The short answer: at a 6.5% rate, a $1,000,000 30-year fixed mortgage costs $6,320.68 a month in principal and interest; at 7%, $6,653.02. On a 15-year term at 6.5% the payment is $8,711.07. Taxes, insurance, HOA and mortgage insurance (if you put less than 20% down) come on top — open this loan in the full calculator to add them and see the complete amortization schedule.
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.00% | $5,368.22 | $6,599.56 | $7,907.94 |
| 5.25% | $5,522.04 | $6,738.44 | $8,038.78 |
| 5.50% | $5,677.89 | $6,878.87 | $8,170.83 |
| 5.75% | $5,835.73 | $7,020.84 | $8,304.10 |
| 6.00% | $5,995.51 | $7,164.31 | $8,438.57 |
| 6.25% | $6,157.17 | $7,309.28 | $8,574.23 |
| 6.50% | $6,320.68 | $7,455.73 | $8,711.07 |
| 6.75% | $6,485.98 | $7,603.64 | $8,849.09 |
| 7.00% | $6,653.02 | $7,752.99 | $8,988.28 |
| 7.25% | $6,821.76 | $7,903.76 | $9,128.63 |
| 7.50% | $6,992.15 | $8,055.93 | $9,270.12 |
At 6.5%, interest alone on $1,000,000 runs about $5,416.67 per month — roughly $178.08 every day. That's the number amortization slowly kills: each payment shrinks the balance, so each month a little less goes to interest and a little more to principal. See the month-by-month schedule, or try our daily interest calculator for per-diem closing math.
Principal and interest is the floor, not the payment. A realistic budget adds property taxes, homeowners insurance, HOA dues, and — under 20% down — mortgage insurance, which our full calculator prices the way a lender does: FHA and USDA from the official tables, VA's funding fee, and conventional PMI by credit score.
A common guideline caps total housing costs near 28–36% of gross income, but real qualifying depends on your full debt picture, credit and loan program. Build the complete payment in the calculator, then ask a licensed professional — Phil answers questions free.
With 20% down, a $1,000,000 loan buys about $1,250,000 of house; with 5% down, about $1,052,632. Enter your own down payment in the payment calculator and the price, loan and LTV solve automatically.
Nearby loan amounts: $975,000 · $1,250,000