$600,000 mortgage at 6%: monthly payment over 30 and 15 years
Borrow $600,000 at 6% and the principal-and-interest payment is $3,597.30 a month over 30 years, or $5,063.14 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 | $3,597.30 | $5,063.14 |
| Total interest over the term | $695,029 | $311,365 |
| Total paid (principal + interest) | $1,295,029 | $911,365 |
| Interest as a share of total paid | 54% | 34% |
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)
Year one: $43,168 paid, $35,800 of it interest, $7,368 principal. That ratio is why equity builds slowly at first and why extra principal payments early are worth the most.
| After | Remaining balance | Paid down |
|---|---|---|
| 5 years | $558,326 | $41,674 |
| 10 years | $502,114 | $97,886 |
| 15 years | $426,293 | $173,707 |
| 20 years | $324,022 | $275,978 |
| 25 years | $186,073 | $413,927 |
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 127 | month 138 |
| 95% | $631,579 | month 118 | month 129 |
| 90% | $666,667 | month 89 | month 103 |
Extra principal payments or a new appraisal showing appreciation can bring cancellation forward — see PMI removal. FHA mortgage insurance follows different rules.
Late fees and the 30-day line
A payment received after the 15-day grace period typically costs 4% to 5% of the P&I amount — $143.89 to $179.87 here, subject to state limits. Thirty days late is the line that matters for your credit: that is when the delinquency can be reported. Behind already? The options are in our mortgage problems hub.
Standard amortization formula
M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P = $600,000, r = 6% ÷ 12 = 0.5000% per month, n = 360 (30 years) or 180 (15 years).
Total interest is M × n − P. The remaining balance after k payments is P(1 + r)k − M((1 + r)k − 1) ÷ r. Every figure on this page comes from these two expressions.
Frequently asked questions
What is the monthly payment on a $600,000 mortgage at 6%?
$3,597.30 a month for principal and interest on a 30-year fixed loan, or $5,063.14 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 6%?
$695,029 over 30 years, or $311,365 over 15 years, if every payment is made as scheduled with no extra principal. In the first year of the 30-year loan, about $35,800 of your $43,168 in payments is interest and $7,368 reduces the balance.
When can I cancel PMI on a $600,000 loan at 6%?
By the regular schedule alone, a loan that started at 95% of the home’s value reaches 80% loan-to-value in month 118 (when you may request cancellation) and 78% in month 129 (automatic cancellation). Extra principal payments or an appraisal showing appreciation can move that earlier.
Same amount, other rates: 5% · 7% · 8%. Same rate, other amounts: $150,000 · $200,000 · $250,000 · $300,000 · $350,000 · $400,000 · $500,000 · $800,000. All tables.