Monthly payment on $1,000,000 by rate and term
Principal and interest on the $800,000 borrowed after a 20% deposit of $200,000. The rate is the single biggest lever, which is why it is worth shopping.
| Rate | 30 years | 20 years | 15 years |
|---|---|---|---|
| 5.50% | $4,542.31 | $5,503.10 | $6,536.67 |
| 6.00% | $4,796.40 | $5,731.45 | $6,750.85 |
| 6.50% | $5,056.54 | $5,964.59 | $6,968.86 |
| 7.00% | $5,322.42 | $6,202.39 | $7,190.63 |
| 7.50% | $5,593.72 | $6,444.75 | $7,416.10 |
| 8.00% | $5,870.12 | $6,691.52 | $7,645.22 |
Principal and interest only, before taxes, insurance and any PMI.
How the deposit changes it
| Down payment | Loan | P&I | PMI | PMI ends |
|---|---|---|---|---|
| 5% ($50,000) | $950,000 | $6,004.65 | $435.42 | month 135 |
| 10% ($100,000) | $900,000 | $5,688.61 | $412.50 | month 109 |
| 20% ($200,000) | $800,000 | $5,056.54 | — | not charged |
At 6.5% over 30 years. PMI applies above 80% loan-to-value and is cancelled automatically at 78%.
Frequently asked questions
What is the monthly payment on a $1,000,000 house?
With 20% down at 6.5% over 30 years, principal and interest are $5,056.54 a month. Adding property tax and insurance brings the full payment to about $6,123.21.
How much do I need to put down on a $1,000,000 home?
20% is $200,000, which avoids PMI. At 5% down ($50,000) you would borrow $950,000 and pay an extra $435.42 a month in PMI until month 135.
How much interest does a $1,000,000 mortgage cost?
On the $800,000 borrowed at 6.5% over 30 years, total interest is $1,020,359 — about 128% of the amount borrowed. A 15-year term cuts that to $454,394.
Nearby prices
Related tools
- Amortization schedule — every payment on this loan, with CSV export
- Mortgage calculator — any price, rate, term and deposit
- Paycheck calculator — the take-home pay this payment comes out of