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.
Enter how much you want to borrow under Loan amount.
Type in your mortgage term in years (not months) under the Loan terms field.
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.
Click Calculate.
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Monthly payments on a $450,000 mortgage
At a 7.00% fixed interest rate, your monthly mortgage payment on a $450,000 30-year mortgage might total $2,994 a month, while a 15-year might cost $4,045 a month. 15-year vs. 30-year mortgages
See your monthly payments by interest rate.
Interest
Mortgage term
Monthly payments
5.75%
15 years
$3,737
5.75%
30 years
$2,626
6.00%
15 years
$3,797
6.00%
30 years
$2,698
6.25%
15 years
$3,858
6.25%
30 years
$2,771
6.50%
15 years
$3,920
6.50%
30 years
$2,844
6.75%
15 years
$3,982
6.75%
30 years
$2,919
7.00%
15 years
$4,045
7.00%
30 years
$2,994
7.25%
15 years
$4,108
7.25%
30 years
$3,070
7.50%
15 years
$4,172
7.50%
30 years
$3,146
7.75%
15 years
$4,236
7.75%
30 years
$3,224
8.00%
15 years
$4,300
8.00%
30 years
$3,302
8.25%
15 years
$4,366
8.25%
30 years
$3,381
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On a 30-year $450,000 mortgage with a 7.00% fixed interest rate, you may pay $627,790 in interest over the life of your loan. If you instead opt for a 15-year mortgage, it’s around $278,051 in interest over the life of your loan — or less than half of the interest you’d pay on a 30-year mortgage.
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 7.00% fixed interest with our amortization schedule over 15 and 30 years.
Buying a house is among the biggest investments you’ll make. Know how much you might pay each month on your $450,000 mortgage — including how much of your payment goes toward your interest over the principal — when shopping for a lender. Learn more about how home loans work in our comprehensive guide to mortgages.
Jing Jun Ma is a tech and data expert with more than a decade of experience in digital marketing and programming. He wrangles data to make it useful for consumers facing a decision.
Cornerstone Home Lending offers a standard list of mortgage loans with some portfolio options, but you have to contact a loan officer for rates and fees.
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