$600,000.00 Mortgage at 8.5% for 20 Years
A $600,000.00 mortgage at 8.5% interest over 20 years requires a monthly payment of $5,206.94. You'll pay $649,665.60 in total interest over the life of the loan.
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Amortization Schedule
| Month | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Feb 2026 | $5,206.94 | $956.94 | $4,250.00 | $599,043.06 |
| 2 | Mar 2026 | $5,206.94 | $963.72 | $4,243.22 | $598,079.34 |
| 3 | Apr 2026 | $5,206.94 | $970.54 | $4,236.40 | $597,108.80 |
| 4 | May 2026 | $5,206.94 | $977.42 | $4,229.52 | $596,131.38 |
| 5 | Jun 2026 | $5,206.94 | $984.34 | $4,222.60 | $595,147.03 |
| 6 | Jul 2026 | $5,206.94 | $991.32 | $4,215.62 | $594,155.72 |
| 7 | Aug 2026 | $5,206.94 | $998.34 | $4,208.60 | $593,157.38 |
| 8 | Sep 2026 | $5,206.94 | $1,005.41 | $4,201.53 | $592,151.97 |
| 9 | Oct 2026 | $5,206.94 | $1,012.53 | $4,194.41 | $591,139.44 |
| 10 | Nov 2026 | $5,206.94 | $1,019.70 | $4,187.24 | $590,119.74 |
| 11 | Dec 2026 | $5,206.94 | $1,026.93 | $4,180.01 | $589,092.82 |
| 12 | Jan 2027 | $5,206.94 | $1,034.20 | $4,172.74 | $588,058.62 |
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Understanding Your Mortgage Payment
Your $600,000 mortgage payment is calculated using the standard amortization formula. At 8.5% interest over 20 years, you'll make 240 monthly payments of $5,206.94.
How the payment breaks down: Each month, part of your payment goes toward the principal (loan balance) and part goes toward interest. Early payments are mostly interest. As the balance decreases, more of each payment goes toward principal.
Interest rate impact: A 8.5% rate means you're paying $51,000 per year in interest initially. Even a 0.5% rate difference can change your monthly payment significantly.
Loan term considerations: Your 20-year term affects both monthly payment and total interest. Shorter terms mean higher monthly payments but less total interest. Longer terms offer lower payments but cost more over time.
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Frequently Asked Questions
The monthly payment on a $600,000 mortgage at 8.5% interest over 20 years is calculated using the standard amortization formula. Use the calculator above to see your exact monthly payment amount.
Calculation Details
Formula: This calculator uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where M is monthly payment, P is principal, r is monthly interest rate, and n is number of payments.
Assumptions: Fixed interest rate of 8.5%, monthly compounding, 240 equal payments. Does not include property taxes, insurance, HOA fees, or PMI.
Rounding: Payments are rounded to the nearest cent. Final payment may be slightly different to account for rounding.
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