What is the monthly payment on a $1 million mortgage?
On a $1,000,000 30-year mortgage at 6.5%, the monthly principal and interest is $6,320. With taxes and insurance, all-in monthly payment is roughly $7,800-$8,400. Total interest over 30 years comes to $1,275,000 — meaning you'd pay $2.27 million for a $1M house.
More context
On a $1,000,000 30-year mortgage at 6.5%, the monthly principal and interest is $6,320. With taxes and insurance, all-in monthly payment is roughly $7,800-$8,400. Total interest over 30 years comes to $1,275,000 — meaning you'd pay $2.27 million for a $1M house. The exact answer depends on your specific situation — the numbers above are a strong starting point, but the right next step is to plug in your actual figures.
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