Quick answer
A $150,000 mortgage costs about $948 a month in principal and interest at 6.5% over 30 years, or $1,266 at 6% over 15 years. Taxes, insurance and PMI are extra.
Monthly payment on a $150,000 mortgage by rate and term
Principal and interest only (taxes, insurance and PMI not included):
| Rate \ Term | 10 years | 15 years | 20 years | 30 years |
|---|---|---|---|---|
| 4.5% | $1,555 | $1,147 | $949 | $760 |
| 5% | $1,591 | $1,186 | $990 | $805 |
| 5.5% | $1,628 | $1,226 | $1,032 | $852 |
| 6% | $1,665 | $1,266 | $1,075 | $899 |
| 6.5% | $1,703 | $1,307 | $1,118 | $948 |
| 7% | $1,742 | $1,348 | $1,163 | $998 |
| 7.5% | $1,781 | $1,391 | $1,208 | $1,049 |
| 8% | $1,820 | $1,433 | $1,255 | $1,101 |
Total interest over the life of the loan
| Rate | 15-year total interest | 30-year total interest | Extra cost of 30 years |
|---|---|---|---|
| 4.5% | $56,548 | $123,610 | $67,062 |
| 5% | $63,514 | $139,884 | $76,369 |
| 5.5% | $70,613 | $156,606 | $85,994 |
| 6% | $77,841 | $173,757 | $95,916 |
| 6.5% | $85,199 | $191,317 | $106,118 |
| 7% | $92,684 | $209,263 | $116,580 |
| 7.5% | $100,293 | $227,576 | $127,282 |
| 8% | $108,026 | $246,233 | $138,207 |
Income needed for a $150,000 mortgage
Lenders commonly cap housing costs at 28% of gross monthly income. Including roughly 1.1% property tax and $1,500 a year insurance, a 30-year loan at 6.5% costs about $1,211 a month, which suggests a household income of around $51,883 a year (more if you have other debts — see the DTI calculator).
Ways to reduce the payment
- Put more down — at 20% or more you also avoid PMI.
- Buy points to lower the rate, or shop at least three lenders.
- Make one extra payment a year to cut years off the loan — try it in the mortgage calculator.
- Refinance if rates fall — see the refinance calculator.
Figures are estimates for planning purposes; your lender's quote will differ.
Open $150,000 in the mortgage calculator →
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