How much would a $600,000 mortgage cost per month?

Mortgage interest rates are currently around 6.50%, down from 7.31% last summer, with potential further cuts expected from the Federal Reserve. For a $600,000 mortgage with a 20% down payment, monthly payments are approximately $3,043.40 for a 30-year loan at 6.53% and $4,029.80 for a 15-year loan at 5.92%. If rates drop, payments could decrease by over $100. However, waiting for lower rates may lead to losing a desired home due to increased competition in the market. Buyers should evaluate their options carefully.