Monthly payment on $1,500,000 by rate and term
Principal and interest on the $1,200,000 borrowed after a 20% deposit of $300,000. The rate is the single biggest lever, which is why it is worth shopping.
| Rate | 30 years | 20 years | 15 years |
|---|---|---|---|
| 5.50% | $6,813.47 | $8,254.65 | $9,805.00 |
| 6.00% | $7,194.61 | $8,597.17 | $10,126.28 |
| 6.50% | $7,584.82 | $8,946.88 | $10,453.29 |
| 7.00% | $7,983.63 | $9,303.59 | $10,785.94 |
| 7.50% | $8,390.57 | $9,667.12 | $11,124.15 |
| 8.00% | $8,805.17 | $10,037.28 | $11,467.83 |
Principal and interest only, before taxes, insurance and any PMI.
How the deposit changes it
| Down payment | Loan | P&I | PMI | PMI ends |
|---|---|---|---|---|
| 5% ($75,000) | $1,425,000 | $9,006.97 | $653.13 | month 135 |
| 10% ($150,000) | $1,350,000 | $8,532.92 | $618.75 | month 109 |
| 20% ($300,000) | $1,200,000 | $7,584.82 | — | 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 $1,500,000 house?
With 20% down at 6.5% over 30 years, principal and interest are $7,584.82 a month. Adding property tax and insurance brings the full payment to about $9,109.82.
How much do I need to put down on a $1,500,000 home?
20% is $300,000, which avoids PMI. At 5% down ($75,000) you would borrow $1,425,000 and pay an extra $653.13 a month in PMI until month 135.
How much interest does a $1,500,000 mortgage cost?
On the $1,200,000 borrowed at 6.5% over 30 years, total interest is $1,530,531 — about 128% of the amount borrowed. A 15-year term cuts that to $681,592.
Nearby prices
Related tools
- Amortization schedule — every payment on this loan, with CSV export
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