Mortgage Payment on a $1,000,000 House
What's the payment on a $1,000,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $1 million.
After a 20% down payment, your loan amount will be $800,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $5,189
Total yearly payments = $62,265
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$4,295 |
| 5.500% |
$4,542 |
| 6.000% |
$4,796 |
| 6.250% |
$4,926 |
| 6.500% |
$5,057 |
| 6.750% |
$5,189 |
| 6.875% |
$5,255 |
| 7.000% |
$5,322 |
| 7.250% |
$5,457 |
| 7.500% |
$5,594 |
| 7.625% |
$5,662 |
| 7.750% |
$5,731 |
| 8.000% |
$5,870 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$35,000 |
$6,259 |
| 5.0% |
$50,000 |
$6,162 |
| 7.5% |
$75,000 |
$6,000 |
| 10% |
$100,000 |
$5,837 |
| 15% |
$150,000 |
$5,513 |
| 20% |
$200,000 |
$5,189 |
| 25% |
$250,000 |
$4,864 |
| 30% |
$300,000 |
$4,540 |
| 50% |
$500,000 |
$3,243 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$9,186 |
| 15 years |
$7,079 |
| 20 years |
$6,083 |
| 30 years |
$5,189 |
| 40 years |
$4,827 |
| Interest only |
$4,500 |
Can I afford a $1,000,000 house?
Traditionally, the "28% rule" means a person should not spend more than 28% of their pre-tax income on total housing costs.
Let's assume that taxes and insurance are 2% of the house price annually. Here's how much you'd have to make to afford a house that costs $1,000,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$35,000 |
$339,670 |
| 5.0% |
$50,000 |
$335,501 |
| 7.5% |
$75,000 |
$328,551 |
| 10% |
$100,000 |
$321,602 |
| 15% |
$150,000 |
$307,704 |
| 20% |
$200,000 |
$293,805 |
| 25% |
$250,000 |
$279,907 |
| 30% |
$300,000 |
$266,008 |
| 50% |
$500,000 |
$210,414 |