$600,000 mortgage at 5%: monthly payment over 30 and 15 years
Borrow $600,000 at 5% and the principal-and-interest payment is $3,220.93 a month over 30 years, or $4,744.76 over 15. The rest of this page shows where the money goes: total interest, the balance year by year, the month PMI can end, and what a late payment costs.
| 30-year fixed | 15-year fixed | |
|---|---|---|
| Monthly principal & interest | $3,220.93 | $4,744.76 |
| Total interest over the term | $559,535 | $254,057 |
| Total paid (principal + interest) | $1,159,535 | $854,057 |
| Interest as a share of total paid | 48% | 30% |
Principal and interest only. Property taxes, homeowners insurance, mortgage insurance and HOA dues are added to the actual payment. Rates shown are for the arithmetic, not an offer; see 30-year vs 15-year for how to choose.
Balance and equity over time (30-year loan)
In the first year, $29,799 of the $38,651 you pay is interest; only $8,852 reduces the balance. The split reverses slowly: by year 15 most of each payment is principal.
| After | Remaining balance | Paid down |
|---|---|---|
| 5 years | $550,972 | $49,028 |
| 10 years | $488,052 | $111,948 |
| 15 years | $407,303 | $192,697 |
| 20 years | $303,674 | $296,326 |
| 25 years | $170,679 | $429,321 |
Mortgage insurance: the months that matter
PMI ends by the calendar if nothing else changes: you may request cancellation at 80% of the original value and the servicer must cancel at 78%. On this loan’s schedule, those months are:
| Starting LTV | Home value | 80% (request) | 78% (automatic) |
|---|---|---|---|
| 97% | $618,557 | month 115 | month 125 |
| 95% | $631,579 | month 106 | month 117 |
| 90% | $666,667 | month 79 | month 92 |
Extra principal payments or a new appraisal showing appreciation can bring cancellation forward — see PMI removal. FHA mortgage insurance follows different rules.
Missing a payment on this loan
A payment received after the 15-day grace period typically costs 4% to 5% of the P&I amount — $128.84 to $161.05 here, subject to state limits. Thirty days late is the line that matters for your credit: that is when the delinquency can be reported. Before it happens: the first 72 hours after a missed payment.
Standard amortization formula
M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P = $600,000, r = 5% ÷ 12 = 0.4167% per month, n = 360 (30 years) or 180 (15 years).
This is the standard fixed-rate amortization — the payment is constant, the interest share falls each month as the balance falls. Balance after k payments: P(1 + r)k − M((1 + r)k − 1) ÷ r.
Frequently asked questions
What is the monthly payment on a $600,000 mortgage at 5%?
$3,220.93 a month for principal and interest on a 30-year fixed loan, or $4,744.76 on a 15-year fixed loan. Property taxes, homeowners insurance, mortgage insurance and any HOA dues are added on top and typically raise the total payment by 25% to 50%.
How much interest will I pay on a $600,000 loan at 5%?
$559,535 over 30 years, or $254,057 over 15 years, if every payment is made as scheduled with no extra principal. In the first year of the 30-year loan, about $29,799 of your $38,651 in payments is interest and $8,852 reduces the balance.
When can I cancel PMI on a $600,000 loan at 5%?
By the regular schedule alone, a loan that started at 95% of the home’s value reaches 80% loan-to-value in month 106 (when you may request cancellation) and 78% in month 117 (automatic cancellation). Extra principal payments or an appraisal showing appreciation can move that earlier.
Same amount, other rates: 6% · 7% · 8%. Same rate, other amounts: $150,000 · $200,000 · $250,000 · $300,000 · $350,000 · $400,000 · $500,000 · $800,000. All tables.