How Much a $1,000,000 Mortgage Will Cost You Each Month (2024)

A $1,000,000 mortgage could be your ticket to a Midwestern mansion — or a Bay Area bungalow. Whatever type of home you’re after, a substantial income and top-notch credit can help you get the jumbo mortgage you need.

In addition to your down payment, you’ll need money to cover the loan origination fee, home appraisal, and other closing costs. But here, we’ll focus on the monthly payment you can expect under different scenarios as well as how much a $1,000,000 mortgage might cost in the long run.

If you’re applying for a $1,00,000 mortgage, we'll help you determine how much that loan will cost you each month with interest.

Monthly payments for a $1,000,000 mortgage

Monthly mortgage payments are based on how much you borrow, what interest rate you can get, and how long you want to borrow the money.

Your payment will include principal, interest, and other costs like property taxes and homeowners insurance.

Here’s what monthly payments for a $1,000,000 fixed-rate mortgage might look like for you:

Interest rate	Monthly payment (15 year)	Monthly payment (30 year)
6.00%	$8,438.57	$5,995.51
6.25%	$8,574.23	$6,157.17
6.50%	$8,711.07	$6,320.68
6.75%	$8,849.09	$6,485.98
7.00%	$8,988.28	$6,653.02
7.25%	$9,128.63	$6,821.76
7.50%	$9,270.12	$6,992.15
7.75%	$9,412.76	$7,164.12
8.00%	$9,556.52	$7,337.65

Interest rate

Monthly payment (15 year)

Monthly payment (30 year)

6.00%

$8,438.57

$5,995.51

6.25%

$8,574.23

$6,157.17

6.50%

$8,711.07

$6,320.68

6.75%

$8,849.09

$6,485.98

7.00%

$8,988.28

$6,653.02

7.25%

$9,128.63

$6,821.76

7.50%

$9,270.12

$6,992.15

7.75%

$9,412.76

$7,164.12

8.00%

$9,556.52

$7,337.65

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Where to get a $1,000,000 mortgage

You can get a home loan from many types of mortgage lenders, including retail lenders, portfolio lenders, and credit unions.

Credible can help you compare our partner lenders without affecting your credit score, and we won’t sell your data or spam you with offers.

What to consider before applying for a $1,000,000 mortgage

A $1,000,000 mortgage is considered a jumbo loan, and these loans are a bit different from the smaller conforming loans you more often read about. Qualifications can vary a lot from one lender to the next, but here’s what you’ll typically need:

A down payment of at least 10% (and possibly as much as 20%)
A credit score of at least 680
A debt-to-income ratio no higher than 43%

Total interest paid on a $1,000,000 mortgage

You’ll always pay more in interest with a longer loan term, and a $1,000,000 jumbo loan is no exception. For instance, a 30-year jumbo mortgage will give you the lowest monthly payment, but you’ll cough up $1,158,381.89 in total interest, assuming a fixed rate of 6%.

A 15-year mortgage at the same rate will cost you $518,942.29 in interest, but it’ll require a higher monthly payment.

Cutting your mortgage term in half could save you $639,439.60 in interest. However, sticking with a 30-year term gives you an extra $2,443.06 to put toward other goals and expenses each month.

There’s no right or wrong choice, so choose what works best for you. Plus, Credible can help you compare lenders, putting you on the path to pre-approval.

See: How Much Does It Cost to Buy a Home?

Amortization schedule on a $1,000,000 mortgage

A mortgage amortization schedule plans out your payments for each month of your mortgage term.

Most of your monthly payment will go toward interest at the beginning of your loan term. But with each payment you make, a little more will go toward the principal, and a little less will go toward interest, until you own your home free and clear.

Here’s what that looks like for a 30-year, $1,000,000 mortgage with a 6% fixed rate:

Year	Beginning balance	Monthly payment	Total interest paid	Total principal paid	Remaining balance
1	$1,000,000.00	$5,995.51	$59,665.95	$12,280.12	$987,719.88
2	$987,719.88	$5,995.51	$58,908.54	$13,037.53	$974,682.36
3	$974,682.36	$5,995.51	$58,104.41	$13,841.65	$960,840.70
4	$960,840.70	$5,995.51	$57,250.69	$14,695.38	$946,145.32
5	$946,145.32	$5,995.51	$56,344.31	$15,601.76	$930,543.57
6	$930,543.57	$5,995.51	$55,382.03	$16,564.04	$913,979.53
7	$913,979.53	$5,995.51	$54,360.39	$17,585.67	$896,393.86
8	$896,393.86	$5,995.51	$53,275.75	$18,670.32	$877,723.54
9	$877,723.54	$5,995.51	$52,124.20	$19,821.86	$857,901.68
10	$857,901.68	$5,995.51	$50,901.63	$21,044.43	$836,857.25
11	$836,857.25	$5,995.51	$49,603.66	$22,342.40	$814,514.84
12	$814,514.84	$5,995.51	$48,225.63	$23,720.44	$790,794.41
13	$790,794.41	$5,995.51	$46,762.60	$25,183.46	$765,610.95
14	$765,610.95	$5,995.51	$45,209.34	$26,736.72	$738,874.23
15	$738,874.23	$5,995.51	$43,560.28	$28,385.78	$710,488.44
16	$710,488.44	$5,995.51	$41,809.51	$30,136.56	$680,351.89
17	$680,351.89	$5,995.51	$39,950.75	$31,995.31	$648,356.57
18	$648,356.57	$5,995.51	$37,977.35	$33,968.71	$614,387.86
19	$614,387.86	$5,995.51	$35,882.23	$36,063.83	$578,324.03
20	$578,324.03	$5,995.51	$33,657.89	$38,288.17	$540,035.86
21	$540,035.86	$5,995.51	$31,296.36	$40,649.70	$499,386.16
22	$499,386.16	$5,995.51	$28,789.18	$43,156.88	$456,229.28
23	$456,229.28	$5,995.51	$26,127.36	$45,818.71	$410,410.58
24	$410,410.58	$5,995.51	$23,301.36	$48,644.70	$361,765.87
25	$361,765.87	$5,995.51	$20,301.06	$51,645.00	$310,120.87
26	$310,120.87	$5,995.51	$17,115.71	$54,830.35	$255,290.52
27	$255,290.52	$5,995.51	$13,733.89	$58,212.17	$197,078.35
28	$197,078.35	$5,995.51	$10,143.50	$61,802.57	$135,275.78
29	$135,275.78	$5,995.51	$6,331.65	$65,614.41	$69,661.37
30	$69,661.37	$5,995.51	$2,284.69	$69,661.37	$0.00

Year

Beginning balance

Monthly payment

Total interest paid

Total principal paid

Remaining balance

$1,000,000.00

$5,995.51

$59,665.95

$12,280.12

$987,719.88

$5,995.51

$58,908.54

$13,037.53

$974,682.36

$5,995.51

$58,104.41

$13,841.65

$960,840.70

$5,995.51

$57,250.69

$14,695.38

$946,145.32

$5,995.51

$56,344.31

$15,601.76

$930,543.57

$5,995.51

$55,382.03

$16,564.04

$913,979.53

$5,995.51

$54,360.39

$17,585.67

$896,393.86

$5,995.51

$53,275.75

$18,670.32

$877,723.54

$5,995.51

$52,124.20

$19,821.86

$857,901.68

$5,995.51

$50,901.63

$21,044.43

$836,857.25

$5,995.51

$49,603.66

$22,342.40

$814,514.84

$5,995.51

$48,225.63

$23,720.44

$790,794.41

$5,995.51

$46,762.60

$25,183.46

$765,610.95

$5,995.51

$45,209.34

$26,736.72

$738,874.23

$5,995.51

$43,560.28

$28,385.78

$710,488.44

$5,995.51

$41,809.51

$30,136.56

$680,351.89

$5,995.51

$39,950.75

$31,995.31

$648,356.57

$5,995.51

$37,977.35

$33,968.71

$614,387.86

$5,995.51

$35,882.23

$36,063.83

$578,324.03

$5,995.51

$33,657.89

$38,288.17

$540,035.86

$5,995.51

$31,296.36

$40,649.70

$499,386.16

$5,995.51

$28,789.18

$43,156.88

$456,229.28

$5,995.51

$26,127.36

$45,818.71

$410,410.58

$5,995.51

$23,301.36

$48,644.70

$361,765.87

$5,995.51

$20,301.06

$51,645.00

$310,120.87

$5,995.51

$17,115.71

$54,830.35

$255,290.52

$5,995.51

$13,733.89

$58,212.17

$197,078.35

$5,995.51

$10,143.50

$61,802.57

$135,275.78

$5,995.51

$6,331.65

$65,614.41

$69,661.37

$5,995.51

$2,284.69

$69,661.37

$0.00

And here’s the amortization schedule on a 15-year, $1,000,000 mortgage with a 6% fixed rate:

Year	Beginning balance	Monthly payment	Total interest paid to date	Total principal paid to date	Remaining balance
1	$1,000,000.00	$8,438.57	$58,846.15	$42,416.67	$957,583.33
2	$957,583.33	$8,438.57	$56,229.98	$45,032.84	$912,550.49
3	$912,550.49	$8,438.57	$53,452.45	$47,810.37	$864,740.12
4	$864,740.12	$8,438.57	$50,503.61	$50,759.21	$813,980.91
5	$813,980.91	$8,438.57	$47,372.90	$53,889.92	$760,090.99
6	$760,090.99	$8,438.57	$44,049.08	$57,213.74	$702,877.25
7	$702,877.25	$8,438.57	$40,520.26	$60,742.55	$642,134.70
8	$642,134.70	$8,438.57	$36,773.80	$64,489.02	$577,645.67
9	$577,645.67	$8,438.57	$32,796.26	$68,466.56	$509,179.11
10	$509,179.11	$8,438.57	$28,573.39	$72,689.43	$436,489.68
11	$436,489.68	$8,438.57	$24,090.06	$77,172.76	$359,316.92
12	$359,316.92	$8,438.57	$19,330.22	$81,932.60	$277,384.31
13	$277,384.31	$8,438.57	$14,276.79	$86,986.03	$190,398.29
14	$190,398.29	$8,438.57	$8,911.68	$92,351.14	$98,047.15
15	$98,047.15	$8,438.57	$3,215.67	$98,047.15	$0.00

Year

Beginning balance

Monthly payment

Total interest paid to date

Total principal paid to date

Remaining balance

$1,000,000.00

$8,438.57

$58,846.15

$42,416.67

$957,583.33

$8,438.57

$56,229.98

$45,032.84

$912,550.49

$8,438.57

$53,452.45

$47,810.37

$864,740.12

$8,438.57

$50,503.61

$50,759.21

$813,980.91

$8,438.57

$47,372.90

$53,889.92

$760,090.99

$8,438.57

$44,049.08

$57,213.74

$702,877.25

$8,438.57

$40,520.26

$60,742.55

$642,134.70

$8,438.57

$36,773.80

$64,489.02

$577,645.67

$8,438.57

$32,796.26

$68,466.56

$509,179.11

$8,438.57

$28,573.39

$72,689.43

$436,489.68

$8,438.57

$24,090.06

$77,172.76

$359,316.92

$8,438.57

$19,330.22

$81,932.60

$277,384.31

$8,438.57

$14,276.79

$86,986.03

$190,398.29

$8,438.57

$8,911.68

$92,351.14

$98,047.15

$8,438.57

$3,215.67

$98,047.15

$0.00

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How to get a $1,000,000 mortgage

1. Calculate your homebuying budget

To figure out how much house you can afford, create a detailed account of your annual income and expenses. Then, factor in the new costs you’ll take on as a homeowner.

Besides your mortgage principal and interest, there will be property taxes, homeowners insurance, and home maintenance. Some properties also require homeowners association fees and special hazard insurance, such as flood insurance. Your utilities may be higher, too.

2. Review your credit report

Before you apply for a mortgage, check your credit report with each of the three major credit bureaus: Equifax, Experian, and TransUnion. Mistakes can happen due to identity theft, identically spelled names and similar Social Security numbers.

You don’t want to qualify for a smaller loan because someone else’s car payment ended up on your credit profile, or get rejected because your score is lower than you thought.

3. Get pre-approved

By giving lenders some basic information about your finances, they’ll be able to tell you if you’re likely to qualify for a full mortgage — and estimate how much you can borrow.

The mortgage pre-approval process also helps you learn which lender offers the lowest fees and APR.

Tip:

Getting a pre-approval letter from a lender will strengthen your purchase offer too. It shows sellers that you’re more likely to close the deal.

4. Shop around for mortgage rates

When you’re taking out a jumbo loan, a small difference in your interest rate can mean a difference of tens of thousands of dollars over the life of your mortgage. It’s worth your time and effort to shop around for the best mortgage rate.

But don’t stop there: Fees can add up too. When comparing lenders, see what they charge in origination fees, application fees, discount points, and more.

5. Negotiate home purchase details

Don’t let the fact that you’re making a major purchase dissuade you from trying to save money any way you can. In a buyer’s market, you may be able to offer less than the asking price — or negotiate seller concessions, such as help paying for closing costs or repairs.

If that’s not possible, negotiating for your desired move-in date might help you save money by avoiding overlapping payments on your current place and new home.

Find Out: How to Know If You Should Buy a House

6. Complete the full mortgage application

Once you’ve found a home you want to buy and a seller has accepted your offer, it’s time to apply for a mortgage. You’ll provide extensive details about your income sources and your legally binding financial obligations, including debt payments and child support.

The lender wants to see that your income is stable and that your debt-to-income ratio is not too high to afford the mortgage you’re applying for.

7. Get approved by an underwriter

After you complete your mortgage application, an underwriter will review it along with supporting documents you must supply, such as bank statements, pay stubs, and tax returns. The faster you provide this additional information, the sooner your mortgage can close.

The lender will also send an appraiser out to evaluate the condition and value of the home you want to buy. If all goes well, it will appraise for the purchase price or higher.

8. Prepare for closing

Getting to closing can be excruciating. You can’t wait to get that final OK that you’re clear to close.

At this stage, you may have to comply with some last-minute underwriting requests. You’ll also want to schedule time to review and sign your closing paperwork and make sure you understand how to transfer the money for your down payment and closing costs.

9. Close on your mortgage

To complete your homebuying journey, you’ll sign dozens of papers in front of a notary. This process traditionally took place in an office, but now you may be able to do it in your home with a mobile notary or remote online notarization.

You’ll need to provide your ID and possibly your fingerprint. Soon after that, you’ll get the keys — and the real excitement of moving into your new home can finally begin!

Let's Get Started

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Meet the expert:

Amy Fontinelle

Amy Fontinelle is a personal finance journalist with work featured in Forbes Advisor, The Motley Fool, Investopedia, International Business Times, MassMutual, and more.

FAQs

How Much a $1,000,000 Mortgage Will Cost You Each Month? ›

A 30-year, $1,000,000 mortgage with a 6% interest rate costs about $5,996 per month — and you could end up paying over $700,000 in interest over the life of the loan.

Read On ›

How much is a $1 million mortgage payment per month? ›

Here's what a monthly mortgage payment would look like on a $1 million home assuming the same caveats as above: 15-year mortgage at 5.53%: $6,549.41 per month. 30-year mortgage at 6.16%: $4,879.01 per month.

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How much do you need to make for a $1 million mortgage? ›

A 36% DTI is a more reasonable and realistic level. If you keep all the other factors the same, your gross annual income would need to be around $210,000 to buy a $1 million home. Or, if you want to stay within the recommended 26% ratio, you'd have to earn about $290,000 or more.

What are the repayments on a 1 million dollar mortgage? ›

A 30 year mortgage at 6.29% should cost you $6,183.21 principal and interest repayments per month, with $2,225,955.90in total interest charged. A 30 year mortgage at 6.79% should cost you $6,512.59 principal and interest repayments per month, with $2,344,533.17 in total interest charged.

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What would a 100000 mortgage cost per month? ›

Assuming principal and interest only, the monthly payment on a $100,000 loan with an annual percentage rate (APR) of 6% would be $599.55 for a 30-year term and $843.86 for a 15-year mortgage.

Find Out More ›

How are people affording million dollar homes? ›

As Madan noted, when purchasing a high-value property, a jumbo loan may be necessary. These loans exceed the limits set by government-sponsored entities, making them suitable for million-dollar homes. Jumbo loans often require a strong credit score, a low debt-to-income ratio, and, typically, a higher down payment.

Tell Me More ›

How hard is it to get a million dollar mortgage? ›

Getting a mortgage on a million-dollar home. To qualify for a mortgage on a $1 million home, you'll need roughly $224,223 in cash for the down payment and closing costs, a credit score of at least 700, and enough savings to cover 6–12 months of mortgage payments.

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What is a million dollar mortgage called? ›

If you have your sights set on a home that costs close to a million dollars or more—and you don't have that much cash sitting in a bank account—you'll probably need a jumbo mortgage. And if you're trying to obtain one, you'll face more exacting credit requirements than homeowners applying for a conventional loan.

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How much house can I afford if I make $70,000 a year? ›

With a $70,000 annual salary and using a 50% DTI, your home buying budget could potentially afford a house priced between $180,000 to $280,000, depending on your financial situation, credit score, and current market conditions. This range is higher than what you might qualify for with more traditional DTI limits.

How to pay off a $1 million dollar mortgage? ›

Here are some ways you can pay off your mortgage faster:

Refinance your mortgage. ...
Make extra mortgage payments. ...
Make one extra mortgage payment each year. ...
Round up your mortgage payments. ...
Try the dollar-a-month plan. ...
Use unexpected income.

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What is the repayment on a 1,000,000 mortgage? ›

After the fixed-rate period, the mortgage reverts to the lender's 8.59% standard variable rate, and the APRC is 6.7%. The mortgage is available on interest-only, and the monthly payment on a £1 million mortgage would be £3,641.67 per month. It would rise to £4,989.90 on full capital repayment over 30 years.

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What is the interest rate on a 1 million dollar loan? ›

The national average interest rate for 15-year fixed-rate mortgage loans is 6.35% as of December 29, 2023. If you buy a $1 million home with a $200,000 down payment and finance the remaining $800,000, your monthly mortgage note would be $6,903.

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How to borrow 1 million dollars? ›

Lending Options for a Million Dollar Loan

There are a few resources where you can find large loans of a million or more for small businesses, including the SBA, banks, and credit unions. Online lenders are also an option, assuming they offer loans backed by the SBA.

Get More Info Here ›

How much is a 1000000 mortgage per month? ›

A 30-year, $1,000,000 mortgage with a 6% interest rate costs about $5,996 per month — and you could end up paying over $700,000 in interest over the life of the loan.

What credit score do you need to get a $100,000 loan? ›

Requirements for a $100,000 Personal Loan

You'll generally need a good to exceptional credit score, generally between 670 and 850, and a steady income to get a $100,000 personal loan.

How much does a $100,000 mortgage cost per month? ›

Term length

Mortgage Amount	Term Length	Monthly Repayments
£100k	15 years	£740
£100k	20 years	£606
£100k	25 years	£528
£100k	30 years	£477

3 more rows

Sep 2, 2024

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How much is a downpayment on a 1 million dollar house? ›

Therefore, to purchase a home worth a million dollars, you'd generally need a hefty $200,000 for the down payment. However, different mortgage programs could affect the down payment amount. For example, some such as conventional jumbo loan programs can allow for down payment options that start as low as 10%.

How much is a mortgage payment on $800,000? ›

To start, here's what an $800,000 mortgage would cost at today's average rates, assuming the conventional 20% down payment ($160,000) for principal and interest only: 15-year mortgage at 5.78%: $5,324.91 per month. 30-year mortgage at 6.41%: $4,007.43 per month.

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How much is mortgage on $2 million dollar home? ›

Today (April 2020), it's going to be about $7K/month for the mortgage. $10K/month if you add in insurance and property tax. Your mileage may vary - depending on down payment, interest rate, term, insurance and taxes for your particular $2M house.

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