The monthly payment on a 600k mortgage is $3,691.
You can buy a $667k house with an $67k down payment and a $600k mortgage.
Monthly Mortgage Payment
Your mortgage payment for a $667k house will be $3,691. This is based on a 3.5% interest rate and a 10% down payment ($67k). This includes estimated property taxes, hazard insurance, and mortgage insurance premiums.
If you want to change some assumptions, try out our simple mortgage calculator.
How Much Income Do I Need for a 600k Mortgage?
You need to make $184,575 a year to afford a 600k mortgage. We base the income you need on a 600k mortgage on a payment that is 24% of your monthly income. In your case, your monthly income should be about $15,381.
You may want to be a little more conservative or a little more aggressive. You’re be able to change this in our how much house can I afford calculator.
Take the Quiz
Use this fun quiz to find out how much house I can afford. It only takes a few minutes and you’ll be able to review a personalized evaluation at the end.
We’ll make sure you aren’t overextending your budget. You’ll also have a comfortable amount in your bank account after you buy your home.
Don’t Overextend Your Budget
Banks and real estate agents make more money when you buy a more expensive home. Most of the time, banks will pre-approve you for the most that you can possibly afford. Right out of the gate, before you start touring homes, your budget will be stretched to the max.
It’s important to make sure that you are comfortable with your monthly payment and the amount of money you’ll have left in your bank account after you buy your home.
Compare Mortgage Rates
Make sure you compare mortgage rates before you apply for a mortgage loan. Comparing 3 lenders can save you thousands of dollars in the first few years of your mortgage. You can anonymously compare mortgage rates on Bundle