Monthly payment on $1,200,000 by rate and term
Principal and interest on the $960,000 borrowed after a 20% deposit of $240,000. The rate is the single biggest lever, which is why it is worth shopping.
| Rate | 30 years | 20 years | 15 years |
|---|---|---|---|
| 5.50% | $5,450.77 | $6,603.72 | $7,844.00 |
| 6.00% | $5,755.69 | $6,877.74 | $8,101.03 |
| 6.50% | $6,067.85 | $7,157.50 | $8,362.63 |
| 7.00% | $6,386.90 | $7,442.87 | $8,628.75 |
| 7.50% | $6,712.46 | $7,733.69 | $8,899.32 |
| 8.00% | $7,044.14 | $8,029.82 | $9,174.26 |
Principal and interest only, before taxes, insurance and any PMI.
How the deposit changes it
| Down payment | Loan | P&I | PMI | PMI ends |
|---|---|---|---|---|
| 5% ($60,000) | $1,140,000 | $7,205.58 | $522.50 | month 135 |
| 10% ($120,000) | $1,080,000 | $6,826.33 | $495.00 | month 109 |
| 20% ($240,000) | $960,000 | $6,067.85 | — | 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 $1,200,000 house?
With 20% down at 6.5% over 30 years, principal and interest are $6,067.85 a month. Adding property tax and insurance brings the full payment to about $7,317.85.
How much do I need to put down on a $1,200,000 home?
20% is $240,000, which avoids PMI. At 5% down ($60,000) you would borrow $1,140,000 and pay an extra $522.50 a month in PMI until month 135.
How much interest does a $1,200,000 mortgage cost?
On the $960,000 borrowed at 6.5% over 30 years, total interest is $1,224,429 — about 128% of the amount borrowed. A 15-year term cuts that to $545,274.
Nearby prices
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