What is the monthly payment on a $1,000,000 mortgage at 7.5% for 30 years?
Answer
$6,992/month
Principal & interest onlyTotal interest over 30 years: $1,517,172Total cost: $2,517,172
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$1,000,000, r=7.5%/12=0.6250n=360. M = $6,992
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Calculated using verified formulas. Last updated March 2026.