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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 August 30, 2024 the national average 30-year mortgage rate is sitting at 6.53% 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.
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.
