$1,000,000 Mortgage at 4%

See exactly what you'll pay on a $1,000,000 home loan at 4% interest. Monthly, fortnightly, and weekly repayments with total interest and savings tips.

Last verified: 1 July 2025

Monthly repayments on a $1,000,000 mortgage at 4% over 30 years: $4,774.15

Monthly

$4,774.15

Fortnightly

$2,203.46

Weekly

$1,101.73

Total cost over 30 years

$1,718,695

Principal $1,000,000 + Interest $718,695

Total interest paid

$718,695

72% of the loan amount

25-Year vs 30-Year Term

	25 years	30 years	Difference
Monthly repayment	$5,278.37	$4,774.15	+$504.22/mo
Total interest	$583,511	$718,695	Save $135,185
Total repaid	$1,583,511	$1,718,695	Save $135,185

What If Rates Change?

Rate	Monthly	Fortnightly	vs current
3.5%	$4,490.45	$2,072.51	-$283.71/mo
4%(current)	$4,774.15	$2,203.46	—
4.5%	$5,066.85	$2,338.55	+$292.70/mo
5%	$5,368.22	$2,477.64	+$594.06/mo
5.5%	$5,677.89	$2,620.56	+$903.74/mo

Income Needed

You'd need a household income of approximately $190,966/year ($15,914/month) to comfortably afford this mortgage using the 30% rule — where no more than 30% of your gross income goes toward housing costs.

Extra Repayment Impact

Paying an extra $100/week on your $1,000,000 mortgage:

Saves $121,559 in interest
Pays off your loan 4.4 years sooner

Fortnightly vs Monthly Trick

Paying $2,387.08 fortnightly (half the monthly repayment) instead of $4,774.15 monthly means you make 26 half-payments per year — equivalent to 13 monthly payments instead of 12.

Interest saved: $112,767
Time saved: 4.1 years

Frequently Asked Questions

How much are repayments on a $1,000,000 mortgage?

At 4% over 30 years, monthly repayments on a $1,000,000 mortgage are $4,774.15. Fortnightly repayments are $2,203.46 and weekly repayments are $1,101.73.

What income do I need for a $1,000,000 mortgage?

Using the 30% rule (no more than 30% of gross income on housing), you would need a household income of approximately $190,966 per year to comfortably afford a $1,000,000 mortgage at 4%.

How much interest will I pay on $1,000,000 over 30 years?

At 4%, the total interest on a $1,000,000 mortgage over 30 years is $718,695. The total amount repaid would be $1,718,695.

What if interest rates rise above 4%?

If rates rise by 1% to 5%, monthly repayments on a $1,000,000 mortgage increase to $5,368.22 — an extra $594.06 per month.

Other Mortgage Amounts

$850K mortgage $900K mortgage $950K mortgage $1.1M mortgage $1.2M mortgage $1.5M mortgage

Other Interest Rates

$1,000,000 at 4.5%$1,000,000 at 5%$1,000,000 at 5.5%$1,000,000 at 6%$1,000,000 at 6.5%$1,000,000 at 7%$1,000,000 at 7.5%$1,000,000 at 8%

General information and estimates only — not financial, tax, or legal advice. Always verify with a licensed adviser or the ATO.

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