Mortgage Payment on a $600,000 House
What's the payment on a $600,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $600k.
After a 20% down payment, your loan amount will be $480,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $3,113
Total yearly payments = $37,359
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,577 |
| 5.500% |
$2,725 |
| 6.000% |
$2,878 |
| 6.250% |
$2,955 |
| 6.500% |
$3,034 |
| 6.750% |
$3,113 |
| 6.875% |
$3,153 |
| 7.000% |
$3,193 |
| 7.250% |
$3,274 |
| 7.500% |
$3,356 |
| 7.625% |
$3,397 |
| 7.750% |
$3,439 |
| 8.000% |
$3,522 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$21,000 |
$3,755 |
| 5.0% |
$30,000 |
$3,697 |
| 7.5% |
$45,000 |
$3,600 |
| 10% |
$60,000 |
$3,502 |
| 15% |
$90,000 |
$3,308 |
| 20% |
$120,000 |
$3,113 |
| 25% |
$150,000 |
$2,919 |
| 30% |
$180,000 |
$2,724 |
| 50% |
$300,000 |
$1,946 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$5,512 |
| 15 years |
$4,248 |
| 20 years |
$3,650 |
| 30 years |
$3,113 |
| 40 years |
$2,896 |
| Interest only |
$2,700 |
Can I afford a $600,000 house?
Traditionally, the "28% rule" means a person should not spend more than 28% of their pre-tax income on total housing costs.
Let's assume that taxes and insurance are 2% of the house price annually. Here's how much you'd have to make to afford a house that costs $600,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$21,000 |
$203,802 |
| 5.0% |
$30,000 |
$201,300 |
| 7.5% |
$45,000 |
$197,131 |
| 10% |
$60,000 |
$192,961 |
| 15% |
$90,000 |
$184,622 |
| 20% |
$120,000 |
$176,283 |
| 25% |
$150,000 |
$167,944 |
| 30% |
$180,000 |
$159,605 |
| 50% |
$300,000 |
$126,248 |