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A million-dollar mortgage is mostly a cash problem and a rate problem. The calculator opens on the full $1,000,000, with nothing down, at 6.75%. That rate is an example so the page has a starting point. It is not this week's quote.
Twenty percent down is $200,000, and the payment moves quickly if the quoted rate is not 6.75%. Taxes in the table are 1% of the price per year, and insurance stays at $1,800 until you replace it.
Borrow the full $1,000,000 at 6.75% for 30 years and principal and interest is $6,485.98. Do not treat the full-loan payment as the payment you will have if you are actually putting money down. Taxes, insurance, PMI, and any HOA fee sit on top of that. Put money down and both the loan and the payment shrink.
Written for Equidwell and last checked in October 2026. We build the calculators on this site. We are not a lender, and this page is not advice for your loan.
6.75% is an example rate so the calculator has a starting point. It is not a live market quote. Enter the rate from a loan estimate.
Down payment
$0.00 down. Loan amount $1,000,000.00.
Example starting rate, not a live quote.
Loan term
Placeholder until you enter the home's tax bill.
Estimate: 0.50% of the loan amount per year. You can replace it.
Estimated monthly payment
Principal, interest, taxes, insurance, PMI, and HOA
$7,885.98
The estimated monthly payment is $7,885.98. Principal and interest are $6,485.98, property tax is $833.33, insurance is $150.00, PMI is $416.67.
Taxes, insurance, HOA, and PMI are held flat in this model. A real PMI bill can end after the balance falls, and taxes or insurance can change. The interest total assumes the rate stays fixed and you pay the scheduled amount.
Same price, down payment, and rate. The lowest total interest is labeled in words. A shorter term usually raises the monthly principal-and-interest payment.
| Term | Monthly principal and interest | Total interest | Payoff |
|---|---|---|---|
| 15 years | $8,849.09 | $592,838Lowest interest | September 2041 |
| 20 years | $7,603.64 | $824,873 | September 2046 |
| 30 years — selected | $6,485.98 | $1,334,954 | September 2056 |
Schedule view
| Year | Principal | Interest | Total paid | Ending balance |
|---|---|---|---|---|
| 1 | $10,657.47 | $67,174.29 | $77,831.76 | $989,342.53 |
| 2 | $11,399.53 | $66,432.23 | $77,831.76 | $977,943.00 |
| 3 | $12,193.25 | $65,638.51 | $77,831.76 | $965,749.75 |
| 4 | $13,042.25 | $64,789.51 | $77,831.76 | $952,707.50 |
| 5 | $13,950.36 | $63,881.40 | $77,831.76 | $938,757.14 |
| 6 | $14,921.68 | $62,910.08 | $77,831.76 | $923,835.46 |
| 7 | $15,960.65 | $61,871.11 | $77,831.76 | $907,874.81 |
| 8 | $17,071.94 | $60,759.82 | $77,831.76 | $890,802.87 |
| 9 | $18,260.64 | $59,571.12 | $77,831.76 | $872,542.23 |
| 10 | $19,532.09 | $58,299.67 | $77,831.76 | $853,010.14 |
| 11 | $20,892.08 | $56,939.68 | $77,831.76 | $832,118.06 |
| 12 | $22,346.73 | $55,485.03 | $77,831.76 | $809,771.33 |
| 13 | $23,902.71 | $53,929.05 | $77,831.76 | $785,868.62 |
| 14 | $25,567.02 | $52,264.74 | $77,831.76 | $760,301.60 |
| 15 | $27,347.17 | $50,484.59 | $77,831.76 | $732,954.43 |
| 16 | $29,251.29 | $48,580.47 | $77,831.76 | $703,703.14 |
| 17 | $31,288.00 | $46,543.76 | $77,831.76 | $672,415.14 |
| 18 | $33,466.53 | $44,365.23 | $77,831.76 | $638,948.61 |
| 19 | $35,796.72 | $42,035.04 | $77,831.76 | $603,151.89 |
| 20 | $38,289.19 | $39,542.57 | $77,831.76 | $564,862.70 |
| 21 | $40,955.19 | $36,876.57 | $77,831.76 | $523,907.51 |
| 22 | $43,806.81 | $34,024.95 | $77,831.76 | $480,100.70 |
| 23 | $46,856.98 | $30,974.78 | $77,831.76 | $433,243.72 |
| 24 | $50,119.54 | $27,712.22 | $77,831.76 | $383,124.18 |
| 25 | $53,609.28 | $24,222.48 | $77,831.76 | $329,514.90 |
| 26 | $57,341.96 | $20,489.80 | $77,831.76 | $272,172.94 |
| 27 | $61,334.56 | $16,497.20 | $77,831.76 | $210,838.38 |
| 28 | $65,605.15 | $12,226.61 | $77,831.76 | $145,233.23 |
| 29 | $70,173.11 | $7,658.65 | $77,831.76 | $75,060.12 |
| 30 | $75,060.12 | $2,772.63 | $77,832.75 | $0.00 |
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| Term | Loan amount | Principal and interest | Total interest |
|---|---|---|---|
| 30 years | $1,000,000 | $6,485.98 | $1,334,954 |
| 20 years | $1,000,000 | $7,603.64 | $824,873 |
| 15 years | $1,000,000 | $8,849.09 | $592,838 |
| Down payment | Home price | Cash down | Loan amount | Principal and interest | Example PMI | Estimated housing |
|---|---|---|---|---|---|---|
| 0% | $1,000,000 | $0 | $1,000,000 | $6,485.98 | $416.67 | $7,885.98 |
| 5% | $1,000,000 | $50,000 | $950,000 | $6,161.68 | $395.83 | $7,540.84 |
| 10% | $1,000,000 | $100,000 | $900,000 | $5,837.38 | $375.00 | $7,195.71 |
| 20% | $1,000,000 | $200,000 | $800,000 | $5,188.78 | None | $6,172.11 |
| Example rate | Principal and interest |
|---|---|
| 5.50% | $5,677.89 |
| 6.25% | $6,157.17 |
| 6.75% | $6,485.98 |
| 7.50% | $6,992.15 |
The 0% row is arithmetic. Some VA loans allow no down payment for people who qualify. A conventional loan usually does not, and this page cannot tell you which one you are.
With 20% down, property tax and insurance are about 16% of the estimated monthly housing cost in this example. The insurance amount stays at $1,800 a year, so it is a larger share of a smaller price.
HOA dues are not in these tables. Add them in the calculator if the home has an association fee.
A loan this large can fall outside the conforming loan limit in some counties. This page does not change the payment math for that. The rate a lender offers can.
Principal and interest are not always the complete housing payment. Property taxes, homeowners insurance, PMI when the loan is above 80% of the price, and HOA fees can all sit on top of that payment. Replace the placeholders with the bills for the property. The PMI calculator and the closing cost calculator cover two of those extra costs. This site is not a lender, and these figures are not a loan offer.
Nobody can answer that from the price alone. It depends on what you already owe, the rate you are offered, how much you put down, taxes, insurance, and what the lender is willing to approve. If the 20% down housing estimate of $6,172.11 stayed inside 28% of gross income and you had no other debts, the illustration is about $264,519 a year. That is a sketch, not a yes.
Principal and interest is $6,485.98 a month if you borrow the full amount at 6.75% for 30 years. Nothing down also adds about $416.67 of example PMI. The tax bill and the insurance bill are separate, and they are usually the part people forget when they compare the loan with rent.
Twenty percent of $1,000,000 is $200,000, so the loan left is $800,000. Principal and interest falls to $5,188.78, and this model stops charging PMI. You still owe taxes and insurance on the house.
There isn't one salary. Take the 20% down housing estimate of $6,172.11. If that had to stay inside 28% of gross income, and you had no other monthly debts, you would be looking at about $264,519 a year. A car payment, a higher tax bill, or a different rate moves it. The affordability calculator is the place to type your own debts.
Keep the full $1,000,000 for 30 years at 6.75% and the example interest is $1,334,954. In the first year about $67,174 is interest and only about $10,657 comes off the balance. That is why the balance feels stuck at the start.
With 20% down, the example 1% tax rate plus $1,800 of insurance brings the housing estimate to $6,172.11. An HOA fee is not in that number. If your county's tax rate is not 1%, the payment on this page is only a sketch.
Do not treat the full-loan payment as the payment you will have if you are actually putting money down. The income sketch above is a 28% illustration. It is not an approval, and it ignores debts you already pay. If you want a yes or no, a lender has to look at your file. This page will not pretend to.
Change the price, rate, taxes, insurance, HOA, and PMI.
Start from income and debts instead of a home price.
Split each payment into principal and interest.
See when a down payment under 20% adds mortgage insurance.
Estimate cash due at closing besides the down payment.
See how existing debts use a 36% guideline.
Turn a percent down into cash required.
Longer guides on these topics are linked from the guides library.