Loan Guide
Mortgage Repayments on $1,000,000 (2026)
Monthly repayments on a $1,000,000 home loan are $6,321 at 6.5% over 30 years. Over the life of the loan, you'll pay $1,275,445 in interest, bringing the total cost to $2,275,445.
Popular mortgage guides: $400k, $500k, $600k, $750k, $1M .
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Monthly repayment $6,321 at 6.5% over 30 years
Repayments at Different Rates
How repayments on $1,000,000 change with interest rate, all at 30-year term:
| Rate | Monthly | Fortnightly | Weekly | Total Interest | Total Cost |
|---|---|---|---|---|---|
| 5.0% | $5,368 | $2,476 | $1,238 | $932,558 | $1,932,558 |
| 5.5% | $5,678 | $2,619 | $1,309 | $1,044,040 | $2,044,040 |
| 6.0% | $5,996 | $2,766 | $1,383 | $1,158,382 | $2,158,382 |
| 6.5% | $6,321 | $2,916 | $1,458 | $1,275,445 | $2,275,445 |
| 7.0% | $6,653 | $3,069 | $1,534 | $1,395,089 | $2,395,089 |
| 7.5% | $6,992 | $3,226 | $1,613 | $1,517,172 | $2,517,172 |
| 8.0% | $7,338 | $3,385 | $1,692 | $1,641,552 | $2,641,552 |
Repayments by Loan Term
How the term length affects your repayments and total cost on a $1,000,000 mortgage at 6.5%:
| Term | Monthly | Total Interest | Total Cost |
|---|---|---|---|
| 15 years | $8,711 | $567,993 | $1,567,993 |
| 20 years | $7,456 | $789,376 | $1,789,376 |
| 25 years | $6,752 | $1,025,621 | $2,025,621 |
| 30 years | $6,321 | $1,275,445 | $2,275,445 |
Key Facts
You'll pay 128% extra in interest On a $1,000,000 mortgage at 6.5% over 30 years, total interest is $1,275,445 — that's 128% on top of the principal.
Estimated salary needed: $252,840 Using the standard 30% serviceability ratio, you'd need a gross income of approximately $252,840 per year to service this mortgage.
Fortnightly payments save interest Switching to fortnightly payments means 26 half-payments per year (equivalent to 13 monthly payments), which reduces total interest and shortens the loan.
Compare Nearby Amounts
| Loan Amount | Monthly | Total Interest | Total Cost |
|---|---|---|---|
| $950,000 | $6,005 | $1,211,673 | $2,161,673 |
| $1,000,000 | $6,321 | $1,275,445 | $2,275,445 |
| $1,050,000 | $6,637 | $1,339,217 | $2,389,217 |
Frequently Asked Questions
How much are repayments on a $1M mortgage?
At 6.5% over 30 years, monthly repayments on a $1,000,000 mortgage are $6,321. Fortnightly repayments would be $2,916.
How much interest do you pay on a $1M mortgage?
Over 30 years at 6.5%, you'd pay $1,275,445 in total interest on a $1,000,000 mortgage. That's 128% of the original loan amount. The total cost including principal is $2,275,445.
Can I afford a $1M mortgage?
Using the common 30% serviceability rule, you'd need a gross salary of approximately $252,840 to comfortably afford repayments of $6,321/month on a $1,000,000 mortgage at 6.5%. Lenders may assess at higher stress-test rates.
Is a 15 or 30 year mortgage better for $1M?
A 15-year term on $1,000,000 at 6.5% costs $8,711/month but saves $707,452 in interest compared to 30 years. The 30-year option has lower repayments of $6,321/month but costs $2,275,445 total.
Should I pay fortnightly on a $1M mortgage?
Paying fortnightly effectively makes 26 half-payments per year (equivalent to 13 monthly payments instead of 12). On a $1,000,000 mortgage, this can shave years off the loan and save tens of thousands in interest.
Need a more detailed breakdown?
Our Mortgage Calculator lets you model stress tests, offset accounts, extra repayments, and compare refinancing scenarios.
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