A $1,000,000 mortgage in Australia at 6.30% costs about $6,189.73 per month for principal and interest over 30 years. In Australia, Lenders Mortgage Insurance (LMI) usually applies with less than a 20% deposit and varies by lender.
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| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $11,608 | $62,669 | $988,392 |
| 2 | $12,361 | $61,916 | $976,031 |
| 3 | $13,163 | $61,114 | $962,868 |
| 4 | $14,016 | $60,261 | $948,852 |
| 5 | $14,925 | $59,352 | $933,927 |
| 6 | $15,893 | $58,384 | $918,034 |
| 7 | $16,924 | $57,353 | $901,110 |
| 8 | $18,021 | $56,255 | $883,089 |
| 9 | $19,190 | $55,087 | $863,899 |
| 10 | $20,434 | $53,842 | $843,464 |
| 11 | $21,760 | $52,517 | $821,705 |
| 12 | $23,171 | $51,106 | $798,534 |
| 13 | $24,673 | $49,603 | $773,860 |
| 14 | $26,274 | $48,003 | $747,587 |
| 15 | $27,977 | $46,299 | $719,609 |
| 16 | $29,792 | $44,485 | $689,818 |
| 17 | $31,724 | $42,553 | $658,094 |
| 18 | $33,781 | $40,496 | $624,312 |
| 19 | $35,972 | $38,305 | $588,340 |
| 20 | $38,305 | $35,972 | $550,036 |
| 21 | $40,789 | $33,488 | $509,247 |
| 22 | $43,434 | $30,843 | $465,812 |
| 23 | $46,251 | $28,026 | $419,562 |
| 24 | $49,250 | $25,026 | $370,311 |
| 25 | $52,444 | $21,832 | $317,867 |
| 26 | $55,845 | $18,431 | $262,022 |
| 27 | $59,467 | $14,810 | $202,554 |
| 28 | $63,324 | $10,953 | $139,231 |
| 29 | $67,430 | $6,847 | $71,801 |
| 30 | $71,801 | $2,474 | $0 |
At 6.30% over 30 years, the principal-and-interest payment on a $1,000,000 mortgage is about $6,189.73 per month. Australian home loans are commonly variable-rate (or fixed for 1–3 years) over a 30-year term, often with an offset account.
No — this is principal and interest only. Council rates and home insurance are paid separately on top. In Australia, Lenders Mortgage Insurance (LMI) usually applies with less than a 20% deposit and varies by lender.
Over the full 30-year term at 6.30%, total interest on a $1,000,000 mortgage is roughly $1,228,303. Overpaying reduces this substantially.
Sources: Reserve Bank of Australia; Standard amortization (annuity) formula.
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.