In 30 year loan term, $1,500,000 mortgage with 6% interest rate is$8,993.26per month.
You will pay total interest of $1,737,572.84 over the 30 year period
Monthly mortgage for $1.5 million dollar
At a 6% fixed interest rate, your monthly mortgage payment on a 25-year mortgage will be total $9,664.52 a month.
While 20-year will cost $10,746.47 a month
❌📉 Without Down Payment
With Zero down payment, the monthly mortgage for $1,500,000 for 25 years is $9,664.52.
You will pay extra $1,399,356.31 other than you principal amount ($1,500,000)
You will have to make total 300 payments with total amount of $2,899,356.31(93% more than borrowed Amount)
Calculation Summary
| Monthly Mortgage | $9,664.52 |
| Number of Payment | 300 (12x year) |
| Pre Payment (Down payment) | $0.00 |
| additional Payment (Other than borrowed money) | $1,399,356.31 |
| Total Amount Due | $2,899,356.31 |
📉 With Down Payment
The monthly mortgage for $1,500,000 for 25 years with 20% down payment is $7,731.62.
You will pay extra $1,119,485.05 other than your borrowed amount ($1,500,000)
You will have to make total 300 payments with total amount of $2,319,485.05(75% more than borrowed Amount)
Calculation Summary
| Monthly Mortgage | $7,731.62 |
| Number of Payment | 300 (12x year) |
| Pre Payment (Down payment) | $300,000 |
| Extra Payment (Other than Loan Amt) | $1,119,485.05 |
| Total Amount Due | $2,319,485.05 |
Also Read:
1. How much Interest Should I Pay For $15M Mortgage?2. How much Interest Should I Pay For $800K Mortgage?Comparision with Different Loan Terms
Here are some Interesting facts about $1.5M loan
❓ What if the loan Term is 20 years?
If the loan term is 20 years. The monthly mortgage will be $10,746.47 with total 240 installments.
Although you are paying extra $1,081.94 per month, you only have to pay total interest of $1.1M ($1,079,151.81)
which is $320.2K ($320,204.5) 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 $8,993.26 with total 360 installments.
Although you are paying $671.26 less per month, you have to pay total interest of $1.7M ($1,737,572.84)
which is $338.2K ($338,216.53) more money compared to 25 years loan term