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

Here's what your monthly payment and total interest could look like on a $600,000 mortgage.

Updated

If you’re ready to buy a home, you’ll first need to find out how much mortgage you can afford based on your income and down payment. If you’ve qualified for a mortgage of $600,000, here’s a breakdown of what you might face monthly, in interest and over the life of the mortgage.

Monthly payments on a $600,000 mortgage

At a 3.5% fixed interest rate, your monthly mortgage payment on a 25-year mortgage might total approximately $2,995.62 a month, while a 15-year mortgage might cost approximately $4,281.86 a month.

Note that your monthly mortgage payments may differ slightly depending on the type of interest rate (fixed, variable, etc.), your mortgage term, payment frequency, taxes (such as CMHC insurance) and possible other fees.

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Your total interest on a $600,000 mortgage

On a 25-year mortgage with a 3.5% fixed interest rate, you’ll pay approximately $298,686.60 in interest over the life of your mortgage. That’s just short of half of what you borrowed in interest.

If you instead opt for a 15-year mortgage, you’ll pay approximately $170,734.61 in interest over the life of your mortgage — or just over half of the interest you’d pay on a 25-year mortgage.

Amortization schedule

Your amortization period is the total number of years you have to pay off your mortgage in full, including both the balance and interest.

When you sign on for a mortgage, you agree to pay the principal amount and the interest over the life of the mortgage. Your interest rate is applied to your principal amount, and as you pay down your principal amount, the amount you pay in interest changes. Amortization means that at the beginning of your mortgage, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your principal amount and less toward interest.

Below, you can estimate your monthly mortgage repayments on a $600,000 mortgage at a 3.5% fixed interest rate with our amortization schedule over 15- and 25- years.

At a 3.5% fixed-rate over 15-years, you’d pay approximately $4,281.86 monthly. Over the course of a year, that’s a total of $51,382.32 in mortgage payments. In the table below, compare how much you would pay toward both interest and the principal amount each year.

YearTotal interest paidTotal principal paidRemaining balance
1$20,357.49$31,024.82$568,975.18
2$19,262.12$32,120.19$536,854.99
3$18,128.07$33,254.23$503,600.76
4$16,954.00$34,428.31$469,172.45
5$15,738.45$35,643.85$433,528.60
6$14,480.01$36,902.30$396,626.30
7$13,177.13$38,205.18$358,421.12
8$11,828.24$39,554.06$318,867.06
9$10,431.74$40,950.57$277,916.49
10$8,985.93$42,396.38$235,520.11
11$7,489.07$43,893.24$191,626.87
12$5,939.37$45,442.94$146,183.93
13$4,334.94$47,047.36$99,136.57
14$2,673.88$48,708.43$50,428.14
15$954.17$50,428.14$0.00

At a 3.5% fixed-rate over 25-years, you’d pay approximately $2,995.62 monthly. Over the course of a year, that’s a total of $35,947.44 in mortgage payments. In the table below, compare how much you would pay toward both interest and the principal amount each year.

YearTotal interest paidTotal principal paidRemaining balance
1$20,605.69$15,341.77$584,658.23
2$20,064.03$15,883.44$568,774.79
3$19,503.25$16,444.21$552,330.58
4$18,922.66$17,024.80$535,305.78
5$18,321.58$17,625.89$517,679.89
6$17,699.28$18,248.19$499,431.70
7$17,055.00$18,892.46$480,539.24
8$16,387.98$19,559.48$460,979.76
9$15,697.41$20,250.06$440,729.70
10$14,982.45$20.965.01$419,764.69
11$14,242.26$21,705.20$398,059.49
12$13,475.93$22,471.54$375,587.95
13$12,682.54$23,264.92$352,323.03
14$11,861.15$24,086.32$328,236.71
15$11,010.75$24,936.71$303,300.00
16$10,130.32$25,817.14$277,482.86
17$9,218.82$26,728.64$250,754.22
18$8,275.14$27,672.33$223,081.89
19$7,298.12$28,649.34$194,432.55
20$6,286.63$29,660.84$164,771.71
21$5,239.41$30,708.05$134,063.66
22$4,155.23$31,792.24$102,271.42
23$3,032.76$32,914.70$69,356.72
24$1,870.67$34,076.80$35,279.92
25$667.54$35,279.92$0.00

Other mortgage amounts you might be interested in:

Bottom line

Buying a house is among the biggest investments you’ll make in your lifetime. Before signing on for a mortgage, it’s key to understand how the interest rate and amortization period can affect how much you’ll pay in interest over the life of the mortgage.

Want to learn more about mortgages and interest rates? Head to our guide here.

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