In 30 year loan term, $100,000 mortgage with 6% interest rate is$599.55per month.
You will pay total interest of $115,838.19 over the 30 year period
Monthly mortgage for $100K dollar
At a 6% fixed interest rate, your monthly mortgage payment on a 25-year mortgage will be total $644.3 a month.
While 20-year will cost $716.43 a month
❌📉 Without Down Payment
With Zero down payment, the monthly mortgage for $100,000 for 25 years is $644.3.
You will pay extra $93,290.42 other than you principal amount ($100,000)
You will have to make total 300 payments with total amount of $193,290.42(93% more than borrowed Amount)
Calculation Summary
| Monthly Mortgage | $644.3 |
| Number of Payment | 300 (12x year) |
| Pre Payment (Down payment) | $0.00 |
| additional Payment (Other than borrowed money) | $93,290.42 |
| Total Amount Due | $193,290.42 |
📉 With Down Payment
The monthly mortgage for $100,000 for 25 years with 20% down payment is $515.44.
You will pay extra $74,632.34 other than your borrowed amount ($100,000)
You will have to make total 300 payments with total amount of $154,632.34(75% more than borrowed Amount)
Calculation Summary
| Monthly Mortgage | $515.44 |
| Number of Payment | 300 (12x year) |
| Pre Payment (Down payment) | $20,000 |
| Extra Payment (Other than Loan Amt) | $74,632.34 |
| Total Amount Due | $154,632.34 |
Comparision with Different Loan Terms
Here are some Interesting facts about $100K loan
❓ What if the loan Term is 20 years?
If the loan term is 20 years. The monthly mortgage will be $716.43 with total 240 installments.
Although you are paying extra $72.13 per month, you only have to pay total interest of $71.9K ($71,943.45)
which is $21.3K ($21,346.97) less interest compared to 25 years loan term
❓ What if the loan Term is 30 years?
If the loan term is 30 years. The monthly mortgage will be $599.55 with total 360 installments.
Although you are paying $44.75 less per month, you have to pay total interest of $115.8K ($115,838.19)
which is $22.5K ($22,547.77) more money compared to 25 years loan term