Loan Guide
Mortgage Repayments on $1,000,000 (2026)
Monthly repayments on a $1,000,000 home loan are $6,125 at 6.2% over 30 years. Over the life of the loan, you'll pay $1,204,888 in interest, bringing the total cost to $2,204,888.
Popular mortgage guides: $400k , $500k , $600k , $750k , $1M .
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Monthly repayment $6,125 at 6.2% over 30 years
Total interest $1,204,888
Total cost $2,204,888
Interest / principal 120%
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 6.2%:
| Term | Monthly | Total Interest | Total Cost |
|---|---|---|---|
| 15 years | $8,547 | $538,460 | $1,538,460 |
| 20 years | $7,280 | $747,241 | $1,747,241 |
| 25 years | $6,566 | $969,746 | $1,969,746 |
| 30 years | $6,125 | $1,204,888 | $2,204,888 |
Key Facts
You'll pay 120% extra in interest On a $1,000,000 mortgage at 6.2% over 30 years, total interest is $1,204,888 — that's 120% on top of the principal.
Estimated salary needed: $245,000 As a budgeting illustration, this repayment is 30% of gross monthly income at approximately $245,000 per year. This is not a lender serviceability result.
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 | $5,818 | $1,144,644 | $2,094,644 |
| $1,000,000 | $6,125 | $1,204,888 | $2,204,888 |
| $1,050,000 | $6,431 | $1,265,133 | $2,315,133 |
Frequently asked questions
How much are repayments on a $1M mortgage?
At 6.2% over 30 years, monthly repayments on a $1,000,000 mortgage are $6,125. Fortnightly repayments would be $2,825.
How much interest do you pay on a $1M mortgage?
Over 30 years at 6.2%, you'd pay $1,204,888 in total interest on a $1,000,000 mortgage. That's 120% of the original loan amount. The total cost including principal is $2,204,888.
Can I afford a $1M mortgage?
As a simple budget illustration, $6,125/month equals 30% of gross monthly income at a salary of about $245,000. This is not a lender serviceability result. A lender also assesses living expenses, debts, income and deposit, and APRA-regulated banks apply at least a 3 percentage point rate buffer.
Is a 15 or 30 year mortgage better for $1M?
A 15-year term on $1,000,000 at 6.2% costs $8,547/month but saves $666,428 in interest compared to 30 years. The 30-year option has lower repayments of $6,125/month but costs $2,204,888 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?
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