A $600,000 mortgage puts you into serious territory — at today’s rates, you’ll pay over a million dollars in total before this mortgage is paid off. Understanding the full cost is essential for making an informed decision about how much to borrow.
Monthly payments include principal and interest only. Property taxes, insurance, and condo fees are additional.
Total cost of a $600,000 mortgage
Interest Rate
Total Paid (25-yr)
Total Interest (25-yr)
Total Paid (30-yr)
Total Interest (30-yr)
3.00%
$851,700
$251,700
$910,400
$310,400
4.00%
$946,800
$346,800
$1,031,000
$431,000
5.00%
$1,046,700
$446,700
$1,159,200
$559,200
6.00%
$1,151,700
$551,700
$1,294,900
$694,900
7.00%
$1,260,900
$660,900
$1,437,200
$837,200
Key takeaway: At 5%, a $600K mortgage costs over $1 million total. At 6%+, you’ll pay more in interest than you originally borrowed in 30-year scenarios.
How your payments break down over time
Here’s how a $600,000 mortgage at 5% (25-year amortization) breaks down:
Choose a shorter amortization — 25 years instead of 30 saves $112,500 on a $600K mortgage at 5%
Make accelerated bi-weekly payments — saves ~$50,400 and cuts 3 years off your amortization
Use prepayment privileges — a $20,000 annual lump sum saves ~$70,000+ in interest
Shop for a lower rate — 0.25% lower saves approximately $27,000 over 25 years
Increase payments when you can — a $300/month increase saves ~$28,000 in interest
Who carries a $600,000 mortgage?
A $600,000 mortgage, with a typical down payment, finances a home priced roughly $665,000–$750,000. That matches Waterloo Region’s July 2026 composite benchmark of $636,000 (-5.7% YoY), sits just below Niagara Region’s average of $662,239, and lines up with Barrie’s benchmark of $696,100. In Toronto and Vancouver, this size buys a well-located condo or a townhouse in the inner suburbs rather than a detached home. Most borrowers at this level are dual-income professional households earning $140,000–$170,000 combined. Because $600,000 is above the CMHC high-ratio threshold in many of these markets, borrowers who cannot put 20% down will see meaningful insurance premiums — roughly $19,000–$24,000 added to the mortgage balance — which makes pushing toward 20% down especially worthwhile at this size.
Real cities where a $600,000 mortgage fits today
City
July 2026 Benchmark/Average Price
Fits a $600K Mortgage?
Waterloo Region (KW)
$636,000 (-5.7% YoY)
Yes — close match with a typical down payment
Niagara Region
$662,239 (-0.7% YoY)
Yes, with 10–15% down
Barrie
$696,100 (-6.1% YoY)
Tight — needs 15–20% down
Toronto / Vancouver
$1,003,956 / $1,088,800
No — condo or inner-suburb townhouse only
Where a $600,000 mortgage applies
Detached and semi-detached homes in Waterloo Region, Niagara, or Barrie — current benchmark prices line up closely with this mortgage size
Townhomes and semis in major cities — Toronto, Vancouver, or Montréal
Move-up buyers — a $750K home with 20% down
First-time buyers with higher incomes — dual-income households in expensive markets