How Much a $150,000 Mortgage Will Cost You

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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, here’s how much that loan should cost you each month with interest:

• Monthly payments for a $150,000 mortgage
• Where to get a $150,000 mortgage
• What to consider before applying for a $150,000 mortgage
• How to get a $150,000 mortgage

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 one 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.

Let us know where you are in the homebuying process below. Credible can help you find a great mortgage in just a few minutes and put you on the path to pre-approval.

See what your estimated monthly payment will be using our mortgage payment calculator below.

For a $150,000, 30-year mortgage with a 4% rate, your basic monthly payment — meaning just principal and interest — should come to $716.12. If you have an escrow account, the costs would be higher and depend on your insurance premiums, your local property tax rates, and more.

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

Interest rate	Monthly payment (15 year)	Monthly payment (30 year)
3%	$1,035.87	$632.41
3.25%	$1,054.00	$652.81
3.5%	$1,072.32	$673.57
3.75%	$1,090.83	$694.67
4%	$1,109.53	$716.12
4.25%	$1,128.42	$737.91
4.5%	$1,147.49	$760.03
4.75%	$1,166.75	$782.47
5%	$1,186.19	$805.23

Find Out: How Long It Takes to Buy a House

Where to get a $150,000 mortgage

Traditionally, getting a mortgage loan would mean researching lenders, applying at three to five, and then completing the loan applications for each one. You’d then receive loan estimates from each that breaks down your expected interest rate, loan costs, origination fees, any mortgage points, and closing costs. From there, you could then 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 offers 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 4% fixed rate would mean spending $49,715 over the course of the loan. A 30-year mortgage with the same terms, however, would cost $107,804 in interest — nearly $60,000 more once all is said and done.

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 4% fixed rate:

Year	Beginning balance	Monthly payment	Total interest paid to date	Total principal paid to date	Remaining balance
1	$150,000.00	$716.12	$5,951.92	$2,641.52	$147,358.48
2	$147,358.48	$716.12	$5,844.30	$2,749.14	$144,609.34
3	$144,609.34	$716.12	$5,732.28	$2,861.16	$141,748.18
4	$141,748.18	$716.12	$5,615.73	$2,977.71	$138,770.47
5	$138,770.47	$716.12	$5,494.40	$3,099.04	$135,671.43
6	$135,671.43	$716.12	$5,368.17	$3,225.27	$132,446.16
7	$132,446.16	$716.12	$5,236.75	$3,356.69	$129,089.47
8	$129,089.47	$716.12	$5,100.00	$3,493.44	$125,596.03
9	$125,596.03	$716.12	$4,957.66	$3,635.78	$121,960.25
10	$121,960.25	$716.12	$4,809.54	$3,783.90	$118,176.35
11	$118,176.35	$716.12	$4,655.39	$3,938.05	$114,238.30
12	$114,238.30	$716.12	$4,494.94	$4,098.50	$110,139.80
13	$110,139.80	$716.12	$4,327.95	$4,265.49	$105,874.31
14	$105,874.31	$716.12	$4,154.16	$4,439.28	$101,435.03
15	$101,435.03	$716.12	$3,973.30	$4,620.14	$96,814.89
16	$96,814.89	$716.12	$3,785.07	$4,808.37	$92,006.52
17	$92,006.52	$716.12	$3,589.16	$5,004.28	$87,002.24
18	$87,002.24	$716.12	$3,385.29	$5,208.15	$81,794.09
19	$81,794.09	$716.12	$3,173.11	$5,420.33	$76,373.76
20	$76,373.76	$716.12	$2,952.28	$5,641.16	$70,732.60
21	$70,732.60	$716.12	$2,722.46	$5,870.98	$64,861.62
22	$64,861.62	$716.12	$2,483.27	$6,110.17	$58,751.45
23	$58,751.45	$716.12	$2,234.32	$6,359.12	$52,392.33
24	$52,392.33	$716.12	$1,975.25	$6,618.19	$45,774.14
25	$45,774.14	$716.12	$1,705.62	$6,887.82	$38,886.32
26	$38,886.32	$716.12	$1,424.98	$7,168.46	$31,717.86
27	$31,717.86	$716.12	$1,132.93	$7,460.51	$24,257.35
28	$24,257.35	$716.12	$828.98	$7,764.46	$16,492.89
29	$16,492.89	$716.12	$512.63	$8,080.81	$8,412.08
30	$8,412.08	$716.12	$183.43	$8,412.08	$0.00

And here’s the amortization schedule on a 15-year, $150,000 mortgage with a 4% fixed rate:

Year	Beginning balance	Monthly payment	Total interest paid to date	Total principal paid to date	Remaining balance
1	$150,000.00	$1,109.53	$5,864.38	$7,449.98	$142,550.02
2	$142,550.02	$1,109.53	$5,560.88	$7,753.48	$134,796.54
3	$134,796.54	$1,109.53	$5,244.98	$8,069.38	$126,727.16
4	$126,727.16	$1,109.53	$4,916.24	$8,398.12	$118,329.04
5	$118,329.04	$1,109.53	$4,574.09	$8,740.27	$109,588.77
6	$109,588.77	$1,109.53	$4,218.01	$9,096.35	$100,492.42
7	$100,492.42	$1,109.53	$3,847.39	$9,466.97	$91,025.45
8	$91,025.45	$1,109.53	$3,461.69	$9,852.67	$81,172.78
9	$81,172.78	$1,109.53	$3,060.28	$10,254.08	$70,918.70
10	$70,918.70	$1,109.53	$2,642.54	$10,671.82	$60,246.88
11	$60,246.88	$1,109.53	$2,207.73	$11,106.63	$49,140.25
12	$49,140.25	$1,109.53	$1,755.23	$11,559.13	$37,581.12
13	$37,581.12	$1,109.53	$1,284.29	$12,030.07	$25,551.05
14	$25,551.05	$1,109.53	$794.16	$12,520.20	$13,030.85
15	$13,030.85	$1,109.53	$284.07	$13,030.85	$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 to come by as most people think. It just takes a little preparation. Using a tool like Credible puts that $150,000 loan well within reach.

Here are the steps you’ll want to follow to get a mortgage and buy that dream house:

1. 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.
2. 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.
3. Get pre-approved. You should always get pre-approved, as it can point you in the right direction price-wise. If you don’t have time to contact many lenders individually, use Credible to get an instant streamlined pre-approval letter that considers rates from multiple lenders at once.
4. 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. This indicates how much you’ll pay every year for the loan.
5. 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.
6. 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.
7. Get approved. After your application is in, it will go into underwriting, when 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 what you want to borrow for it.
8. 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.
9. Close on your mortgage. Once closing day arrives, you’ll sign your paperwork, pay your down payment and closing costs, and receive your keys.

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

And when you’re ready to get pre-approved for your loan, we’re here to help. To get started, you can use Credible to request an instant streamlined pre-approval letter today.

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