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How much interest would I pay on a $150,000 mortgage?

The cost of a $150,000 mortgage, including repayments, total interest and amortization, so that you can borrow with confidence.

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If you’re ready to buy a home and you’re looking to take on a mortgage of $150,000, you might wonder what your monthly repayments will look like. Here’s a breakdown of what you might face monthly, in interest and over the life of a $150,000 mortgage.

Monthly payments on a $150,000 mortgage

At a 4.5% fixed interest rate, your monthly mortgage payment on a 25-year mortgage might total approximately $833.75 a month, while a 10-year mortgage might cost roughly $1,554.58 a month.

Note that your monthly mortgage payments may differ slightly depending on the type of interest rate (fixed, variable, etc.), your mortgage term, payment frequency, taxes (such as CMHC insurance) and possible other fees.

Your total interest on a $150,000 mortgage

On a 25-year mortgage with a 4.5% fixed interest rate, you’ll pay approximately $100,124.62 in interest over the life of your mortgage. That’s almost half of what you borrowed in interest.

If you instead opt for a 10-year mortgage with a 4.5% rate, you’ll pay roughly $36,549.14 in interest over the life of your mortgage — or less than half of the interest you’d pay on a 25-year mortgage.

Amortization schedule for a $150,000 mortgage

What is amortization?

Your amortization period is the total number of years you have to pay off your mortgage.

When you sign on for a mortgage, you agree to pay the principal amount and the interest over the life of the mortgage. Your interest rate is applied to your principal amount, and as you pay down your principal amount, the amount you pay in interest changes. Amortization means that at the beginning of your mortgage, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your principal amount and less toward interest.

Below, you can estimate your monthly mortgage repayments on a $150,000 mortgage at a 3% fixed interest rate with our amortization schedule over 10- and 25- years.

At a 3% fixed-rate over 10-years, you’d pay approximately $1,448.41 monthly. Over the course of a year, that’s a total of $17,380.92 in mortgage payments. In the table below, compare how much you would pay toward both interest and the principal amount each year.

YearTotal interest paidTotal principal paidRemaining balance
1$4,321$13,060$136,940
2$3,924$13,457$123,484
3$3,515$13,866$109,618
4$3,093$14,288$95,330
5$2,659$14,722$80,607
6$2,211$15,170$65,437
7$1,749$15,632$49,806
8$1,274$16,107$33,699
9$784$16,597$17,102
10$279$17,102$0

At a 3% fixed-rate over 25-years, you’d pay approximately $711.32 monthly. Over the course of a year, that’s a total of $8,535.84 in mortgage payments. In the table below, compare how much you would pay toward both interest and the principal amount each year.

YearTotal interest paidTotal principal paidRemaining balance
1$4,444$4,092$145,908
2$4,320$4,216$141,692
3$4,191$4,344$137,348
4$4,059$4,477$132,871
5$3,923$4,613$128,258
6$3,783$4,753$123,505
7$3,638$4,898$118,608
8$3,489$5,047$113,561
9$3,336$5,200$108,361
10$3,178$5,358$103,003
11$3,015$5,521$97,481
12$2,847$5,689$91,792
13$2,674$5,862$85,930
14$2,495$6,041$79,889
15$2,312$6,224$73,665
16$2,122$6,414$67,252
17$1,927$6,609$60,643
18$1,726$6,810$53,833
19$1,519$7,017$46,817
20$1,306$7,230$39,586
21$1,086$7,450$32,136
22$859$7,677$24,460
23$626$7,910$16,549
24$385$8,151$8,399
25$137$8,399$0

Compare mortgage lenders in Canada

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Name Product Interest Rate (APR) Loan Term Min. credit score Provincial availability
nesto Mortgages
4.34%
Varies
680
All of Canada
Online-only mortgage lender nesto gets you low rates and expert advice quickly, and without commissions.
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Tangerine Mortgages
5.29%
5 Year Fixed Rate
620
All of Canada
Earn a cash bonus of up to $5,000 when you apply for a mortgage before August 31, 2022. Conditions apply.
Meridian Mortgages
5.19%
5 Year Fixed Closed Rate
600
ON
Meridian is a credit union that provides Ontario residents featured rates and the option to defer one payment every 12 months without penalty.
Homewise Mortgages
Varies
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600
Not available in Quebec
Homewise's personal advisors can get you mortgage rates from over 30 banks and lenders.
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Bottom line

Buying a house is among the biggest investments you’ll make. Know how much you might pay each month on your $150,000 mortgage — including how much of your payment goes toward your interest over the principal — when shopping for a lender.

Learn more about how home loans work in our comprehensive guide to mortgages.

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