How much would I pay on a $900,000 mortgage?

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If you’re ready to buy a home, you might wonder how to budget for your target home cost. As of April 15, 2025 the current average interest rate for a 30-year fixed mortgage is sitting at 6.86% 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 $900,000 mortgage.

• How to use this mortgage repayment calculator

  1. Enter how much you want to borrow under Loan amount.
  2. Type in your mortgage term in years (not months) under the Loan terms field.
  3. Enter the loan’s interest rate if it doesn’t come with any fees under Interest rate. Note that your monthly mortgage payments will vary depending on your interest rate, taxes, PMI costs and other related fees. If you have this information available, you can enter the annual percentage rate (APR), which includes interest and fees combined.
  4. Click Calculate.
  5. Review your results.

Monthly payments on a $900,000 mortgage

If you’re considering a $900,000 mortgage that has a 7.00% fixed interest rate and you put 20% down (around $180,000), a monthly mortgage payment on a 30-year mortgage might total $4,790.18 a month, while a 15-year might cost $6,471.56 a month.
Without putting any money down, a $900,000 mortgage for 30 years at 7.00% would be around $5,988 per month, and a 15-year is around $8,089 per month.

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Your total interest on a $900,000 mortgage

On a 30-year mortgage with a 7.00% fixed interest rate, you’ll may pay around $1,255,580 in interest over the life of your loan.
If you instead opt for a 15-year mortgage, you’ll may pay around $556,102 in interest over the life of your loan — nearly $700,000 less than a 30-year mortgage.

• See how much you'd pay in total interest based on the interest rate.

  Interest	Mortgage term	Total interest charged
  5.75%	15 years	$445,264
  5.75%	30 years	$990,776
  6.00%	15 years	$467,048
  6.00%	30 years	$1,042,544
  6.25%	15 years	$489,025
  6.25%	30 years	$1,094,924
  6.50%	15 years	$511,194
  6.50%	30 years	$1,147,900
  6.75%	15 years	$533,553
  6.75%	30 years	$1,201,458
  7.00%	15 years	$556,102
  7.00%	30 years	$1,255,580
  7.25%	15 years	$578,838
  7.25%	30 years	$1,310,251
  7.50%	15 years	$601,760
  7.50%	30 years	$1,365,455
  7.75%	15 years	$624,867
  7.75%	30 years	$1,421,176
  8.00%	15 years	$648,156
  8.00%	30 years	$1,477,397
  8.25%	15 years	$671,627
  8.25%	30 years	$1,534,104

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 $900,000 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.

• 30-year loan
• 15-year loan

Bottom line

Buying a house is among the biggest investments you’ll make. Know how much you might pay each month on your $900,000 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.