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If you’re ready to buy a home, you might wonder how to budget for your target home cost. As of August 26, 2024 the national average 30-year mortgage rate is sitting at 6.53% according to Bankrate. We’ll breakdown the monthly payment you may face and potential interest charges over the life of a $1,000,000 mortgage.
You can start with our calculator. Enter details with your loan amount to see what your monthly payment might be.
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At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $6,653 a month, while a 15-year might cost $8,988 a month.
On a 30-year $1,000,000 mortgage with a 7.00% fixed interest rate, you may pay $1,395,089 in interest over the life of your loan.
If you instead opt for a 15-year mortgage, there may be $617,891 in interest charges over the life of your loan — considerably less than a 30-year mortgage.
Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates. Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
As a general rule, your mortgage payment shouldn’t exceed one-third of your monthly income.
If you were to put down 20% on a $1,000,000 home, your monthly payment with 7.00% interest would be around $5,322.42. To stay below the one-third rule, you’d need to make at least $191,600 a year, before tax.
Ultimately, how much you need to make depends on your down payment, loan terms, taxes and insurance.
When you take out a mortgage, you agree to pay the principal and interest over the life of the loan. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.
Amortization means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your balance.
Estimate your monthly loan repayments on a $1,000,000 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $1,000,000 | $6,653 | $69,678 | $10,158 | $79,836 | $989,842 |
| 2 | $989,842 | $6,653 | $68,944 | $10,892 | $79,836 | $978,949 |
| 3 | $978,949 | $6,653 | $68,156 | $11,680 | $79,836 | $967,270 |
| 4 | $967,270 | $6,653 | $67,312 | $12,524 | $79,836 | $954,745 |
| 5 | $954,745 | $6,653 | $66,407 | $13,430 | $79,836 | $941,316 |
| 6 | $941,316 | $6,653 | $65,436 | $14,400 | $79,836 | $926,916 |
| 7 | $926,916 | $6,653 | $64,395 | $15,441 | $79,836 | $911,474 |
| 8 | $911,474 | $6,653 | $63,279 | $16,558 | $79,836 | $894,917 |
| 9 | $894,917 | $6,653 | $62,082 | $17,755 | $79,836 | $877,162 |
| 10 | $877,162 | $6,653 | $60,798 | $19,038 | $79,836 | $858,124 |
| 11 | $858,124 | $6,653 | $59,422 | $20,414 | $79,836 | $837,709 |
| 12 | $837,709 | $6,653 | $57,946 | $21,890 | $79,836 | $815,819 |
| 13 | $815,819 | $6,653 | $56,364 | $23,473 | $79,836 | $792,347 |
| 14 | $792,347 | $6,653 | $54,667 | $25,169 | $79,836 | $767,178 |
| 15 | $767,178 | $6,653 | $52,847 | $26,989 | $79,836 | $740,189 |
| 16 | $740,189 | $6,653 | $50,896 | $28,940 | $79,836 | $711,249 |
| 17 | $711,249 | $6,653 | $48,804 | $31,032 | $79,836 | $680,217 |
| 18 | $680,217 | $6,653 | $46,561 | $33,275 | $79,836 | $646,942 |
| 19 | $646,942 | $6,653 | $44,156 | $35,681 | $79,836 | $611,261 |
| 20 | $611,261 | $6,653 | $41,576 | $38,260 | $79,836 | $573,001 |
| 21 | $573,001 | $6,653 | $38,810 | $41,026 | $79,836 | $531,975 |
| 22 | $531,975 | $6,653 | $35,845 | $43,992 | $79,836 | $487,983 |
| 23 | $487,983 | $6,653 | $32,664 | $47,172 | $79,836 | $440,811 |
| 24 | $440,811 | $6,653 | $29,254 | $50,582 | $79,836 | $390,229 |
| 25 | $390,229 | $6,653 | $25,598 | $54,238 | $79,836 | $335,991 |
| 26 | $335,991 | $6,653 | $21,677 | $58,159 | $79,836 | $277,832 |
| 27 | $277,832 | $6,653 | $17,473 | $62,364 | $79,836 | $215,468 |
| 28 | $215,468 | $6,653 | $12,964 | $66,872 | $79,836 | $148,596 |
| 29 | $148,596 | $6,653 | $8,130 | $71,706 | $79,836 | $76,890 |
| 30 | $76,890 | $6,653 | $2,946 | $76,890 | $79,836 | $0 |
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $1,000,000 | $8,988 | $68,761 | $39,098 | $107,859 | $960,902 |
| 2 | $960,902 | $8,988 | $65,935 | $41,924 | $107,859 | $918,978 |
| 3 | $918,978 | $8,988 | $62,904 | $44,955 | $107,859 | $874,023 |
| 4 | $874,023 | $8,988 | $59,654 | $48,205 | $107,859 | $825,818 |
| 5 | $825,818 | $8,988 | $56,170 | $51,690 | $107,859 | $774,128 |
| 6 | $774,128 | $8,988 | $52,433 | $55,426 | $107,859 | $718,702 |
| 7 | $718,702 | $8,988 | $48,426 | $59,433 | $107,859 | $659,269 |
| 8 | $659,269 | $8,988 | $44,130 | $63,729 | $107,859 | $595,539 |
| 9 | $595,539 | $8,988 | $39,523 | $68,336 | $107,859 | $527,203 |
| 10 | $527,203 | $8,988 | $34,583 | $73,277 | $107,859 | $453,926 |
| 11 | $453,926 | $8,988 | $29,286 | $78,574 | $107,859 | $375,352 |
| 12 | $375,352 | $8,988 | $23,606 | $84,254 | $107,859 | $291,099 |
| 13 | $291,099 | $8,988 | $17,515 | $90,345 | $107,859 | $200,754 |
| 14 | $200,754 | $8,988 | $10,984 | $96,876 | $107,859 | $103,879 |
| 15 | $103,879 | $8,988 | $3,981 | $103,879 | $107,859 | $0 |
Buying a house is among the biggest investments you’ll make. Know how much you might pay each month on your $1,000,000 mortgage — including how much of your payment goes toward your interest over the principal — when shopping for a lender.
Learn more about how home loans work in our comprehensive guide to mortgages.
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