How much would I pay on a $600,000 mortgage?

Repayments, total interest and amortization to borrow with confidence.

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If you’re ready to buy a home, you might wonder how to budget for your target home cost. Here’s a breakdown of what you might face monthly, in interest and over the life of a $600,000 mortgage.

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Monthly payments on a $600,000 mortgage

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $2,864.49 a month, while a 15-year might cost $4,438.13 a month.

15-year vs. 30-year mortgages

See your monthly payments by interest rate.

Compare mortgage lenders that offer $600,000 mortgages

Name Product Min. credit score State availability Loans offered
Axos Bank
620
Available in all states
Conventional, Refinance, Jumbo, Home Equity, Fixed, Adjustable, FHA, VA, USDA
Explore a full suite of home loan options with this direct online lender.
Credible
620
Not available in: AZ, HI, MO, NV, NY, RI, UT, WA, WV
Conventional, Refinance, Jumbo
Prequalify in minutes and then compare home loan options from several top online lenders.
LoanDepot
620
Available in all states
Conventional, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA
A nontraditional lender offering impartial guidance on a range of loans.

Compare up to 4 providers

Your total interest on a $600,000 mortgage

On a 30-year mortgage with a 4% fixed interest rate, you’ll pay $431,217.69 in interest over the life of your loan. That’s about two-thirds of what you borrowed in interest.

If you instead opt for a 15-year mortgage, you’ll pay $198,862.82 in interest over the life of your loan — or about half of the interest you’d pay on a 30-year mortgage.

The average home loan interest rate.

Amortization schedule

When you take out a mortgage, you agree to pay the principal and interest over the life of the loan. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.

Amortization means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your balance.

Estimate your monthly loan repayments on a $600,000 mortgage at 4% fixed interest with our amortization schedule over 15 and 30 years.

YearBeginning balanceMonthly paymentTotal interest paidTotal principal paidTotal payed throught the yearRemaining balance
1$600,000.00$2,864.49$23,807.72$10,566.16$34,373.88$589,433.84
2$589,433.84$2,864.49$23,377.20$10,996.68$34,373.88$578,437.16
3$578,437.16$2,864.49$22,929.18$11,444.70$34,373.88$566,992.46
4$566,992.46$2,864.49$22,462.91$11,910.97$34,373.88$555,081.49
5$555,081.49$2,864.49$21,977.64$12,396.24$34,373.88$542,685.25
6$542,685.25$2,864.49$21,472.58$12,901.30$34,373.88$529,783.95
7$529,783.95$2,864.49$20,946.97$13,426.91$34,373.88$516,357.04
8$516,357.04$2,864.49$20,399.93$13,973.95$34,373.88$502,383.09
9$502,383.09$2,864.49$19,830.62$14,543.26$34,373.88$487,839.83
10$487,839.83$2,864.49$19,238.10$15,135.78$34,373.88$472,704.05
11$472,704.05$2,864.49$18,621.46$15,752.42$34,373.88$456,951.63
12$456,951.63$2,864.49$17,979.66$16,394.22$34,373.88$440,557.41
13$440,557.41$2,864.49$17,311.73$17,062.15$34,373.88$423,495.26
14$423,495.26$2,864.49$16,616.59$17,757.29$34,373.88$405,737.97
15$405,737.97$2,864.49$15,893.16$18,480.72$34,373.88$387,257.25
16$387,257.25$2,864.49$15,140.21$19,233.67$34,373.88$368,023.58
17$368,023.58$2,864.49$14,356.62$20,017.26$34,373.88$348,006.32
18$348,006.32$2,864.49$13,541.07$20,832.81$34,373.88$327,173.51
19$327,173.51$2,864.49$12,692.32$21,681.56$34,373.88$305,491.95
20$305,491.95$2,864.49$11,808.98$22,564.90$34,373.88$282,927.05
21$282,927.05$2,864.49$10,889.63$23,484.25$34,373.88$259,442.80
22$259,442.80$2,864.49$9,932.85$24,441.03$34,373.88$235,001.77
23$235,001.77$2,864.49$8,937.10$25,436.78$34,373.88$209,564.99
24$209,564.99$2,864.49$7,900.77$26,473.11$34,373.88$183,091.88
25$183,091.88$2,864.49$6,822.21$27,551.67$34,373.88$155,540.21
26$155,540.21$2,864.49$5,699.71$28,674.17$34,373.88$126,866.04
27$126,866.04$2,864.49$4,531.47$29,842.41$34,373.88$97,023.63
28$97,023.63$2,864.49$3,315.65$31,058.23$34,373.88$65,965.40
29$65,965.40$2,864.49$2,050.28$32,323.60$34,373.88$33,641.80
30$33,641.80$2,864.49$733.37$33,641.80$34,375.17$0.00
YearBeginning balanceMonthly paymentTotal interest paidTotal principal paidTotal payed throught the yearRemaining balance
1$600,000.00$4,438.13$23,457.61$29,799.95$53,257.56$570,200.05
2$570,200.05$4,438.13$22,243.50$31,014.06$53,257.56$539,185.99
3$539,185.99$4,438.13$20,979.97$32,277.59$53,257.56$506,908.40
4$506,908.40$4,438.13$19,664.90$33,592.66$53,257.56$473,315.74
5$473,315.74$4,438.13$18,296.30$34,961.26$53,257.56$438,354.48
6$438,354.48$4,438.13$16,871.90$36,385.66$53,257.56$401,968.82
7$401,968.82$4,438.13$15,389.52$37,868.04$53,257.56$364,100.78
8$364,100.78$4,438.13$13,846.72$39,410.84$53,257.56$324,689.94
9$324,689.94$4,438.13$12,241.05$41,016.51$53,257.56$283,673.43
10$283,673.43$4,438.13$10,569.99$42,687.57$53,257.56$240,985.86
11$240,985.86$4,438.13$8,830.82$44,426.74$53,257.56$196,559.12
12$196,559.12$4,438.13$7,020.81$46,236.75$53,257.56$150,322.37
13$150,322.37$4,438.13$5,137.04$48,120.52$53,257.56$102,201.85
14$102,201.85$4,438.13$3,176.53$50,081.03$53,257.56$52,120.82
15$52,120.82$4,438.13$1,136.16$52,120.82$53,256.98$0.00

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