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$600K HOME

Mortgage payment on a $600k home

$4,013/month on a 30-year loan, or $4,932/month on a 15-year loan, is the estimated payment on a $600k home with 20% down, at the Freddie Mac PMMS 30-year (7.4%) and 15-year (6.73%) average rates as of 10/8/2026, national-average property tax and insurance.

A $600k home with a $120,000 down payment leaves a $480,000 loan. To keep the $4,013 total 30-year payment at or under 28% of gross income (the calculator's default housing ratio), household income would need to be roughly $171,975 a year, before other debts. Choosing the 15-year term instead cuts lifetime interest by about $432,828 ($716,432 vs $283,604), at the cost of a $919/month higher payment.

30-year vs 15-year payment on a $600k home
TermRatePrincipal & interestTotal monthly paymentTotal interest
30-year7.4%$3,323$4,013$716,432
15-year6.73%$4,242$4,932$283,604

Property taxes add $450/month and insurance adds $239/month in this example, on top of principal and interest, for either term.

Open the 30-year example Open the 15-year example

Source references: Tax Foundation: Property Taxes by State and County, 2026 Insurance.com: Average Homeowners Insurance Rates by State (2026)
Rate reference as of 10/8/2026. Educational software; no professional review claimed.

GOOD QUESTIONS

A few things you
might be wondering.

What down payment does this $600,000 example use?

20%, or $120,000, which is the threshold below which this model adds borrower-paid PMI. A smaller down payment raises the loan amount, the payment and usually adds PMI.

Why do the tax and insurance assumptions matter?

This page uses the Tax Foundation's 0.9% national average effective property tax rate and Insurance.com's $2,872 national average annual homeowners insurance premium. Your state and county can differ substantially; see the by-state examples for state-specific figures.

Which term should I choose, 15 or 30 years?

A 15-year loan pays off faster and usually carries a lower rate, but a materially higher required monthly payment. See the full 15 vs 30 comparison for the tradeoff at this price.