What is the monthly payment on a $150,000 mortgage at 8%?
$1,433.48 — the monthly payment on a $150,000 mortgage at 8% interest over 15 years is $1,433.48. This assumes a standard fixed-rate loan with 180 monthly payments. The payment covers principal and interest but does not include property taxes, homeowner's insurance, or HOA fees.
Your actual monthly mortgage payment may differ based on your credit score, down payment amount, loan type (conventional, FHA, VA), and whether you have private mortgage insurance. Property taxes and homeowner's insurance are typically added to the payment through an escrow account.
Below is the step-by-step calculation used to determine the result.
Answer
$1,433.48
M = $150,000 × [0.6667%(1 + 0.6667%)^180] / [(1 + 0.6667%)^180 − 1] = $1,433.48
Loan amount
$150,000 at 8.0% for 15 years
Monthly rate
8% ÷ 12 = 0.6667%
Number of payments
15 × 12 = 180
Monthly payment
$1,433.48
Step-by-Step Solution
Loan amount: $150,000 at 8.0% for 15 years
Monthly rate: 8% ÷ 12 = 0.6667%
Number of payments: 15 × 12 = 180
Monthly payment: $1,433.48
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