enter in mortgage amounts, interest rates and loan terms to see what you can realistically afford.
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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.
Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates. Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
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.
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 |
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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 |
Use our tool to get personalized estimated rates from top lenders based on your location and financial details. Select loan type, enter your ZIP code, credit score and information about your current home to see your personalized rates.
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