Mortgage on a $150K house in Alabama
$930 a month with 20% down — $807 principal and interest plus $48 property tax and $75 insurance.
Alabama's typical property tax is 0.38% of the home's value a year (U.S. average 0.9%), which adds $48 a month on a $150K home. The typical home in Alabama is worth $238,614, so $150K is 37% below the typical price.
$150K home in Alabama: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $30,000 | $120,000 | $807 | $0 | $123 | $930 | $39,900 |
| 10% down | $15,000 | $135,000 | $908 | $56 | $123 | $1,087 | $46,600 |
| 5% down | $7,500 | $142,500 | $959 | $59 | $123 | $1,141 | $48,900 |
| 3.5% down (FHA) | $5,250 | $147,283 | $991 | $66 | $123 | $1,180 | $50,600 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.38% 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.
Where in Alabama does $150K buy a typical home?
In these counties the typical home value is within 15% of $150K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Escambia County | $149,519 | 0.39% | $931 |
| Covington County | $147,960 | 0.26% | $915 |
| Fayette County | $146,364 | 0.28% | $917 |
| Barbour County | $156,274 | 0.41% | $933 |
| Chambers County | $141,713 | 0.39% | $930 |
| Clarke County | $141,172 | 0.33% | $923 |
| Marion County | $159,195 | 0.28% | $918 |
| Crenshaw County | $139,886 | 0.32% | $923 |
| Lowndes County | $139,599 | 0.39% | $931 |
| Monroe County | $139,546 | 0.32% | $922 |
| Wilcox County | $139,501 | 0.32% | $923 |
| Walker County | $161,006 | 0.26% | $915 |
21 of 67 Alabama counties tracked by Zillow have a typical home value at or below $150K. See all Alabama home prices.
Other prices in Alabama
Frequently asked questions
What is the mortgage on a $150K house in Alabama?
About $930 a month with 20% down at 7.11%: $807 principal and interest, $48 property tax and $75 insurance.
How much do I need to make to buy a $150K house in Alabama?
About $39,900 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $150K house in Alabama?
At Alabama's typical effective rate of 0.38%, about $576 a year. Rates vary by county and city — see the county pages.