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How much would I pay on a $450,000 mortgage?

Repayments, total interest and amortization to borrow with confidence.

Jing Jun Ma

Updated Apr 27, 2020

Fact checked

If you’re ready to buy a home, you might wonder how to budget for your target home cost. Here’s a breakdown of what you might face monthly, in interest and over the life of a $450,000 mortgage.

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1. Enter how much you want to borrow under Loan amount.
2. Type in your mortgage term in years (not months) under the Loan terms field.
3. Enter the loan’s interest rate if it doesn’t come with any fees under Interest rate. Note that your monthly mortgage payments will vary depending on your interest rate, taxes, PMI costs and other related fees. If you have this information available, you can enter the annual percentage rate (APR), which includes interest and fees combined.
4. Click Calculate.
5. Review your results.

Monthly payments on a $450,000 mortgage

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $2,148.37 a month, while a 15-year might cost $3,328.60 a month.

15-year vs. 30-year mortgages

See your monthly payments by interest rate.

Interest	Mortgage term	Monthly payments
3.0%	15 years	$3,107.62
3.0%	30 years	$1,897.22
3.25%	15 years	$3,162.01
3.25%	30 years	$1,958.43
3.5%	15 years	$3,216.97
3.5%	30 years	$2,020.70
3.75%	15 years	$3,272.50
3.75%	30 years	$2,084.02
4.0%	15 years	$3,328.60
4.0%	30 years	$2,148.37
4.25%	15 years	$3,385.25
4.25%	30 years	$2,213.73
4.5%	15 years	$3,442.47
4.5%	30 years	$2,280.08
4.75%	15 years	$3,500.24
4.75%	30 years	$2,347.41
5.0%	15 years	$3,558.57
5.0%	30 years	$2,415.70
5.25%	15 years	$3,617.45
5.25%	30 years	$2,484.92
5.5%	15 years	$3,676.88
5.5%	30 years	$2,555.05

Features	Loan types: Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance Minimum credit score: Conventional: 620 FHA: 500 VA: 620 USDA: 640 Jumbo: 800 Minimum down payment: 3%

Your total interest on a $450,000 mortgage

On a 30-year mortgage with a 4% fixed interest rate, you’ll pay $323,412.38 in interest over the life of your loan. That’s about two-thirds of what you borrowed in interest.

If you instead opt for a 15-year mortgage, you’ll pay $149,146.88 in interest over the life of your loan — or about half of the interest you’d pay on a 30-year mortgage.

Interest	Mortgage term	Total interest charged
3.0%	15 years	$109,371.00
3.0%	30 years	$232,998.22
3.25%	15 years	$119,161.73
3.25%	30 years	$255,033.89
3.5%	15 years	$129,054.96
3.5%	30 years	$277,452.62
3.75%	15 years	$139,050.21
3.75%	30 years	$300,247.40
4.0%	15 years	$149,146.88
4.0%	30 years	$323,412.38
4.25%	15 years	$159,345.86
4.25%	30 years	$346,942.39
4.5%	15 years	$169,644.51
4.5%	30 years	$370,831.65
4.75%	15 years	$180,044.24
4.75%	30 years	$395,070.12
5.0%	15 years	$190,542.94
5.0%	30 years	$419,649.89
5.25%	15 years	$201,141.02
5.25%	30 years	$444,568.34
5.5%	15 years	$211,837.12
5.5%	30 years	$469,818.71

The average home loan interest rate

Amortization schedule

When you take out a mortgage, you agree to pay the principal and interest over the life of the loan. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.

Amortization means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your balance.

Estimate your monthly loan repayments on a $450,000 mortgage at 4% fixed interest with our amortization schedule over 15 and 30 years.

30-year loan
15-year loan

Year	Beginning balance	Monthly payment	Total interest paid	Total principal paid	Total payed throught the year	Remaining balance
1	$450,000.00	$2,148.37	$17,855.76	$7,924.68	$25,780.44	$442,075.32
2	$442,075.32	$2,148.37	$17,532.90	$8,247.54	$25,780.44	$433,827.78
3	$433,827.78	$2,148.37	$17,196.88	$8,583.56	$25,780.44	$425,244.22
4	$425,244.22	$2,148.37	$16,847.18	$8,933.26	$25,780.44	$416,310.96
5	$416,310.96	$2,148.37	$16,483.21	$9,297.23	$25,780.44	$407,013.73
6	$407,013.73	$2,148.37	$16,104.42	$9,676.02	$25,780.44	$397,337.71
7	$397,337.71	$2,148.37	$15,710.22	$10,070.22	$25,780.44	$387,267.49
8	$387,267.49	$2,148.37	$15,299.94	$10,480.50	$25,780.44	$376,786.99
9	$376,786.99	$2,148.37	$14,872.94	$10,907.50	$25,780.44	$365,879.49
10	$365,879.49	$2,148.37	$14,428.57	$11,351.87	$25,780.44	$354,527.62
11	$354,527.62	$2,148.37	$13,966.07	$11,814.37	$25,780.44	$342,713.25
12	$342,713.25	$2,148.37	$13,484.74	$12,295.70	$25,780.44	$330,417.55
13	$330,417.55	$2,148.37	$12,983.79	$12,796.65	$25,780.44	$317,620.90
14	$317,620.90	$2,148.37	$12,462.44	$13,318.00	$25,780.44	$304,302.90
15	$304,302.90	$2,148.37	$11,919.84	$13,860.60	$25,780.44	$290,442.30
16	$290,442.30	$2,148.37	$11,355.15	$14,425.29	$25,780.44	$276,017.01
17	$276,017.01	$2,148.37	$10,767.42	$15,013.02	$25,780.44	$261,003.99
18	$261,003.99	$2,148.37	$10,155.76	$15,624.68	$25,780.44	$245,379.31
19	$245,379.31	$2,148.37	$9,519.21	$16,261.23	$25,780.44	$229,118.08
20	$229,118.08	$2,148.37	$8,856.68	$16,923.76	$25,780.44	$212,194.32
21	$212,194.32	$2,148.37	$8,167.18	$17,613.26	$25,780.44	$194,581.06
22	$194,581.06	$2,148.37	$7,449.61	$18,330.83	$25,780.44	$176,250.23
23	$176,250.23	$2,148.37	$6,702.77	$19,077.67	$25,780.44	$157,172.56
24	$157,172.56	$2,148.37	$5,925.51	$19,854.93	$25,780.44	$137,317.63
25	$137,317.63	$2,148.37	$5,116.60	$20,663.84	$25,780.44	$116,653.79
26	$116,653.79	$2,148.37	$4,274.72	$21,505.72	$25,780.44	$95,148.07
27	$95,148.07	$2,148.37	$3,398.56	$22,381.88	$25,780.44	$72,766.19
28	$72,766.19	$2,148.37	$2,486.69	$23,293.75	$25,780.44	$49,472.44
29	$49,472.44	$2,148.37	$1,537.65	$24,242.79	$25,780.44	$25,229.65
30	$25,229.65	$2,148.37	$549.97	$25,229.65	$25,779.62	$0.00

Year	Beginning balance	Monthly payment	Total interest paid	Total principal paid	Total payed throught the year	Remaining balance
1	$450,000.00	$3,328.60	$17,593.18	$22,350.02	$39,943.20	$427,649.98
2	$427,649.98	$3,328.60	$16,682.63	$23,260.57	$39,943.20	$404,389.41
3	$404,389.41	$3,328.60	$15,734.95	$24,208.25	$39,943.20	$380,181.16
4	$380,181.16	$3,328.60	$14,748.70	$25,194.50	$39,943.20	$354,986.66
5	$354,986.66	$3,328.60	$13,722.20	$26,221.00	$39,943.20	$328,765.66
6	$328,765.66	$3,328.60	$12,653.93	$27,289.27	$39,943.20	$301,476.39
7	$301,476.39	$3,328.60	$11,542.12	$28,401.08	$39,943.20	$273,075.31
8	$273,075.31	$3,328.60	$10,385.03	$29,558.17	$39,943.20	$243,517.14
9	$243,517.14	$3,328.60	$9,180.77	$30,762.43	$39,943.20	$212,754.71
10	$212,754.71	$3,328.60	$7,927.46	$32,015.74	$39,943.20	$180,738.97
11	$180,738.97	$3,328.60	$6,623.08	$33,320.12	$39,943.20	$147,418.85
12	$147,418.85	$3,328.60	$5,265.59	$34,677.61	$39,943.20	$112,741.24
13	$112,741.24	$3,328.60	$3,852.76	$36,090.44	$39,943.20	$76,650.80
14	$76,650.80	$3,328.60	$2,382.39	$37,560.81	$39,943.20	$39,089.99
15	$39,089.99	$3,328.60	$852.09	$39,089.99	$39,942.08	$0.00

Thank you for your feedback!

Jing Jun Ma

Jing Jun Ma is an innovations expert at Finder. With a decade of experience in digital marketing and programming, Jing is a tech and data guy. He wrangles data to make it useful for consumers facing a decision.

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