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Calculate repayments, total interest and amortization on a $600k mortgage and borrow with confidence.
- Monthly payments on a $600,000 mortgage
- Compare mortgage lenders
- Your total interest on a $600,000 mortgage
- Amortization schedule
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If you’re ready to buy a home, you might wonder how to budget for your target home cost. Use our calculator to get a breakdown of what you might pay in interest each month and over the life of a $600,000 mortgage from different lenders.
Monthly mortgage payment calculator
See how much you'll pay for your home
Your loan |
|---|
| Loan amount |
$ |
| Loan terms (in years) |
| Interest rate |
% |
Fill out the form and click on “Calculate” to see yourestimated monthly payment.
or
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You can expect to pay back$per month
Based on your loan terms
| Principal | $ |
|---|---|
| Interest | $ |
| Total Cost | $ |
-
- Enter how much you want to borrow under Loan amount.
- Type in your mortgage term in years (not months) under the Loan terms field.
- Enter the loan’s interest rate if it doesn’t come with any fees under Interest rate. Note that your monthly mortgage payments will vary depending on your interest rate, taxes, PMI costs and other related fees. If you have this information available, you can enter the annual percentage rate (APR), which includes interest and fees combined.
- Click Calculate.
- Review your results.
Monthly payments on a $600,000 mortgage
At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $3,992 a month, while a 15-year might cost $5,393 a month.
See your monthly payments by interest rate.
| Interest | Mortgage term | Monthly payments |
|---|---|---|
| 5.75% | 15 years | $4,982 |
| 5.75% | 30 years | $3,501 |
| 6.00% | 15 years | $5,063 |
| 6.00% | 30 years | $3,597 |
| 6.25% | 15 years | $5,145 |
| 6.25% | 30 years | $3,694 |
| 6.50% | 15 years | $5,227 |
| 6.50% | 30 years | $3,792 |
| 6.75% | 15 years | $5,309 |
| 6.75% | 30 years | $3,892 |
| 7.00% | 15 years | $5,393 |
| 7.00% | 30 years | $3,992 |
| 7.25% | 15 years | $5,477 |
| 7.25% | 30 years | $4,093 |
| 7.50% | 15 years | $5,562 |
| 7.50% | 30 years | $4,195 |
| 7.75% | 15 years | $5,648 |
| 7.75% | 30 years | $4,298 |
| 8.00% | 15 years | $5,734 |
| 8.00% | 30 years | $4,403 |
| 8.25% | 15 years | $5,821 |
| 8.25% | 30 years | $4,508 |
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Your total interest on a $600,000 mortgage
On a 30-year mortgage with a 7.00% fixed interest rate, you’ll pay $837,053 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 $370,735 in interest over the life of your loan — or about half of the interest you’d pay on a 30-year mortgage.
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Interest Mortgage term Total interest charged 5.75% 15 years $296,843 5.75% 30 years $660,517 6.00% 15 years $311,365 6.00% 30 years $695,029 6.25% 15 years $326,017 6.25% 30 years $729,949 6.50% 15 years $340,796 6.50% 30 years $765,267 6.75% 15 years $355,702 6.75% 30 years $800,972 7.00% 15 years $370,735 7.00% 30 years $837,053 7.25% 15 years $385,892 7.25% 30 years $873,501 7.50% 15 years $401,173 7.50% 30 years $910,303 7.75% 15 years $416,578 7.75% 30 years $947,450 8.00% 15 years $432,104 8.00% 30 years $984,931 8.25% 15 years $447,752 8.25% 30 years $1,022,736
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 7.00% fixed interest with our amortization schedule over 15 and 30 years.
- 30-year loan
- 15-year loan
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $600,000 | $3,992 | $41,807 | $6,095 | $47,902 | $593,905 |
| 2 | $593,905 | $3,992 | $41,366 | $6,535 | $47,902 | $587,370 |
| 3 | $587,370 | $3,992 | $40,894 | $7,008 | $47,902 | $580,362 |
| 4 | $580,362 | $3,992 | $40,387 | $7,515 | $47,902 | $572,847 |
| 5 | $572,847 | $3,992 | $39,844 | $8,058 | $47,902 | $564,790 |
| 6 | $564,790 | $3,992 | $39,262 | $8,640 | $47,902 | $556,149 |
| 7 | $556,149 | $3,992 | $38,637 | $9,265 | $47,902 | $546,884 |
| 8 | $546,884 | $3,992 | $37,967 | $9,935 | $47,902 | $536,950 |
| 9 | $536,950 | $3,992 | $37,249 | $10,653 | $47,902 | $526,297 |
| 10 | $526,297 | $3,992 | $36,479 | $11,423 | $47,902 | $514,874 |
| 11 | $514,874 | $3,992 | $35,653 | $12,249 | $47,902 | $502,626 |
| 12 | $502,626 | $3,992 | $34,768 | $13,134 | $47,902 | $489,492 |
| 13 | $489,492 | $3,992 | $33,818 | $14,084 | $47,902 | $475,408 |
| 14 | $475,408 | $3,992 | $32,800 | $15,102 | $47,902 | $460,307 |
| 15 | $460,307 | $3,992 | $31,708 | $16,193 | $47,902 | $444,113 |
| 16 | $444,113 | $3,992 | $30,538 | $17,364 | $47,902 | $426,749 |
| 17 | $426,749 | $3,992 | $29,283 | $18,619 | $47,902 | $408,130 |
| 18 | $408,130 | $3,992 | $27,937 | $19,965 | $47,902 | $388,165 |
| 19 | $388,165 | $3,992 | $26,493 | $21,408 | $47,902 | $366,757 |
| 20 | $366,757 | $3,992 | $24,946 | $22,956 | $47,902 | $343,800 |
| 21 | $343,800 | $3,992 | $23,286 | $24,616 | $47,902 | $319,185 |
| 22 | $319,185 | $3,992 | $21,507 | $26,395 | $47,902 | $292,790 |
| 23 | $292,790 | $3,992 | $19,599 | $28,303 | $47,902 | $264,487 |
| 24 | $264,487 | $3,992 | $17,553 | $30,349 | $47,902 | $234,138 |
| 25 | $234,138 | $3,992 | $15,359 | $32,543 | $47,902 | $201,595 |
| 26 | $201,595 | $3,992 | $13,006 | $34,896 | $47,902 | $166,699 |
| 27 | $166,699 | $3,992 | $10,484 | $37,418 | $47,902 | $129,281 |
| 28 | $129,281 | $3,992 | $7,779 | $40,123 | $47,902 | $89,158 |
| 29 | $89,158 | $3,992 | $4,878 | $43,024 | $47,902 | $46,134 |
| 30 | $46,134 | $3,992 | $1,768 | $46,134 | $47,902 | $0 |
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $600,000 | $5,393 | $41,257 | $23,459 | $64,716 | $576,541 |
| 2 | $576,541 | $5,393 | $39,561 | $25,155 | $64,716 | $551,387 |
| 3 | $551,387 | $5,393 | $37,743 | $26,973 | $64,716 | $524,414 |
| 4 | $524,414 | $5,393 | $35,793 | $28,923 | $64,716 | $495,491 |
| 5 | $495,491 | $5,393 | $33,702 | $31,014 | $64,716 | $464,477 |
| 6 | $464,477 | $5,393 | $31,460 | $33,256 | $64,716 | $431,221 |
| 7 | $431,221 | $5,393 | $29,056 | $35,660 | $64,716 | $395,561 |
| 8 | $395,561 | $5,393 | $26,478 | $38,238 | $64,716 | $357,324 |
| 9 | $357,324 | $5,393 | $23,714 | $41,002 | $64,716 | $316,322 |
| 10 | $316,322 | $5,393 | $20,750 | $43,966 | $64,716 | $272,356 |
| 11 | $272,356 | $5,393 | $17,571 | $47,144 | $64,716 | $225,211 |
| 12 | $225,211 | $5,393 | $14,163 | $50,552 | $64,716 | $174,659 |
| 13 | $174,659 | $5,393 | $10,509 | $54,207 | $64,716 | $120,453 |
| 14 | $120,453 | $5,393 | $6,590 | $58,125 | $64,716 | $62,327 |
| 15 | $62,327 | $5,393 | $2,388 | $62,327 | $64,716 | $0 |
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Now, let's delve into the concepts discussed in the provided article:
-
Mortgages:
- The article focuses on a mortgage scenario involving a $600,000 loan. It covers aspects such as monthly payments, total interest over the life of the loan, and amortization schedules for both 15-year and 30-year terms.
-
Interest Rates:
- The article considers various fixed interest rates (ranging from 5.75% to 8.25%) and explores how they impact monthly payments and total interest paid over different mortgage terms.
-
Amortization Schedule:
- The concept of amortization is explained, illustrating how mortgage payments are structured over time. The schedule provides a breakdown of principal and interest payments for each year of the loan.
-
Mortgage Lenders:
- The article mentions several mortgage lenders for comparison, including Axos Bank, BBVA, Better, Credible, Figure, Freedom, Keller Mortgage, LoanDepot, Navy Federal Credit Union, Quicken Loans, Rocket Mortgage, SoFi, US Bank, USAA Bank, and Veterans United.
-
Calculators and Tools:
- The article provides tools such as a mortgage affordability calculator, a mortgage comparison calculator, and an FHA mortgage calculator to assist users in estimating their monthly payments and understanding the financial implications of different loan scenarios.
-
Financial Guides:
- It offers financial guides on topics like how to buy stocks online, investing in stocks, retirement planning, cryptocurrency, insurance (car, life, home), and utilities.
If you have any specific questions or need further clarification on any of these topics, feel free to ask.
