How Much Is the Monthly Payment on a $600,000 Mortgage?
At 6.5% over 30 years, the principal and interest on a $600,000 mortgage comes to about $3,792 per month. With property tax and insurance included, the realistic total is closer to $4,700 to $5,000.
At this size, the difference between the quoted figure and the real one is often more than a thousand dollars a month.
Monthly payment by interest rate
Principal and interest on $600,000 over 30 years:
| Interest rate | Monthly payment | Total interest paid |
|---|---|---|
| 5.0% | $3,221 | $559,500 |
| 5.5% | $3,407 | $626,400 |
| 6.0% | $3,597 | $695,000 |
| 6.5% | $3,792 | $765,300 |
| 7.0% | $3,992 | $837,100 |
| 7.5% | $4,195 | $910,300 |
| 8.0% | $4,403 | $984,900 |
One percentage point costs roughly $396 a month — about $142,000 over the full term. At this loan size, a quarter-point improvement is worth more than most people save in a year.
Run your own figures in the mortgage calculator with taxes and insurance.
What the total payment includes
| Component | Typical monthly cost | Notes |
|---|---|---|
| Principal & interest | $3,792 | At 6.5% over 30 years |
| Property tax | $310–$1,375 | Biggest variation between states |
| Homeowners insurance | $190–$450 | More in storm or wildfire areas |
| PMI (if under 20% down) | $215–$500 | Removable at 20% equity |
Early on the split is lopsided: your first payment puts about $542 toward the balance and $3,250 toward interest. The amortization schedule calculator shows how that shifts month by month.
15-year versus 30-year
| Term | Monthly payment | Total interest | Saved vs 30-year |
|---|---|---|---|
| 30 years | $3,792 | $765,000 | — |
| 20 years | $4,473 | $474,000 | $291,000 |
| 15 years | $5,227 | $341,000 | $424,000 |
The 15-year costs $1,435 more each month and saves roughly $424,000 in interest. At this level the numbers are large enough that the decision usually comes down to cash-flow certainty rather than arithmetic.
What income does this require?
Using the standard rule that housing stays at or below 28% of gross monthly income, a $4,800 total payment implies about $17,150 a month, or roughly $206,000 a year.
Add other debt and you need more, because lenders also cap total debt payments at around 36% of gross income. Check your own position with the house affordability calculator.
These are lending limits, not comfort limits. Approval tells you what a bank will lend, not what you can live with.
The upfront and ongoing costs
| Cost | Amount | When |
|---|---|---|
| Down payment (20% of a $750,000 home) | $150,000 | At closing |
| Closing costs (2–5%) | $12,000–$30,000 | At closing |
| Maintenance (1%/year) | ~$625/month | Ongoing, unpredictable |
Frequently asked questions
How much is a $600,000 mortgage per month? About $3,792 in principal and interest at 6.5% over 30 years, or roughly $4,700 to $5,000 with tax and insurance.
What salary do I need? Around $206,000 a year using the 28% rule, more if you carry other debt.
How much does paying extra save? An extra $200 a month cuts about four years off the term and saves roughly $122,000 in interest.
What home price does this buy? With 20% down, a $600,000 loan buys a home of about $750,000.
These figures are estimates for planning purposes. Your actual payment depends on your credit, location, lender, and loan program — speak to a mortgage broker or lender for numbers specific to your situation.