Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

How much would I pay on a million dollar mortgage?

Repayments, total interest and amortization to borrow with confidence.

Jing Jun Ma

Updated Apr 27, 2020

Fact checked

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 $1,000,000 mortgage.

Monthly mortgage payment calculator

See how much you'll pay for your home

Your loan
Loan amount
$
Loan terms (in years)

Interest rate
$ %

CALCULATE

Fill out the form and click on “Calculate” to see your estimated monthly payment.

Compare with LendingTree

Based on your loan terms...

You can expect to pay back $ per month

This breaks down to...

$ in principal and $ in interest charged Compare with LendingTree

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 $1,000,000 mortgage

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $4,774.15 a month, while a 15-year might cost $7,396.88 a month.

See your monthly payments by interest rate.

Interest	Mortgage term	Monthly payments
3.0%	15 years	$6,905.82
3.0%	30 years	$4,216.04
3.25%	15 years	$7,026.69
3.25%	30 years	$4,352.06
3.5%	15 years	$7,148.83
3.5%	30 years	$4,490.45
3.75%	15 years	$7,272.22
3.75%	30 years	$4,631.16
4.0%	15 years	$7,396.88
4.0%	30 years	$4,774.15
4.25%	15 years	$7,522.78
4.25%	30 years	$4,919.40
4.5%	15 years	$7,649.93
4.5%	30 years	$5,066.85
4.75%	15 years	$7,778.32
4.75%	30 years	$5,216.47
5.0%	15 years	$7,907.94
5.0%	30 years	$5,368.22
5.25%	15 years	$8,038.78
5.25%	30 years	$5,522.04
5.5%	15 years	$8,170.83
5.5%	30 years	$5,677.89

Features	Loan types: Conventional, Refinance, Home Equity, HELOC, Jumbo, Reverse, FHA, VA, USDA Minimum credit score: 620 Minimum down payment: 3.5%

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

On a 30-year mortgage with a 4% fixed interest rate, you’ll pay $718,696.03 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 $331,438.26 in interest over the life of your loan — or about half of the interest you’d pay on a 30-year mortgage.

Interest	Mortgage term	Total interest charged
3.0%	15 years	$243,046.81
3.0%	30 years	$517,774.70
3.25%	15 years	$264,803.64
3.25%	30 years	$566,743.81
3.5%	15 years	$286,788.32
3.5%	30 years	$616,560.07
3.75%	15 years	$309,000.61
3.75%	30 years	$667,214.83
4.0%	15 years	$331,438.26
4.0%	30 years	$718,696.03
4.25%	15 years	$354,101.46
4.25%	30 years	$770,983.32
4.5%	15 years	$376,988.16
4.5%	30 years	$824,068.41
4.75%	15 years	$400,097.37
4.75%	30 years	$877,931.82
5.0%	15 years	$423,428.24
5.0%	30 years	$932,555.88
5.25%	15 years	$446,979.67
5.25%	30 years	$987,931.81
5.5%	15 years	$470,750.62
5.5%	30 years	$1,044,040.44

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 4% 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 payed throught the year	Remaining balance
1	$1,000,000.00	$4,774.15	$39,679.48	$17,610.32	$57,289.80	$982,389.68
2	$982,389.68	$4,774.15	$38,961.99	$18,327.81	$57,289.80	$964,061.87
3	$964,061.87	$4,774.15	$38,215.30	$19,074.50	$57,289.80	$944,987.37
4	$944,987.37	$4,774.15	$37,438.17	$19,851.63	$57,289.80	$925,135.74
5	$925,135.74	$4,774.15	$36,629.39	$20,660.41	$57,289.80	$904,475.33
6	$904,475.33	$4,774.15	$35,787.65	$21,502.15	$57,289.80	$882,973.18
7	$882,973.18	$4,774.15	$34,911.61	$22,378.19	$57,289.80	$860,594.99
8	$860,594.99	$4,774.15	$33,999.91	$23,289.89	$57,289.80	$837,305.10
9	$837,305.10	$4,774.15	$33,051.02	$24,238.78	$57,289.80	$813,066.32
10	$813,066.32	$4,774.15	$32,063.50	$25,226.30	$57,289.80	$787,840.02
11	$787,840.02	$4,774.15	$31,035.74	$26,254.06	$57,289.80	$761,585.96
12	$761,585.96	$4,774.15	$29,966.10	$27,323.70	$57,289.80	$734,262.26
13	$734,262.26	$4,774.15	$28,852.90	$28,436.90	$57,289.80	$705,825.36
14	$705,825.36	$4,774.15	$27,694.33	$29,595.47	$57,289.80	$676,229.89
15	$676,229.89	$4,774.15	$26,488.59	$30,801.21	$57,289.80	$645,428.68
16	$645,428.68	$4,774.15	$25,233.68	$32,056.12	$57,289.80	$613,372.56
17	$613,372.56	$4,774.15	$23,927.69	$33,362.11	$57,289.80	$580,010.45
18	$580,010.45	$4,774.15	$22,568.46	$34,721.34	$57,289.80	$545,289.11
19	$545,289.11	$4,774.15	$21,153.86	$36,135.94	$57,289.80	$509,153.17
20	$509,153.17	$4,774.15	$19,681.62	$37,608.18	$57,289.80	$471,544.99
21	$471,544.99	$4,774.15	$18,149.40	$39,140.40	$57,289.80	$432,404.59
22	$432,404.59	$4,774.15	$16,554.75	$40,735.05	$57,289.80	$391,669.54
23	$391,669.54	$4,774.15	$14,895.15	$42,394.65	$57,289.80	$349,274.89
24	$349,274.89	$4,774.15	$13,167.94	$44,121.86	$57,289.80	$305,153.03
25	$305,153.03	$4,774.15	$11,370.32	$45,919.48	$57,289.80	$259,233.55
26	$259,233.55	$4,774.15	$9,499.50	$47,790.30	$57,289.80	$211,443.25
27	$211,443.25	$4,774.15	$7,552.44	$49,737.36	$57,289.80	$161,705.89
28	$161,705.89	$4,774.15	$5,526.09	$51,763.71	$57,289.80	$109,942.18
29	$109,942.18	$4,774.15	$3,417.14	$53,872.66	$57,289.80	$56,069.52
30	$56,069.52	$4,774.15	$1,222.31	$56,069.52	$57,291.83	$0.00

Year	Beginning balance	Monthly payment	Total interest paid	Total principal paid	Total payed throught the year	Remaining balance
1	$1,000,000.00	$7,396.88	$39,096.00	$49,666.56	$88,762.56	$950,333.44
2	$950,333.44	$7,396.88	$37,072.53	$51,690.03	$88,762.56	$898,643.41
3	$898,643.41	$7,396.88	$34,966.60	$53,795.96	$88,762.56	$844,847.45
4	$844,847.45	$7,396.88	$32,774.87	$55,987.69	$88,762.56	$788,859.76
5	$788,859.76	$7,396.88	$30,493.85	$58,268.71	$88,762.56	$730,591.05
6	$730,591.05	$7,396.88	$28,119.87	$60,642.69	$88,762.56	$669,948.36
7	$669,948.36	$7,396.88	$25,649.19	$63,113.37	$88,762.56	$606,834.99
8	$606,834.99	$7,396.88	$23,077.87	$65,684.69	$88,762.56	$541,150.30
9	$541,150.30	$7,396.88	$20,401.77	$68,360.79	$88,762.56	$472,789.51
10	$472,789.51	$7,396.88	$17,616.64	$71,145.92	$88,762.56	$401,643.59
11	$401,643.59	$7,396.88	$14,718.06	$74,044.50	$88,762.56	$327,599.09
12	$327,599.09	$7,396.88	$11,701.35	$77,061.21	$88,762.56	$250,537.88
13	$250,537.88	$7,396.88	$8,561.77	$80,200.79	$88,762.56	$170,337.09
14	$170,337.09	$7,396.88	$5,294.26	$83,468.30	$88,762.56	$86,868.79
15	$86,868.79	$7,396.88	$1,893.63	$86,868.79	$88,762.42	$0.00

Thank you for your feedback!

Jing Jun Ma

Jing Jun Ma is an innovations expert at Finder. With a decade of experience in digital marketing and programming, Jing is a tech and data guy. He wrangles data to make it useful for consumers facing a decision.

How much would I pay on a $950,000 mortgage? Citibank home equity loan review

Ask an Expert

Click here to cancel reply.

Display Name

Your Email (will not be published)

Your Question

Subscribe to the Finder newsletter for the latest money tips and tricks

I agree to the Privacy and Cookies Policy, finder.com Terms of Use and to receive emails from Finder. We need your consent to our privacy policy. Please tick the box if you wish to continue with newsletter subscription.

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 finder.com 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.

Card Finder: Get a personalized card recommendation with this free tool

Find the best personal loan offer

See how much you could save:

Find the best mortgage rates and offers

How much would I pay on a million dollar mortgage?

Repayments, total interest and amortization to borrow with confidence.

Mortgage Guides

How To:

Loan Types

Lender Reviews