How Much Will a 100K Mortgage Cost per Month?

By Alene Laney · May 06, 2023 · 8 minute read

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How Much Will a 100K Mortgage Cost per Month?

When you’re considering applying for a mortgage, one of your top questions is probably “What is the monthly payment going to be?”

For a 100K mortgage, the payment on a 30-year loan at 7% interest would be $665.30. For a 15-year mortgage loan term, the payment increases to $898.83, which helps you pay off the loan sooner and pay less in interest costs over the entire loan.

Your own loan will depend on a number of factors, including but not limited to fluctuating interest rates. Here’s what goes into a 100K mortgage, what income is required to get one, and what your payments would look like over the life of the loan.

Total Cost of a 100K Mortgage

The total cost of a 100K mortgage goes beyond the monthly payment. There are upfront costs and ongoing, long-term costs to consider, all of which affect how much house can you afford.

Upfront Costs

Upfront home loan costs can include:

•   Closing Costs: There are costs you need to pay to get a mortgage, but they are not a part of the original loan. These are known as closing costs and include things like the mortgage origination fee, the cost of an appraisal, attorney fees, title fees, taxes, prepaids, and other expenses. With the average closing cost on a new home adding between 3% and 6%, that works out to $3,000 to $6,000 on a 100K mortgage.

•   Down Payment: Unless you are able to obtain a 0% down payment loan, you’ll need some money to afford the down payment on a 100K mortgage loan.

The average down payment on a home is 13%, as per the National Association of Realtors®. This works out to $13,000 on a $100,000 home.

If you don’t quite have this amount, there are other types of mortgage loans that offer low down payment options. 3% and 3.5% are common, which would come out to $3,000 and $3,500 for the down payment on a 100K home.

Long Term Costs

Here are the ongoing costs of a mortgage loan:

•   Interest. The biggest expense you’ll have over the life of the loan is interest. Interest costs are huge, especially in an economy with higher annual percentage rates (APRs). You’ll pay more in interest than you do in principal if you keep the mortgage loan for the whole 30-year loan term.

For a $100K mortgage with a 30-year term and 7% APR, the interest costs total $139,508.90.That’s on top of the $100,000 original loan amount. Adding the two together, you’re looking at paying $239,508.90 for the original 100K mortgage. Take a look at our mortgage payment calculator or the amortization table further down if you’re more curious about this amount.

•   Escrow. You may pay for taxes and insurance through your escrow account every month. This expense doesn’t go away, even when you pay off your mortgage. The amount of tax and insurance varies by state and policy.

Estimated Monthly Payments of a 100K Mortgage

Payments on a 100K home will ultimately be determined by your loan term and interest rate. And the interest rate is determined by a number of factors. Of course, the Fed’s rate matters, but so too do such aspects as:

•   Credit score. A good credit score can afford you a lower interest rate on your mortgage.

•   Down payment. Generally, putting down a larger down payment affords you a lower interest rate.

•   Home location. There are certain areas where you may be offered a lower interest rate just because of where you live.

•   Loan amount. If you need a larger loan, such as a jumbo loan, you’ll usually see a higher interest rate. The same can be true of much smaller homes, such as tiny homes.

•   Interest rate type. If you choose a loan with an adjustable APR, you may initially have a lower interest rate.

•   Loan type. You’ll see different interest rates based on what loan type you’re using. Examples include VA loans, FHA loans, and a USDA loan which may offer a lower (or no) down payment as well as lower interest rates.

•   Loan term. Choosing a mortgage term that’s shorter can help you score a lower interest rate.

Recommended: First-Time Homebuyer Guide

Monthly Payment Breakdown by APR and Term

It’s helpful to see what potential mortgage loan payments on a 100K mortgage may be, adjusting for term length and APR variance. Keep in mind these costs do not include escrow items, such as taxes or insurance.


Monthly Payment on a 30-Year Loan

Monthly Payment on a 15-Year Loan

3.5% $449.04 $714.88
4% $477.42 $739.69
4.5% $506.69 $764.99
5% $536.82 $790.79
5.5% $567.79 $817.08
6% $599.55 $843.86
6.5% $632.07 $871.11
7% $665.30 $898.83
7.5% $699.21 $927.01
8% $733.76 $955.65
8.5% $768.91 $984.74
9% $804.62 $1,014.27
9.5% $840.85 $1,044.22
10% $877.55 $1,074.61

How Much Interest Is Accrued on a 100K Mortgage?

Each month, your payment is split into principal and interest payments. Those interest payments go to the bank as payment for lending you money. Principal payments go toward the original loan amount and pay down the loan.

The longer the loan term, the more you’ll pay in overall interest. For a 100K mortgage on a 30-year term with a 7% APR, the interest costs total $139,508.90 on top of the original loan.

On a 15-year term with the same parameters, the interest costs are a more modest $61,789.09. Yes, your monthly payments are higher, but the difference between a 15 vs. 30 year mortgage with 7% APR is significant.

Recommended: Home Loan Help Center

100K Mortgage Amortization Breakdown

The amortization of a 100K mortgage shows how much of your monthly payment pays off the loan each month.

You can see in the early years of your mortgage, more of your monthly payment goes toward interest, and very little of your loan is paid off. In later years, more of the payment will go toward the principal.


Monthly Payment

Beginning Balance

Total Amount Paid



Ending Balance

1 $665.30 $100,000.00 $7,983.60 $6,967.81 $1,015.79 $98,984.19
2 $665.30 $98,984.19 $7,983.60 $6,894.39 $1,089.21 $97,894.95
3 $665.30 $97,894.95 $7,983.60 $6,815.64 $1,167.96 $96,726.96
4 $665.30 $96,726.96 $7,983.60 $6,731.21 $1,252.39 $95,474.55
5 $665.30 $95,474.55 $7,983.60 $6,640.66 $1,342.94 $94,131.59
6 $665.30 $94,131.59 $7,983.60 $6,543.59 $1,440.01 $92,691.55
7 $665.30 $92,691.55 $7,983.60 $6,439.49 $1,544.11 $91,147.41
8 $665.30 $91,147.41 $7,983.60 $6,327.86 $1,655.74 $89,491.65
9 $665.30 $89,491.65 $7,983.60 $6,208.17 $1,775.43 $87,716.19
10 $665.30 $87,716.19 $7,983.60 $6,079.81 $1,903.79 $85,812.38
11 $665.30 $85,812.38 $7,983.60 $5,942.19 $2,041.41 $83,770.95
12 $665.30 $83,770.95 $7,983.60 $5,794.61 $2,188.99 $81,581.94
13 $665.30 $81,581.94 $7,983.60 $5,636.38 $2,347.22 $79,234.69
14 $665.30 $79,234.69 $7,983.60 $5,466.70 $2,516.90 $76,717.75
15 $665.30 $76,717.75 $7,983.60 $5,284.75 $2,698.85 $74,018.87
16 $665.30 $74,018.87 $7,983.60 $5,089.64 $2,893.96 $71,124.88
17 $665.30 $71,124.88 $7,983.60 $4,880.45 $3,103.15 $68,021.68
18 $665.30 $68,021.68 $7,983.60 $4,656.10 $3,327.50 $64,694.16
19 $665.30 $64,694.16 $7,983.60 $4,415.56 $3,568.04 $61,126.09
20 $665.30 $61,126.09 $7,983.60 $4,157.62 $3,825.98 $57,300.08
21 $665.30 $57,300.08 $7,983.60 $3,881.03 $4,102.57 $53,197.49
22 $665.30 $53,197.49 $7,983.60 $3,584.46 $4,399.14 $48,798.32
23 $665.30 $48,798.32 $7,983.60 $3,266.46 $4,717.14 $44,081.14
24 $665.30 $44,081.14 $7,983.60 $2,925.44 $5,058.16 $39,022.95
25 $665.30 $39,022.95 $7,983.60 $2,559.78 $5,423.82 $33,599.10
26 $665.30 $33,599.10 $7,983.60 $2,167.69 $5,815.91 $27,783.17
27 $665.30 $27,783.17 $7,983.60 $1,747.26 $6,236.34 $21,546.80
28 $665.30 $21,546.80 $7,983.60 $1,296.45 $6,687.15 $14,859.60
29 $665.30 $14,859.60 $7,983.60 $813.02 $7,170.58 $7,688.98
30 $665.30 $7,688.98 $7,983.60 $294.64 $7,688.96 $0.00

What Is Required to Get a 100K Mortgage?

When you’re applying to qualify for a mortgage, lenders look for a few key things to approve your application.

•   How much debt you will be carrying. Lenders look for your monthly payment to be lower than 28% of your gross monthly income. A 100K mortgage payment at 7% interest on a 30-year term is $665.30. For this payment to be less than 28% of your monthly income, your monthly income needs to be over $2,376, assuming you have no debt. This turns into a $28,512 yearly salary requirement to afford a 100K mortgage payment.

If you have debt, the calculation changes a little bit. Your lender will add your monthly debts to your projected monthly mortgage payment. These two numbers added together need to be less than 36% of your monthly income. This calculation a lender does is known as the debt-to-income ratio, or back-end ratio.

•   Credit score. It’s advisable to have a credit score of 620 or higher when applying for a mortgage loan.

•   Consistent work history. If you are unemployed, self-employed, or have recently changed jobs, lenders may be less likely to approve your loan. They may worry about your having a steady enough income to make your payments.

The Takeaway

A 100K mortgage will have a monthly cost that varies depending on such factors as the loan’s interest rate, the term of the loan, and whether it’s a fixed- or variable-rate loan. By understanding more about how the cost of a mortgage is calculated, plus the related costs, you can be better prepared for the milestone of being a homeowner.

When you’re ready to apply for a mortgage, SoFi will be there for you. Our rates are competitive, and we offer flexible loan terms and down payment options (as little as 3% for first-time homebuyers) to suit your needs. The online application simplifies the process, and our dedicated Mortgage Loan Officers can help you every step of the way.

See how smart and simple a SoFi Mortgage Loan can be.

Photo credit: iStock/AndreyPopov

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