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.
Enter how much you want to borrow under Loan amount.
Type in your mortgage term in years (not months) under the Loan terms field.
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.
Click Calculate.
Review your results.
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
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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.
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.
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.
Cornerstone Home Lending offers a standard list of mortgage loans with some portfolio options, but you have to contact a loan officer for rates and fees.
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