How Much Will a $150,000 Mortgage Cost per Month?

By Caroline Banton · July 24, 2023 · 8 minute read

We’re here to help! First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. Read more We develop content that covers a variety of financial topics. Sometimes, that content may include information about products, features, or services that SoFi does not provide. We aim to break down complicated concepts, loop you in on the latest trends, and keep you up-to-date on the stuff you can use to help get your money right. Read less

How Much Will a $150,000 Mortgage Cost per Month?

The monthly cost of a $150K mortgage will vary depending on the type of loan, the interest rate, and the length of the loan. Mortgage loan terms are typically either 15 years or 30 years. The monthly payments for a 15-year loan are significantly higher than those for a 30-year loan, however the lifetime cost of a shorter loan term is usually lower because, overall, you will pay less interest.

There are also additional costs to consider, such as private mortgage insurance (PMI) charged on some loans, condo or HOA fees, and any hazard insurance that may be required because of the location of the home. Here’s a look at how much a $150,000 mortgage might cost per month for a 15-year and 30-year loan term.

Total Cost of a $150K Mortgage

A $150,000 30-year mortgage with a 6% interest rate costs around $900 a month. The same loan over 15 years costs around $1,266 a month. However, these are just estimates; the exact costs will depend on your loan’s term and other “hidden” costs.

The monthly payment includes the principal and interest, but additional possible line items are escrow, taxes, and insurance. There are also upfront costs, or closing costs, that are paid when the purchase is initially finalized.

Upfront Costs

Upfront costs are the costs you pay once your offer on a home has been accepted. They are typically called closing costs, and some of them might be covered by your down payment.

Earnest Money

Also known as a good faith deposit, this is the amount you put down to show the seller you are serious about buying their property. This will differ based on the price of the home.

Down Payment

Your down payment will likely be the biggest upfront cost you will have. The amount will vary depending on your lender, but typically it will be between 3% and 20% of the cost of the house. The more you can afford as a down payment, the lower your total loan will be, and the less you will have to pay each month in principal and interest. The following are the typical minimum down payments for the various types of home loans:

•   Conventional loan with mortgage insurance: 3%

•   Conventional loan without mortgage insurance: 20%

•   Federal Housing Administration loan: 3.5%

•   Veteran Affairs loan: 0%

•   U.S. Department of Agriculture loan: 0%

Closing Costs

The lender that makes your home mortgage loan will charge administration fees, including the origination fee, underwriting fees, and application fees. You can also expect to pay taxes associated with transferring the title on the property, and you may need to pay for the cost of the home’s appraisal at the closing as well.

Bear in mind that your mortgage lender may want to see that you have enough money in your bank account to pay for at least two months of mortgage payments after paying closing costs and the down payment. This amount is called “reserves.” It’s not something that you will have to pay, but it is an amount you may need to show will be available to you after you have paid other expenses.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Long-Term Costs

The biggest long-term cost of buying a home is usually the monthly mortgage payment, which includes a portion of the principal (the amount you borrowed) plus the interest. Here are some other costs you can expect:

Property Taxes

The seller or their real estate agent should be able to give you a sense of what the annual property taxes will be on your new home, although taxes may change annually.

💡 Quick Tip: Thinking of using a mortgage broker? That person will try to help you save money by finding the best loan offers you are eligible for. But if you deal directly with an online mortgage lender, you won’t have to pay a mortgage broker’s commission, which is usually based on the mortgage amount.

HOA, Condo, or Co-op Fees

Some homes are part of a condominium association, a co-op, or a Homeowners Association (HOA). Homeowners pay a monthly fee and receive benefits, such as grounds maintenance, use of a community center, or snow removal. These fees can range anywhere from $100 to $1,000 a month, depending on the association and location.

Home Upkeep

Home repair costs are highly variable but as a general rule you can expect to pay out around 1% of the home’s value each year for routine maintenance.


You will of course need to insure your new home and its contents. You might also need to purchase hazard insurance if your area is at high risk for floods, earthquakes, wildfires, severe storms, or other natural disasters. The cost of hazard insurance can be between 0.25% to 0.33% of the home’s value for a year-long policy.

If you paid a smaller down payment, your mortgage lender may also require you to pay monthly private mortgage insurance (PMI) because you are considered a higher risk.

Estimated Monthly Payments on a $150K Mortgage

The table below shows the estimated monthly payments for a $150,000 mortgage loan for both a 15-year and a 30-year loan with interest rates varying from 4% to 8%.

Interest rate 15-year term 30-year term
4% $1,110 $716
4.5% $1,147 $760
5% $1,186.19 $805.23
5.50% $1,226 $852
6.00% $1,266 $899
6.50% $1,307 $948
7.00% $1,348 $998
7.50% $1,390 $1,049
8.00% $1,433 $1,101

How Much Interest Is Accrued on a $150K Mortgage?

The amount of interest you pay on a $150,000 mortgage will depend on the length of the loan and the interest rate. For a 15-year loan with a 6% interest rate, the interest would amount to around $77,841 over the life of the loan. For a 30-year loan with a 6% interest rate, the interest would amount to $173,757, which is more than double.

$150K Mortgage Amortization Breakdown

An amortization schedule for a mortgage loan tells you when your last payment will be. It also shows you how much of your monthly payment goes toward paying off the principal and how much goes toward paying off the interest. Most of your payment will be used to pay off the interest early on in the loan term.

Below is the mortgage amortization breakdown for a $150,000 mortgage with a 6% interest rate for a 30-year loan.

Year Beginning balance Interest paid Principal paid Ending balance
1 $150,000 $7,159.91 $1,473.61 $118,526.39
2 $118,526.39 $7,069.02 $1,564.50 $116,961.88
3 $116,961.88 $6,972.53 $1,661.00 $115,300.88
4 $115,300.88 $6,870.08 $1,763.45 $113,537.44
5 $113,537.44 $6,761.32 $1,872.21 $111,665.23
6 $111,665.23 $6,645.84 $1,987.68 $109,677.54
7 $109,677.54 $6,523.25 $2,110.28 $107,567.26
8 $107,567.26 $6,393.09 $2,240.44 $105,326.83
9 $105,326.83 $6,254.90 $2,378.62 $102,948.20
10 $102,948.20 $6,108.20 $2,525.33 $100,422.87
11 $100,422.87 $5,952.44 $2,681.09 $97,741.78
12 $97,741.78 $5,787.08 $2,846.45 $94,895.33
13 $94,895.33 $5,611.51 $3,022.02 $91,873.31
14 $91,873.31 $5,425.12 $3,208.41 $88,664.91
15 $88,664.91 $5,227.23 $3,406.29 $85,258.61
16 $85,258.61 $5,017.14 $3,616.39 $81,642.23
17 $81,642.23 $4,794.09 $3,839.44 $77,802.79
18 $77,802.79 $4,557.28 $4,076.25 $73,726.54
19 $73,726.54 $4,305.87 $4,327.66 $69,398.88
20 $69,398.88 $4,038.95 $4,594.58 $64,804.30
21 $64,804.30 $3,755.56 $4,877.96 $59,926.34
22 $59,926.34 $3,454.70 $5,178.83 $54,747.51
23 $54,747.51 $3,135.28 $5,498.24 $49,249.27
24 $49,249.27 $2,796.16 $5,837.36 $43,411.90
25 $43,411.90 $2,436.13 $6,197.40 $37,214.50
26 $37,214.50 $2,053.89 $6,579.64 $30,634.86
27 $30,634.86 $1,648.07 $6,985.46 $23,649.40
28 $23,649.40 $1,217.22 $7,416.31 $16,233.09
29 $16,233.09 $759.80 $7,873.73 $8,359.36
30 $8,359.36 $274.16 $8,359.36 $0.00

SoFi offers a mortgage calculator that shows the amortization of a property of any value and for any down payment or interest rate.

💡 Quick Tip: There are two basic types of mortgage refinancing: cash-out and rate-and-term. A cash-out refinance loan means getting a larger loan than what you currently owe, while a rate-and-term refinance replaces your existing mortgage with a new one with different terms.

What Is Required to Get a $150K Mortgage?

Getting any mortgage usually requires both an adequate income and a large enough down payment. This home affordability calculator shows you how much of a mortgage you can afford based on your gross annual income, your monthly spending, your down payment, and the interest rate.

The Takeaway

The payments on a $150,000 mortgage will depend on the term of the loan and the interest rate. As a general rule, the shorter the term of the loan, the less interest you will pay over its lifespan.

In addition to your $150,000 mortgage payment, you can also expect to pay upfront closing costs and additional costs over the years that you are a homeowner. SoFi’s home loan help center has information and calculators that can help you decide how much of a mortgage you can afford considering the upfront and hidden costs. There are special considerations — and special mortgage assistance programs — if you are a first-time buyer.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.


What will monthly payments be for a $150K mortgage?

Your monthly payment for a $150,000 mortgage will depend on the interest rate and the term of the loan. The payment for a $150,000 30-year mortgage with a 6% interest rate is approximately $900. The same loan over 15 years costs $1,266 each month.

How much do I need to earn to afford a $150K mortgage loan?

Assuming you go with a 30-year mortgage at an interest rate of 6%, you would need to earn about $50,000 a year in order to cover your mortgage plus insurance and property taxes. (As a general rule, lenders recommend these costs not exceed 28% of your gross earnings.)

How much down payment is required for a $150K mortgage loan?

The down payment you are expected to pay on a home depends on the lender. The more you pay upfront, the lower your loan amount and the lower your payments will be. Conventional wisdom says your down payment should be 20%. Some lenders will accept a down payment as low as 3%, but you may have to purchase private mortgage insurance.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


TLS 1.2 Encrypted
Equal Housing Lender