Where do these numbers come from?
- Freddie MacPrimary Mortgage Market Survey: 30-yr fixed 7.32%, 15-yr 6.68%week of Oct 22, 2026
- U.S. Census BureauACS 5-year table B25103, property taxes paid by ZIP2020–2024 estimates
- U.S. Census BureauACS 5-year table B25077, median home value2020–2024 estimates
- CFPBWhen PMI must be removed (Homeowners Protection Act, 78% LTV)accessed Oct 23, 2026
- Insurance Information InstituteAverage homeowners (HO-3) premiumaccessed Oct 23, 2026
Checked Oct 23, 2026. $320,000 borrowed at 6.5% for 30 years: this calculator gives $2,022.62 a month in principal and interest, and =PMT(6.5%/12; 360; -320000) in LibreOffice Calc (the same PMT function as Excel and Google Sheets) returns 2,022.62. At this week's Freddie Mac average of 7.32% both give $2,198.18.
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$150,000 loan: monthly payment by rate
| Rate | 30-year | 15-year | Total interest (30y) |
|---|---|---|---|
| 5% | $805.23 | $1,186.19 | $139,884 |
| 5.5% | $851.68 | $1,225.63 | $156,606 |
| 6% | $899.33 | $1,265.79 | $173,757 |
| 6.5% | $948.10 | $1,306.66 | $191,317 |
| 7% | $997.95 | $1,348.24 | $209,263 |
| 7.5% | $1,048.82 | $1,390.52 | $227,576 |
| 8% | $1,100.65 | $1,433.48 | $246,233 |
Worked example
At 6.5% for 30 years, r = 6.5 ÷ 12 ÷ 100 = 0.0054167 and n = 360, so the payment is $948.10 a month and you would pay $191,317 in interest over the loan. A 15-year term raises the payment to $1,306.66 but cuts interest to $85,199, saving $106,118.
Buying a $150,000 house vs borrowing $150,000
If $150,000 is the price and you put 20% down, you borrow $120,000: $758.48 a month at 6.5% (30 years). Borrowing $150,000 with 20% down means a home price of about $187,500.
Under the traditional 28% guideline (housing cost ≤ 28% of gross income), a $948.10 principal-and-interest payment alone suggests a gross income of about $40,633 a year; taxes and insurance push that higher.
Rates in the tables are a range for comparison, not current market quotes. Payments are principal and interest only unless stated.
Related
Frequently asked questions
What is the monthly payment on a $150,000 mortgage?
$948.10 at 6.5% for 30 years, or $1,306.66 for 15 years (principal and interest).
How much interest on a $150,000 mortgage?
About $191,317 over 30 years at 6.5%.
What income do I need for a $150,000 mortgage?
Roughly $40,633+ a year under the 28% guideline, before taxes and insurance.