$600,000 mortgage at 8%: monthly payment over 30 and 15 years
$4,402.59 a month for 30 years, or $5,733.91 for 15: that is a $600,000 mortgage at 8%, principal and interest only. Below, the full arithmetic — interest totals, amortization milestones, PMI cancellation points and late fees — from the standard formula.
| 30-year fixed | 15-year fixed | |
|---|---|---|
| Monthly principal & interest | $4,402.59 | $5,733.91 |
| Total interest over the term | $984,931 | $432,104 |
| Total paid (principal + interest) | $1,584,931 | $1,032,104 |
| Interest as a share of total paid | 62% | 42% |
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.
Amortization milestones
In the first year, $47,819 of the $52,831 you pay is interest; only $5,012 reduces the balance. The split reverses slowly: by year 15 most of each payment is principal.
| After | Remaining balance | Paid down |
|---|---|---|
| 5 years | $570,419 | $29,581 |
| 10 years | $526,348 | $73,652 |
| 15 years | $460,689 | $139,311 |
| 20 years | $362,868 | $237,132 |
| 25 years | $217,129 | $382,871 |
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 152 | month 163 |
| 95% | $631,579 | month 142 | month 154 |
| 90% | $666,667 | month 112 | month 127 |
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
Most mortgages charge a late fee of 4% to 5% of the principal-and-interest payment after a 15-day grace period (state caps vary): on this loan, about $176.10 to $220.13. The costlier consequence comes at day 30, when the servicer may report the payment late to the credit bureaus — a mark that stays seven years. Before it happens: the first 72 hours after a missed payment.
How the payment is computed
M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P = $600,000, r = 8% ÷ 12 = 0.6667% per month, n = 360 (30 years) or 180 (15 years).
Same formula every lender uses; differences between quotes come from the rate, points and fees, never from the arithmetic. 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 8%?
$4,402.59 a month for principal and interest on a 30-year fixed loan, or $5,733.91 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 8%?
$984,931 over 30 years, or $432,104 over 15 years, if every payment is made as scheduled with no extra principal. In the first year of the 30-year loan, about $47,819 of your $52,831 in payments is interest and $5,012 reduces the balance.
When can I cancel PMI on a $600,000 loan at 8%?
By the regular schedule alone, a loan that started at 95% of the home’s value reaches 80% loan-to-value in month 142 (when you may request cancellation) and 78% in month 154 (automatic cancellation). Extra principal payments or an appraisal showing appreciation can move that earlier.
Same amount, other rates: 5% · 6% · 7%. Same rate, other amounts: $150,000 · $200,000 · $250,000 · $300,000 · $350,000 · $400,000 · $500,000 · $800,000. All tables.