Monthly payment on $1,300,000 by rate and term
Principal and interest on the $1,040,000 borrowed after a 20% deposit of $260,000. The rate is the single biggest lever, which is why it is worth shopping.
| Rate | 30 years | 20 years | 15 years |
|---|---|---|---|
| 5.50% | $5,905.01 | $7,154.03 | $8,497.67 |
| 6.00% | $6,235.33 | $7,450.88 | $8,776.11 |
| 6.50% | $6,573.51 | $7,753.96 | $9,059.52 |
| 7.00% | $6,919.15 | $8,063.11 | $9,347.81 |
| 7.50% | $7,271.83 | $8,378.17 | $9,640.93 |
| 8.00% | $7,631.15 | $8,698.98 | $9,938.78 |
Principal and interest only, before taxes, insurance and any PMI.
How the deposit changes it
| Down payment | Loan | P&I | PMI | PMI ends |
|---|---|---|---|---|
| 5% ($65,000) | $1,235,000 | $7,806.04 | $566.04 | month 135 |
| 10% ($130,000) | $1,170,000 | $7,395.20 | $536.25 | month 109 |
| 20% ($260,000) | $1,040,000 | $6,573.51 | — | 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 $1,300,000 house?
With 20% down at 6.5% over 30 years, principal and interest are $6,573.51 a month. Adding property tax and insurance brings the full payment to about $7,915.18.
How much do I need to put down on a $1,300,000 home?
20% is $260,000, which avoids PMI. At 5% down ($65,000) you would borrow $1,235,000 and pay an extra $566.04 a month in PMI until month 135.
How much interest does a $1,300,000 mortgage cost?
On the $1,040,000 borrowed at 6.5% over 30 years, total interest is $1,326,461 — about 128% of the amount borrowed. A 15-year term cuts that to $590,712.
Nearby prices
Related tools
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