The short answer: at a 6.5% rate, a $600,000 30-year fixed mortgage costs $3,792.41 a month in principal and interest; at 7%, $3,991.81. On a 15-year term at 6.5% the payment is $5,226.64. Taxes, insurance, HOA and mortgage insurance (if you put less than 20% down) come on top — open this loan in the full calculator to add them and see the complete amortization schedule.
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.00% | $3,220.93 | $3,959.73 | $4,744.76 |
| 5.25% | $3,313.22 | $4,043.06 | $4,823.27 |
| 5.50% | $3,406.73 | $4,127.32 | $4,902.50 |
| 5.75% | $3,501.44 | $4,212.50 | $4,982.46 |
| 6.00% | $3,597.30 | $4,298.59 | $5,063.14 |
| 6.25% | $3,694.30 | $4,385.57 | $5,144.54 |
| 6.50% | $3,792.41 | $4,473.44 | $5,226.64 |
| 6.75% | $3,891.59 | $4,562.18 | $5,309.46 |
| 7.00% | $3,991.81 | $4,651.79 | $5,392.97 |
| 7.25% | $4,093.06 | $4,742.26 | $5,477.18 |
| 7.50% | $4,195.29 | $4,833.56 | $5,562.07 |
At 6.5%, interest alone on $600,000 runs about $3,250.00 per month — roughly $106.85 every day. That's the number amortization slowly kills: each payment shrinks the balance, so each month a little less goes to interest and a little more to principal. See the month-by-month schedule, or try our daily interest calculator for per-diem closing math.
Principal and interest is the floor, not the payment. A realistic budget adds property taxes, homeowners insurance, HOA dues, and — under 20% down — mortgage insurance, which our full calculator prices the way a lender does: FHA and USDA from the official tables, VA's funding fee, and conventional PMI by credit score.
A common guideline caps total housing costs near 28–36% of gross income, but real qualifying depends on your full debt picture, credit and loan program. Build the complete payment in the calculator, then ask a licensed professional — Phil answers questions free.
With 20% down, a $600,000 loan buys about $750,000 of house; with 5% down, about $631,579. Enter your own down payment in the payment calculator and the price, loan and LTV solve automatically.