For most people, homeownership is a financial balancing act. Whether you’re buying your first house or selling your current home to buy your next one, that monthly payment is an ever-present part of the American Dream. In this post, you can compare your monthly home loan or rent payment with the average mortgage payment in the U.S. You can also use our Average Mortgage Payment Calculator to see what you can expect before your next move.
According to the latest data from Mortgage Bankers Association, the national median monthly mortgage payment in the U.S. is $2,211. This figure includes principal and interest based on current loan application data and assumes a 30-year fixed-rate mortgage. We’re presenting the “median” estimate rather than the average mortgage payment because most industry sources don’t track averages. That’s because averages can be skewed by a small number of high or low payments. However, as a borrower, you can figure out what your average mortgage payment might be by calculating your loan’s estimated principal, interest, taxes, and insurance (PITI). While a typical mortgage payment may be $2,211, home prices vary widely across the country. The mortgage payment for a $183,000 median-priced home in Charleston, West Virginia, will be wildly different from that of a $1,425,000 median-priced home in San Francisco, California. Want to see how your current or potential mortgage stacks up against what others are paying? Use our Average Mortgage Payment Calculator, which can give you a ballpark estimate based on the four main components of a typical monthly mortgage payment. Our calculator also accounts for private mortgage insurance (PMI), a monthly fee lenders typically require if you put down less than 20% on a conventional loan. It protects the lender (not you) if you stop making payments. This tool can help you quickly size up your payment expectations if you’re:What is the average mortgage payment?
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