What is the monthly payment on a $1,000,000 mortgage at 8% for 15 years?
Answer
$9,557/month
Principal & interest onlyTotal interest over 15 years: $720,174Total cost: $1,720,174
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$1,000,000, r=8%/12=0.6667n=180. M = $9,557
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Calculated using verified formulas. Last updated March 2026.