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A mortgage for a $1M property is roughly $4-$5k depending on credit etc etc.

$5100 for $1M borrowed (a low) 3%, excluding down payment, property taxes, and likely PMI, given how onerous saving 20% of seven figures is.

Is the interest rate that high in the US?

If you negotiate with a couple of banks in Sweden you can easily get sub 1% (0.79% is what I seem to be able to get). Heck I just checked my bank and I can even get a line of credit up to 1M SEK at 1.74% for up to 50% of my portfolio without any property as security.

Checking, I'm seeing rates approaching 4% for 30-year mortgages here (the US), down to 3.5% for a 15-year, which squares with what's been more-or-less the norm for a while, so is probably about right. 1% on a mortgage would... not be normal here.

Oh but that's with a locked rate, I always go fully moving rate.

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