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How Much a $450,000 Mortgage Will Cost You

A $450,000 mortgage comes with more than just a monthly payment. Depending on your rate and loan term, you could pay more than $200,000 in interest over the life of the loan.

Aly J. Yale Aly J. Yale Updated March 10, 2021

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

When buying a home, the potential monthly payment isn’t all you should think about — especially on a loan as big as $450,000. On mortgages of this size, interest costs can be significant, both monthly and over the long haul, so you’ll want to be well aware of these expenses before making your move.

If you’re planning to take out a $450,000 mortgage, use this guide to understand what costs you can expect to pay over the life of the loan.

Here’s what you need to know about a $450,000 mortgage loan:

  • Monthly payments for a $450,000 mortgage
  • Where to get a $450,000 mortgages
  • What to consider before applying for a $450,000 mortgage
  • How to get a $450,000 mortgage

Monthly payments for a $450,000 mortgage

With a $450,000 mortgage and an APR of 3%, you’d pay $3,107.62 per month for a 15-year loan and $1,897.22 for a 30-year loan. Keep in mind, these amounts only include principal and interest. In many cases, your monthly payment will also include other expenses, too.

Here’s a breakdown of what a typical mortgage payment includes:

  • Principal: This goes straight toward your loan’s balance. You only pay a small amount toward your principal at the beginning of your loan and more as you get toward the end of your term.
  • Interest: This is the cost of borrowing the money and is usually the biggest share of your payment at the start of your loan.
  • Escrow: Many lenders will have you put money toward escrow each month, too. This is a type of account used to store funds for future property tax and home insurance bills.

Use the below calculator and table to see what your home will cost you every month.

Enter your loan information to calculate how much you could pay

? Enter the total amount borrowed $
? Enter your annual interest rate %
or
? Enter the amount of time you have to repay your loan years
Total Payment $
Total Interest $
Monthly Payment $

With a $ home loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the mortgage.


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Here’s a quick look at what the monthly principal and interest payment would be for a $450,000 mortgage with varying rates:

Annual Percentage Rate (APR)
Monthly payment
(15 year)
Monthly payment
(30 year)
3.00%
$3,107.62$1,897.22
3.25%
$3,162.01$1,958.43
3.50%
$3,216.97$2,020.70
3.75%
$3,272.50$2,084.02
4.00%
$3,328.60$2,148.37
4.25%
$3,385.25$2,213.73
4.50%
$3,442.47$2,280.08
4.75%
$3,500.24$2,347.41
5.00%
$3,558.57$2,415.70

Find Out: How to Buy a House: Step-by-Step Guide

Where to get a $450,000 mortgage

Since interest on a $450,000 home loan can be significant, you’ll want to shop around before taking out your mortgage. This can allow you to get the lowest interest rate possible and reduce your costs.

Credible offers a streamlined way to shop for a mortgage. With Credible, you can compare all of our partner lenders in just a few minutes — saving you a whole lot of time and effort. Once you’ve found the best rate, you can proceed with your loan application to finalize the process.


What to consider before applying for a $450,000 mortgage

Knowing the total costs of the loan is critical before taking out a mortgage of this size. You should also understand what your closing costs will be (your lender can help you estimate these) and how much you’ll need for a down payment. Conventional loans require at least 3% down.

Total interest paid on a $450,000 mortgage

The exact amount of interest you’ll pay on a $450,000 loan will depend on your rate and your loan’s term (how long the loan lasts). A shorter term will typically offer fewer interest costs than a loan with a longer term.

Example: A 30-year, $450,000 mortgage with an APR of 3% would mean paying a grand total of $232,998.53 in interest over the course of your loan.

A 15-year mortgage with the same terms would come with $109,371.13 in interest costs — around $123,000 less.

Credible can be a big help when trying to find a great interest rate. You can easily compare our partner lenders and see prequalified rates in as little as three minutes — all without leaving our platform.

Credible makes getting a mortgage easy

  • Instant streamlined pre-approval: It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter, without affecting your credit.
  • We keep your data private: Compare rates from multiple lenders without your data being sold or getting spammed.
  • A modern approach to mortgages: Complete your mortgage online with bank integrations and automatic updates. Talk to a loan officer only if you want to.

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Amortization schedule on a $450,000 mortgage

You can use an amortization schedule to understand the principal and interest costs for each year of your loan, as well as the mortgage’s costs over the long haul.

As you can see in the examples below, your monthly payments largely go toward interest in the first few years of your loan. As you get closer to the end of your loan’s term, you’ll pay more toward the actual balance.

Here’s what an amortization schedule for a 30-year, $450,000 loan with 3% APR looks like:

YearBeginning balanceMonthly paymentTotal interest paidTotal principal paidRemaining balance
1$450,000.00$1,897.22$13,371.52$9,395.10$440,604.90
2$440,604.90$1,897.22$13,085.76$9,680.86$430,924.04
3$430,924.04$1,897.22$12,791.30$9,975.32$420,948.72
4$420,948.72$1,897.22$12,487.89$10,278.72$410,670.00
5$410,670.00$1,897.22$12,175.26$10,591.36$400,078.64
6$400,078.64$1,897.22$11,853.11$10,913.51$389,165.13
7$389,165.13$1,897.22$11,521.17$11,245.45$377,919.67
8$377,919.67$1,897.22$11,179.12$11,587.4$366,332.18
9$366,332.18$1,897.22$10,826.68$11,939.94$354,392.24
10$354,392.24$1,897.22$10,463.51$12,303.10$342,089.14
11$342,089.14$1,897.22$10,089.30$12,677.31$329,411.83
12$329,411.83$1,897.22$9,703.71$13,062.91$316,348.92
13$316,348.92$1,897.22$9,306.39$13,460.23$302,888.69
14$302,888.69$1,897.22$8,896.99$13,869.63$289,019.06
15$289,019.06$1,897.22$8,475.13$14,291.49$274,727.57
16$274,727.57$1,897.22$8,040.44$14,726.18$260,001.39
17$260,001.39$1,897.22$7,592.53$15,174.09$244,827.30
18$244,827.30$1,897.22$7,130.99$15,635.63$229,191.67
19$229,191.67$1,897.22$6,655.42$16,111.20$213,080.47
20$213,080.47$1,897.22$6,165.38$16,601.24$196,479.24
21$196,479.24$1,897.22$5,660.44$17,106.18$179,373.06
22$179,373.06$1,897.22$5,140.14$17,626.48$161,746.58
23$161,746.58$1,897.22$4,604.01$18,162.61$143,583.98
24$143,583.98$1,897.22$4,051.58$18,715.04$124,868.94
25$124,868.94$1,897.22$3,482.34$19,284.27$105,584.66
26$105,584.66$1,897.22$2,895.79$19,870.82$85,713.84
27$85,713.84$1,897.22$2,291.40$20,475.21$65,238.63
28$65,238.63$1,897.22$1,668.63$21,097.99$44,140.64
29$44,140.64$1,897.22$1,026.92$21,739.70$22,400.94
30$22,400.94$1,897.22$365.68$22,400.94$0.00

And here’s one for a 15-year, $450,000 mortgage with 3% APR:

YearBeginning balanceMonthly paymentTotal interest paidTotal principal paidRemaining balance
1$450,000$3,107.62$13,170.13$24,121.28$425,878.72
2425,878.72$3,107.62$12,436.45$24,854.95$401,023.76
3$401,023.76$3,107.6211,680.47$25,610.94$375,412.82
4$375,412.82$3,107.62$10,901.49$26,389.92$349,022.90
5$349,022.90$3,107.62$10,098.81$27,192.60$321,830.30
6$321,830.30$3,107.62$9,271.72$28,019.69$293,810.62
7$293,810.62$3,107.62$8,419.48$28,871.93$264,938.69
8$264,938.69$3,107.62$7,541.31$29,750.10$235,188.59
9$235,188.59$3,107.62$6,636.43$30,654.98$204,533.61
10$204,533.61$3,107.62$5,704.03$31,587.38$172,946.23
11$172,946.23$3,107.62$4,743.27$32,548.14$140,398.10
12$140,398.10$3,107.62$3,753.29$33,538.12$106,859.98
13$106,859.98$3,107.622,733.19$34,558.21$72,301.76
14$72,301.76$3,107.62$1,682.07$35,609.34$36,692.43
15$36,692.43$3,107.62$598.98$36,692.43$0.00

How to get a $450,000 mortgage

If you’ve considered the costs and think you’re ready to proceed with your $450,000 loan, the process is pretty simple.

Just follow these nine steps, and you’ll be a proud homeowner in no time:

  1. Estimate your homebuying budget. Before you can buy a house, you first need to determine what you can comfortably afford. You’ll need a clear picture of your monthly income, as well as the taxes, maintenance costs, HOA dues, and other costs of homeownership. Use Credible’s mortgage calculator to help guide you.
  2. Pull your credit report. Your credit is going to heavily influence both your ability to get a mortgage and the interest rate you get if you do. Pull your report and make sure there aren’t any negative marks (late payments, accounts in collections, etc.). If there are, you’ll need to settle these before applying for your loan.
  3. Get pre-approved for your loan. Getting pre-approved for your loan can give you a good idea of how much you’ll be eligible to borrow, as well as what price range you should be shopping in. A pre-approval can also give you a leg up in a competitive market. You should always seek approval from at least a few lenders to ensure you’re getting the best deal.
  4. Compare loan offers. Once you’ve gotten pre-approved by several lenders, you should compare your loan offers on interest rate, APR, points, closing costs, fees, and more. There’s also a spot on the third page of your loan estimate that tells you your total costs for the loan in five years. This can help you compare offers as well.
  5. Find a home and put in your bid. Next, you’ll need to find that dream home and put in your offer. If the seller accepts, you can move onto the full mortgage application.
  6. Fill out your mortgage application. Fill out your chosen lender’s official mortgage application, along with any required documentation. This might include your two most recent tax returns and W-2s, recent bank statements, pay stubs, and more.
  7. Wait for loan approval. Next, your loan will move into the underwriting phase, which is when the lender verifies the details on your application and works to ensure you can repay the loan. Eventually, you’ll get the all-clear, and you’ll be scheduled a closing date.
  8. Get ready for closing. Once you have a closing date on the books, get your down payment and closing costs ready, and review your final closing disclosures. If you have questions, ask your loan officer. You should also secure a home insurance policy, as your lender will require this before finalizing your loan.
  9. Close on your loan. Finally, you’ll attend your closing appointment. This is when you’ll sign your paperwork, hand over your down payment and closing costs, and get your keys.

Keep Reading: How Long It Takes to Buy a House

About the author
Aly J. Yale
Aly J. Yale

Aly J. Yale is a mortgage and real estate authority and a contributor to Credible. Her work has appeared in Forbes, Fox Business, The Motley Fool, Bankrate, The Balance, and more.

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