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

Here's what your monthly payment and total interest could look like on a $450,000 mortgage.

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Tangerine Mortgages

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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.

Compare mortgages in Canada

Name Product Interest Rate (APR) Loan Term Min. credit score Provincial availability
Tangerine Mortgages
2.64%
5 Year Fixed Rate
620
All of Canada
Get competitive rates and make annual lump sum prepayments up to 25% of your original mortgage amount with a Tangerine mortgage.
Meridian Mortgages
2.69%
5 Year Fixed Closed Rate
600
ON
Meridian is a credit union that provides Ontario residents featured rates and the option to defer one payment every 12 months without penalty.
Homewise Mortgages
Varies
Varies
600
Not available in Quebec
Homewise's personal advisors can get you mortgage rates from over 30 banks and lenders.
Loans Canada Mortgages
1.79%
5 Year Fixed Rate
400
All of Canada
Loans Canada connects borrowers with a mortgage broker in their area. Bad credit, EI and CERB applicants are considered.
intelliMortgage Mortgages
1.42%
5 Year Fixed Rate
680
AB, BC, NL, ON, PE
intelliMortgage is an online mortgage broker that works with over 100+ banks and mortgage lenders across Canada.
Breezeful Mortgages
1.74%
5 Year Fixed Rate
600
All of Canada
Breezeful is a 100% online mortgage broker that connects borrowers to competitive rate offers from over 30+ banks and mortgage lenders.
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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.

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.

At a 3.5% fixed-rate over 15-years, you’d pay approximately $3,211.39 monthly. Over the course of a year, that’s a total of $38,536.68 in mortgage payments. In the table below, compare how much you would pay toward both interest and the principal amount each year.

YearTotal interest paidTotal principal paidRemaining balance
1$15,268.12$23,268.61$426,731.39
2$14,446.59$24,090.15$402,641.24
3$13,596.05$24,940.67$377,700.57
4$12,715.50$25,821.23$351,879.34
5$11,803.84$26,732.89$325,146.45
6$10,860.01$27,676.73$297,469.72
7$9,882.84$28,653.88$268,815.84
8$8,871.18$29,665.55$239,150.29
9$7,823.81$30,712.92$208,437.37
10$6,739.44$31,797.29$176,640.08
11$5,616.81$32,919.93$143,720.15
12$4,454.52$34,082.20$109,637.95
13$3,251.21$35,285.52$74,352.43
14$2,005.41$36,531.33$37,821.10
15$715.63$37,821.10$0.00

At a 3.5% fixed-rate over 25-years, you’d pay approximately $2,246.72 monthly. Over the course of a year, that’s a total of $260,960.64 in mortgage payments. In the table below, compare how much you would pay toward both interest and the principal amount each year.

YearTotal interest paidTotal principal paidRemaining balance
1$15,454.27$11,506.33$438,493.67
2$15,048.02$11,912.57$426,581.10
3$14,627.44$12,333.17$414,247.93
4$14,191.99$12,768.60$401,479.33
5$13,741.19$13,219.41$388,259.92
6$13,274.46$13,686.14$374,573.78
7$12,791.25$14,169.35$360,404.43
8$12,290.98$14,669.61$345,734.82
9$11,773.06$15,187.54$330,547.28
10$11,236.84$15,723.76$314,823.52
11$10,681.69$16,278.90$298,544.62
12$10,106.95$16,853.66$281,690.96
13$9,511.91$17,448.69$264,242.27
14$8,895.86$18,064.73$246,177.54
15$8,258.06$18,702.54$227,475.00
16$7,597.74$19,362.85$208,112.15
17$6,914.12$20,046.49$188,065.66
18$6,206.35$20,754.25$167,311.41
19$5,473.59$21,487.00$145,824.41
20$4,714.97$22,245.63$123,578.78
21$3,929.56$23,031.04$100,547.74
22$3,116.42$23,844.17$76,703.57
23$2,274.57$24,686.03$52,017.54
24$1,403.00$25,557.60$26,459.94
25$500.66$26,459.94$0.00

Other mortgage amounts you might be interested in:

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.

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