Loan Guide
Mortgage Repayments on $600,000 (2026)
Monthly repayments on a $600,000 home loan are $3,675 at 6.2% over 30 years. Over the life of the loan, you'll pay $722,933 in interest, bringing the total cost to $1,322,933.
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Monthly repayment $3,675 at 6.2% over 30 years
Total interest $722,933
Total cost $1,322,933
Interest / principal 120%
Repayments at Different Rates
How repayments on $600,000 change with interest rate, all at 30-year term:
| Rate | Monthly | Fortnightly | Weekly | Total Interest | Total Cost |
|---|---|---|---|---|---|
| 5.0% | $3,221 | $1,486 | $743 | $559,535 | $1,159,535 |
| 5.5% | $3,407 | $1,572 | $786 | $626,424 | $1,226,424 |
| 6.0% | $3,597 | $1,659 | $830 | $695,029 | $1,295,029 |
| 6.5% | $3,792 | $1,750 | $875 | $765,267 | $1,365,267 |
| 7.0% | $3,992 | $1,842 | $921 | $837,053 | $1,437,053 |
| 7.5% | $4,195 | $1,935 | $968 | $910,303 | $1,510,303 |
| 8.0% | $4,403 | $2,031 | $1,015 | $984,931 | $1,584,931 |
Repayments by Loan Term
How the term length affects your repayments and total cost on a $600,000 mortgage at 6.2%:
| Term | Monthly | Total Interest | Total Cost |
|---|---|---|---|
| 15 years | $5,128 | $323,076 | $923,076 |
| 20 years | $4,368 | $448,344 | $1,048,344 |
| 25 years | $3,939 | $581,848 | $1,181,848 |
| 30 years | $3,675 | $722,933 | $1,322,933 |
Key Facts
You'll pay 120% extra in interest On a $600,000 mortgage at 6.2% over 30 years, total interest is $722,933 — that's 120% on top of the principal.
Estimated salary needed: $147,000 As a budgeting illustration, this repayment is 30% of gross monthly income at approximately $147,000 per year. This is not a lender serviceability result.
Fortnightly payments save interest Switching to fortnightly payments means 26 half-payments per year (equivalent to 13 monthly payments), which reduces total interest and shortens the loan.
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Frequently asked questions
How much are repayments on a $600k mortgage?
At 6.2% over 30 years, monthly repayments on a $600,000 mortgage are $3,675. Fortnightly repayments would be $1,695.
How much interest do you pay on a $600k mortgage?
Over 30 years at 6.2%, you'd pay $722,933 in total interest on a $600,000 mortgage. That's 120% of the original loan amount. The total cost including principal is $1,322,933.
Can I afford a $600k mortgage?
As a simple budget illustration, $3,675/month equals 30% of gross monthly income at a salary of about $147,000. This is not a lender serviceability result. A lender also assesses living expenses, debts, income and deposit, and APRA-regulated banks apply at least a 3 percentage point rate buffer.
Is a 15 or 30 year mortgage better for $600k?
A 15-year term on $600,000 at 6.2% costs $5,128/month but saves $399,857 in interest compared to 30 years. The 30-year option has lower repayments of $3,675/month but costs $1,322,933 total.
Should I pay fortnightly on a $600k mortgage?
Paying fortnightly effectively makes 26 half-payments per year (equivalent to 13 monthly payments instead of 12). On a $600,000 mortgage, this can shave years off the loan and save tens of thousands in interest.
Need a more detailed breakdown?
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