Finder's pick
Apply online for free and lock in your rate for 90 days.
If you’re ready to buy a home, you might wonder how to budget for your target home cost. As of August 26, 2024 the national average 30-year mortgage rate is sitting at 6.53% according to Bankrate. However, your rate also depends on your personal financial factors and credit history. Here’s a breakdown of what you might face monthly, in interest and over the life of a $450,000 mortgage.
|
Your loan
|
|---|
| Loan amount |
|
$
|
| Loan terms (in years) |
|
|
| Interest rate |
|
%
|
or
Compare lenders| Principal | $ |
|---|---|
| Interest | $ |
| Total Cost | $ |
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
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. Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
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.
| 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 |
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.
Breakdown of what you might pay monthly over the life of a $550,000 mortgage.
Learn more about monthly payments and interest on a $500,000 mortgage over 15 or 30 years. Plus, find out how much you need to make to afford repayments.
Breakdown of what you might pay monthly over the life of a $400,000 mortgage.
Breakdown of what you might pay monthly over the life of a $350,000 mortgage.
Breakdown of what you might pay monthly over the life of a $300,000 mortgage.
Breakdown of what you might pay monthly over the life of a $200,000 mortgage.
Breakdown of what you might pay monthly over the life of a $150,000 mortgage.
Breakdown of what you might pay monthly over the life of a $250,000 mortgage.
Breakdown of what you might pay monthly over the life of a $100,000 mortgage.
