$600,000 Home in California: What's the Monthly Mortgage Payment?
A $600,000 home in California at 6.85% (30-year fixed, 20% down) runs $3,609/month all-in. That includes $3,145 P&I, $355 in property taxes, and $108 in home insurance.
Monthly Payment Breakdown (30-Year, 20% Down)
$3,145
Principal & Interest
$355
Property Tax/mo
$108
Home Insurance/mo
$3,609
Total Monthly
| Component | Monthly | Annual |
|---|---|---|
| Principal & Interest (6.85%) | $3,145 | $37,743 |
| Property Tax (0.71% rate) | $355 | $4,260 |
| Homeowner's Insurance | $108 | $1,300 |
| PMI (with 20% down) | $0 | $0 |
| Total Monthly Payment | $3,609 | $43,303 |
With 10% Down (PMI Required)
A 10% down payment on $600,000 means a $60,000 down payment and a $540,000 loan. PMI adds $225/month until you reach 20% equity (estimated: April 2033).
| Component | Monthly |
|---|---|
| Principal & Interest | $3,538 |
| Property Tax | $355 |
| Insurance | $108 |
| PMI (~0.5%/year) | $225 |
| Total | $4,227 |
30-Year vs 15-Year Mortgage
| Metric | 30-Year (6.85%) | 15-Year (6.2%) |
|---|---|---|
| Monthly P&I | $3,145 | $4,103 |
| Total Monthly | $3,609 | $4,566 |
| Total Interest Paid | $652,288 | $258,461 |
| Total Cost | $1,132,288 | $738,461 |
| Interest Saved (15yr) | — | $393,827 |
Equity Growth Over Time
At Purchase
20.0% equity
Balance: $480,000
After 5 Years
24.8% equity
Balance: $451,100
After 10 Years
31.6% equity
Balance: $410,434
Loan Paid Off
100.0% equity
Balance: $0
What Income Do You Need?
Lenders typically require housing costs to stay at or below 28% of gross monthly income. To comfortably afford a $3,609/month payment, you need a gross income of at least $154,653/year ($12,888/month before taxes). With a front-end ratio of 36% (common for conventional loans), you'd need $120,286/year.
Payment at Different Interest Rates
| Interest Rate | Monthly P&I | Total Monthly | Total Interest |
|---|---|---|---|
| 4.8% | $2,533 | $2,996 | $431,851 |
| 5.8% | $2,832 | $3,295 | $539,418 |
| 6.8% current | $3,145 | $3,609 | $652,288 |
| 7.8% | $3,472 | $3,935 | $769,923 |
| 8.8% | $3,810 | $4,274 | $891,779 |