{"id":54057,"date":"2021-08-17T08:42:42","date_gmt":"2021-08-17T15:42:42","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=54057"},"modified":"2023-10-11T07:57:25","modified_gmt":"2023-10-11T14:57:25","slug":"how-much-a-1000000-mortgage-will-cost-you","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/1000000-mortgage\/","title":{"rendered":"How Much a $1,000,000 Mortgage Will Cost You"},"content":{"rendered":"<p>A $1,000,000 mortgage could be your ticket to a Midwestern mansion \u2014 or a Bay Area bungalow. Whatever type of home you\u2019re after, a substantial income and top-notch credit can help you get the jumbo mortgage you need.<\/p>\n<p>In addition to your down payment, you\u2019ll need money to cover the loan origination fee, home appraisal, and other closing costs. But here, we\u2019ll 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.<\/p>\n<p><b>If you\u2019re applying for a $1,00,000 mortgage, here\u2019s how much that loan should cost you each month with interest:<\/b><\/p>\n<ul>\n<li><a href=\"#monthly-payments-1000000-mortgage\">Monthly payments for a $1,000,000 mortgage<\/a><\/li>\n<li><a href=\"#where-get-1000000-mortgage\">Where to get a $1,000,000 mortgage<\/a><\/li>\n<li><a href=\"#what-consider-applying-1000000-mortgage\">What to consider before applying for a $1,000,000 mortgage<\/a><\/li>\n<li><a href=\"#how-get-1000000-mortgage\">How to get a $1,000,000 mortgage<\/a><\/li>\n<\/ul>\n<p><a name=\"monthly-payments-1000000-mortgage\"><\/a><\/p>\n<h2>Monthly payments for a $1,000,000 mortgage<\/h2>\n<p>Monthly <a href=\"https:\/\/www.credible.com\/mortgage\">mortgage<\/a> payments are based on how much you borrow, what <a href=\"https:\/\/www.credible.com\/mortgage\/rates\/jumbo-loan\">interest rate<\/a> you can get, and how long you want to borrow the money for.<\/p>\n<p>Your payment will include principal, interest, and other costs like property taxes and homeowners insurance.<\/p>\n<p><b>Here\u2019s what monthly payments for a $1,000,000 fixed-rate mortgage might look like for you:<\/b><\/p>\n\n<table id=\"tablepress-784\" class=\"tablepress tablepress-id-784 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Interest rate<\/th><th class=\"column-2\">Monthly payment (15 year)<\/th><th class=\"column-3\">Monthly payment (30 year)<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">6.00%<\/td><td class=\"column-2\">$8,438.57<\/td><td class=\"column-3\">$5,995.51<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">6.25%<\/td><td class=\"column-2\">$8,574.23<\/td><td class=\"column-3\">$6,157.17<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">6.50%<\/td><td class=\"column-2\">$8,711.07<\/td><td class=\"column-3\">$6,320.68<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">6.75%<\/td><td class=\"column-2\">$8,849.09<\/td><td class=\"column-3\">$6,485.98<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">7.00%<\/td><td class=\"column-2\">$8,988.28<\/td><td class=\"column-3\">$6,653.02<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">7.25%<\/td><td class=\"column-2\">$9,128.63<\/td><td class=\"column-3\">$6,821.76<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">7.50%<\/td><td class=\"column-2\">$9,270.12<\/td><td class=\"column-3\">$6,992.15<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">7.75%<\/td><td class=\"column-2\">$9,412.76<\/td><td class=\"column-3\">$7,164.12<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">8.00%<\/td><td class=\"column-2\">$9,556.52<\/td><td class=\"column-3\">$7,337.65<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td colspan=\"3\" class=\"column-1\"><p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3 style=\"text-align: center;\"><span style=\"font-size: x-large;\"><strong>Get a prequalified mortgage quote<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\" style=\"text-align: center;\">One form. 3 minutes. No spam calls.<\/h6>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-table-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><!-- TrustBox widget - Micro Combo --><\/p>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p>To get an idea of what your monthly payment might be, input your mortgage amount, interest rate, and loan term into our mortgage payment calculator.<\/p>\n<div class=\"calculator loan\">\n<div class=\"inputs container\">\n\n\t<p>Enter your loan information<span class=\"hidden-md-up\"> to calculate how much you could pay<\/span><\/p>\n\n  <div class=\"row form-groups\">\n  <div class=\"col-xs-8 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-amount\">Loan amount<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the total amount borrowed<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-amount\">\n  \t\t\t<span class=\"input-group-addon\">$<\/span>\n  \t\t\t<input type=\"number\" value=\"250000\" step=\"1000\" name=\"loan-amount\" id=\"loan-amount\" aria-label=\"Loan amount\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t<\/span>\n    <\/div>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"interest-rate\">Interest rate<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter your annual interest rate<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group interest-rate\">\n  \t\t\t<input type=\"number\" value=\"6\" step=\".01\" min=\".01\" max=\"100\" name=\"interest-rate\" id=\"interest-rate\" aria-label=\"Interest rate\" class=\"form-control\">\n  \t\t\t<span class=\"input-group-addon\">%<\/span>\n  \t\t<\/span>\n    <\/div>\n\t\t<span class=\"between\">or<\/span>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-term\">Fixed loan term<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the amount of time you have to repay your loan<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-term\">\n  \t\t\t<input name=\"loan-term\" value=\"30\" step=\"1\" min=\"1\" max=\"50\" id=\"loan-term\" aria-label=\"Loan term\" type=\"number\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t\t<span class=\"input-group-addon\">years<\/span>\n  \t\t<\/span>\n    <\/div>\n\t<\/div>\n\t<\/div>\n\n<\/div>\n<div class=\"outputs container\">\n\n  <div class=\"results row\">\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Payment\n  \t<big>$<span class=\"total-payment\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Interest\n  \t<big>$<span class=\"total-interest\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-12 col-sm-4 col-md-12 col-lg-4\">\n  \tMonthly Payment\n  \t<big>$<span class=\"monthly-payment\"><\/span><\/big>\n  <\/div>\n  <\/div>\n\n  <p class=\"results-sentence\">\n    With a\n    <strong>$<span class=\"output-loan-amount\"><\/span><\/strong>\n    home    loan, you will pay\n    <strong>$<span class=\"monthly-payment\"><\/span><\/strong>\n    monthly and a total of\n    <strong>$<span class=\"total-interest\"><\/span><\/strong>\n    in interest over the life of your loan. You will pay a total of\n    <strong>$<span class=\"total-payment\"><\/span><\/strong>\n    over the life of the\n    mortgage.\n  <\/p>\n\n  \n  <div class=\"cta\">\n    \n  <\/div>\n\n<\/div>\n<\/div>\n\n<hr \/>\n<p><a name=\"where-get-1000000-mortgage\"><\/a><\/p>\n<h2>Where to get a $1,000,000 mortgage<\/h2>\n<p>You can get a home loan from many types of <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/types-of-mortgage-lenders\/\">mortgage lenders<\/a>, including retail lenders, portfolio lenders, and credit unions.<\/p>\n<p>Credible can help you compare our partner lenders without affecting your credit score, and we won\u2019t sell your data or spam you with offers.<\/p>\n<div id=\"purchase-rate-table\">\n  Loading widget - purchase-rate-table\n<\/div>\n\n<p><a name=\"what-consider-applying-1000000-mortgage\"><\/a><\/p>\n<h2>What to consider before applying for a $1,000,000 mortgage<\/h2>\n<p>A $1,000,000 mortgage is considered a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/jumbo-loans\/\">jumbo loan<\/a>, and these loans are a bit different from the smaller <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/conforming-loans\/\">conforming loans<\/a> you more often read about. Qualifications can vary a lot from one lender to the next, but here\u2019s what you\u2019ll typically need:<\/p>\n<ul>\n<li>A down payment of at least 10% (and possibly as much as 30%)<\/li>\n<li>A credit score of at least 680<\/li>\n<li>A debt-to-income ratio no higher than 43%<\/li>\n<\/ul>\n<p><b><i>Learn: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-long-it-takes-to-buy\/\"><b><i>How Long It Takes to Buy a House<\/i><\/b><\/a><\/p>\n<h3>Total interest paid on a $1,000,000 mortgage<\/h3>\n<p>You\u2019ll 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\u2019ll cough up $1,158,381.89 in total interest, assuming a fixed rate of 6%.<\/p>\n<p>A 15-year mortgage at the same rate will cost you $518,942.29 in interest, but it\u2019ll require a higher monthly payment.<\/p>\n<p>Cutting your mortgage term in half could save you $639,439.60\u00a0 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.<\/p>\n<p>There\u2019s 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 <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/pre-approval\/\">pre-approval<\/a>.<\/p>\n<p><b><i>See: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/cost-to-buy-house\/\"><b><i>How Much Does It Cost to Buy a Home?<\/i><\/b><\/a><\/p>\n<h3>Amortization schedule on a $1,000,000 mortgage<\/h3>\n<p>A<a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-amortization\/\"> mortgage amortization<\/a> schedule plans out your payments for each month of your mortgage term.<\/p>\n<p>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.<\/p>\n<p><b>Here\u2019s what that looks like for a 30-year, $1,000,000 mortgage with a 6% fixed rate:<\/b><\/p>\n\n<table id=\"tablepress-790\" class=\"tablepress tablepress-id-790 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Year<\/strong<\/th><th class=\"column-2\"><strong>Beginning balance<\/strong><\/th><th class=\"column-3\"><strong>Monthly payment<\/strong><\/th><th class=\"column-4\"><strong>Total interest paid<\/strong><\/th><th class=\"column-5\"><strong>Total principal paid<\/strong><\/th><th class=\"column-6\"><strong>Remaining balance<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">1<\/td><td class=\"column-2\">$1,000,000.00<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$59,665.95<\/td><td class=\"column-5\">$12,280.12<\/td><td class=\"column-6\">$987,719.88<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">2<\/td><td class=\"column-2\">$987,719.88<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$58,908.54<\/td><td class=\"column-5\">$13,037.53<\/td><td class=\"column-6\">$974,682.36<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">3<\/td><td class=\"column-2\">$974,682.36<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$58,104.41<\/td><td class=\"column-5\">$13,841.65<\/td><td class=\"column-6\">$960,840.70<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">4<\/td><td class=\"column-2\">$960,840.70<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$57,250.69<\/td><td class=\"column-5\">$14,695.38<\/td><td class=\"column-6\">$946,145.32<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">5<\/td><td class=\"column-2\">$946,145.32<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$56,344.31<\/td><td class=\"column-5\">$15,601.76<\/td><td class=\"column-6\">$930,543.57<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">6<\/td><td class=\"column-2\">$930,543.57<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$55,382.03<\/td><td class=\"column-5\">$16,564.04<\/td><td class=\"column-6\">$913,979.53<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">7<\/td><td class=\"column-2\">$913,979.53<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$54,360.39<\/td><td class=\"column-5\">$17,585.67<\/td><td class=\"column-6\">$896,393.86<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">8<\/td><td class=\"column-2\">$896,393.86<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$53,275.75<\/td><td class=\"column-5\">$18,670.32<\/td><td class=\"column-6\">$877,723.54<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">9<\/td><td class=\"column-2\">$877,723.54<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$52,124.20<\/td><td class=\"column-5\">$19,821.86<\/td><td class=\"column-6\">$857,901.68<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">10<\/td><td class=\"column-2\">$857,901.68<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$50,901.63<\/td><td class=\"column-5\">$21,044.43<\/td><td class=\"column-6\">$836,857.25<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">11<\/td><td class=\"column-2\">$836,857.25<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$49,603.66<\/td><td class=\"column-5\">$22,342.40<\/td><td class=\"column-6\">$814,514.84<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">12<\/td><td class=\"column-2\">$814,514.84<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$48,225.63<\/td><td class=\"column-5\">$23,720.44<\/td><td class=\"column-6\">$790,794.41<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">13<\/td><td class=\"column-2\">$790,794.41<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$46,762.60<\/td><td class=\"column-5\">$25,183.46<\/td><td class=\"column-6\">$765,610.95<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">14<\/td><td class=\"column-2\">$765,610.95<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$45,209.34<\/td><td class=\"column-5\">$26,736.72<\/td><td class=\"column-6\">$738,874.23<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">15<\/td><td class=\"column-2\">$738,874.23<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$43,560.28<\/td><td class=\"column-5\">$28,385.78<\/td><td class=\"column-6\">$710,488.44<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">16<\/td><td class=\"column-2\">$710,488.44<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$41,809.51<\/td><td class=\"column-5\">$30,136.56<\/td><td class=\"column-6\">$680,351.89<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">17<\/td><td class=\"column-2\">$680,351.89<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$39,950.75<\/td><td class=\"column-5\">$31,995.31<\/td><td class=\"column-6\">$648,356.57<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">18<\/td><td class=\"column-2\">$648,356.57<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$37,977.35<\/td><td class=\"column-5\">$33,968.71<\/td><td class=\"column-6\">$614,387.86<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">19<\/td><td class=\"column-2\">$614,387.86<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$35,882.23<\/td><td class=\"column-5\">$36,063.83<\/td><td class=\"column-6\">$578,324.03<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">20<\/td><td class=\"column-2\">$578,324.03<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$33,657.89<\/td><td class=\"column-5\">$38,288.17<\/td><td class=\"column-6\">$540,035.86<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">21<\/td><td class=\"column-2\">$540,035.86<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$31,296.36<\/td><td class=\"column-5\">$40,649.70<\/td><td class=\"column-6\">$499,386.16<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">22<\/td><td class=\"column-2\">$499,386.16<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$28,789.18<\/td><td class=\"column-5\">$43,156.88<\/td><td class=\"column-6\">$456,229.28<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">23<\/td><td class=\"column-2\">$456,229.28<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$26,127.36<\/td><td class=\"column-5\">$45,818.71<\/td><td class=\"column-6\">$410,410.58<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">24<\/td><td class=\"column-2\">$410,410.58<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$23,301.36<\/td><td class=\"column-5\">$48,644.70<\/td><td class=\"column-6\">$361,765.87<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">25<\/td><td class=\"column-2\">$361,765.87<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$20,301.06<\/td><td class=\"column-5\">$51,645.00<\/td><td class=\"column-6\">$310,120.87<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">26<\/td><td class=\"column-2\">$310,120.87<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$17,115.71<\/td><td class=\"column-5\">$54,830.35<\/td><td class=\"column-6\">$255,290.52<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">27<\/td><td class=\"column-2\">$255,290.52<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$13,733.89<\/td><td class=\"column-5\">$58,212.17<\/td><td class=\"column-6\">$197,078.35<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">28<\/td><td class=\"column-2\">$197,078.35<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$10,143.50<\/td><td class=\"column-5\">$61,802.57<\/td><td class=\"column-6\">$135,275.78<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">29<\/td><td class=\"column-2\">$135,275.78<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$6,331.65<\/td><td class=\"column-5\">$65,614.41<\/td><td class=\"column-6\">$69,661.37<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">30<\/td><td class=\"column-2\">$69,661.37<\/td><td class=\"column-3\">$5,995.51<\/td><td class=\"column-4\">$2,284.69<\/td><td class=\"column-5\">$69,661.37<\/td><td class=\"column-6\">$0.00<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td colspan=\"6\" class=\"column-1\"><p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3 style=\"text-align: center;\"><span style=\"font-size: x-large;\"><strong>Get a prequalified mortgage quote<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\" style=\"text-align: center;\">One form. 3 minutes. No spam calls.<\/h6>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-table-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><!-- TrustBox widget - Micro Combo --><\/p>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p><b>And here\u2019s the amortization schedule on a 15-year, $1,000,000 mortgage with a 6% fixed rate: <\/b><\/p>\n\n<table id=\"tablepress-785\" class=\"tablepress tablepress-id-785 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Year<\/th><th class=\"column-2\">Beginning balance<\/th><th class=\"column-3\">Monthly payment<\/th><th class=\"column-4\">Total interest paid to date<\/th><th class=\"column-5\">Total principal paid to date<\/th><th class=\"column-6\">Remaining balance<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">1<\/td><td class=\"column-2\">$1,000,000.00<\/td><td class=\"column-3\">$8,438.57<\/td><td class=\"column-4\">$58,846.15<\/td><td class=\"column-5\">$42,416.67<\/td><td class=\"column-6\">$957,583.33<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">2<\/td><td class=\"column-2\">$957,583.33<\/td><td class=\"column-3\">$8,438.57<\/td><td class=\"column-4\">$56,229.98<\/td><td class=\"column-5\">$45,032.84<\/td><td class=\"column-6\">$912,550.49<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">3<\/td><td class=\"column-2\">$912,550.49<\/td><td class=\"column-3\">$8,438.57<\/td><td class=\"column-4\">$53,452.45<\/td><td class=\"column-5\">$47,810.37<\/td><td class=\"column-6\">$864,740.12<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">4<\/td><td class=\"column-2\">$864,740.12<\/td><td class=\"column-3\">$8,438.57<\/td><td class=\"column-4\">$50,503.61<\/td><td class=\"column-5\">$50,759.21<\/td><td class=\"column-6\">$813,980.91<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">5<\/td><td class=\"column-2\">$813,980.91<\/td><td class=\"column-3\">$8,438.57<\/td><td class=\"column-4\">$47,372.90<\/td><td class=\"column-5\">$53,889.92<\/td><td class=\"column-6\">$760,090.99<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">6<\/td><td class=\"column-2\">$760,090.99<\/td><td class=\"column-3\">$8,438.57<\/td><td class=\"column-4\">$44,049.08<\/td><td class=\"column-5\">$57,213.74<\/td><td class=\"column-6\">$702,877.25<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">7<\/td><td class=\"column-2\">$702,877.25<\/td><td class=\"column-3\">$8,438.57<\/td><td class=\"column-4\">$40,520.26<\/td><td class=\"column-5\">$60,742.55<\/td><td class=\"column-6\">$642,134.70<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">8<\/td><td class=\"column-2\">$642,134.70<\/td><td class=\"column-3\">$8,438.57<\/td><td class=\"column-4\">$36,773.80<\/td><td class=\"column-5\">$64,489.02<\/td><td class=\"column-6\">$577,645.67<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">9<\/td><td class=\"column-2\">$577,645.67<\/td><td class=\"column-3\">$8,438.57<\/td><td class=\"column-4\">$32,796.26<\/td><td class=\"column-5\">$68,466.56<\/td><td class=\"column-6\">$509,179.11<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">10<\/td><td class=\"column-2\">$509,179.11<\/td><td class=\"column-3\">$8,438.57<\/td><td class=\"column-4\">$28,573.39<\/td><td class=\"column-5\">$72,689.43<\/td><td class=\"column-6\">$436,489.68<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">11<\/td><td class=\"column-2\">$436,489.68<\/td><td class=\"column-3\">$8,438.57<\/td><td class=\"column-4\">$24,090.06<\/td><td class=\"column-5\">$77,172.76<\/td><td class=\"column-6\">$359,316.92<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">12<\/td><td class=\"column-2\">$359,316.92<\/td><td class=\"column-3\">$8,438.57<\/td><td class=\"column-4\">$19,330.22<\/td><td class=\"column-5\">$81,932.60<\/td><td class=\"column-6\">$277,384.31<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">13<\/td><td class=\"column-2\">$277,384.31<\/td><td class=\"column-3\">$8,438.57<\/td><td class=\"column-4\">$14,276.79<\/td><td class=\"column-5\">$86,986.03<\/td><td class=\"column-6\">$190,398.29<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">14<\/td><td class=\"column-2\">$190,398.29<\/td><td class=\"column-3\">$8,438.57<\/td><td class=\"column-4\">$8,911.68<\/td><td class=\"column-5\">$92,351.14<\/td><td class=\"column-6\">$98,047.15<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">15<\/td><td class=\"column-2\">$98,047.15<\/td><td class=\"column-3\">$8,438.57<\/td><td class=\"column-4\">$3,215.67<\/td><td class=\"column-5\">$98,047.15<\/td><td class=\"column-6\">$0.00<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td colspan=\"6\" class=\"column-1\"><p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3 style=\"text-align: center;\"><span style=\"font-size: x-large;\"><strong>Get a prequalified mortgage quote<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\" style=\"text-align: center;\">One form. 3 minutes. No spam calls.<\/h6>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-table-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><!-- TrustBox widget - Micro Combo --><\/p>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p><b><i>Learn: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-buy-a-house\/\"><b><i>How to Buy a House: Step-by-Step Guide<\/i><\/b><\/a><br \/>\n<a name=\"how-get-1000000-mortgage\"><\/a><\/p>\n<h2>How to get a $1,000,000 mortgage<\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-48654 size-full\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/02\/how-to-get-a-mortgage-flowchart-square.png\" alt=\"how to get a mortgage flowchart-square\" width=\"1200\" height=\"1200\" srcset=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/02\/how-to-get-a-mortgage-flowchart-square.png 1200w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/02\/how-to-get-a-mortgage-flowchart-square-600x600.png 600w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/02\/how-to-get-a-mortgage-flowchart-square-200x200.png 200w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/02\/how-to-get-a-mortgage-flowchart-square-768x768.png 768w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/02\/how-to-get-a-mortgage-flowchart-square-300x300.png 300w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/02\/how-to-get-a-mortgage-flowchart-square-150x150.png 150w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h3>1. Calculate your homebuying budget<\/h3>\n<p>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\u2019ll take on as a homeowner.<\/p>\n<p>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.<\/p>\n<h3>2. Review your credit report<\/h3>\n<p>Before you <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-apply-for-mortgage\/\">apply for a mortgage<\/a>, 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.<\/p>\n<p>You don\u2019t want to qualify for a smaller loan because someone else\u2019s car payment ended up on your credit profile, or get rejected because your score is lower than you thought.<\/p>\n<h3>3. Get pre-approved<\/h3>\n<p>By giving lenders some basic information about your finances, they\u2019ll be able to tell you if you\u2019re likely to qualify for a full mortgage \u2014 and estimate how much you can borrow.<\/p>\n<p>The mortgage pre-approval process also helps you learn which lender offers the lowest fees and <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-apr\/\">APR<\/a>.<\/p>\n<p><b>Tip: <\/b>Getting a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/streamlined-preapproval-letter\/\">pre-approval letter<\/a> from a lender will strengthen your purchase offer too. It shows sellers that you\u2019re more likely to close the deal.<br \/>\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n<h3>4. Shop around for mortgage rates<\/h3>\n<p>When you\u2019re 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\u2019s worth your time and effort to shop around for the best mortgage rate.<\/p>\n<p>But don\u2019t stop there: Fees can add up too. When comparing lenders, see what they charge in <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/origination-fees\/\">origination fees<\/a>, application fees, <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-points\/\">discount points<\/a>, and more.<\/p>\n<h3>5. Negotiate home purchase details<\/h3>\n<p>Don\u2019t let the fact that you\u2019re making a major purchase dissuade you from trying to save money any way you can. In a buyer\u2019s market, you may be able to offer less than the asking price \u2014 or negotiate seller concessions, such as help paying for closing costs or repairs.<\/p>\n<p>If that\u2019s 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.<\/p>\n<p><b><i>Find Out: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/when-to-buy-house\/\"><b><i>How to Know If You Should Buy a House in 2021<\/i><\/b><\/a><\/p>\n<h3>6. Complete the full mortgage application<\/h3>\n<p>Once you\u2019ve found a home you want to buy and a seller has accepted your offer, it\u2019s time to apply for a mortgage. You\u2019ll provide extensive details about your income sources and your legally binding financial obligations, including debt payments and child support.<\/p>\n<p>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\u2019re applying for.<\/p>\n<h3>7. Get approved by an underwriter<\/h3>\n<p>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.<\/p>\n<p>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.<\/p>\n<h3>8. Prepare for closing<\/h3>\n<p>Getting to closing can be excruciating. You can\u2019t wait to get that final OK that you\u2019re clear to close.<\/p>\n<p>At this stage, you may have to comply with some last-minute underwriting requests. You\u2019ll 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.<\/p>\n<h3>9. Close on your mortgage<\/h3>\n<p>To complete your homebuying journey, you\u2019ll 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 <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/remote-closing\/\">remote online notarization<\/a>.<\/p>\n<p>You\u2019ll need to provide your ID and possibly your fingerprint. Soon after that, you\u2019ll get the keys \u2014 and the real excitement of moving into your new home can finally begin!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A $1,000,000 mortgage could be your ticket to a Midwestern mansion \u2014 or a Bay Area bungalow. Whatever type of home you\u2019re after, a substantial income and top-notch credit can help you get the jumbo&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/1000000-mortgage\/\">Continue reading<\/a><\/p>\n","protected":false},"author":106,"featured_media":54058,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1463],"tags":[1547,1521],"class_list":["post-54057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-homebuying-costs","tag-mortgage-rates-sidebar","how-much-a-1000000-mortgage-will-cost-you","post_tag-homebuying-costs","post_tag-mortgage-rates-sidebar"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Much a $1,000,000 Mortgage Will Cost You - Credible<\/title>\n<meta name=\"description\" content=\"A $1,000,000 mortgage won\u2019t come cheap. Find out if you can afford the payments on a loan of this size.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.credible.com\/blog\/mortgages\/1000000-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Much a $1,000,000 Mortgage Will Cost You - Credible\" \/>\n<meta property=\"og:description\" content=\"A $1,000,000 mortgage won\u2019t come cheap. 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