Monthly payment on $950,000 by rate and term
Principal and interest on the $760,000 borrowed after a 20% deposit of $190,000. The rate is the single biggest lever, which is why it is worth shopping.
| Rate | 30 years | 20 years | 15 years |
|---|---|---|---|
| 5.50% | $4,315.20 | $5,227.94 | $6,209.83 |
| 6.00% | $4,556.58 | $5,444.88 | $6,413.31 |
| 6.50% | $4,803.72 | $5,666.36 | $6,620.42 |
| 7.00% | $5,056.30 | $5,892.27 | $6,831.09 |
| 7.50% | $5,314.03 | $6,122.51 | $7,045.29 |
| 8.00% | $5,576.61 | $6,356.94 | $7,262.96 |
Principal and interest only, before taxes, insurance and any PMI.
How the deposit changes it
| Down payment | Loan | P&I | PMI | PMI ends |
|---|---|---|---|---|
| 5% ($47,500) | $902,500 | $5,704.41 | $413.65 | month 135 |
| 10% ($95,000) | $855,000 | $5,404.18 | $391.88 | month 109 |
| 20% ($190,000) | $760,000 | $4,803.72 | — | 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 $950,000 house?
With 20% down at 6.5% over 30 years, principal and interest are $4,803.72 a month. Adding property tax and insurance brings the full payment to about $5,824.55.
How much do I need to put down on a $950,000 home?
20% is $190,000, which avoids PMI. At 5% down ($47,500) you would borrow $902,500 and pay an extra $413.65 a month in PMI until month 135.
How much interest does a $950,000 mortgage cost?
On the $760,000 borrowed at 6.5% over 30 years, total interest is $969,336 — about 128% of the amount borrowed. A 15-year term cuts that to $431,674.
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