Monthly payment on $150,000 by rate and term
Principal and interest on the $120,000 borrowed after a 20% deposit of $30,000. The rate is the single biggest lever, which is why it is worth shopping.
| Rate | 30 years | 20 years | 15 years |
|---|---|---|---|
| 5.50% | $681.35 | $825.46 | $980.50 |
| 6.00% | $719.46 | $859.72 | $1,012.63 |
| 6.50% | $758.48 | $894.69 | $1,045.33 |
| 7.00% | $798.36 | $930.36 | $1,078.59 |
| 7.50% | $839.06 | $966.71 | $1,112.41 |
| 8.00% | $880.52 | $1,003.73 | $1,146.78 |
Principal and interest only, before taxes, insurance and any PMI.
How the deposit changes it
| Down payment | Loan | P&I | PMI | PMI ends |
|---|---|---|---|---|
| 5% ($7,500) | $142,500 | $900.70 | $65.31 | month 135 |
| 10% ($15,000) | $135,000 | $853.29 | $61.88 | month 109 |
| 20% ($30,000) | $120,000 | $758.48 | — | not charged |
At 6.5% over 30 years. PMI applies above 80% loan-to-value and is cancelled automatically at 78%.
Frequently asked questions
What is the monthly payment on a $150,000 house?
With 20% down at 6.5% over 30 years, principal and interest are $758.48 a month. Adding property tax and insurance brings the full payment to about $1,045.98.
How much do I need to put down on a $150,000 home?
20% is $30,000, which avoids PMI. At 5% down ($7,500) you would borrow $142,500 and pay an extra $65.31 a month in PMI until month 135.
How much interest does a $150,000 mortgage cost?
On the $120,000 borrowed at 6.5% over 30 years, total interest is $153,055 — about 128% of the amount borrowed. A 15-year term cuts that to $68,159.
Nearby prices
Related tools
- Amortization schedule — every payment on this loan, with CSV export
- Mortgage calculator — any price, rate, term and deposit
- Paycheck calculator — the take-home pay this payment comes out of