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

Find out repayments, total interest and amortization on a $150k mortgage to borrow with confidence.

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If you’re ready to buy a home, you might wonder how to budget for your target home cost. Here’s a breakdown of what you might face monthly, in interest and over the life of a $150,000 mortgage.

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Monthly payments on a $150,000 mortgage

At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year $150,000 mortgage might total $998 a month, while a 15-year might cost $1,348 a month.

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Your total interest on a $150,000 mortgage

On a 30-year $150,000 mortgage with a 7.00% fixed interest rate, you may pay $209,263 in interest over the loan’s life. If you instead opt for a 15-year mortgage, you might pay around $92,684 in interest over the loan’s life — or about half of the interest you’d pay on a 30-year mortgage.

Amortization schedule

When you take out a mortgage, you agree to pay the principal and interest over the loan’s life. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.

Amortization means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your principal.

Estimate your monthly loan repayments on a $150,000 mortgage at a 7.00% fixed interest with our amortization schedule over 15 and 30 years.

Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $150,000 $998 $10,452 $1,524 $11,975 $148,476
2 $148,476 $998 $10,342 $1,634 $11,975 $146,842
3 $146,842 $998 $10,223 $1,752 $11,975 $145,090
4 $145,090 $998 $10,097 $1,879 $11,975 $143,212
5 $143,212 $998 $9,961 $2,014 $11,975 $141,197
6 $141,197 $998 $9,815 $2,160 $11,975 $139,037
7 $139,037 $998 $9,659 $2,316 $11,975 $136,721
8 $136,721 $998 $9,492 $2,484 $11,975 $134,237
9 $134,237 $998 $9,312 $2,663 $11,975 $131,574
10 $131,574 $998 $9,120 $2,856 $11,975 $128,719
11 $128,719 $998 $8,913 $3,062 $11,975 $125,656
12 $125,656 $998 $8,692 $3,284 $11,975 $122,373
13 $122,373 $998 $8,455 $3,521 $11,975 $118,852
14 $118,852 $998 $8,200 $3,775 $11,975 $115,077
15 $115,077 $998 $7,927 $4,048 $11,975 $111,028
16 $111,028 $998 $7,634 $4,341 $11,975 $106,687
17 $106,687 $998 $7,321 $4,655 $11,975 $102,033
18 $102,033 $998 $6,984 $4,991 $11,975 $97,041
19 $97,041 $998 $6,623 $5,352 $11,975 $91,689
20 $91,689 $998 $6,236 $5,739 $11,975 $85,950
21 $85,950 $998 $5,822 $6,154 $11,975 $79,796
22 $79,796 $998 $5,377 $6,599 $11,975 $73,197
23 $73,197 $998 $4,900 $7,076 $11,975 $66,122
24 $66,122 $998 $4,388 $7,587 $11,975 $58,534
25 $58,534 $998 $3,840 $8,136 $11,975 $50,399
26 $50,399 $998 $3,252 $8,724 $11,975 $41,675
27 $41,675 $998 $2,621 $9,355 $11,975 $32,320
28 $32,320 $998 $1,945 $10,031 $11,975 $22,289
29 $22,289 $998 $1,220 $10,756 $11,975 $11,533
30 $11,533 $998 $442 $11,533 $11,975 $0
Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $150,000 $1,348 $10,314 $5,865 $16,179 $144,135
2 $144,135 $1,348 $9,890 $6,289 $16,179 $137,847
3 $137,847 $1,348 $9,436 $6,743 $16,179 $131,103
4 $131,103 $1,348 $8,948 $7,231 $16,179 $123,873
5 $123,873 $1,348 $8,425 $7,753 $16,179 $116,119
6 $116,119 $1,348 $7,865 $8,314 $16,179 $107,805
7 $107,805 $1,348 $7,264 $8,915 $16,179 $98,890
8 $98,890 $1,348 $6,619 $9,559 $16,179 $89,331
9 $89,331 $1,348 $5,928 $10,250 $16,179 $79,080
10 $79,080 $1,348 $5,187 $10,991 $16,179 $68,089
11 $68,089 $1,348 $4,393 $11,786 $16,179 $56,303
12 $56,303 $1,348 $3,541 $12,638 $16,179 $43,665
13 $43,665 $1,348 $2,627 $13,552 $16,179 $30,113
14 $30,113 $1,348 $1,648 $14,531 $16,179 $15,582
15 $15,582 $1,348 $597 $15,582 $16,179 $0

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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