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How Much is a Monthly Payment on a $100,000 Mortgage?

A $100,000 mortgage comes with both upfront and long-term costs. Your monthly payment for a 30-year loan could range from $600 to $769.

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By Aly J. Yale

Written by

Aly J. Yale

Freelance writer, Credible

Aly J. Yale is a personal finance journalist with more than 12 years of experience. Her work has been featured by Forbes, Fox Business, The Motley Fool, Bankrate, and The Balance.

Edited by Reina Marszalek

Written by

Reina Marszalek

Senior editor, Credible

Reina Marszalek has over 10 years of experience in personal finance and is a senior mortgage editor at Credible.

Updated October 2, 2024

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

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Every mortgage comes at a cost — there are closing costs that you pay in the beginning, monthly payments, escrow costs, and interest to account for throughout the loan term. However, the biggest impacts on your monthly payment and overall costs are your repayment term and interest rate: a $100,000 mortgage with a 30-year term could have a monthly payment of $599.55 to more than $768.91 while a 15-year loan might have payments ranging from $843.86 to $984.74.

Monthly payments for a $100,000 mortgage

When you buy a house, your monthly mortgage payments go toward both your loan balance and other costs, like interest, insurance, and taxes.

Generally speaking, you can expect your monthly payment to cover:

  • Principal: This is part of your payment that goes straight toward your loan balance. Due to how loans are amortized, you usually pay less toward your principal at the beginning of your loan life and more at the end of it.
  • Interest: Interest is what you pay the lender for borrowing the funds, and you’ll pay more toward this cost at the start of your loan than at the end of it. Your interest rate will determine how much you’ll pay here.
  • Escrow costs: Escrow accounts are often used to store funds for future home insurance premiums, property taxes, and mortgage insurance. Your loan servicer manages the account and pays the bills when they’re due.

Assuming principal and interest only, the monthly payment on a $100,000 loan with an annual percentage rate (APR) of 6% would be $599.55 for a 30-year term and $843.86 for a 15-year mortgage.

Here’s a breakdown of what the monthly payments — principal and interest only — would look like on a $100,000 mortgage with varying interest rates:

Annual Percentage Rate (APR)
Monthly payment
(15-year)
Monthly payment
(30-year)
6.00%
$843.86
$599.55
6.25%
$857.42
$615.72
6.50%
$871.11
$632.07
6.75%
$884.91
$648.60
7.00%
$898.83
$665.30
7.25%
$912.86
$682.18
7.50%
$927.01
$699.21
7.75%
$941.28
$716.41
8.00%
$955.65
$733.76
8.50%
$984.74
$768.91

Check Out: How to Buy a House: Step-by-Step Guide

Where to get a $100,000 mortgage

To get a $100,000 mortgage loan — or any mortgage for that matter — you’ll need to shop around with various lenders, such as banks, credit unions, and online mortgage servicers.

Because rates and terms can vary from one lender to the next, this will allow you to get the lowest rate and most affordable loan possible.

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Expert Tip:

“It’s a good idea to reach out to various mortgage lenders and request quotes from at least three. You can contact them individually or use an online marketplace like Credible to compare lender options.” — Reina Marszalek, Senior Editor, Mortgages

What to consider before applying for a $100,000 mortgage

Before applying for a mortgage, you’ll need to calculate the full costs of the loan to ensure it aligns with your budget and long-term financial goals.

You should know the monthly payment on the loan, the total interest you’ll pay, the down payment you’ll need to save up, and the total cash you’ll need to cover closing costs like origination fees and discount points.

Total interest paid on a $100,000 mortgage

The amount of interest you pay on a mortgage loan depends on the interest rate your lender gives you.

Lower interest rates will mean fewer interest costs, while higher ones mean the opposite. This is why it’s important to compare several lender options using a tool like Credible.

How long your loan lasts will also play a role in your interest costs. Longer loan terms charge the most interest, while shorter ones (15-year loans, for example) reduce those costs.

Use our mortgage calculator to see how much you’ll pay in interest and your total monthly payments.

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On a $100,000 mortgage at a 6% APR, your total interest costs would range from $51,894.23 to $115,838.19, depending on the loan term you choose.

Amortization schedule on a $100,000 mortgage

An amortization schedule details your costs year by year on a home loan. See below for the amortization schedules for a $100,000 mortgage with 15-year and 30-year terms.

Here’s what the costs for a 15-year, $100,000 loan at a 6% APR might look like:

Year
Total interest paid
Total principal paid
Remaining balance
1
$5,884.61
$4,241.67
$95,758.33
2
$5,623.00
$4,503.28
$91,255.05
3
$5,345.25
$4,781.04
$86,474.01
4
$5,050.36
$5,075.92
$81,398.09
5
$4,737.29
$5,388.99
$76,009.10
6
$4,404.91
$5,721.37
$70,287.72
7
$4,052.03
$6,074.26
$64,213.47
8
$3,677.38
$6,448.90
$57,764.57
9
$3,279.63
$6,846.66
$50,917.91
10
$2,857.34
$7,268.94
$43,648.97
11
$2,409.01
$7,717.28
$35,931.69
12
$1,933.02
$8,193.26
$27,738.43
13
$1,427.68
$8,698.60
$19,039.83
14
$891.17
$9,235.11
$9,804.72
15
$321.57
$9,804.72
$0.00

Here’s what the costs for a 30-year, $100,000 loan at a 6% APR might look like:

Year
Total interest paid
Total principal paid
Remaining balance
1
$5,966.59
$1,228.01
$98,771.99
2
$5,890.85
$1,303.75
$97,468.24
3
$5,810.44
$1,384.17
$96,084.07
4
$5,725.07
$1,469.54
$94,614.53
5
$5,634.43
$1,560.18
$93,054.36
6
$5,538.20
$1,656.40
$91,397.95
7
$5,436.04
$1,758.57
$89,639.39
8
$5,327.57
$1,867.03
$87,772.35
9
$5,212.42
$1,982.19
$85,790.17
10
$5,090.16
$2,104.44
$83,685.72
11
$4,960.37
$2,234.24
$81,451.48
12
$4,822.56
$2,372.04
$79,079.44
13
$4,676.26
$2,518.35
$76,561.09
14
$4,520.93
$2,673.67
$73,887.42
15
$4,356.03
$2,838.58
$71,048.84
16
$4,180.95
$3,013.66
$68,035.19
17
$3,995.07
$3,199.53
$64,835.66
18
$3,797.73
$3,396.87
$61,438.79
19
$3,588.22
$3,606.38
$57,832.40
20
$3,365.79
$3,828.82
$54,003.59
21
$3,129.64
$4,064.97
$49,938.62
22
$2,878.92
$4,315.69
$45,622.93
23
$2,612.74
$4,581.87
$41,041.06
24
$2,330.14
$4,864.47
$36,176.59
25
$2,030.11
$5,164.50
$31,012.09
26
$1,711.57
$5,483.04
$25,529.05
27
$1,373.39
$5,821.22
$19,707.84
28
$1,014.35
$6,180.26
$13,527.58
29
$633.16
$6,561.44
$6,966.14
30
$228.47
$6,966.14
$0.00

How to get a $100,000 mortgage

Getting a $100,000 mortgage isn’t as complicated as it seems.

Once you’re ready to apply, just follow this nine-step process, and you’ll be well on your way to buying the home of your dreams:

  1. Estimate your homebuying budget: Look at your income, debts, and expenses, and calculate how much you can afford to spend each month on a mortgage. Don’t forget to factor in your down payment and the costs of maintaining your home as well.
  2. Review your credit report: Pull your full credit report and review it with a critical eye. Any late payments, accounts in collection, or other negative marks could impact your ability to get a mortgage, so you’ll want to address these before applying. 
  3. Get pre-approved: Getting pre-approved for a mortgage can be very helpful when buying a home — especially if your local housing market is competitive. A pre-approval letter can give sellers more confidence in your offers and, most importantly, give you a good idea of how much you may be able to borrow.
  4. Shop around for mortgage rates: When you apply for pre-approval, each lender should give you a loan estimate, which details all the costs and fees associated with the loan. Use this to compare each loan offer on rate, fees, cash-to-close, and more, and determine which one is offering the best deal for your budget.
  5. Negotiate your home purchase details: The next step is to find a home, put in an offer, and negotiate your sales contract. Once the contract is finalized, it’s time to move forward with your full mortgage application.
  6. Complete the full mortgage application: You’ll need to complete your chosen lender’s full mortgage application, which usually requires more financial details, as well as documentation — be prepared to submit pay stubs, bank account statements, W-2s, and tax returns.
  7. Get approved by an underwriter: After you submit your documents, your application will move into the underwriting phase, which is when your lender verifies your financial information and assesses whether you’re able to repay the loan you’re requesting.
  8. Prepare for closing: If your application meets the underwriter’s approval, you’ll be given a closing date. While you wait for that date, you’ll want to secure a homeowners insurance policy, as this is required by most mortgage lenders. You should also get your down payment and closing costs ready; you’ll typically pay these via cashier’s check or wire transfer.
  9. Close on your mortgage: Finally, you’ll attend your closing appointment, hand over your closing cost check, and sign the sales paperwork. Once the funds are transferred, you’ll receive your keys and can move into your new property.
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Pro tip:

Your credit score will play a huge role in the interest rate you’re given, so if it’s not great, you might want to improve it before applying for your loan. A FICO credit score of 670 or above is considered a good credit score.

Monthly payments for different mortgage amounts

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Frequently asked questions

What down payment is needed for a $100,000 mortgage?

The minimum down payment you need to save depends on what type of mortgage you’re applying for. Some government-backed loans, such as USDA and VA loans, don’t require a down payment. FHA loans, on the other hand, will require a down payment of 3.5% if your credit score is 580 or higher, or 10% if your credit score is 500 to 579. If you’re applying for a conventional loan, you might be able to find a lender who will approve you with a down payment of just 3%. Keep in mind that many lenders will require private mortgage insurance if you put down less than 20% on a conventional mortgage.

Can I afford a $100,000 mortgage with a $40,000 salary?

When you apply for a loan, your servicer will check to make sure you can handle monthly mortgage payments. While requirements vary by lender, a good guideline to follow is to spend 28% or less of your gross monthly income on housing costs. You can calculate what you can afford per month on a $40,000 salary that would fit within 28%. If your salary is $40,000, then your monthly pay would be roughly $3,333 ($40,000/12). Multiply that by 0.28 to get $933.24. The number most affordable for you could be higher or lower depending on your other expenses or debts. 

Meet the expert:
Aly J. Yale

Aly J. Yale is a personal finance journalist with more than 12 years of experience. Her work has been featured by Forbes, Fox Business, The Motley Fool, Bankrate, and The Balance.