Monthly Payment on a $1,000,000 Mortgage
A $1,000,000 mortgage at 6.5% APR over 30 years costs about $6,320.68/month, and $1,275,445 in total interest. Every number here is editable — put in your real rate and term below.
Standard amortization math, computed in your browser. Principal-and-interest only — see the notes below for what a real bill adds on top.
Payment by rate and term
Monthly payment on $1,000,000 across the full grid — rates down the side, terms across the top:
| APR | 15 years | 20 years | 30 years |
|---|---|---|---|
| 5% | $7,907.94 | $6,599.56 | $5,368.22 |
| 5.5% | $8,170.83 | $6,878.87 | $5,677.89 |
| 6% | $8,438.57 | $7,164.31 | $5,995.51 |
| 6.5% | $8,711.07 | $7,455.73 | $6,320.68 |
| 7% | $8,988.28 | $7,752.99 | $6,653.02 |
| 7.5% | $9,270.12 | $8,055.93 | $6,992.15 |
| 8% | $9,556.52 | $8,364.40 | $7,337.65 |
How the balance falls (6.5% APR, 30 years)
Early payments are mostly interest — here’s the honest year-by-year view of what you still owe:
| After year | Balance remaining | Interest paid so far |
|---|---|---|
| 1 | $988,823 | $64,671 |
| 5 | $936,110 | $315,351 |
| 10 | $847,761 | $606,243 |
| 15 | $725,591 | $863,314 |
| 20 | $556,653 | $1,073,616 |
| 25 | $323,042 | $1,219,246 |
| 30 | $0 | $1,275,445 |
FAQ
How is the payment on a $1,000,000 mortgage calculated?
Standard amortization: payment = principal × monthly rate ÷ (1 − (1 + monthly rate)^−months). At 6.5% APR over 30 years, $1,000,000 works out to $6,320.68 a month. The calculator above uses the exact same formula with your own numbers.
What doesn't this payment include?
It covers principal and interest only — not property taxes, homeowners insurance, HOA fees, or PMI — lenders usually collect taxes and insurance on top via escrow, so the bill you pay each month is higher than the loan payment alone.
How much interest will I pay in total?
At 6.5% over 30 years: about $1,275,445 in interest on top of the $1,000,000 borrowed. A shorter 15-year term at the same rate cuts that to about $567,993 — a higher monthly payment, but far less paid overall.
Are these real rates?
No — the 5%–8% grid is an illustrative range so you can see how the payment moves with the rate. Your actual APR depends on your credit, the lender, and current market conditions. This page is arithmetic, not financial advice.