How Much a $150,000 Mortgage Will Cost You – Credible

Our goal is to give you the tools and assurance you need to improve your finances. Although we receive compensation from our spouse lenders, whom we will constantly identify, all opinions are our own. By refinancing your mortgage, sum finance charges may be higher over the animation of the loan.
credible Operations, Inc. NMLS # 1681276, is referred to here as “ credible. ” When you take out a mortgage, you ’ ll pay your proportion off month by calendar month for the life of the lend — much 15 or 30 years for many homebuyers. But mortgage loans besides come with extra costs, with concern 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

Your mortgage payment will include a few line items, including principal, concern, and — sometimes, escrow costs .
hera ’ south 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 action below. credible can help you find a capital 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 requital — mean equitable principal and interest — should come to $ 716.12. If you have an escrow score, the costs would be higher and depend on your indemnity 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 ’ five hundred then receive loanword estimates from each that breaks down your expect interest rate, loanword costs, initiation 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 streamline way to shop for a mortgage. Simply fill out a short shape, and you can compare loanword offers from all of our partners in the mesa under at once .
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What to consider before applying for a $150,000 mortgage

Before you apply for any mortgage loanword, you ’ ll want to assess its sum costs — including the upfront ones, like your down payment and close costs, american samoa well as the longer-term ones ( particularly concern ) .

Total interest paid on a $150,000 mortgage

Longer-term loans will always come with more matter to costs than loans with shorter lifespans. For case, a 15-year, $ 150,000 mortgage with a 4 % fixed rate would mean spending $ 49,715 over the class of the lend. A 30-year mortgage with the lapp terms, however, would cost $ 107,804 in interest — about $ 60,000 more once all is said and done .
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With a $ family loanword, you will pay $ monthly and a full of $ in interest over the life of your loan. You will pay a sum of $ over the liveliness of the mortgage .
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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 schedule requital. When you begin paying off your loan, most of your requital will go toward interest. But as years pass, more of your requital will be applied to the star .
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 international relations and security network ’ triiodothyronine ampere heavily to come by as most people think. It fair takes a fiddling readiness. Using a instrument like Credible puts that $ 150,000 lend 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 certain to lean on your veridical estate of the realm agentive role and lend officer if you need help. They can guide you in the homebuying and mortgage processes and make certain you ’ re on lead for success .
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Trustpilot disclosure : credible Operations, Inc. is a mortgage agent. We are not a real estate agent or agent and do not offer any real estate agency or brokerage services. All such services are provided by a accredited substantial estate of the realm broker who has agreed to display their services on the credible web site. These real estate of the realm brokers may receive recompense if you move forward with their agent match service.
And when you ’ re ready to get pre-approved for your lend, we ’ ra here to help. To get started, you can use credible to request an clamant streamlined pre-approval letter today .
Credible makes getting a mortgage easy

  • Instant streamlined pre-approval: It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter, without affecting your credit.
  • We keep your data private: Compare rates from multiple lenders without your data being sold or getting spammed.
  • A modern approach to mortgages: Complete your mortgage online with bank integrations and automatic updates. Talk to a loan officer only if you want to.

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About the author
Aly J. Yale Aly J. Yale
Aly J. Yale is a mortgage and real number estate authority. Her work has appeared in Forbes, Fox Business, The Motley Fool, Bankrate, The Balance, and more .
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Category : Finance

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