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

Calculate repayments, total interest and amortization on a $950k 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 $950,000 mortgage.

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At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $6,320 a month, while a 15-year might cost $8,539 a month.

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Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
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Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
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620
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Veterans United
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Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
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620
Veterans United stands out from other lenders for its focus on serving the military community.
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Your total interest on a $950,000 mortgage

On a 30-year mortgage with a 7.00% fixed interest rate, you’ll pay $1,325,335 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 $586,996 in interest over the life of your loan — or over 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 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 $950,000 $6,320 $66,194 $9,650 $75,844 $940,350
2 $940,350 $6,320 $65,497 $10,348 $75,844 $930,002
3 $930,002 $6,320 $64,749 $11,096 $75,844 $918,906
4 $918,906 $6,320 $63,947 $11,898 $75,844 $907,008
5 $907,008 $6,320 $63,086 $12,758 $75,844 $894,250
6 $894,250 $6,320 $62,164 $13,680 $75,844 $880,570
7 $880,570 $6,320 $61,175 $14,669 $75,844 $865,900
8 $865,900 $6,320 $60,115 $15,730 $75,844 $850,171
9 $850,171 $6,320 $58,978 $16,867 $75,844 $833,304
10 $833,304 $6,320 $57,758 $18,086 $75,844 $815,218
11 $815,218 $6,320 $56,451 $19,394 $75,844 $795,824
12 $795,824 $6,320 $55,049 $20,796 $75,844 $775,028
13 $775,028 $6,320 $53,546 $22,299 $75,844 $752,730
14 $752,730 $6,320 $51,934 $23,911 $75,844 $728,819
15 $728,819 $6,320 $50,205 $25,639 $75,844 $703,179
16 $703,179 $6,320 $48,352 $27,493 $75,844 $675,686
17 $675,686 $6,320 $46,364 $29,480 $75,844 $646,206
18 $646,206 $6,320 $44,233 $31,611 $75,844 $614,595
19 $614,595 $6,320 $41,948 $33,897 $75,844 $580,698
20 $580,698 $6,320 $39,497 $36,347 $75,844 $544,351
21 $544,351 $6,320 $36,870 $38,975 $75,844 $505,376
22 $505,376 $6,320 $34,052 $41,792 $75,844 $463,584
23 $463,584 $6,320 $31,031 $44,813 $75,844 $418,771
24 $418,771 $6,320 $27,792 $48,053 $75,844 $370,718
25 $370,718 $6,320 $24,318 $51,527 $75,844 $319,191
26 $319,191 $6,320 $20,593 $55,251 $75,844 $263,940
27 $263,940 $6,320 $16,599 $59,246 $75,844 $204,695
28 $204,695 $6,320 $12,316 $63,528 $75,844 $141,166
29 $141,166 $6,320 $7,724 $68,121 $75,844 $73,045
30 $73,045 $6,320 $2,799 $73,045 $75,844 $0
Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $950,000 $8,539 $65,323 $37,143 $102,466 $912,857
2 $912,857 $8,539 $62,638 $39,828 $102,466 $873,029
3 $873,029 $8,539 $59,759 $42,707 $102,466 $830,321
4 $830,321 $8,539 $56,672 $45,795 $102,466 $784,527
5 $784,527 $8,539 $53,361 $49,105 $102,466 $735,422
6 $735,422 $8,539 $49,811 $52,655 $102,466 $682,767
7 $682,767 $8,539 $46,005 $56,461 $102,466 $626,305
8 $626,305 $8,539 $41,923 $60,543 $102,466 $565,762
9 $565,762 $8,539 $37,547 $64,920 $102,466 $500,843
10 $500,843 $8,539 $32,854 $69,613 $102,466 $431,230
11 $431,230 $8,539 $27,821 $74,645 $102,466 $356,585
12 $356,585 $8,539 $22,425 $80,041 $102,466 $276,544
13 $276,544 $8,539 $16,639 $85,827 $102,466 $190,716
14 $190,716 $8,539 $10,435 $92,032 $102,466 $98,685
15 $98,685 $8,539 $3,782 $98,685 $102,466 $0

Bottom line

Buying a house is among the biggest investments you’ll make. Know how much you might pay each month on your $950,000 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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