A $450K mortgage payment is between $2,700 and $4,000 per month in the current interest-rate environment, depending on your loan type and term. This amount, however, does not include other variables that affect your payment, such as property taxes and insurance. Here’s the lowdown on what you can expect.
Table of Contents
Key Points
• A $450,000 mortgage payment typically ranges from $2,700 to $4,000 per month, influenced by factors like loan term and interest rate.
• Property taxes, home insurance, and homeowners association fees can add to the payment amount.
• Opting for a 15-year mortgage over a 30-year mortgage significantly reduces the total interest paid but means making higher monthly payments.
• To qualify for a $450,000 mortgage, a strong credit score, stable income, and low debt-to-income ratio are needed.
• Homebuyers should compare lenders’ offers, look at the cost of different loan types, and use a mortgage calculator to estimate costs before committing to a home loan.
Cost of a $450,000 Mortgage
A $450K mortgage payment is primarily influenced by your loan term and interest rate. A 30-year loan at 6.40% interest would result in a monthly cost of $2,815 (not including taxes and insurance). But a 15-year loan at the same interest rate would have monthly payments of $3,895.
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Monthly Payments for a $450,000 Mortgage
The amount you pay each month for a $450,000 mortgage payment is going to be somewhere between $2,700 and $4,000. However, keep in mind that there are a few variables that affect your monthly payment. These include:
• Interest rate
• Fixed or variable interest rate
• Length of repayment period (10, 15, 20, or 30 years)
• Mortgage insurance
• Property taxes
• Property insurance
Another thing to consider are homeowners association (HOA) fees. Although they are paid directly to the HOA and shouldn’t affect your monthly mortgage payment, these fees are an additional living expense.
If you’re a first-time homebuyer, it’s important to understand the true cost of owning a home because your monthly payment is more complicated than simply the amount you borrow. Housing costs and property taxes, for example, vary based on location. If you’re open to where you live, you may want to compare the cost of living by state. The best affordable places to live in the U.S. may pique your interest!
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Where to Get a $450,000 Mortgage
Banks, credit unions, and online lenders can all provide you with a $450,000 mortgage. Make sure you shop around and compare lenders to get the lowest interest rate. As you apply, you’ll receive loan estimates that show the cost of a loan. While the annual percentage rate (APR) is certainly important, also compare expenses such as the loan origination fee and mortgage insurance.
What to Consider Before Applying for a $450,000 Mortgage
Before applying for a $450,000 mortgage, consider the cost difference between a shorter loan repayment period and a longer loan repayment period. For a 30-year mortgage with a 7.00% interest rate, the total interest paid during the life of the loan would be $627,791.
For a 15-year mortgage with the same interest rate, you would have a higher monthly payment, but the total amount you would pay in interest would be more than halved: just $278,050. For an extra $1,050 each month, a 15-year loan would save $349,739 in interest compared to a 30-year loan.
If you can’t afford a 15-year mortgage now, just remember that you can always do a mortgage refinance in the future.
$450,000 mortgage with a term of 30 years and a 7% interest rate:
| Year | Beginning Balance | Monthly Payment | Total Interest Paid | Total Principal Paid | Remaining Balance |
| 1 | $450,000 | $2,993.86 | $31,355.19 | $4,571.14 | $445,428.86 |
| 2 | $445,428.86 | $2,993.86 | $31,024.74 | $4,901.59 | $440,527.26 |
| 3 | $440,527.26 | $2,993.86 | $30,670.41 | $5,255.93 | $435,271.33 |
| 4 | $435,271.33 | $2,993.86 | $30,290.45 | $5,635.88 | $429,635.45 |
| 5 | $429,635.45 | $2,993.86 | $29,883.04 | $6,043.30 | $423,592.15 |
| 6 | $423,592.15 | $2,993.86 | $29,446.17 | $6,480.17 | $417,111.98 |
| 7 | $417,111.98 | $2,993.86 | $28,977.71 | $6,948.62 | $410,163.36 |
| 8 | $410,163.36 | $2,993.86 | $28,475.40 | $7,450.94 | $402,712.43 |
| 9 | $402,712.43 | $2,993.86 | $27,936.77 | $7,989.57 | $394,722.86 |
| 10 | $394,722.86 | $2,993.86 | $27,359.20 | $8,567.13 | $386,155.73 |
| 11 | $386,155.73 | $2,993.86 | $26,739.88 | $9,186.45 | $376,969.27 |
| 12 | $376,969.27 | $2,993.86 | $26,075.79 | $9,850.54 | $367,118.73 |
| 13 | $367,118.73 | $2,993.86 | $25,363.70 | $10,562.64 | $356,556.09 |
| 14 | $356,556.09 | $2,993.86 | $24,600.12 | $11,326.21 | $345,229.88 |
| 15 | $345,229.88 | $2,993.86 | $23,781.35 | $12,144.98 | $333,084.90 |
| 16 | $333,084.90 | $2,993.86 | $22,903.39 | $13,022.95 | $320,061.95 |
| 17 | $320,061.95 | $2,993.86 | $21,961.96 | $13,964.38 | $306,097.58 |
| 18 | $306,097.58 | $2,993.86 | $20,952.47 | $14,973.86 | $291,123.71 |
| 19 | $291,123.71 | $2,993.86 | $19,870.01 | $16,056.32 | $275,067.39 |
| 20 | $275,067.39 | $2,993.86 | $18,709.30 | $17,217.04 | $257,850.35 |
| 21 | $257,850.35 | $2,993.86 | $17,464.68 | $18,461.66 | $239,388.69 |
| 22 | $239,388.69 | $2,993.86 | $16,130.08 | $19,796.25 | $219,592.44 |
| 23 | $219,592.44 | $2,993.86 | $14,699.01 | $21,227.33 | $198,365.12 |
| 24 | $198,365.12 | $2,993.86 | $13,164.48 | $22,761.85 | $175,603.27 |
| 25 | $175,603.27 | $2,993.86 | $11,519.03 | $24,407.31 | $151,195.96 |
| 26 | $151,195.96 | $2,993.86 | $9,754.62 | $26,171.71 | $125,024.25 |
| 27 | $125,024.25 | $2,993.86 | $7,862.67 | $28,063.67 | $96,960.58 |
| 28 | $96,960.58 | $2,993.86 | $5,833.94 | $30,092.39 | $66,868.19 |
| 29 | $66,868.19 | $2,993.86 | $3,658.56 | $32,267.77 | $34,600.41 |
| 30 | $34,600.41 | $2,993.86 | $1,325.92 | $34,600.41 | $0 |
$450,000 mortgage with a term of 15 years and 7% interest rate:
| Year | Beginning Balance | Monthly Payment | Total Interest Paid | Total Principal Paid | Remaining Balance |
| 1 | $450,000 | $4,044.73 | $30,942.64 | $17,594.09 | $432,405.91 |
| 2 | $432,405.91 | $4,044.73 | $29,670.76 | $18,865.97 | $413,539.94 |
| 3 | $413,539.94 | $4,044.73 | $28,306.94 | $20,229.79 | $393,310.15 |
| 4 | $393,310.15 | $4,044.73 | $26,844.52 | $21,692.20 | $371,617.94 |
| 5 | $371,617.94 | $4,044.73 | $25,276.39 | $23,260.34 | $348,357.61 |
| 6 | $348,357.61 | $4,044.73 | $23,594.90 | $24,941.83 | $323,415.78 |
| 7 | $323,415.78 | $4,044.73 | $21,791.85 | $26,744.87 | $296,670.91 |
| 8 | $296,670.91 | $4,044.73 | $19,858.46 | $28,678.26 | $267,992.64 |
| 9 | $267,992.64 | $4,044.73 | $17,785.31 | $30,751.42 | $237,241.23 |
| 10 | $237,241.23 | $4,044.73 | $15,562.29 | $32,974.44 | $204,266.79 |
| 11 | $204,266.79 | $4,044.73 | $13,178.56 | $35,358.16 | $168,908.62 |
| 12 | $168,908.62 | $4,044.73 | $10,622.52 | $37,914.21 | $130,994.41 |
| 13 | $130,994.41 | $4,044.73 | $7,881.70 | $40,655.03 | $76,144.79 |
| 14 | $76,144.79 | $4,044.73 | $4,942.74 | $43,593.99 | $31,524.68 |
| 15 | $31,524.68 | $4,044.73 | $1,791.33 | $46,745.40 | $0 |
It’s important to understand how costs vary between the different types of mortgage loans.
How to Get a $450,000 Mortgage
To get a $450,000 mortgage, you need a strong credit score, a steady source of income, and a low debt-to-income ratio. Other tips to qualify for a mortgage include things like saving up for a higher down payment and submitting all of the appropriate paperwork to your lender in a timely manner. If you’re just starting out on your home buying journey, a home loan help center may be a good resource. “As you work your way toward a down payment for a house, setting a goal can be a sound step toward making it a reality. A mortgage calculator can help you estimate how much you can borrow, let you play with different down payment options, and view how much your monthly mortgage payments might be,” says Brian Walsh, CFP® and Head of Advice & Planning at SoFi.
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The Takeaway
Payment on a $450,000 mortgage is influenced by a few different variables, such as your loan term and interest rate. Other factors that come into play include mortgage insurance, property taxes, and property insurance. A higher down payment and a stronger credit score may help lower your monthly payment.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much is a $450K mortgage a month?
A $450,000 mortgage should cost you around $2,700 to $4,000. Just remember to also include property taxes and insurance in your calculations.
How much income is required for a $450,000 mortgage?
You probably need to earn around $140,000 a year to afford a $450,000 mortgage. A general guideline is that all of your housing costs should be at or below 30% of your gross income. Assuming you opt for a 30-year loan, your mortgage payment, property tax, and insurance cost would total around $3,200 per month. Factor in a budget for utilities and repairs and your total annual cost would be $42,000 — that’s 30% of $140,000.
How much is a down payment on a $450,000 mortgage?
A conventional loan requires a down payment of at least 3%. Therefore, your down payment should be, at minimum, $13,500. A down payment of 20% ($113,000 on a property costing $563,000) would allow you to skip paying the additional cost of private mortgage insurance.
Can I afford a $450K house with a $70K salary?
It’s not likely that someone earning $70,000 per year could afford a $450,000 house. Assuming you choose a 30-year loan, your monthly payment would be around $3,000, which would be more than 50% of your gross income — well over the 30% that is considered the maximum amount you should spend on housing. The only way to make it work would be to have a large down payment (more than $150,000) to lower the amount you would have to borrow and thus your monthly payments.
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