How much would I pay on a million pound mortgage?

Repayments, total interest and amortisation to borrow with confidence.

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Updated

Aug 8, 2022

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1 - 10 of 1002

Name	Initial rate	Revert rate (SVR)	Maximum LTV	Apply link	Initial payment
NatWest 31/08/2029 Fixed NatWest 31/08/2029 Fixed Remortgaging	4.18% fixed until 31/08/2029	8.24% variable	60%	Check eligibility View details	£6,595.36 6.4% APRC	loading Fetching your data...
Nationwide Building Society 5 Years Fixed Nationwide Building Society 5 Years Fixed Home mover	4.19% fixed for 5 years	7.99% variable	60%	Check eligibility View details	£6,600.57 6.3% APRC	loading Fetching your data...
NatWest 31/08/2029 Fixed NatWest 31/08/2029 Fixed First-time buyerHome mover	4.19% fixed until 31/08/2029	8.24% variable	60%	Check eligibility View details	£6,600.57 6.4% APRC	loading Fetching your data...
NatWest 31/08/2029 Fixed NatWest 31/08/2029 Fixed First-time buyerHome mover	4.19% fixed until 31/08/2029	8.24% variable	60%	Check eligibility View details	£6,600.57 6.4% APRC	loading Fetching your data...
Royal Bank of Scotland 31/08/2029 Fixed Royal Bank of Scotland 31/08/2029 Fixed First-time buyerHome mover	4.19% fixed until 31/08/2029	8.24% variable	60%	Check eligibility View details	£6,600.57 6.4% APRC	loading Fetching your data...
Santander 02/09/2029 Fixed Santander 02/09/2029 Fixed First-time buyerHome mover	4.22% fixed until 02/09/2029	7.5% variable	60%	Check eligibility View details	£6,616.21 5.9% APRC	loading Fetching your data...
NatWest 31/08/2029 Fixed NatWest 31/08/2029 Fixed First-time buyerHome mover	4.24% fixed until 31/08/2029	8.24% variable	60%	Check eligibility View details	£6,626.65 6.4% APRC	loading Fetching your data...
Royal Bank of Scotland 31/08/2029 Fixed Royal Bank of Scotland 31/08/2029 Fixed First-time buyerHome mover	4.24% fixed until 31/08/2029	8.24% variable	60%	Check eligibility View details	£6,626.65 6.4% APRC	loading Fetching your data...
HSBC 31/07/2029 Fixed - Standard 60% HSBC 31/07/2029 Fixed - Standard 60% First-time buyerHome mover	4.24% fixed until 31/07/2029	6.99% variable	60%	Check eligibility View details	£6,626.65 5.6% APRC	loading Fetching your data...
Royal Bank of Scotland 31/08/2029 Fixed Royal Bank of Scotland 31/08/2029 Fixed Remortgaging	4.28% fixed until 31/08/2029	8.24% variable	60%	Check eligibility View details	£6,647.56 6.4% APRC	loading Fetching your data...

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Overall representative example
If you borrow £178,000 mortgage over 25 years initially at 4.49% fixed for 60 months reverting to 7.99% variable for term. 60 monthly payments of £988.37 and 240 monthly payments of £1306.89. Total amount payable £373,335.80 includes loan amount, interest of £194,956, valuation fees of £0 and product fees of £0. The overall cost for comparison is 6.7% APRC representative.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

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 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 term might cost £7,396.88 a month.

Note that your monthly mortgage payments will vary depending on your interest rate, taxes and PMI, among related fees.

Interest rate	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

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

Amortisation 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.

Amortisation means that at the beginning of your loan, a large 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 amortisation schedule over 15 and 30 years.

15-year loan
30-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	£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

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

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Matthew Boyle

Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.

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How much would I pay on a million pound mortgage?

Repayments, total interest and amortisation to borrow with confidence.

Mortgage providers

Monthly payments on a £1,000,000 mortgage

See your monthly payments by interest rate.

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

See how much you'd pay in total interest based on the interest rate.

Amortisation schedule

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