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How much would I pay on a million dollar mortgage?

Repayments, total interest and amortization to borrow with confidence.

Updated

Feb 7, 2023

Fact checked

Budgeting for your target home cost before you start your house search can give you an advantage in understanding your true expected cost. But rates and costs vary widely depending on factors like from your down payment and the ZIP code of your new home.

Compare monthly payments and rates by filling out the form the top of our table. Click Next to get a rate quote from one of our partner lenders.

Monthly payments on a $1,000,000 mortgage by interest rate

At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $6,653 a month, while a 15-year might cost $8,988 a month.

Interest	Mortgage term	Monthly payments
5.75%	15 years	$8,304
5.75%	30 years	$5,836
6.00%	15 years	$8,439
6.00%	30 years	$5,996
6.25%	15 years	$8,574
6.25%	30 years	$6,157
6.50%	15 years	$8,711
6.50%	30 years	$6,321
6.75%	15 years	$8,849
6.75%	30 years	$6,486
7.00%	15 years	$8,988
7.00%	30 years	$6,653
7.25%	15 years	$9,129
7.25%	30 years	$6,822
7.50%	15 years	$9,270
7.50%	30 years	$6,992
7.75%	15 years	$9,413
7.75%	30 years	$7,164
8.00%	15 years	$9,557
8.00%	30 years	$7,338
8.25%	15 years	$9,701
8.25%	30 years	$7,513

Your total interest on a $1,000,000 mortgage

On a 30-year $1,000,000 mortgage with a 7.00% fixed interest rate, you may pay $1,395,089 in interest over the life of your loan.

If you instead opt for a 15-year mortgage, there may be $617,891 in interest charges over the life of your loan — considerably less than a 30-year mortgage.

Interest	Mortgage term	Total interest charged
5.75%	15 years	$494,738
5.75%	30 years	$1,100,862
6.00%	15 years	$518,942
6.00%	30 years	$1,158,382
6.25%	15 years	$543,361
6.25%	30 years	$1,216,582
6.50%	15 years	$567,993
6.50%	30 years	$1,275,445
6.75%	15 years	$592,837
6.75%	30 years	$1,334,953
7.00%	15 years	$617,891
7.00%	30 years	$1,395,089
7.25%	15 years	$643,153
7.25%	30 years	$1,455,835
7.50%	15 years	$668,622
7.50%	30 years	$1,517,172
7.75%	15 years	$694,296
7.75%	30 years	$1,579,084
8.00%	15 years	$720,174
8.00%	30 years	$1,641,552
8.25%	15 years	$746,253
8.25%	30 years	$1,704,560

How much do I need to make to afford a $1,000,000 house?

As a general rule, your mortgage payment shouldn’t exceed one-third of your monthly income.

If you were to put down 20% on a $1,000,000 home, your monthly payment with 7.00% interest would be around $5,322.42. To stay below the one-third rule, you’d need to make at least $191,600 a year, before tax.

Ultimately, how much you need to make depends on your down payment, loan terms, taxes and insurance.

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 $1,000,000 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.

30-year loan
15-year loan

Year	Beginning balance	Monthly payment	Total interest paid	Total principal paid	Total paid throughout the year	Remaining balance
1	$1,000,000	$6,653	$69,678	$10,158	$79,836	$989,842
2	$989,842	$6,653	$68,944	$10,892	$79,836	$978,949
3	$978,949	$6,653	$68,156	$11,680	$79,836	$967,270
4	$967,270	$6,653	$67,312	$12,524	$79,836	$954,745
5	$954,745	$6,653	$66,407	$13,430	$79,836	$941,316
6	$941,316	$6,653	$65,436	$14,400	$79,836	$926,916
7	$926,916	$6,653	$64,395	$15,441	$79,836	$911,474
8	$911,474	$6,653	$63,279	$16,558	$79,836	$894,917
9	$894,917	$6,653	$62,082	$17,755	$79,836	$877,162
10	$877,162	$6,653	$60,798	$19,038	$79,836	$858,124
11	$858,124	$6,653	$59,422	$20,414	$79,836	$837,709
12	$837,709	$6,653	$57,946	$21,890	$79,836	$815,819
13	$815,819	$6,653	$56,364	$23,473	$79,836	$792,347
14	$792,347	$6,653	$54,667	$25,169	$79,836	$767,178
15	$767,178	$6,653	$52,847	$26,989	$79,836	$740,189
16	$740,189	$6,653	$50,896	$28,940	$79,836	$711,249
17	$711,249	$6,653	$48,804	$31,032	$79,836	$680,217
18	$680,217	$6,653	$46,561	$33,275	$79,836	$646,942
19	$646,942	$6,653	$44,156	$35,681	$79,836	$611,261
20	$611,261	$6,653	$41,576	$38,260	$79,836	$573,001
21	$573,001	$6,653	$38,810	$41,026	$79,836	$531,975
22	$531,975	$6,653	$35,845	$43,992	$79,836	$487,983
23	$487,983	$6,653	$32,664	$47,172	$79,836	$440,811
24	$440,811	$6,653	$29,254	$50,582	$79,836	$390,229
25	$390,229	$6,653	$25,598	$54,238	$79,836	$335,991
26	$335,991	$6,653	$21,677	$58,159	$79,836	$277,832
27	$277,832	$6,653	$17,473	$62,364	$79,836	$215,468
28	$215,468	$6,653	$12,964	$66,872	$79,836	$148,596
29	$148,596	$6,653	$8,130	$71,706	$79,836	$76,890
30	$76,890	$6,653	$2,946	$76,890	$79,836	$0

Year	Beginning balance	Monthly payment	Total interest paid	Total principal paid	Total paid throughout the year	Remaining balance
1	$1,000,000	$8,988	$68,761	$39,098	$107,859	$960,902
2	$960,902	$8,988	$65,935	$41,924	$107,859	$918,978
3	$918,978	$8,988	$62,904	$44,955	$107,859	$874,023
4	$874,023	$8,988	$59,654	$48,205	$107,859	$825,818
5	$825,818	$8,988	$56,170	$51,690	$107,859	$774,128
6	$774,128	$8,988	$52,433	$55,426	$107,859	$718,702
7	$718,702	$8,988	$48,426	$59,433	$107,859	$659,269
8	$659,269	$8,988	$44,130	$63,729	$107,859	$595,539
9	$595,539	$8,988	$39,523	$68,336	$107,859	$527,203
10	$527,203	$8,988	$34,583	$73,277	$107,859	$453,926
11	$453,926	$8,988	$29,286	$78,574	$107,859	$375,352
12	$375,352	$8,988	$23,606	$84,254	$107,859	$291,099
13	$291,099	$8,988	$17,515	$90,345	$107,859	$200,754
14	$200,754	$8,988	$10,984	$96,876	$107,859	$103,879
15	$103,879	$8,988	$3,981	$103,879	$107,859	$0

Bottom line

Buying a house is among the biggest investments you’ll make. Know how much you might pay each month on your $1,000,000 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.

Thank you for your feedback!

Jing Jun Ma

Jing Jun Ma is a tech and data expert with more than a decade of experience in digital marketing and programming. He wrangles data to make it useful for consumers facing a decision.

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