Monthly Payment on a $150K Mortgage in Connecticut
Using Connecticut's 2.15% property tax rate and $2,100/yr homeowners insurance.
$150K Mortgage in Connecticut: Rate Comparison
Monthly PITI payment using Connecticut's 2.15% property tax and $2,100/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,336 | $1,289 | $1,125 |
| 6.0% | $1,381 | $1,332 | $1,163 |
| 6.5% | $1,428 | $1,376 | $1,202 |
| 7.0% | $1,475 | $1,421 | $1,242 |
| 7.5% | $1,523 | $1,466 | $1,283 |
| 8.0% | $1,572 | $1,513 | $1,324 |
How This Compares to Connecticut's Median
A $150K home is 63% below Connecticut's median of $405K. This is well within reach in many Connecticut communities.
Income Needed for a $150K Home in Connecticut
To afford this payment of $1,376/mo in Connecticut, you'd need a household income of approximately $59K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $60K salary can afford →Closing Costs in Connecticut
Estimated closing costs in Connecticut: $3K (2.1% of purchase price). Connecticut also charges a 1.25% transfer tax, which may add $1,875 to your transaction costs.
What to Know About a $150K Mortgage in Connecticut
Note that Connecticut's 2.15% property tax rate adds $269/mo to your payment — significantly more than the national average of roughly 1.1%. On a $150K home, that's $3,225/year in property taxes alone. This is a major factor in your total payment and something to budget for carefully.
With 10% down ($15,000), your loan of $135,000 at 6.5% over 30 years produces a principal and interest payment of $853/mo. Adding Connecticut's 2.15% property tax ($269/mo) and $2,100/yr insurance ($175/mo) brings your total to $1,376/mo. Because you're putting less than 20% down, PMI adds $79/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $172,185 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $16,152 over the life of the loan.