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I think possible price for Mbappe around 100 million euro and Real Madrid looks won't pay higher offer fees transfer above 200 million euro due not beneficial position for PSG. Current Mbappe contract expiry next season there are not many option for PSG, if want sell Mbappe with lower price is possibility but difficult to sell him with 200 million euro and interested teams want sign Mbappe prefer waiting until his contract over next year and become free agent.
Madrid is in a quite advantageous position with Mbappe's current condition, but if an agreement is reached to renew the contract it will be very difficult for Madrid to bring in Mbappe next season.
If Real Madrid are brave enough to spend 120 million euros on Jude Bellingham then it makes sense to get them to spend more than 150 million euros on Mbappe. Kylian Mbappe is the striker Real Madrid needs next season since Benzema has agreed to join one of the Arab Pro League teams. In terms of quality and needs, Kylian Mbappe is far more important to have than Bellingham. The striker position is urgent, obviously because Real Madrid don't have players of such high quality there.
Real Madrid would certainly benefit greatly if they managed to get Mbappe for free, but that was never going to happen. Real Madrid will have to pay PSG a very high price for Mbappe, but they will negotiate and will make a reasonable deal if they want to get him.