How Much a $150,000 Mortgage Will Cost You Each Month (2024)

When you take out a mortgage, you’ll pay your balance off month by month for the life of the loan — often 15 or 30 years for many homebuyers. But mortgage loans also come with additional costs, with interest being the biggest one.

If you’re applying for a $150,000 mortgage, we'll let you know how much that loan should cost you each month with interest.

Monthly payments for a $150,000 mortgage

Your mortgage payment will include a few line items, including principal, interest, and sometimes, escrow costs.

Here’s what those entail:

Principal: This money is applied straight to your loan balance.
Interest: This is the cost of borrowing the money. How much you’ll pay is indicated by your interest rate.
Escrow costs: Sometimes, your lender might require you to use an escrow account to cover property taxes, homeowners insurance, and mortgage insurance. When this is the case, you’ll pay money into your escrow account monthly, too.

See what your estimated monthly payment would be with our mortgage payment calculator.

For a $500,000 home with a 30-year $100,000 mortgage at a 6% rate, your basic monthly payment — meaning just principal and interest — should come to $2,398. If all those factors are the same but your loan term is 15 years, you can expect to pay approximately $3,375 per month. If you have an escrow account, the costs would be higher and depend on factors like your insurance premiums and your local property tax rates.

Here’s an in-depth look at what your typical monthly principal and interest payments would look like for that same $150,000 mortgage with different interest rates:

Interest rate	Monthly payment (15-year)	Monthly payment (30-year)
6.5%	$3,484	$2,528
6.75%	$3,539	$2,594
7%	$3,595	$2,661
7.5%	$3,708	$2,796

Interest rate

Monthly payment (15-year)

Monthly payment (30-year)

6.5%

$3,484

$2,528

6.75%

$3,539

$2,594

$3,595

$2,661

7.5%

$3,708

$2,796

Where to get a $150,000 mortgage

Traditionally, getting a mortgage loan would mean researching lenders, applying with three to five, and then completing the loan applications for each one. You’d then receive loan estimates from the lenders that break down your expected interest rate, loan costs, origination fees, any mortgage points, and closing costs. From there, you would choose your best offer and move forward with the loan process.

Fortunately, with Credible, there’s a more streamlined way to shop for a mortgage. Simply fill out a short form, and you can compare loan options from all of our partners in the table below at once.

What to consider before applying for a $150,000 mortgage

Before you apply for any mortgage loan, you’ll want to assess its total costs — including the upfront ones, like your down payment and closing costs, as well as the longer-term ones (particularly interest).

Total interest paid on a $150,000 mortgage

Longer-term loans will always come with more interest costs than loans with shorter lifespans. For example, a 15-year, $150,000 mortgage with a 6% fixed rate would mean spending $77,841 over the course of the loan. A 30-year mortgage with the same terms, however, would cost $173,757 in interest — nearly $96,000 more once all is said and done.

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Amortization schedule on a $150,000 mortgage

A mortgage amortization schedule helps ensure your mortgage will be paid in full when you make your last scheduled payment. When you begin paying off your loan, most of your payment will go toward interest. But as years pass, more of your payment will be applied to the principal.

Here’s what that looks like for a 30-year, $150,000 mortgage with a 6% fixed rate:

Year	Beginning balance	Monthly payment	Total interest paid to date	Total principal paid to date	Remaining balance
1	$150,000.00	$899.33	$8,949.89	$1,842.02	$148,157.98
2	$148,157.98	$899.33	$8,836.28	$1,955.63	$146,202.35
3	$146,202.35	$899.33	$8,715.66	$2,076.25	$144,126.11
4	$144,126.11	$899.33	$8,587.60	$2,204.31	$141,921.80
5	$141,921.80	$899.33	$8,451.65	$2,340.26	$139,581.54
6	$139,581.54	$899.33	$8,307.30	$2,484.61	$137,096.93
7	$137,096.93	$899.33	$8,154.06	$2,637.85	$134,459.08
8	$134,459.08	$899.33	$7,991.36	$2,800.55	$131,658.53
9	$131,658.53	$899.33	$7,818.63	$2,973.28	$128,685.25
10	$128,685.25	$899.33	$7,635.24	$3,156.66	$125,528.59
11	$125,528.59	$899.33	$7,440.55	$3,351.36	$122,177.23
12	$122,177.23	$899.33	$7,233.84	$3,558.07	$118,619.16
13	$118,619.16	$899.33	$7,014.39	$3,777.52	$114,841.64
14	$114,841.64	$899.33	$6,781.40	$4,010.51	$110,831.13
15	$110,831.13	$899.33	$6,534.04	$4,257.87	$106,573.27
16	$106,573.27	$899.33	$6,271.43	$4,520.48	$102,052.78
17	$102,052.78	$899.33	$5,992.61	$4,799.30	$97,253.49
18	$97,253.49	$899.33	$5,696.60	$5,095.31	$92,158.18
19	$92,158.18	$899.33	$5,382.33	$5,409.57	$86,748.60
20	$86,748.60	$899.33	$5,048.68	$5,743.23	$81,005.38
21	$81,005.38	$899.33	$4,694.45	$6,097.45	$74,907.92
22	$74,907.92	$899.33	$4,318.38	$6,473.53	$68,434.39
23	$68,434.39	$899.33	$3,919.10	$6,872.81	$61,561.59
24	$61,561.59	$899.33	$3,495.20	$7,296.71	$54,264.88
25	$54,264.88	$899.33	$3,045.16	$7,746.75	$46,518.13
26	$46,518.13	$899.33	$2,567.36	$8,224.55	$38,293.58
27	$38,293.58	$899.33	$2,060.08	$8,731.83	$29,561.75
28	$29,561.75	$899.33	$1,521.52	$9,270.39	$20,291.37
29	$20,291.37	$899.33	$949.75	$9,842.16	$10,449.21
30	$10,449.21	$899.33	$342.70	$10,449.21	$0.00

Year

Beginning balance

Monthly payment

Total interest paid to date

Total principal paid to date

Remaining balance

$150,000.00

$899.33

$8,949.89

$1,842.02

$148,157.98

$899.33

$8,836.28

$1,955.63

$146,202.35

$899.33

$8,715.66

$2,076.25

$144,126.11

$899.33

$8,587.60

$2,204.31

$141,921.80

$899.33

$8,451.65

$2,340.26

$139,581.54

$899.33

$8,307.30

$2,484.61

$137,096.93

$899.33

$8,154.06

$2,637.85

$134,459.08

$899.33

$7,991.36

$2,800.55

$131,658.53

$899.33

$7,818.63

$2,973.28

$128,685.25

$899.33

$7,635.24

$3,156.66

$125,528.59

$899.33

$7,440.55

$3,351.36

$122,177.23

$899.33

$7,233.84

$3,558.07

$118,619.16

$899.33

$7,014.39

$3,777.52

$114,841.64

$899.33

$6,781.40

$4,010.51

$110,831.13

$899.33

$6,534.04

$4,257.87

$106,573.27

$899.33

$6,271.43

$4,520.48

$102,052.78

$899.33

$5,992.61

$4,799.30

$97,253.49

$899.33

$5,696.60

$5,095.31

$92,158.18

$899.33

$5,382.33

$5,409.57

$86,748.60

$899.33

$5,048.68

$5,743.23

$81,005.38

$899.33

$4,694.45

$6,097.45

$74,907.92

$899.33

$4,318.38

$6,473.53

$68,434.39

$899.33

$3,919.10

$6,872.81

$61,561.59

$899.33

$3,495.20

$7,296.71

$54,264.88

$899.33

$3,045.16

$7,746.75

$46,518.13

$899.33

$2,567.36

$8,224.55

$38,293.58

$899.33

$2,060.08

$8,731.83

$29,561.75

$899.33

$1,521.52

$9,270.39

$20,291.37

$899.33

$949.75

$9,842.16

$10,449.21

$899.33

$342.70

$10,449.21

$0.00

And here’s the amortization schedule on a 15-year, $150,000 mortgage with a 6% fixed rate:

Year	Beginning balance	Monthly payment	Total interest paid to date	Total principal paid to date	Remaining balance
1	$150,000.00	$1,265.79	$8,826.92	$6,362.50	$143,637.50
2	$143,637.50	$1,265.79	$8,434.50	$6,754.93	$136,882.57
3	$136,882.57	$1,265.79	$8,017.87	$7,171.56	$129,711.02
4	$129,711.02	$1,265.79	$7,575.54	$7,613.88	$122,097.14
5	$122,097.14	$1,265.79	$7,105.93	$8,083.49	$114,013.65
6	$114,013.65	$1,265.79	$6,607.36	$8,582.06	$105,431.59
7	$105,431.59	$1,265.79	$6,078.04	$9,111.38	$96,320.20
8	$96,320.20	$1,265.79	$5,516.07	$9,673.35	$86,646.85
9	$86,646.85	$1,265.79	$4,919.44	$10,269.98	$76,376.87
10	$76,376.87	$1,265.79	$4,286.01	$10,903.41	$65,473.45
11	$65,473.45	$1,265.79	$3,613.51	$11,575.91	$53,897.54
12	$53,897.54	$1,265.79	$2,899.53	$12,289.89	$41,607.65
13	$41,607.65	$1,265.79	$2,141.52	$13,047.90	$28,559.74
14	$28,559.74	$1,265.79	$1,336.75	$13,852.67	$14,707.07
15	$14,707.07	$1,265.79	$482.35	$14,707.07	$0.00

Year

Beginning balance

Monthly payment

Total interest paid to date

Total principal paid to date

Remaining balance

$150,000.00

$1,265.79

$8,826.92

$6,362.50

$143,637.50

$1,265.79

$8,434.50

$6,754.93

$136,882.57

$1,265.79

$8,017.87

$7,171.56

$129,711.02

$1,265.79

$7,575.54

$7,613.88

$122,097.14

$1,265.79

$7,105.93

$8,083.49

$114,013.65

$1,265.79

$6,607.36

$8,582.06

$105,431.59

$1,265.79

$6,078.04

$9,111.38

$96,320.20

$1,265.79

$5,516.07

$9,673.35

$86,646.85

$1,265.79

$4,919.44

$10,269.98

$76,376.87

$1,265.79

$4,286.01

$10,903.41

$65,473.45

$1,265.79

$3,613.51

$11,575.91

$53,897.54

$1,265.79

$2,899.53

$12,289.89

$41,607.65

$1,265.79

$2,141.52

$13,047.90

$28,559.74

$1,265.79

$1,336.75

$13,852.67

$14,707.07

$1,265.79

$482.35

$14,707.07

$0.00

Learn: How To Buy a House: Step-by-Step Guide

How to get a $150,000 mortgage

Applying for a mortgage isn’t as hard as most people think. It just takes a little preparation.

Here are the steps you should take to get a mortgage and buy that dream house:

Estimate your home budget: Evaluate your finances — including your debts, income, and household expenses. You’ll need to determine what you can comfortably afford for both your monthly and down payment.
Check your credit: Your credit will play a role in what loans you qualify for and the interest rate you receive, so pull your credit and assess where you stand. If your score is low or you have negative marks on your report, you might want to spend time improving your credit before applying for a mortgage.
Get pre-approved: You should always get pre-approved, as it can point you in the right direction price-wise.
Compare mortgage rates: Next, compare your loan options. Look at interest rates, closing costs, and fees. You should also factor in the mortgage APR, too. The annual percentage rate indicates how much you’ll pay every year for the loan, including fees and other charges.
Negotiate your home purchase: Include your pre-approval letters in any offer you make, and work with your agent to negotiate a deal. Showing sellers that you’re already pre-approved can often improve your chances — especially in a bidding war.
Complete your mortgage application: Once you’ve chosen a lender and the seller has accepted your offer to buy the house, it’s time to fill out the full loan application. This will require some financial information, a credit check, and documents like bank statements, tax returns, and W-2s.
Get approved: After your application is in, it will go into underwriting, where your lender will verify all your information and crunch the numbers. They will also order an appraisal to make sure the home you’re buying is worth the borrowing amount.
Prep for closing: Your lender will assign you a closing date. Be sure to secure a homeowners insurance policy on the home before this date arrives. You’ll need proof of coverage before closing the loan. You should also review your closing disclosures to understand the final costs and terms of your loan. If you have any questions, ask your loan officer ASAP.
Close on your mortgage: Once the closing day arrives, you’ll sign your paperwork, pay your down payment and closing costs, and get your keys.

Be sure to lean on your real estate agent and loan officer if you need help. They can guide you during the homebuying and mortgage processes and make sure you’re on track for success.

Credible makes finding a mortgage easy

Streamlined form: It only takes 3 minutes to see loan options that might work for you. You’ll be able to compare multiple lender options — all in one place.
Compare options: Compare loan options from multiple lenders without affecting your credit.
Get matched with a mortgage lender: Once you’ve made a selection, you’ll be connected with the lender of your choice.

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Meet the expert:

Aly J. Yale

Aly J. Yale is a personal finance journalist with work featured in Forbes, Fox Business, The Motley Fool, Bankrate, The Balance, and more.

FAQs

How Much a $150,000 Mortgage Will Cost You Each Month? ›

A $150,000 30-year mortgage with a 6% interest rate comes with about an $899 monthly payment. The exact costs will depend on your loan's term and other details. Aly J. Yale is a personal finance journalist with work featured in Forbes, Fox Business, The Motley Fool, Bankrate, The Balance, and more.

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How much is a 150k mortgage per month? ›

Monthly payments on a $150,000 mortgage

At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year $150,000 mortgage might total $998 a month, while a 15-year might cost $1,348 a month.

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How much do you need to make for a 150000 mortgage? ›

If you earn around $50,000 to $60,000 a year or more, you may be in a good position to afford a $150,000 mortgage. But the exact amount you'll be able to borrow — even if you are in that salary range — will likely depend on several other variables as well, including how much debt you have and your credit score.

What does a $100000 mortgage cost per month? ›

Monthly payments on a $100,000 mortgage range from $600 to $1,000, influenced by interest rates and loan terms. Closing costs for this mortgage typically range from 3% to 6% of the loan amount. Monthly payments consist of principal repayment and interest charges, calculated on the remaining loan balance.

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How much do you think the average mortgage costs a month? ›

The bottom line

The average American home loan will cost anywhere from $2,162.46 to $3,482.12 per month, depending on the term of your mortgage and the down payment you make.

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How much would a 150000 mortgage cost per month? ›

With a 3.5% Interest Rate: For a £150,000 mortgage over a 30-year term, monthly repayments would be approximately £673. With a 5% Interest Rate: Under the same conditions but at a 5% interest rate, the monthly repayments would be £805.

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How much deposit would you need for a 150 000 House? ›

What are the costs of buying a house?

Estimated house price:	5% deposit	TOTAL TO SAVE
£150,000	£7,500	£10,800
£200,000	£10,000	£13,300
£300,000	£15,000	£20,800 (£18,300 if first-time buyer)

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How much does a $100,000 mortgage cost per month? ›

At the time of writing (September 2024), the average monthly repayments on a £100,000 mortgage are £528. This is based on current interest rates being in the 4% range, typical terms at 25 years, and the majority of borrowers opting for a capital repayment mortgage.

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How much does a $300 000 mortgage cost per month? ›

The monthly payment on a $300,000 mortgage depends on what interest rate you get and the term you choose. On a 30-year loan at a 7% rate, it would be $1,996 per month toward your principal and interest. Keep in mind that you also have to pay for expenses such as homeowners insurance and property taxes each month.

How much income do I need for a 100K mortgage? ›

Your lender will look for income in the $28,000 range to make that monthly payment, assuming you don't have debt already from a car payment or student loan, for example. This number assumes a 6.5% interest rate on a 30-year loan and includes an estimate for the principal amount, interest, taxes, and insurance.

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What is a good monthly mortgage payment? ›

To determine how much you can afford using this rule, multiply your monthly gross income by 28%. For example, if you make $10,000 every month, multiply $10,000 by 0.28 to get $2,800. Using these figures, your monthly mortgage payment should be no more than $2,800.

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What is today's average mortgage payment? ›

Average Mortgage Payments By State

State	Average Monthly Mortgage Payment
California	$4,951.79
Colorado	$2,670.77
Connecticut	$2,565.84
Delaware	$2,174.79

46 more rows

Jul 30, 2024

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How much is too much for a monthly mortgage? ›

Simply multiply your gross monthly income by 43 percent. If, for instance, you earn $5,000 per month, you would multiply $5,000 by 0.43, which equals $2,150. That means your maximum monthly debt obligation with your mortgage payment should be limited to $2,150.

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Why does it take 30 years to pay off $150,000 loan even though you pay $1000 a month? ›

The interest rate on a loan directly affects the duration of a loan. Note: The interest rate is calculated using the hit and trial method. Therefore, it takes 30 years to complete the loan of $150,000 with $1,000 per monthly installment at a 0.585% monthly interest rate.

What house can I afford with 150k? ›

With a $150,000 annual salary, you could potentially afford a house priced between $450,000 to $750,000 or even more, depending on your financial situation, credit score, and current market conditions. However, this is a broad range, and your specific circ*mstances will determine where you fall within it.

How to pay off $150,000 mortgage in 10 years? ›

Expert Tips to Pay Down Your Mortgage in 10 Years or Less

Purchase a home you can afford. ...
Understand and utilize mortgage points. ...
Crunch the numbers. ...
Pay down your other debts. ...
Pay extra. ...
Make biweekly payments. ...
Be frugal. ...
Hit the principal early.

More items...

Apr 19, 2022

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What would a 200k mortgage cost per month? ›

With a fixed rate of 7%, a 30-year $200,000 mortgage will cost about $1,330 per month before additional fees, and a 15-year $200,000 mortgage at the same rate will cost closer to $1,800.