If you’re ready to buy a home, you might wonder how to budget for your target home cost. Here’s a breakdown of what you might face monthly, in interest and over the life of a $100,000 mortgage.
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Monthly payments on a $100,000 mortgage
At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $477.42 a month, while a 15-year might cost $739.69 a month. Other costs and fees related to your mortgage may increase this number.
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Your total interest on a $100,000 mortgage
On a 30-year mortgage with a 4% fixed interest rate, you’ll pay $71,869.51 in interest over the life of your loan. That’s about two-thirds of what you borrowed in interest.
If you instead opt for a 15-year mortgage, you’ll pay $33,143.83 in interest over the life of your loan — or about half of the interest you’d pay on a 30-year mortgage.
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 balance.
Estimate your monthly loan repayments on a $100,000 mortgage at 4% fixed interest with our amortization schedule over 15 and 30 years.
| 1 | $100,000.00 | $477.42 | $3,967.95 | $1,761.09 | $5,729.04 | $98,238.96 |
| 2 | $98,238.96 | $477.42 | $3,896.19 | $1,832.85 | $5,729.04 | $96,406.18 |
| 3 | $96,406.18 | $477.42 | $3,821.53 | $1,907.51 | $5,729.04 | $94,498.73 |
| 4 | $94,498.73 | $477.42 | $3,743.82 | $1,985.22 | $5,729.04 | $92,513.56 |
| 5 | $92,513.56 | $477.42 | $3,662.94 | $2,066.10 | $5,729.04 | $90,447.51 |
| 6 | $90,447.51 | $477.42 | $3,578.77 | $2,150.27 | $5,729.04 | $88,297.29 |
| 7 | $88,297.29 | $477.42 | $3,491.15 | $2,237.89 | $5,729.04 | $86,059.47 |
| 8 | $86,059.47 | $477.42 | $3,399.97 | $2,329.07 | $5,729.04 | $83,730.48 |
| 9 | $83,730.48 | $477.42 | $3,305.09 | $2,423.95 | $5,729.04 | $81,306.59 |
| 10 | $81,306.59 | $477.42 | $3,206.35 | $2,522.69 | $5,729.04 | $78,783.96 |
| 11 | $78,783.96 | $477.42 | $3,103.56 | $2,625.48 | $5,729.04 | $76,158.55 |
| 12 | $76,158.55 | $477.42 | $2,996.62 | $2,732.42 | $5,729.04 | $73,426.17 |
| 13 | $73,426.17 | $477.42 | $2,885.29 | $2,843.75 | $5,729.04 | $70,582.48 |
| 14 | $70,582.48 | $477.42 | $2,769.43 | $2,959.61 | $5,729.04 | $67,622.93 |
| 15 | $67,622.93 | $477.42 | $2,648.85 | $3,080.19 | $5,729.04 | $64,542.80 |
| 16 | $64,542.80 | $477.42 | $2,523.36 | $3,205.68 | $5,729.04 | $61,337.18 |
| 17 | $61,337.18 | $477.42 | $2,392.76 | $3,336.28 | $5,729.04 | $58,000.96 |
| 18 | $58,000.96 | $477.42 | $2,256.84 | $3,472.20 | $5,729.04 | $54,528.82 |
| 19 | $54,528.82 | $477.42 | $2,115.38 | $3,613.66 | $5,729.04 | $50,915.22 |
| 20 | $50,915.22 | $477.42 | $1,968.16 | $3,760.88 | $5,729.04 | $47,154.39 |
| 21 | $47,154.39 | $477.42 | $1,814.93 | $3,914.11 | $5,729.04 | $43,240.34 |
| 22 | $43,240.34 | $477.42 | $1,655.46 | $4,073.58 | $5,729.04 | $39,166.83 |
| 23 | $39,166.83 | $477.42 | $1,489.52 | $4,239.52 | $5,729.04 | $34,927.36 |
| 24 | $34,927.36 | $477.42 | $1,316.79 | $4,412.25 | $5,729.04 | $30,515.16 |
| 25 | $30,515.16 | $477.42 | $1,137.01 | $4,592.03 | $5,729.04 | $25,923.21 |
| 26 | $25,923.21 | $477.42 | $949.95 | $4,779.09 | $5,729.04 | $21,144.17 |
| 27 | $21,144.17 | $477.42 | $755.23 | $4,973.81 | $5,729.04 | $16,170.42 |
| 28 | $16,170.42 | $477.42 | $552.61 | $5,176.43 | $5,729.04 | $10,994.04 |
| 29 | $10,994.04 | $477.42 | $341.70 | $5,387.34 | $5,729.04 | $5,606.76 |
| 30 | $5,606.76 | $477.42 | $122.23 | $5,606.81 | $5,729.04 | $0.00 |
| 1 | $100,000.00 | $739.69 | $3,909.61 | $4,966.67 | $8,876.28 | $95,033.35 |
| 2 | $95,033.35 | $739.69 | $3,707.25 | $5,169.03 | $8,876.28 | $89,864.34 |
| 3 | $89,864.34 | $739.69 | $3,496.65 | $5,379.63 | $8,876.28 | $84,484.75 |
| 4 | $84,484.75 | $739.69 | $3,277.51 | $5,598.77 | $8,876.28 | $78,885.98 |
| 5 | $78,885.98 | $739.69 | $3,049.37 | $5,826.91 | $8,876.28 | $73,059.11 |
| 6 | $73,059.11 | $739.69 | $2,811.99 | $6,064.29 | $8,876.28 | $66,994.84 |
| 7 | $66,994.84 | $739.69 | $2,564.92 | $6,311.36 | $8,876.28 | $60,683.50 |
| 8 | $60,683.50 | $739.69 | $2,307.79 | $6,568.49 | $8,876.28 | $54,115.03 |
| 9 | $54,115.03 | $739.69 | $2,040.17 | $6,836.11 | $8,876.28 | $47,278.96 |
| 10 | $47,278.96 | $739.69 | $1,761.68 | $7,114.60 | $8,876.28 | $40,164.37 |
| 11 | $40,164.37 | $8,876.28 | $1,471.79 | $7,404.49 | $8,876.28 | $32,759.92 |
| 12 | $32,759.92 | $739.69 | $1,170.13 | $7,706.15 | $8,876.28 | $25,053.80 |
| 13 | $25,053.80 | $739.69 | $856.18 | $8,020.10 | $8,876.28 | $17,033.72 |
| 14 | $17,033.72 | $739.69 | $529.43 | $8,346.85 | $8,876.28 | $8,686.89 |
| 15 | $8,686.89 | $739.69 | $189.38 | $8,686.90 | $8,876.28 | $0.00 |
Will I need a down payment?
It depends on the type of loan.
VA loan
Backed by the Department of Veteran Affairs (VA), VA loans don’t require a down payment. To qualify for a VA loan, you or your spouse must have served 90 to 181 days in active service, or over six years in the Reserves or National Guard. The VA also extends loans to borrowers with a family member who died in the line of duty.
Conventional loan
Lenders typically require a down payment of at least 20%. So, for a $100,000 mortgage, you’d need a down payment of $20,000 – excluding closing costs and taxes. Some conventional lenders will accept down payments as low as 3%, but you’ll most likely need to purchase private mortgage insurance (PMI) to secure the loan.
FHA loans
Insured by the Federal Housing Administration, these loans require a down payment of at least 3.5%. For a $100,000 mortgage, that means you’ll cough up $3,500. The down payment aside, you’ll pay an upfront mortgage insurance premium, and then continue to make monthly payments until you build 20% equity in your home.
USDA loans
Another type of government loan, USDA loans are backed by the US Department of Agriculture. They don’t demand a down payment, but you’ll need to carry private mortgage insurance (PMI) until you’ve built up 20% equity in your home.
Can I afford a $100,000 mortgage?
Ideally, you want to make sure your mortgage payment doesn’t exceed 28% to 30% of your monthly household income. To comfortably afford a $100,000 mortgage, you’ll need to make the minimum monthly incomes outlined below based on your down payment.
| 0% – $0 | $2,511 | $1,668 |
| 3% – $3,000 | $2,436 | $1,668 |
| 5% – $5,000 | $2,386 | $1,618 |
| 7% – $7,000 | $2,335 | $1,585 |
| 10% – $10,000 | $2,260 | $1,551 |
| 15% – $15,000 | $2,135 | $1,501 |
| 20% – $20,000 | $2,009 | $1,418 |
| 25% – $25,000 | $1,883 | $1,251 |
| 30% – $30,000 | $1,758 | $1,168 |
Additional fees to consider
Buying a home is an investment. Along with the down payment and mortgage insurance (if applicable), you’ll need to pay a range of closing costs, fees and taxes. They vary between lenders, states and property types, but they can add up to thousands of dollars. Be sure to factor these into your budget.
For buyers
- Closing attorney fee — if you choose to use one
- Title search
- Title insurance
- Appraisal fee
- Property inspection fee
- Recording fee
- Processing fee
- Origination fee
- Surveying fee
- Settlement fee
- Property tax
- Credit report fee
- Recording of the mortgage (deed of trust) fee
- Homeowners insurance
- Flood, hazard or earthquake insurance – if deemed necessary by your state
- Mortgage insurance — if down payment is less than 20%
- Archive and courier fee
- Miscellaneous condo, co-op or Homeowners Association fees
For sellers
- Broker fee
- Closing attorney fee
- Transfer tax – unless the property is in Alaska, Idaho, Indiana, Louisiana, Mississippi, Missouri, Montana, New Mexico, North Dakota, Oregon, Texas, Utah or Wyoming
- Document preparation fee
- Deed transfer fee
- Recording fee
- Mortgage Payoff
- Property tax
- Courier and wire transfer fee
- Home warranty fees — if specified in the contract
- Miscellaneous condo, co-op or Homeowners Association Fees
Bottom line
Purchasing a home is a big decision – both personally and financially. When you find a property you like, make sure you can afford it by taking the down payment, mortgage insurance and monthly repayments into account.