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

Looking to buy a home? You’ll first need to figure out how much mortgage you can afford based on your income and down payment. If you’ve already calculated how much you can afford and you’ve qualified for a mortgage of $450,000, here’s a breakdown of what you might face monthly, in interest and over the life of your $450,000 mortgage.

Monthly payments on a $450,000 mortgage

At a 3.5% fixed interest rate, your monthly mortgage payment on a 25-year mortgage might total approximately $2,246.72 a month, while a 15-year mortgage might cost approximately $3,211.39 a month.

Note that your monthly mortgage payments may differ slightly depending on the type of interest rate (fixed, variable, etc.), your mortgage term, payment frequency, taxes (such as CMHC insurance) and possible other fees.

• See your monthly payments by interest rate.

  Interest	Mortgage term	Monthly payments
  2.5%	15 years	$2,997.81
  2.5%	25 years	$2,015.85
  2.75%	15 years	$3,050.45
  2.75%	25 years	$2,072.30
  3.0%	15 years	$3,103.60
  3.0%	25 years	$2,129.60
  3.25%	15 years	$3,157.25
  3.25%	25 years	$2,187.75
  3.5%	15 years	$3,211.39
  3.5%	25 years	$2,246.72
  3.75%	15 years	$3,266.04
  3.75%	25 years	$2,306.50
  4.0%	15 years	$3,321.17
  4.0%	25 years	$2,367.09
  4.25%	15 years	$3,376.80
  4.25%	25 years	$2,428.47
  4.5%	15 years	$3,432.91
  4.5%	25 years	$2,490.63
  4.75%	15 years	$3,489.49
  4.75%	25 years	$2,553.55
  5.0%	15 years	$3,546.56
  5.0%	25 years	$2,617.22
  5.25%	15 years	$3,604.09
  5.25%	25 years	$2,681.63
  5.5%	15 years	$3,662.09
  5.5%	25 years	$2,746.76

Compare mortgages in Canada

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Name	Product	Interest Rate (APR)	Loan Term	Min. credit score	Provincial availability
CASHBACK nesto Mortgages nesto Mortgages	CASHBACK	4.39%	5 Year Fixed Rate	680	All of Canada	Switch to nesto and get up to $4,300 cashback.	Go to site More Info	Compare	loading Fetching your data...
Tangerine Mortgages Tangerine Mortgages		5.74%	5 Year Fixed Rate	620	All of Canada	Secure a mortgage rate for up to 120 days. Make lump sum prepayments up to 25% of your original mortgage amount each year.	Go to site More Info	Compare	loading Fetching your data...
BMO Mortgages BMO Mortgages		6.49%	5 Year Fixed Rate	Varies	All of Canada	Switch your mortgage to BMO and get up to $4,200 CashBack. Valid until June 30, 2023.	Go to site More Info	Compare	loading Fetching your data...
Homewise Mortgages Homewise Mortgages		Varies	Varies	600	Not available in Quebec	Homewise's personal advisors can get you mortgage rates from over 30 banks and lenders.	Go to site More Info	Compare	loading Fetching your data...

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Your total interest on a $450,000 mortgage

On a 25-year mortgage with a 3.5% fixed interest rate, you’ll pay approximately $224,014.95 in interest over the life of your mortgage. That’s just a few hundred dollars short of half of what you borrowed in interest.

If you instead opt for a 15-year mortgage, you’ll pay approximately $128,050.96 in interest over the life of your mortgage — or just over half of the interest you’d pay on a 25-year mortgage.

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

  Interest	Mortgage term	Total interest charged
  2.5%	15 years	$89,606.67
  2.5%	25 years	$154,754.41
  2.75%	15 years	$99,081.51
  2.75%	25 years	$171,690.46
  3.0%	15 years	$108,647.60
  3.0%	25 years	$188,881.42
  3.25%	15 years	$118,304.30
  3.25%	25 years	$206,324.05
  3.5%	15 years	$128,050.96
  3.5%	25 years	$224,014.95
  3.75%	15 years	$137,886.88
  3.75%	25 years	$241,950.58
  4.0%	15 years	$147,811.37
  4.0%	25 years	$260,127.28
  4.25%	15 years	$157,823.71
  4.25%	25 years	$278,541.22
  4.5%	15 years	$167,923.15
  4.5%	25 years	$297,188.49
  4.75%	15 years	$178,108.94
  4.75%	25 years	$316,065.04
  5.0%	15 years	$188,380.28
  5.0%	25 years	$335,166.73
  5.25%	15 years	$198,736.39
  5.25%	25 years	$354,489.32
  5.5%	15 years	$209,176.45
  5.5%	25 years	$374,028.50

Amortization schedule

Your amortization period is the total number of years you have to pay off your mortgage in full, including both the balance and interest.

When you get a mortgage, you agree to pay the principal amount and the interest over the life of the mortgage. Your interest rate is applied to your principal amount, and as you pay down your principal amount, the amount you pay in interest changes. Amortization means that at the beginning of your mortgage, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your principal amount and less toward interest.

Below, you can estimate your monthly mortgage repayments on a $450,000 mortgage at a 3.5% fixed interest rate with our amortization schedule over 15- and 25- years.

• 15-year mortgage
• 25-year mortgage

Other mortgage amounts you might be interested in:

• $100,000
• $200,000
• $300,000
• $600,000
• $700,000
• $750,000
• $850,000
• $1 million

Bottom line

Purchasing a home is probably the biggest investment you’ll make in your lifetime. Before getting a mortgage, it’s key to understand how the interest rate and amortization period you settle for can affect how much you’ll pay in interest over the life of the mortgage.

Looking to learn more about mortgages and interest rates? Head to our guide here.