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

Calculate repayments, total interest and amortization on a $900k mortgage to borrow with confidence.

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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 $900,000 mortgage.

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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.

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.

Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $900,000 $5,988 $62,710 $9,142 $71,853 $890,858
2 $890,858 $5,988 $62,049 $9,803 $71,853 $881,055
3 $881,055 $5,988 $61,341 $10,512 $71,853 $870,543
4 $870,543 $5,988 $60,581 $11,272 $71,853 $859,271
5 $859,271 $5,988 $59,766 $12,087 $71,853 $847,184
6 $847,184 $5,988 $58,892 $12,960 $71,853 $834,224
7 $834,224 $5,988 $57,955 $13,897 $71,853 $820,327
8 $820,327 $5,988 $56,951 $14,902 $71,853 $805,425
9 $805,425 $5,988 $55,874 $15,979 $71,853 $789,446
10 $789,446 $5,988 $54,718 $17,134 $71,853 $772,311
11 $772,311 $5,988 $53,480 $18,373 $71,853 $753,939
12 $753,939 $5,988 $52,152 $19,701 $71,853 $734,237
13 $734,237 $5,988 $50,727 $21,125 $71,853 $713,112
14 $713,112 $5,988 $49,200 $22,652 $71,853 $690,460
15 $690,460 $5,988 $47,563 $24,290 $71,853 $666,170
16 $666,170 $5,988 $45,807 $26,046 $71,853 $640,124
17 $640,124 $5,988 $43,924 $27,929 $71,853 $612,195
18 $612,195 $5,988 $41,905 $29,948 $71,853 $582,247
19 $582,247 $5,988 $39,740 $32,113 $71,853 $550,135
20 $550,135 $5,988 $37,419 $34,434 $71,853 $515,701
21 $515,701 $5,988 $34,929 $36,923 $71,853 $478,777
22 $478,777 $5,988 $32,260 $39,593 $71,853 $439,185
23 $439,185 $5,988 $29,398 $42,455 $71,853 $396,730
24 $396,730 $5,988 $26,329 $45,524 $71,853 $351,207
25 $351,207 $5,988 $23,038 $48,815 $71,853 $302,392
26 $302,392 $5,988 $19,509 $52,343 $71,853 $250,048
27 $250,048 $5,988 $15,725 $56,127 $71,853 $193,921
28 $193,921 $5,988 $11,668 $60,185 $71,853 $133,736
29 $133,736 $5,988 $7,317 $64,536 $71,853 $69,201
30 $69,201 $5,988 $2,652 $69,201 $71,853 $0
Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $900,000 $8,089 $61,885 $35,188 $97,073 $864,812
2 $864,812 $8,089 $59,342 $37,732 $97,073 $827,080
3 $827,080 $8,089 $56,614 $40,460 $97,073 $786,620
4 $786,620 $8,089 $53,689 $43,384 $97,073 $743,236
5 $743,236 $8,089 $50,553 $46,521 $97,073 $696,715
6 $696,715 $8,089 $47,190 $49,884 $97,073 $646,832
7 $646,832 $8,089 $43,584 $53,490 $97,073 $593,342
8 $593,342 $8,089 $39,717 $57,357 $97,073 $535,985
9 $535,985 $8,089 $35,571 $61,503 $97,073 $474,482
10 $474,482 $8,089 $31,125 $65,949 $97,073 $408,534
11 $408,534 $8,089 $26,357 $70,716 $97,073 $337,817
12 $337,817 $8,089 $21,245 $75,828 $97,073 $261,989
13 $261,989 $8,089 $15,763 $81,310 $97,073 $180,679
14 $180,679 $8,089 $9,885 $87,188 $97,073 $93,491
15 $93,491 $8,089 $3,583 $93,491 $97,073 $0

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.

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Written by

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. See full profile

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