Monthly payment on a $100k mortgage by rate and term
Each cell is the monthly principal and interest payment. Read across for the loan term and down for the interest rate. The highlighted cell is the example used on this page.
| Rate | 10 years | 15 years | 20 years | 25 years | 30 years |
|---|---|---|---|---|---|
| 4% | $1,012 | $740 | $606 | $528 | $477 |
| 4.5% | $1,036 | $765 | $633 | $556 | $507 |
| 5% | $1,061 | $791 | $660 | $585 | $537 |
| 5.5% | $1,085 | $817 | $688 | $614 | $568 |
| 6% | $1,110 | $844 | $716 | $644 | $600 |
| 6.5% | $1,135 | $871 | $746 | $675 | $632 |
| 7% | $1,161 | $899 | $775 | $707 | $665 |
| 7.5% | $1,187 | $927 | $806 | $739 | $699 |
| 8% | $1,213 | $956 | $836 | $772 | $734 |
| 8.5% | $1,240 | $985 | $868 | $805 | $769 |
| 9% | $1,267 | $1,014 | $900 | $839 | $805 |
Two patterns stand out. Every percentage point of interest on a 30-year $100k loan moves the payment by roughly $67 a month. Shortening the term raises the payment far less than you might expect: going from 30 to 15 years costs $234 more each month but saves $77,720 in interest.
How much income do you need for a $100k mortgage?
A widely used guideline keeps principal and interest under 28% of gross monthly income. Here's what that means for a 30-year $100,000 loan. Property tax, insurance and other debts all lower what you can comfortably borrow, so treat these as minimums.
| Rate | Monthly payment | Income needed (per year) | Income needed (per month) |
|---|---|---|---|
| 5% | $537 | $23,007 | $1,917 |
| 5.5% | $568 | $24,334 | $2,028 |
| 6% | $600 | $25,695 | $2,141 |
| 6.5% | $632 | $27,089 | $2,257 |
| 7% | $665 | $28,513 | $2,376 |
| 7.5% | $699 | $29,966 | $2,497 |
| 8% | $734 | $31,447 | $2,621 |
For a fuller picture that includes your debts and the limits lenders actually apply, use the home affordability calculator or check your debt-to-income ratio.
Total interest on a $100k mortgage
| Term | At 6% | At 7% | At 8% |
|---|---|---|---|
| 10 years | $33,225 | $39,330 | $45,593 |
| 15 years | $51,894 | $61,789 | $72,017 |
| 20 years | $71,943 | $86,072 | $100,746 |
| 25 years | $93,290 | $112,034 | $131,545 |
| 30 years | $115,838 | $139,509 | $164,155 |
Over 30 years at 7%, interest adds up to 140% of the amount you borrow. Extra repayments early in the loan cut this fastest. The extra repayments calculator shows exactly how much, and our guide on paying off a mortgage faster covers the options.
How a $100k mortgage pays down
On a 30-year loan at 7%, your first payment of $665.30 includes $583.33 of interest, so only $81.97 reduces the balance. More of each payment goes to principal than to interest from year 21 (payment 242). You'll have repaid half the loan after about 25 years.
| After | Balance left | Principal repaid |
|---|---|---|
| 5 years | $94,132 | 6% |
| 10 years | $85,812 | 14% |
| 15 years | $74,019 | 26% |
| 20 years | $57,300 | 43% |
| 25 years | $33,599 | 66% |
The guide to how mortgage amortization works explains why the balance falls slowly at first.
How the payment changes with the loan size
- Borrowing $75,000 instead saves $166 a month at 7% over 30 years ( $75k mortgage payment).
- Borrowing $125,000 costs $166 more a month ( $125k mortgage payment).
- Each extra $10,000 borrowed adds about $67 a month at this rate.
Your real payment will be higher once property tax, home insurance, HOA or strata fees and any mortgage insurance (PMI or LMI) are added. Open this loan in the mortgage calculator to include them and see your full schedule.
Frequently asked questions
What is the monthly payment on a $100,000 mortgage?
How much income do I need for a $100,000 mortgage?
How much interest will I pay on a $100,000 mortgage?
How much does 1% on the rate change the payment on a $100,000 mortgage?
What house price does a $100,000 mortgage buy?
Figures assume a fixed rate, monthly repayments and no fees, rounded to the nearest dollar. They are estimates for comparison, not a loan offer.