In 30 year loan term, $1,000,000 mortgage with 6% interest rate is$5,995.51per month.
You will pay total interest of $1,158,381.89 over the 30 year period
Monthly mortgage for $1M dollar
At a 6% fixed interest rate, your monthly mortgage payment on a 25-year mortgage will be total $6,443.01 a month.
While 20-year will cost $7,164.31 a month
❌📉 Without Down Payment
With Zero down payment, the monthly mortgage for $1,000,000 for 25 years is $6,443.01.
You will pay extra $932,904.2 other than you principal amount ($1,000,000)
You will have to make total 300 payments with total amount of $1,932,904.2(93% more than borrowed Amount)
Calculation Summary
| Monthly Mortgage | $6,443.01 |
| Number of Payment | 300 (12x year) |
| Pre Payment (Down payment) | $0.00 |
| additional Payment (Other than borrowed money) | $932,904.2 |
| Total Amount Due | $1,932,904.2 |
📉 With Down Payment
The monthly mortgage for $1,000,000 for 25 years with 20% down payment is $5,154.41.
You will pay extra $746,323.36 other than your borrowed amount ($1,000,000)
You will have to make total 300 payments with total amount of $1,546,323.36(75% more than borrowed Amount)
Calculation Summary
| Monthly Mortgage | $5,154.41 |
| Number of Payment | 300 (12x year) |
| Pre Payment (Down payment) | $200,000 |
| Extra Payment (Other than Loan Amt) | $746,323.36 |
| Total Amount Due | $1,546,323.36 |
Also Read:
1. How much Interest Should I Pay For $10M Mortgage?2. How much Interest Should I Pay For $500K Mortgage?Comparision with Different Loan Terms
Here are some Interesting facts about $1M loan
❓ What if the loan Term is 20 years?
If the loan term is 20 years. The monthly mortgage will be $7,164.31 with total 240 installments.
Although you are paying extra $721.3 per month, you only have to pay total interest of $719.4K ($719,434.54)
which is $213.5K ($213,469.66) less interest compared to 25 years loan term
❓ What if the loan Term is 30 years?
If the loan term is 30 years. The monthly mortgage will be $5,995.51 with total 360 installments.
Although you are paying $447.51 less per month, you have to pay total interest of $1.2M ($1,158,381.89)
which is $225.5K ($225,477.69) more money compared to 25 years loan term