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

Repayments, total interest and amortization to borrow with confidence.

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 $450,000.00 mortgage.

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Monthly payments on a $450,000.00 mortgage

At a 7.00% fixed interest rate, your monthly mortgage payment on a $450,000.00 30-year mortgage might total $2,993.86 a month, while a 15-year might cost $4,044.73 a month.

15-year vs. 30-year mortgages

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Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.

1 - 5 of 5
Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Apply online for free and lock in your rate for 90 days.
LendingTree
(NMLS #1136)
LendingTree
HELOC, Home Equity loans
Available in all states
620
Connect with vetted lenders quickly through this free online marketplace.
Morty
(NMLS #1429243)
Morty
Conventional, Jumbo
Not available in: HI, MA, MO, NV
620
Preapproval in minutes and closing in as little as 3 weeks with no origination fees.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
620
Veterans United stands out from other lenders for its focus on serving the military community.
First Horizon
(NMLS #472329)
First Horizon
Conventional, Portfolio, VA, Refinance
Only available in: AL, AR, FL, GA, LA, MO, MS, NC, NY, SC, TN, TX
620
Multiple mortgage programs available in 12 states with no pre-payment fee.
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Your total interest on a $450,000.00 mortgage

On a 30-year $450,000.00 mortgage with a 7.00% fixed interest rate, you may pay $627,790.04 in interest over the life of your loan.

If you instead opt for a 15-year mortgage, it’s around $278,050.90 in interest over the life of your loan — or less than half of the interest you’d pay on a 30-year mortgage.

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 $450,000.00 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.

Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $450,000.00 $2,993.86 $31,355.19 $4,571.14 $35,926.33 $445,428.86
2 $445,428.86 $2,993.86 $31,024.74 $4,901.59 $35,926.33 $440,527.26
3 $440,527.26 $2,993.86 $30,670.41 $5,255.93 $35,926.33 $435,271.33
4 $435,271.33 $2,993.86 $30,290.45 $5,635.88 $35,926.33 $429,635.45
5 $429,635.45 $2,993.86 $29,883.04 $6,043.30 $35,926.33 $423,592.15
6 $423,592.15 $2,993.86 $29,446.17 $6,480.17 $35,926.33 $417,111.98
7 $417,111.98 $2,993.86 $28,977.71 $6,948.62 $35,926.33 $410,163.36
8 $410,163.36 $2,993.86 $28,475.40 $7,450.94 $35,926.33 $402,712.43
9 $402,712.43 $2,993.86 $27,936.77 $7,989.57 $35,926.33 $394,722.86
10 $394,722.86 $2,993.86 $27,359.20 $8,567.13 $35,926.33 $386,155.73
11 $386,155.73 $2,993.86 $26,739.88 $9,186.45 $35,926.33 $376,969.27
12 $376,969.27 $2,993.86 $26,075.79 $9,850.54 $35,926.33 $367,118.73
13 $367,118.73 $2,993.86 $25,363.70 $10,562.64 $35,926.33 $356,556.09
14 $356,556.09 $2,993.86 $24,600.12 $11,326.21 $35,926.33 $345,229.88
15 $345,229.88 $2,993.86 $23,781.35 $12,144.98 $35,926.33 $333,084.90
16 $333,084.90 $2,993.86 $22,903.39 $13,022.95 $35,926.33 $320,061.95
17 $320,061.95 $2,993.86 $21,961.96 $13,964.38 $35,926.33 $306,097.58
18 $306,097.58 $2,993.86 $20,952.47 $14,973.86 $35,926.33 $291,123.71
19 $291,123.71 $2,993.86 $19,870.01 $16,056.32 $35,926.33 $275,067.39
20 $275,067.39 $2,993.86 $18,709.30 $17,217.04 $35,926.33 $257,850.35
21 $257,850.35 $2,993.86 $17,464.68 $18,461.66 $35,926.33 $239,388.69
22 $239,388.69 $2,993.86 $16,130.08 $19,796.25 $35,926.33 $219,592.44
23 $219,592.44 $2,993.86 $14,699.01 $21,227.33 $35,926.33 $198,365.12
24 $198,365.12 $2,993.86 $13,164.48 $22,761.85 $35,926.33 $175,603.27
25 $175,603.27 $2,993.86 $11,519.03 $24,407.31 $35,926.33 $151,195.96
26 $151,195.96 $2,993.86 $9,754.62 $26,171.71 $35,926.33 $125,024.25
27 $125,024.25 $2,993.86 $7,862.67 $28,063.67 $35,926.33 $96,960.58
28 $96,960.58 $2,993.86 $5,833.94 $30,092.39 $35,926.33 $66,868.19
29 $66,868.19 $2,993.86 $3,658.56 $32,267.77 $35,926.33 $34,600.41
30 $34,600.41 $2,993.86 $1,325.92 $34,600.41 $35,926.33 $0.00
Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $450,000.00 $4,044.73 $30,942.64 $17,594.09 $48,536.73 $432,405.91
2 $432,405.91 $4,044.73 $29,670.76 $18,865.97 $48,536.73 $413,539.94
3 $413,539.94 $4,044.73 $28,306.94 $20,229.79 $48,536.73 $393,310.15
4 $393,310.15 $4,044.73 $26,844.52 $21,692.20 $48,536.73 $371,617.94
5 $371,617.94 $4,044.73 $25,276.39 $23,260.34 $48,536.73 $348,357.61
6 $348,357.61 $4,044.73 $23,594.90 $24,941.83 $48,536.73 $323,415.78
7 $323,415.78 $4,044.73 $21,791.85 $26,744.87 $48,536.73 $296,670.91
8 $296,670.91 $4,044.73 $19,858.46 $28,678.26 $48,536.73 $267,992.64
9 $267,992.64 $4,044.73 $17,785.31 $30,751.42 $48,536.73 $237,241.23
10 $237,241.23 $4,044.73 $15,562.29 $32,974.44 $48,536.73 $204,266.79
11 $204,266.79 $4,044.73 $13,178.56 $35,358.16 $48,536.73 $168,908.62
12 $168,908.62 $4,044.73 $10,622.52 $37,914.21 $48,536.73 $130,994.41
13 $130,994.41 $4,044.73 $7,881.70 $40,655.03 $48,536.73 $90,339.38
14 $90,339.38 $4,044.73 $4,942.74 $43,593.99 $48,536.73 $46,745.40
15 $46,745.40 $4,044.73 $1,791.33 $46,745.40 $48,536.73 $0.00

Bottom line

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.

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