A home priced at $1M typically results in monthly mortgage payments between $6,700 and $8,200, with potential interest costs exceeding $1M over 30 years. Key components of a mortgage payment include principal, interest, private mortgage insurance (PMI), property taxes, and homeowners insurance. These costs are influenced by factors like interest rates, loan duration, and down payment size. For instance, interest rates significantly impact monthly payment amounts, emphasizing the importance of understanding all elements of a mortgage.
Your mortgage payment is more than just paying back the loan. It includes principal, interest, private mortgage insurance, property taxes, and homeowners insurance.
A 30-year mortgage on a $1M house costs between $6,700-$8,200 per month, and over 30 years, you may pay over $1M in interest at today's rates.
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