The short answer: at a 6.5% rate, a $950,000 30-year fixed mortgage costs $6,004.65 a month in principal and interest; at 7%, $6,320.37. On a 15-year term at 6.5% the payment is $8,275.52. 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% | $5,099.81 | $6,269.58 | $7,512.54 |
| 5.25% | $5,245.94 | $6,401.52 | $7,636.84 |
| 5.50% | $5,394.00 | $6,534.93 | $7,762.29 |
| 5.75% | $5,543.94 | $6,669.79 | $7,888.90 |
| 6.00% | $5,695.73 | $6,806.10 | $8,016.64 |
| 6.25% | $5,849.31 | $6,943.82 | $8,145.52 |
| 6.50% | $6,004.65 | $7,082.94 | $8,275.52 |
| 6.75% | $6,161.68 | $7,223.46 | $8,406.64 |
| 7.00% | $6,320.37 | $7,365.34 | $8,538.87 |
| 7.25% | $6,480.67 | $7,508.57 | $8,672.20 |
| 7.50% | $6,642.54 | $7,653.14 | $8,806.62 |
At 6.5%, interest alone on $950,000 runs about $5,145.83 per month — roughly $169.18 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 $950,000 loan buys about $1,187,500 of house; with 5% down, about $1,000,000. Enter your own down payment in the payment calculator and the price, loan and LTV solve automatically.