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How much would I pay on a million dollar mortgage?

Calculate repayments, total interest and amortization on a $1 million 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. We have a breakdown of what you might face monthly, and potential interest charges over the life of a $1,000,000 mortgage.
You can start with our calculator. Enter details with your loan amount to see what your monthly payment might be.

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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.

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.

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Rocket Mortgage
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Rocket Mortgage
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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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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.

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.

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