How much would I pay on a $950,000 mortgage? | finder.com
happy-family-in-front-of-their-house_GettyImages_250x250

How much would I pay on a $950,000 mortgage?

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Repayments, total interest and amortization to borrow with confidence.

If you’re ready to buy a home, you might wonder how to budget for your target home cost. Here’s a breakdown of what you might face monthly, in interest and over the life of a $950,000 mortgage.

Monthly payments on a $950,000 mortgage

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $4,535.45 a month, while a 15-year might cost $7,027.04 a month.

Note that your monthly mortgage payments will vary depending on your interest rate, taxes and PMI, among related fees.

Compare rates from lenders that offer $950,000 mortgages

Name Product Min. down payment Origination fee
3.5%
Depends
Connect with vetted home loan lenders quickly through this online marketplace.
Vylla
Vylla
3%
Depends
Explore financing options and home shopping services all on the same website.
3%
0.5% to 1.0%
Flexible options, fast approvals and support online backed by a trusted brand.
3%
0.5% to 1.0%
Streamline your mortgage from quote to final payment — all from your computer or phone.

Compare up to 4 providers

Your total interest on a $950,000 mortgage

On a 30-year mortgage with a 4% fixed interest rate, you’ll pay $682,758.70 in interest over the life of your loan. That’s about two-thirds of what you borrowed in interest.

If you instead opt for a 15-year mortgage, you’ll pay $314,866.08 in interest over the life of your loan — or about half of the interest you’d pay on a 30-year mortgage.

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 $950,000 mortgage at 4% fixed interest with our amortization schedule over 15 and 30 years.

YearBeginning balanceMonthly paymentTotal interest paidTotal principal paidTotal payed throught the yearRemaining balance
1$950,000.00$7,027.04$37,141.22$47,183.26$84,324.48$902,816.74
2$902,816.74$7,027.04$35,218.89$49,105.59$84,324.48$853,711.15
3$853,711.15$7,027.04$33,218.26$51,106.22$84,324.48$802,604.93
4$802,604.93$7,027.04$31,136.11$53,188.37$84,324.48$749,416.56
5$749,416.56$7,027.04$28,969.14$55,355.34$84,324.48$694,061.22
6$694,061.22$7,027.04$26,713.88$57,610.60$84,324.48$636,450.62
7$636,450.62$7,027.04$24,366.72$59,957.76$84,324.48$576,492.86
8$576,492.86$7,027.04$21,923.94$62,400.54$84,324.48$514,092.32
9$514,092.32$7,027.04$19,381.67$64,942.81$84,324.48$449,149.51
10$449,149.51$7,027.04$16,735.79$67,588.69$84,324.48$381,560.82
11$381,560.82$7,027.04$13,982.13$70,342.35$84,324.48$311,218.47
12$311,218.47$7,027.04$11,116.27$73,208.21$84,324.48$238,010.26
13$238,010.26$7,027.04$8,133.64$76,190.84$84,324.48$161,819.42
14$161,819.42$7,027.04$5,029.52$79,294.96$84,324.48$82,524.46
15$82,524.46$7,027.04$1,798.90$82,524.46$84,323.36$0.00
YearBeginning balanceMonthly paymentTotal interest paidTotal principal paidTotal payed throught the yearRemaining balance
1$950,000.00$4,535.45$37,695.49$16,729.91$54,425.40$933,270.09
2$933,270.09$4,535.45$37,013.91$17,411.49$54,425.40$915,858.60
3$915,858.60$4,535.45$36,304.53$18,120.87$54,425.40$897,737.73
4$897,737.73$4,535.45$35,566.26$18,859.14$54,425.40$878,878.59
5$878,878.59$4,535.45$34,797.90$19,627.50$54,425.40$859,251.09
6$859,251.09$4,535.45$33,998.24$20,427.16$54,425.40$838,823.93
7$838,823.93$4,535.45$33,166.01$21,259.39$54,425.40$817,564.54
8$817,564.54$4,535.45$32,299.88$22,125.52$54,425.40$795,439.02
9$795,439.02$4,535.45$31,398.42$23,026.98$54,425.40$772,412.04
10$772,412.04$4,535.45$30,460.28$23,965.12$54,425.40$748,446.92
11$748,446.92$4,535.45$29,483.92$24,941.48$54,425.40$723,505.44
12$723,505.44$4,535.45$28,467.76$25,957.64$54,425.40$697,547.80
13$697,547.80$4,535.45$27,410.20$27,015.20$54,425.40$670,532.60
14$670,532.60$4,535.45$26,309.56$28,115.84$54,425.40$642,416.76
15$642,416.76$4,535.45$25,164.09$29,261.31$54,425.40$613,155.45
16$613,155.45$4,535.45$23,971.92$30,453.48$54,425.40$582,701.97
17$582,701.97$4,535.45$22,731.20$31,694.20$54,425.40$551,007.77
18$551,007.77$4,535.45$21,439.93$32,985.47$54,425.40$518,022.30
19$518,022.30$4,535.45$20,096.07$34,329.33$54,425.40$483,692.97
20$483,692.97$4,535.45$18,697.44$35,727.96$54,425.40$447,965.01
21$447,965.01$4,535.45$17,241.81$37,183.59$54,425.40$410,781.42
22$410,781.42$4,535.45$15,726.89$38,698.51$54,425.40$372,082.91
23$372,082.91$4,535.45$14,150.25$40,275.15$54,425.40$331,807.76
24$331,807.76$4,535.45$12,509.38$41,916.02$54,425.40$289,891.74
25$289,891.74$4,535.45$10,801.67$43,623.73$54,425.40$246,268.01
26$246,268.01$4,535.45$9,024.37$45,401.03$54,425.40$200,866.98
27$200,866.98$4,535.45$7,174.66$47,250.74$54,425.40$153,616.24
28$153,616.24$4,535.45$5,249.59$49,175.81$54,425.40$104,440.43
29$104,440.43$4,535.45$3,246.10$51,179.30$54,425.40$53,261.13
30$53,261.13$4,535.45$1,160.97$53,261.13$54,422.10$0.00
Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site