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.
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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.
| 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.
| 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 |
Other mortgage amounts you might be interested in:
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.
