$1 Million Dollar Mortgage Calculator
Calculate payments for a $1M home. Luxury real estate mortgage calculator with high-value tax estimation.
Loan Details
Taxes & Insurance
Estimated Monthly Payment
Payoff Date
February 2056
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Affordability Analysis for $1,000,000
For a $1 Million home, property taxes and insurance are major factors. A 1% tax rate equals $10,000/year ($833/mo) alone.
When planning for a home at this price point, it is critical to calculate not just the mortgage, but the "Unrecoverable Costs" of homeownership: property taxes, HOA fees, and maintenance (usually 1% of home value per year).
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FAQs for this Price Range
How much is the monthly payment for a $1,000,000 mortgage?
At a 6.5% interest rate, the Principal & Interest payment for a $1,000,000 loan is approximately $5056. However, with taxes and insurance (PITI), you should budget for about $8500 per month.
How much income do I need for a $1,000,000 house?
Using the 28% rule, lenders typically look for a gross annual income of approximately $364,285 to comfortably afford a $1,000,000 home.
Do I need 20% down?
No. You can buy this home with as little as 3-3.5% down ($35,000), but you will have to pay Private Mortgage Insurance (PMI).