What is the monthly payment on a $1,000,000 mortgage at 5% for 15 years?
Answer
$7,908/month
Principal & interest onlyTotal interest over 15 years: $423,429Total cost: $1,423,429
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$1,000,000, r=5%/12=0.4167n=180. M = $7,908
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Calculated using verified formulas. Last updated March 2026.