$600,000 Mortgage Payment
With a $600,000 home price and 20% down ($120,000), your monthly principal & interest payment is $3,193.45 on a 30-year mortgage at 7%.
30-Year vs 15-Year Comparison
| Term | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 30 years | $3,193.45 | $669,643 | $1,149,643 |
| 15 years | $4,314.38 | $296,588 | $776,588 |
| You save | +$1,120.92/mo | $373,055 | $373,055 |
Monthly Payment by Interest Rate (30-Year)
| Rate | Monthly P&I | Total Interest |
|---|---|---|
| 5.5% | $2,725.39 | $501,139 |
| 6% | $2,877.84 | $556,023 |
| 6.5% | $3,033.93 | $612,214 |
| 7% | $3,193.45 | $669,643 |
| 7.5% | $3,356.23 | $728,243 |
| 8% | $3,522.07 | $787,945 |
About This Estimate
This calculation shows principal and interest only. Your actual monthly payment will also include property taxes (typically 0.5-2.5% of home value per year), homeowner's insurance ($1,000-$3,000+ per year), and possibly Private Mortgage Insurance (PMI) if your down payment is less than 20%. Use our full mortgage calculator to see a complete payment breakdown including taxes, insurance, and PMI.
A $600,000 home with 20% down requires a $120,000 down payment and a $480,000 loan. Over 30 years at 7%, you'll pay $669,643 in total interest — bringing the true cost of the home to $1,269,643. Choosing a 15-year term saves you $373,055 in interest but increases your monthly payment by $1,120.92.
Similar Mortgage Amounts
Salary Needed for a $600,000 Home
Based on common affordability guidelines (spending 28-36% of gross income on housing).