$600,000 Mortgage Calculator
Monthly payment on a $600,000 home: $3,193/month (20% down, 7% rate, 30-year term).
= $120,000
Payment Breakdown
$600,000 Mortgage by Rate & Term
| Rate | 15-Year | 20-Year | 30-Year |
|---|---|---|---|
| 5.5% | $3,922 | $3,302 | $2,725 |
| 6% | $4,051 | $3,439 | $2,878 |
| 6.5% | $4,181 | $3,579 | $3,034 |
| 6.75% | $4,248 | $3,650 | $3,113 |
| 7% | $4,314 | $3,721 | $3,193 |
| 7.25% | $4,382 | $3,794 | $3,274 |
| 7.5% | $4,450 | $3,867 | $3,356 |
| 8% | $4,587 | $4,015 | $3,522 |
Is a $600,000 Home Affordable?
A common rule of thumb is that your home should cost no more than 3× your annual income, and your monthly payment should be no more than 28% of your gross monthly income.
At $3,193/month (30-year, 7%, 20% down), you would need a gross monthly income of at least $11,405 (annual: $136,862) to keep housing costs at 28% of income.
A 15-year mortgage at 6.75% costs $4,248/month but saves $385,081 in total interest over the life of the loan compared to 30 years.
True Cost of a $600,000 Mortgage
Here's what you actually pay over the life of a $600,000 mortgage (20% down, 7%):
30-Year Term
15-Year Term
Tips for Buying a $600,000 Home
- Save for 20% down ($120,000). This eliminates PMI and gives you the best rates. If that's too much, FHA loans start at 3.5% down ($21,000).
- Shop rates aggressively. Even 0.25% lower on a $480,000 loan saves $80/month — that adds up to $28,865 over 30 years.
- Budget for closing costs. Expect 2-5% of the purchase price ($12,000–$30,000) in closing costs on top of your down payment.
- Don't forget ongoing costs. Property taxes (1-2%), homeowners insurance, maintenance (1% of home value/year), and possibly HOA fees all add to your monthly obligation.
- Consider the 15-year option. If you can handle $4,248/month instead of $3,193, you'll own your home in half the time and save $385,081 in interest.
- Get pre-approved first. A pre-approval letter strengthens your offer and locks in a rate for 60-90 days while you shop.
Frequently Asked Questions — $600,000 Mortgage
What is the monthly payment on a $600,000 mortgage?
With 20% down ($120,000) at 7% for 30 years, the monthly payment is $3,193. A 15-year term at 6.75% raises the payment to $4,248 but saves $385,081 in interest.
How much income do I need for a $600,000 home?
Using the 28% rule, you need at least $136,862/year in gross income for the mortgage payment alone. Including taxes and insurance, aim for closer to $184,764/year.
Is a 30-year or 15-year mortgage better for a $600,000 home?
A 30-year mortgage has a lower payment ($3,193 vs $4,248) but costs $385,081 more in interest. Choose 30-year for cash flow flexibility; 15-year if you can handle the higher payment and want to build equity faster.
How much is a down payment on a $600,000 house?
A standard 20% down payment is $120,000. You can put down as little as 3% ($18,000) with a conventional loan or 3.5% ($21,000) with FHA, but you'll pay PMI until you reach 20% equity.
What credit score do I need for a $600,000 mortgage?
A 620 credit score qualifies for most conventional loans. FHA accepts 580+. For the best rates on your $480,000 loan, target 740+ — it could save you 0.5% or more on your rate, worth $57,429 over 30 years.
How do I lower my mortgage payment on a $600,000 home?
Increase your down payment, negotiate a lower rate, choose a longer loan term, buy discount points, or look for lender credits. Even small rate decreases compound into meaningful savings over 30 years.
How much total interest will I pay on a $600,000 mortgage?
At 7% over 30 years with 20% down, you'll pay $669,643 in total interest — that's 140% of the original loan amount. A 15-year term at 6.75% cuts total interest to $284,562.
Should I buy points to lower my rate on a $600,000 mortgage?
Each discount point (1% of the loan amount = $4,800) typically lowers your rate by 0.25%. If you plan to stay 5+ years, buying points often pays for itself through lower monthly payments.