# $500,000 Mortgage at 6% for 30 Years — Mortgage Calculator

> Monthly payment on a $500,000 mortgage at 6% over 30 years, with the full interest and total-paid figures.

- **Answer:** ~$2,998/mo
- **Category:** Finance & Money
- **Interactive calculator:** https://youcalc.com/en/finance-money/mortgage/500k-at-6pct-30yr/
- **Price:** Free, no sign-up required
- **Full calculator:** [Mortgage Calculator](https://youcalc.com/en/finance-money/mortgage/)
- **Pre-filled inputs:** `p=500000&r=6&t=30`

| Metric | Value |
| --- | --- |
| Monthly principal & interest | $2,998 |
| Loan amount | $500,000 |
| Total interest (30 yr) | $579,191 |
| Total of payments | $1,079,191 |


## Overview

A half-million-dollar mortgage at 6% over 30 years sits almost exactly at the $2,998 monthly mark for principal and interest — essentially a $3,000 payment before taxes and insurance. Holding the rate at 6% instead of 7% saves you nearly $329 every month versus that higher-rate scenario. Total interest comes to about $579,200, lifting the full amount repaid to roughly $1.08 million.

## Method

The principal-and-interest portion is computed using the standard level-payment amortization formula: M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (term in years multiplied by 12). At a 0% rate the formula simplifies to M = P / n. From that fixed P&I payment, a month-by-month amortization schedule is built: each month's interest equals the remaining balance multiplied by the monthly rate, the remainder of the payment reduces the principal, and the final month absorbs any accumulated rounding difference so the balance closes exactly to zero. Property tax and home insurance are divided by 12 and added to P&I each month; PMI and HOA dues are added as their stated monthly amounts. Summing these components produces the PITI total shown in the headline.

## Related calculators

- [Mortgage Payoff Calculator](https://youcalc.com/en/finance-money/mortgage-payoff/)
- [Auto Loan Calculator](https://youcalc.com/en/finance-money/auto-loan/)
- [Loan Calculator](https://youcalc.com/en/finance-money/loan/)
- [Compound Interest Calculator](https://youcalc.com/en/finance-money/compound-interest/)
- [Retirement Savings Calculator](https://youcalc.com/en/finance-money/retirement-savings/)

## Sources

- https://www.investopedia.com/mortgage-calculator-5096931
- https://www.consumerfinance.gov/ask-cfpb/what-is-private-mortgage-insurance-en-122/
- https://www.calculator.net/mortgage-calculator.html

---

Interactive version: https://youcalc.com/en/finance-money/mortgage/500k-at-6pct-30yr/ · From YouCalc — https://youcalc.com