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A $1,000,000 mortgage could be your ticket to a Midwestern mansion — or a Bay Area bungalow. Whatever type of home you’re after, a substantial income and top-notch credit can help you get the jumbo mortgage you need.
In addition to your down payment, you’ll need money to cover the loan origination fee, home appraisal, and other closing costs. But here, we’ll focus on the monthly payment you can expect under different scenarios as well as how much a $1,000,000 mortgage might cost in the long run.
If you’re applying for a $1,00,000 mortgage, here’s how much that loan should cost you each month with interest:
- Monthly payments for a $1,000,000 mortgage
- Where to get a $1,000,000 mortgage
- What to consider before applying for a $1,000,000 mortgage
- How to get a $1,000,000 mortgage
Monthly payments for a $1,000,000 mortgage
Monthly mortgage payments are based on how much you borrow, what interest rate you can get, and how long you want to borrow the money for.
Your payment will include principal, interest, and other costs like property taxes and homeowners insurance.
Here’s what monthly payments for a $1,000,000 fixed-rate mortgage might look like for you:
| Interest rate | Monthly payment (15 year) | Monthly payment (30 year) |
|---|---|---|
| 6.00% | $8,438.57 | $5,995.51 |
| 6.25% | $8,574.23 | $6,157.17 |
| 6.50% | $8,711.07 | $6,320.68 |
| 6.75% | $8,849.09 | $6,485.98 |
| 7.00% | $8,988.28 | $6,653.02 |
| 7.25% | $9,128.63 | $6,821.76 |
| 7.50% | $9,270.12 | $6,992.15 |
| 7.75% | $9,412.76 | $7,164.12 |
| 8.00% | $9,556.52 | $7,337.65 |
To get an idea of what your monthly payment might be, input your mortgage amount, interest rate, and loan term into our mortgage payment calculator.
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Where to get a $1,000,000 mortgage
You can get a home loan from many types of mortgage lenders, including retail lenders, portfolio lenders, and credit unions.
Credible can help you compare our partner lenders without affecting your credit score, and we won’t sell your data or spam you with offers.
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What to consider before applying for a $1,000,000 mortgage
A $1,000,000 mortgage is considered a jumbo loan, and these loans are a bit different from the smaller conforming loans you more often read about. Qualifications can vary a lot from one lender to the next, but here’s what you’ll typically need:
- A down payment of at least 10% (and possibly as much as 30%)
- A credit score of at least 680
- A debt-to-income ratio no higher than 43%
Learn: How Long It Takes to Buy a House
Total interest paid on a $1,000,000 mortgage
You’ll always pay more in interest with a longer loan term, and a $1,000,000 jumbo loan is no exception. For instance, a 30-year jumbo mortgage will give you the lowest monthly payment, but you’ll cough up $1,158,381.89 in total interest, assuming a fixed rate of 6%.
A 15-year mortgage at the same rate will cost you $518,942.29 in interest, but it’ll require a higher monthly payment.
Cutting your mortgage term in half could save you $639,439.60 in interest. However, sticking with a 30-year term gives you an extra $2,443.06 to put toward other goals and expenses each month.
There’s no right or wrong choice, so choose what works best for you. Plus, Credible can help you compare lenders, putting you on the path to pre-approval.
See: How Much Does It Cost to Buy a Home?
Amortization schedule on a $1,000,000 mortgage
A mortgage amortization schedule plans out your payments for each month of your mortgage term.
Most of your monthly payment will go toward interest at the beginning of your loan term. But with each payment you make, a little more will go toward principal and a little less will go toward interest, until you own your home free and clear.
Here’s what that looks like for a 30-year, $1,000,000 mortgage with a 6% fixed rate:
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Remaining balance |
|---|---|---|---|---|---|
| 1 | $1,000,000.00 | $5,995.51 | $59,665.95 | $12,280.12 | $987,719.88 |
| 2 | $987,719.88 | $5,995.51 | $58,908.54 | $13,037.53 | $974,682.36 |
| 3 | $974,682.36 | $5,995.51 | $58,104.41 | $13,841.65 | $960,840.70 |
| 4 | $960,840.70 | $5,995.51 | $57,250.69 | $14,695.38 | $946,145.32 |
| 5 | $946,145.32 | $5,995.51 | $56,344.31 | $15,601.76 | $930,543.57 |
| 6 | $930,543.57 | $5,995.51 | $55,382.03 | $16,564.04 | $913,979.53 |
| 7 | $913,979.53 | $5,995.51 | $54,360.39 | $17,585.67 | $896,393.86 |
| 8 | $896,393.86 | $5,995.51 | $53,275.75 | $18,670.32 | $877,723.54 |
| 9 | $877,723.54 | $5,995.51 | $52,124.20 | $19,821.86 | $857,901.68 |
| 10 | $857,901.68 | $5,995.51 | $50,901.63 | $21,044.43 | $836,857.25 |
| 11 | $836,857.25 | $5,995.51 | $49,603.66 | $22,342.40 | $814,514.84 |
| 12 | $814,514.84 | $5,995.51 | $48,225.63 | $23,720.44 | $790,794.41 |
| 13 | $790,794.41 | $5,995.51 | $46,762.60 | $25,183.46 | $765,610.95 |
| 14 | $765,610.95 | $5,995.51 | $45,209.34 | $26,736.72 | $738,874.23 |
| 15 | $738,874.23 | $5,995.51 | $43,560.28 | $28,385.78 | $710,488.44 |
| 16 | $710,488.44 | $5,995.51 | $41,809.51 | $30,136.56 | $680,351.89 |
| 17 | $680,351.89 | $5,995.51 | $39,950.75 | $31,995.31 | $648,356.57 |
| 18 | $648,356.57 | $5,995.51 | $37,977.35 | $33,968.71 | $614,387.86 |
| 19 | $614,387.86 | $5,995.51 | $35,882.23 | $36,063.83 | $578,324.03 |
| 20 | $578,324.03 | $5,995.51 | $33,657.89 | $38,288.17 | $540,035.86 |
| 21 | $540,035.86 | $5,995.51 | $31,296.36 | $40,649.70 | $499,386.16 |
| 22 | $499,386.16 | $5,995.51 | $28,789.18 | $43,156.88 | $456,229.28 |
| 23 | $456,229.28 | $5,995.51 | $26,127.36 | $45,818.71 | $410,410.58 |
| 24 | $410,410.58 | $5,995.51 | $23,301.36 | $48,644.70 | $361,765.87 |
| 25 | $361,765.87 | $5,995.51 | $20,301.06 | $51,645.00 | $310,120.87 |
| 26 | $310,120.87 | $5,995.51 | $17,115.71 | $54,830.35 | $255,290.52 |
| 27 | $255,290.52 | $5,995.51 | $13,733.89 | $58,212.17 | $197,078.35 |
| 28 | $197,078.35 | $5,995.51 | $10,143.50 | $61,802.57 | $135,275.78 |
| 29 | $135,275.78 | $5,995.51 | $6,331.65 | $65,614.41 | $69,661.37 |
| 30 | $69,661.37 | $5,995.51 | $2,284.69 | $69,661.37 | $0.00 |
And here’s the amortization schedule on a 15-year, $1,000,000 mortgage with a 6% fixed rate:
| Year | Beginning balance | Monthly payment | Total interest paid to date | Total principal paid to date | Remaining balance |
|---|---|---|---|---|---|
| 1 | $1,000,000.00 | $8,438.57 | $58,846.15 | $42,416.67 | $957,583.33 |
| 2 | $957,583.33 | $8,438.57 | $56,229.98 | $45,032.84 | $912,550.49 |
| 3 | $912,550.49 | $8,438.57 | $53,452.45 | $47,810.37 | $864,740.12 |
| 4 | $864,740.12 | $8,438.57 | $50,503.61 | $50,759.21 | $813,980.91 |
| 5 | $813,980.91 | $8,438.57 | $47,372.90 | $53,889.92 | $760,090.99 |
| 6 | $760,090.99 | $8,438.57 | $44,049.08 | $57,213.74 | $702,877.25 |
| 7 | $702,877.25 | $8,438.57 | $40,520.26 | $60,742.55 | $642,134.70 |
| 8 | $642,134.70 | $8,438.57 | $36,773.80 | $64,489.02 | $577,645.67 |
| 9 | $577,645.67 | $8,438.57 | $32,796.26 | $68,466.56 | $509,179.11 |
| 10 | $509,179.11 | $8,438.57 | $28,573.39 | $72,689.43 | $436,489.68 |
| 11 | $436,489.68 | $8,438.57 | $24,090.06 | $77,172.76 | $359,316.92 |
| 12 | $359,316.92 | $8,438.57 | $19,330.22 | $81,932.60 | $277,384.31 |
| 13 | $277,384.31 | $8,438.57 | $14,276.79 | $86,986.03 | $190,398.29 |
| 14 | $190,398.29 | $8,438.57 | $8,911.68 | $92,351.14 | $98,047.15 |
| 15 | $98,047.15 | $8,438.57 | $3,215.67 | $98,047.15 | $0.00 |
Learn: How to Buy a House: Step-by-Step Guide
How to get a $1,000,000 mortgage
1. Calculate your homebuying budget
To figure out how much house you can afford, create a detailed account of your annual income and expenses. Then, factor in the new costs you’ll take on as a homeowner.
Besides your mortgage principal and interest, there will be property taxes, homeowners insurance, and home maintenance. Some properties also require homeowners association fees and special hazard insurance, such as flood insurance. Your utilities may be higher, too.
2. Review your credit report
Before you apply for a mortgage, check your credit report with each of the three major credit bureaus: Equifax, Experian, and TransUnion. Mistakes can happen due to identity theft, identically spelled names, and similar Social Security numbers.
You don’t want to qualify for a smaller loan because someone else’s car payment ended up on your credit profile, or get rejected because your score is lower than you thought.
3. Get pre-approved
By giving lenders some basic information about your finances, they’ll be able to tell you if you’re likely to qualify for a full mortgage — and estimate how much you can borrow.
The mortgage pre-approval process also helps you learn which lender offers the lowest fees and APR.
Tip: Getting a pre-approval letter from a lender will strengthen your purchase offer too. It shows sellers that you’re more likely to close the deal.
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4. Shop around for mortgage rates
When you’re taking out a jumbo loan, a small difference in your interest rate can mean a difference of tens of thousands of dollars over the life of your mortgage. It’s worth your time and effort to shop around for the best mortgage rate.
But don’t stop there: Fees can add up too. When comparing lenders, see what they charge in origination fees, application fees, discount points, and more.
5. Negotiate home purchase details
Don’t let the fact that you’re making a major purchase dissuade you from trying to save money any way you can. In a buyer’s market, you may be able to offer less than the asking price — or negotiate seller concessions, such as help paying for closing costs or repairs.
If that’s not possible, negotiating for your desired move-in date might help you save money by avoiding overlapping payments on your current place and new home.
Find Out: How to Know If You Should Buy a House in 2021
6. Complete the full mortgage application
Once you’ve found a home you want to buy and a seller has accepted your offer, it’s time to apply for a mortgage. You’ll provide extensive details about your income sources and your legally binding financial obligations, including debt payments and child support.
The lender wants to see that your income is stable and that your debt-to-income ratio is not too high to afford the mortgage you’re applying for.
7. Get approved by an underwriter
After you complete your mortgage application, an underwriter will review it along with supporting documents you must supply, such as bank statements, pay stubs, and tax returns. The faster you provide this additional information, the sooner your mortgage can close.
The lender will also send an appraiser out to evaluate the condition and value of the home you want to buy. If all goes well, it will appraise for the purchase price or higher.
8. Prepare for closing
Getting to closing can be excruciating. You can’t wait to get that final OK that you’re clear to close.
At this stage, you may have to comply with some last-minute underwriting requests. You’ll also want to schedule time to review and sign your closing paperwork and make sure you understand how to transfer the money for your down payment and closing costs.
9. Close on your mortgage
To complete your homebuying journey, you’ll sign dozens of papers in front of a notary. This process traditionally took place in an office, but now you may be able to do it in your home with a mobile notary or remote online notarization.
You’ll need to provide your ID and possibly your fingerprint. Soon after that, you’ll get the keys — and the real excitement of moving into your new home can finally begin!
About the author
Home » All » Mortgages » How Much a $1,000,000 Mortgage Will Cost You
Homebuying Costs
- How Much It Costs to Buy a Home
- Down Payment
- Mortgage Closing Costs
- Mortgage Origination Fees
- Calculator: Monthly Mortgage Payment
Costs by Mortgage Amount
- Cost of a $100,000 Mortgage
- Cost of a $150,000 Mortgage
- Cost of a $200,000 Mortgage
- Cost of a $250,000 Mortgage
- Cost of a $300,000 Mortgage
- Cost of a $350,000 Mortgage
- Cost of a $400,000 Mortgage
- Cost of a $450,000 Mortgage
Tools and Resources
- Get a Home Loan
- Get Preapproved for a Mortgage
- Best Mortgage Lenders
- Today’s Mortgage Rates
- Lender Reviews
As an expert in personal finance and mortgage-related topics, I bring a wealth of knowledge and experience to guide you through the intricacies of managing your finances, particularly when it comes to mortgages. I have a deep understanding of the concepts and factors involved in obtaining and managing a mortgage, and I am well-versed in providing practical advice to help you make informed decisions.
Now, let's delve into the key concepts presented in the article:
-
Monthly Payments for a $1,000,000 Mortgage:
- The monthly mortgage payments depend on factors such as the loan amount, interest rate, and loan term.
- The article provides a table showing the monthly payments for a $1,000,000 fixed-rate mortgage at different interest rates and loan terms (15 years and 30 years).
-
Where to Get a $1,000,000 Mortgage:
- Various mortgage lenders, including retail lenders, portfolio lenders, and credit unions, offer home loans.
- The article mentions Credible as a platform that can help you compare partner lenders without impacting your credit score.
-
What to Consider Before Applying for a $1,000,000 Mortgage:
- A $1,000,000 mortgage is considered a jumbo loan.
- Qualifications may vary among lenders, but common requirements include a down payment of at least 10%, a credit score of at least 680, and a debt-to-income ratio no higher than 43%.
-
Total Interest Paid on a $1,000,000 Mortgage:
- The total interest paid on a mortgage is influenced by the loan term, with longer terms resulting in higher total interest payments.
- The article illustrates the difference in total interest paid for a 30-year and a 15-year $1,000,000 mortgage at a fixed interest rate of 6%.
-
Amortization Schedule on a $1,000,000 Mortgage:
- The amortization schedule outlines monthly payments, interest paid, and principal paid for each month of the mortgage term.
- The article provides amortization schedules for both a 30-year and a 15-year $1,000,000 mortgage at a fixed interest rate of 6%.
-
How to Get a $1,000,000 Mortgage:
- Steps to secure a $1,000,000 mortgage include calculating your homebuying budget, reviewing your credit report, getting pre-approved, shopping around for mortgage rates, negotiating home purchase details, completing the full mortgage application, getting approved by an underwriter, and preparing for closing.
-
Closing on Your Mortgage:
- The final step involves signing numerous papers in front of a notary, and the process can now occur remotely with the help of a mobile notary or remote online notarization.
The article provides a comprehensive guide on obtaining a $1,000,000 mortgage, covering everything from initial considerations to the closing process. If you have any specific questions or need further clarification on any of these topics, feel free to ask.
