Monthly payment on $600,000 by rate and term
Principal and interest on the $480,000 borrowed after a 20% deposit of $120,000. The rate is the single biggest lever, which is why it is worth shopping.
| Rate | 30 years | 20 years | 15 years |
|---|---|---|---|
| 5.50% | $2,725.39 | $3,301.86 | $3,922.00 |
| 6.00% | $2,877.84 | $3,438.87 | $4,050.51 |
| 6.50% | $3,033.93 | $3,578.75 | $4,181.32 |
| 7.00% | $3,193.45 | $3,721.43 | $4,314.38 |
| 7.50% | $3,356.23 | $3,866.85 | $4,449.66 |
| 8.00% | $3,522.07 | $4,014.91 | $4,587.13 |
Principal and interest only, before taxes, insurance and any PMI.
How the deposit changes it
| Down payment | Loan | P&I | PMI | PMI ends |
|---|---|---|---|---|
| 5% ($30,000) | $570,000 | $3,602.79 | $261.25 | month 135 |
| 10% ($60,000) | $540,000 | $3,413.17 | $247.50 | month 109 |
| 20% ($120,000) | $480,000 | $3,033.93 | — | not charged |
At 6.5% over 30 years. PMI applies above 80% loan-to-value and is cancelled automatically at 78%.
Frequently asked questions
What is the monthly payment on a $600,000 house?
With 20% down at 6.5% over 30 years, principal and interest are $3,033.93 a month. Adding property tax and insurance brings the full payment to about $3,733.93.
How much do I need to put down on a $600,000 home?
20% is $120,000, which avoids PMI. At 5% down ($30,000) you would borrow $570,000 and pay an extra $261.25 a month in PMI until month 135.
How much interest does a $600,000 mortgage cost?
On the $480,000 borrowed at 6.5% over 30 years, total interest is $612,211 — about 128% of the amount borrowed. A 15-year term cuts that to $272,636.
Nearby prices
Related tools
- Amortization schedule — every payment on this loan, with CSV export
- Mortgage calculator — any price, rate, term and deposit
- Paycheck calculator — the take-home pay this payment comes out of