What is the monthly payment on a $150,000 mortgage at 8.50%?

Principal & interest per month
$1,302
Estimated total with tax & insurance: $1,657 · Loan $150,000 · Home price $187,500 with 20% down

Monthly breakdown

Principal & interest$1,302
Property tax (est.)$172
Home insurance (est.)$183
PMI$0
Total monthly$1,657

Total interest $162,416 · loan paid off in 20 years

Change the numbers

Estimated total monthly payment
$1,657
Principal & interest $1,302 · Loan amount $150,000 · LTV 80.0%

Monthly breakdown

Principal & interest$1,302
PMI$0
Property tax$172
Homeowners insurance$183
HOA$0
Total$1,657

Total interest $162,416 · total PMI $0 · paid off in 20 years

Compare loan terms

TermMonthly (P&I)Total monthlyTotal interest
10 years$1,860$2,215$73,174
15 years$1,477$1,832$115,880
20 years$1,302$1,657$162,416
30 years$1,153$1,509$265,213

Amortization schedule

YearInterestPrincipalBalance
1$12,635$2,985$147,015
2$12,372$3,249$143,765
3$12,084$3,536$140,229
4$11,772$3,849$136,380
5$11,432$4,189$132,191
6$11,061$4,560$127,631
7$10,658$4,963$122,669
8$10,220$5,401$117,268
9$9,742$5,879$111,389
10$9,223$6,398$104,991
11$8,657$6,964$98,027
12$8,042$7,579$90,448
13$7,372$8,249$82,198
14$6,642$8,978$73,220
15$5,849$9,772$63,448
16$4,985$10,636$52,812
17$4,045$11,576$41,237
18$3,022$12,599$28,637
19$1,908$13,713$14,925
20$696$14,925$0

Showing 240 payments. Schedule assumes a fixed rate and constant home value for PMI cancellation.

Payment at nearby interest rates

Interest rateMonthly P&IDifference
8.00% $1,255 −$47
8.25% $1,278 −$24
8.50% $1,302 —
8.75% $1,326 +$24
9.00% $1,350 +$48

$150k over different loan terms

TermMonthly P&IWith tax & insuranceTotal interest
10 years $1,860 $2,215 $73,174
15 years $1,477 $1,832 $115,880
20 years $1,302 $1,657 $162,416
30 years $1,153 $1,509 $265,213

Total monthly cost by state

Same $187,500 home, same 8.50% rate — only property tax and insurance change. This is why two identical loans can differ by hundreds of dollars a month.

StateProperty taxInsuranceTotal monthly
Florida $134 $500 $1,936
Texas $263 $333 $1,898
Illinois $320 $142 $1,764
New York $256 $142 $1,700
Ohio $239 $117 $1,657
Pennsylvania $233 $108 $1,643
Colorado $81 $225 $1,608
Georgia $136 $167 $1,604
North Carolina $122 $150 $1,574
Washington $144 $117 $1,562
California $117 $133 $1,552
Arizona $97 $142 $1,540

First 12 months of the amortization schedule

MonthInterestPrincipalBalance
1 $1,062.50 $239.23 $149,760.77
2 $1,060.81 $240.93 $149,519.84
3 $1,059.10 $242.64 $149,277.20
4 $1,057.38 $244.35 $149,032.85
5 $1,055.65 $246.09 $148,786.76
6 $1,053.91 $247.83 $148,538.93
7 $1,052.15 $249.58 $148,289.35
8 $1,050.38 $251.35 $148,037.99
9 $1,048.60 $253.13 $147,784.86
10 $1,046.81 $254.93 $147,529.94
11 $1,045.00 $256.73 $147,273.21
12 $1,043.19 $258.55 $147,014.66

Down payment scenarios on a $187,500 home

DownLoanPMITotal monthly
0% ($0) $187,500 $86 $2,068
5% ($9,375) $178,125 $82 $1,983
10% ($18,750) $168,750 $77 $1,897
15% ($28,125) $159,375 $73 $1,811
20% ($37,500) $150,000 $0 $1,657
25% ($46,875) $140,625 $0 $1,576
30% ($56,250) $131,250 $0 $1,494

FAQ

What is the monthly payment on a $150,000 mortgage at 8.50% for 20 years?

Principal and interest alone is $1,302 per month. Adding the U.S. average property tax (1.1% of home value) and homeowners insurance ($2,200/year) brings the realistic monthly housing cost to about $1,657 on a $187,500 home with 20% down.

How much interest will I pay on a $150,000 loan at 8.50%?

You will pay about $162,416 in interest over 20 years, on top of the $150,000 principal. Choosing a 15-year term instead cuts total interest to roughly $115,880 but raises the monthly payment.

What salary do I need for a $150,000 mortgage?

Using the 28% rule (housing costs no more than 28% of gross income), a $1,657 monthly payment points to an income of around $71,000 per year, assuming no other debt. Lenders also apply the 36% back-end ratio that includes car loans, student loans and credit cards.

Does a $150,000 loan need PMI?

With 20% down the loan-to-value ratio is 80%, so no private mortgage insurance is required on this scenario.

Related calculations

$150k · 10 years · 8.50% $150k · 15 years · 8.50% $150k · 30 years · 8.50% $150k · 20 years · 6.50% $150k · 20 years · 7.00% $150k · 20 years · 7.50% $150k · 20 years · 8.00% $100k · 20 years · 8.50% $125k · 20 years · 8.50% $175k · 20 years · 8.50% $200k · 20 years · 8.50% $225k · 20 years · 8.50% Refinance $150k to 8.50%
Ad slot: sidebar (ads disabled)