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

Calculate repayments, total interest and amortization on a $450k home loan to borrow with confidence.

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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.

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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

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Rocket Mortgage
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Rocket Mortgage
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Veterans United
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Your total interest on a $450,000 mortgage

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.

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 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 $2,994 $31,355 $4,571 $35,926 $445,429
2 $445,429 $2,994 $31,025 $4,902 $35,926 $440,527
3 $440,527 $2,994 $30,670 $5,256 $35,926 $435,271
4 $435,271 $2,994 $30,290 $5,636 $35,926 $429,635
5 $429,635 $2,994 $29,883 $6,043 $35,926 $423,592
6 $423,592 $2,994 $29,446 $6,480 $35,926 $417,112
7 $417,112 $2,994 $28,978 $6,949 $35,926 $410,163
8 $410,163 $2,994 $28,475 $7,451 $35,926 $402,712
9 $402,712 $2,994 $27,937 $7,990 $35,926 $394,723
10 $394,723 $2,994 $27,359 $8,567 $35,926 $386,156
11 $386,156 $2,994 $26,740 $9,186 $35,926 $376,969
12 $376,969 $2,994 $26,076 $9,851 $35,926 $367,119
13 $367,119 $2,994 $25,364 $10,563 $35,926 $356,556
14 $356,556 $2,994 $24,600 $11,326 $35,926 $345,230
15 $345,230 $2,994 $23,781 $12,145 $35,926 $333,085
16 $333,085 $2,994 $22,903 $13,023 $35,926 $320,062
17 $320,062 $2,994 $21,962 $13,964 $35,926 $306,098
18 $306,098 $2,994 $20,952 $14,974 $35,926 $291,124
19 $291,124 $2,994 $19,870 $16,056 $35,926 $275,067
20 $275,067 $2,994 $18,709 $17,217 $35,926 $257,850
21 $257,850 $2,994 $17,465 $18,462 $35,926 $239,389
22 $239,389 $2,994 $16,130 $19,796 $35,926 $219,592
23 $219,592 $2,994 $14,699 $21,227 $35,926 $198,365
24 $198,365 $2,994 $13,164 $22,762 $35,926 $175,603
25 $175,603 $2,994 $11,519 $24,407 $35,926 $151,196
26 $151,196 $2,994 $9,755 $26,172 $35,926 $125,024
27 $125,024 $2,994 $7,863 $28,064 $35,926 $96,961
28 $96,961 $2,994 $5,834 $30,092 $35,926 $66,868
29 $66,868 $2,994 $3,659 $32,268 $35,926 $34,600
30 $34,600 $2,994 $1,326 $34,600 $35,926 $0
Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $450,000 $4,045 $30,943 $17,594 $48,537 $432,406
2 $432,406 $4,045 $29,671 $18,866 $48,537 $413,540
3 $413,540 $4,045 $28,307 $20,230 $48,537 $393,310
4 $393,310 $4,045 $26,845 $21,692 $48,537 $371,618
5 $371,618 $4,045 $25,276 $23,260 $48,537 $348,358
6 $348,358 $4,045 $23,595 $24,942 $48,537 $323,416
7 $323,416 $4,045 $21,792 $26,745 $48,537 $296,671
8 $296,671 $4,045 $19,858 $28,678 $48,537 $267,993
9 $267,993 $4,045 $17,785 $30,751 $48,537 $237,241
10 $237,241 $4,045 $15,562 $32,974 $48,537 $204,267
11 $204,267 $4,045 $13,179 $35,358 $48,537 $168,909
12 $168,909 $4,045 $10,623 $37,914 $48,537 $130,994
13 $130,994 $4,045 $7,882 $40,655 $48,537 $90,339
14 $90,339 $4,045 $4,943 $43,594 $48,537 $46,745
15 $46,745 $4,045 $1,791 $46,745 $48,537 $0

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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