Mortgage payment on a $150K house
$995 a month with 20% down at 7.11% — including property tax and insurance. You'd need an income of about $42,600.
On a $150,000 home with $30,000 (20%) down, you borrow $120,000. At 7.11% (30-year fixed, Freddie Mac average for the week of Nov 12, 2026), principal and interest come to $807 a month. Adding property tax at the U.S. average of 0.9% ($113) and insurance ($75) gives $995. Over 30 years you would pay $170,609 in interest.
Payment by down payment
Putting less than 20% down means a bigger loan and mortgage insurance, so the monthly payment rises:
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $30,000 | $120,000 | $807 | $0 | $188 | $995 | $42,600 |
| 10% down | $15,000 | $135,000 | $908 | $56 | $188 | $1,152 | $49,400 |
| 5% down | $7,500 | $142,500 | $959 | $59 | $188 | $1,206 | $51,700 |
| 3.5% down (FHA) | $5,250 | $147,283 | $991 | $66 | $188 | $1,245 | $53,300 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.9% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Payment at different interest rates
| Rate | Principal + interest | Total / month | Total interest |
|---|---|---|---|
| 5.61% | $690 | $877 | $128,275 |
| 6.11% | $728 | $916 | $142,069 |
| 6.61% | $767 | $955 | $156,186 |
| 7.11% | $807 | $995 | $170,609 |
| 7.61% | $848 | $1,036 | $185,321 |
| 8.11% | $890 | $1,077 | $200,305 |
15 vs 20 vs 30-year mortgage
| Term | Principal + interest | Total / month | Total interest |
|---|---|---|---|
| 30 years at 7.11% | $807 | $995 | $170,609 |
| 20 years at 7.11% | $938 | $1,126 | $105,192 |
| 15 years at 6.45% | $1,042 | $1,230 | $67,566 |
A shorter loan costs more each month but saves a lot of interest — and 15-year loans carry a lower rate (6.45% this week).
Mortgage on a $150K house in each state
Property tax changes the payment a lot from state to state (20% down):
| State | Tax rate | Tax / month | Total / month | Income needed |
|---|---|---|---|---|
| Alabama | 0.38% | $48 | $930 | $39,900 |
| Alaska | 1.06% | $132 | $1,014 | $43,500 |
| Arizona | 0.44% | $55 | $938 | $40,200 |
| Arkansas | 0.5% | $63 | $945 | $40,500 |
| California | 0.72% | $90 | $972 | $41,700 |
| Colorado | 0.52% | $65 | $947 | $40,600 |
| Connecticut | 1.59% | $198 | $1,081 | $46,300 |
| Delaware | 0.49% | $61 | $943 | $40,400 |
| District of Columbia | 0.67% | $84 | $966 | $41,400 |
| Florida | 0.8% | $100 | $982 | $42,100 |
| Georgia | 0.77% | $97 | $979 | $42,000 |
| Hawaii | 0.26% | $33 | $915 | $39,200 |
| Idaho | 0.42% | $53 | $935 | $40,100 |
| Illinois | 1.92% | $240 | $1,122 | $48,100 |
| Indiana | 0.74% | $92 | $975 | $41,800 |
| Iowa | 1.27% | $159 | $1,041 | $44,600 |
| Kansas | 1.24% | $156 | $1,038 | $44,500 |
| Kentucky | 0.72% | $90 | $972 | $41,600 |
| Louisiana | 0.55% | $68 | $951 | $40,700 |
| Maine | 0.92% | $115 | $997 | $42,700 |
| Maryland | 0.98% | $122 | $1,005 | $43,100 |
| Massachusetts | 1.01% | $127 | $1,009 | $43,200 |
| Michigan | 1.17% | $147 | $1,029 | $44,100 |
| Minnesota | 1.04% | $130 | $1,012 | $43,400 |
| Mississippi | 0.65% | $81 | $963 | $41,300 |
| Missouri | 0.79% | $99 | $981 | $42,000 |
| Montana | 0.69% | $86 | $968 | $41,500 |
| Nebraska | 1.31% | $164 | $1,046 | $44,800 |
| Nevada | 0.47% | $59 | $941 | $40,300 |
| New Hampshire | 1.43% | $179 | $1,061 | $45,500 |
| New Jersey | 1.82% | $227 | $1,109 | $47,500 |
| New Mexico | 0.63% | $79 | $961 | $41,200 |
| New York | 1.42% | $178 | $1,060 | $45,400 |
| North Carolina | 0.64% | $79 | $962 | $41,200 |
| North Dakota | 0.92% | $115 | $998 | $42,800 |
| Ohio | 1.22% | $153 | $1,035 | $44,400 |
| Oklahoma | 0.76% | $95 | $977 | $41,900 |
| Oregon | 0.79% | $99 | $981 | $42,000 |
| Pennsylvania | 1.12% | $141 | $1,023 | $43,800 |
| Rhode Island | 1.02% | $128 | $1,010 | $43,300 |
| South Carolina | 0.45% | $56 | $938 | $40,200 |
| South Dakota | 1.04% | $129 | $1,012 | $43,400 |
| Tennessee | 0.46% | $57 | $939 | $40,300 |
| Texas | 1.32% | $165 | $1,047 | $44,900 |
| Utah | 0.5% | $63 | $945 | $40,500 |
| Vermont | 1.51% | $188 | $1,070 | $45,900 |
| Virginia | 0.71% | $89 | $971 | $41,600 |
| Washington | 0.81% | $101 | $984 | $42,200 |
| West Virginia | 0.51% | $64 | $946 | $40,600 |
| Wisconsin | 1.2% | $150 | $1,033 | $44,300 |
| Wyoming | 0.56% | $70 | $952 | $40,800 |
Other home prices
Frequently asked questions
What is the monthly payment on a $150K house?
With 20% down and a 30-year fixed rate of 7.11%, the payment on a $150,000 house is about $807 for principal and interest, or $995 including average property tax and insurance.
How much income do I need for a $150K house?
Lenders generally want housing costs under 28% of gross income. A $995 monthly payment needs about $42,600 a year, assuming no other large debts.
How much do I need to put down on a $150K house?
20% is $30,000 and avoids PMI. Conventional loans allow as little as 3–5% ($4,500–$7,500) and FHA loans 3.5% ($5,250), but the monthly payment is higher.