In 30 year loan term, $150,000 mortgage with 6% interest rate is$899.33per month.
You will pay total interest of $173,757.28 over the 30 year period
Monthly mortgage for $150K dollar
At a 6% fixed interest rate, your monthly mortgage payment on a 25-year mortgage will be total $966.45 a month.
While 20-year will cost $1,074.65 a month
❌📉 Without Down Payment
With Zero down payment, the monthly mortgage for $150,000 for 25 years is $966.45.
You will pay extra $139,935.63 other than you principal amount ($150,000)
You will have to make total 300 payments with total amount of $289,935.63(93% more than borrowed Amount)
Calculation Summary
| Monthly Mortgage | $966.45 |
| Number of Payment | 300 (12x year) |
| Pre Payment (Down payment) | $0.00 |
| additional Payment (Other than borrowed money) | $139,935.63 |
| Total Amount Due | $289,935.63 |
📉 With Down Payment
The monthly mortgage for $150,000 for 25 years with 20% down payment is $773.16.
You will pay extra $111,948.5 other than your borrowed amount ($150,000)
You will have to make total 300 payments with total amount of $231,948.5(75% more than borrowed Amount)
Calculation Summary
| Monthly Mortgage | $773.16 |
| Number of Payment | 300 (12x year) |
| Pre Payment (Down payment) | $30,000 |
| Extra Payment (Other than Loan Amt) | $111,948.5 |
| Total Amount Due | $231,948.5 |
Also Read:
1. How much Interest Should I Pay For $1.5M Mortgage?2. How much Interest Should I Pay For $80K Mortgage?Comparision with Different Loan Terms
Here are some Interesting facts about $150K loan
❓ What if the loan Term is 20 years?
If the loan term is 20 years. The monthly mortgage will be $1,074.65 with total 240 installments.
Although you are paying extra $108.19 per month, you only have to pay total interest of $107.9K ($107,915.18)
which is $32.0K ($32,020.45) less interest compared to 25 years loan term
❓ What if the loan Term is 30 years?
If the loan term is 30 years. The monthly mortgage will be $899.33 with total 360 installments.
Although you are paying $67.13 less per month, you have to pay total interest of $173.8K ($173,757.28)
which is $33.8K ($33,821.65) more money compared to 25 years loan term