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

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.

• How to use this mortgage repayment calculator

  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

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Features	Loan types: Conventional, Refinance, Home Equity, HELOC, Jumbo, Reverse, FHA, VA, USDA Minimum credit score: 620 Minimum down payment: 3.5%

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.

• See how much you'd pay in total interest based on the interest rate.

  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