Skyhobo/ Getty Images; Illustration by Austin Courregé/Bankrate
Key takeaways
- Monthly mortgage payments include not just principal and interest but also taxes and insurance.
- The typical mortgage payment nationwide is about $2,200 per month.
- Payments vary based on region of the country and loan type, largely a result of variations in home prices.
A monthly mortgage payment actually consists of several things. It includes the principal and interest on the loan, as well as additional items held in escrow accounts, such as homeowners insurance and property taxes, and any HOA fees.
What is the average monthly mortgage payment?
For applicants in March 2024, the median mortgage payment was $2,201, according to the Mortgage Bankers Association (MBA).
Note that there’s a difference between “median” and “average.” The average (also known as the mean) is the sum of a set of numbers divided by the amount of numbers in the set, while the median is the midpoint in the set. Because an average can be skewed by high and low numbers, the median provides a more accurate picture.
Monthly mortgage payment statistics
- For conventional loan applicants, the median monthly mortgage payment in March 2024 was $2,222, according to MBA data.
- For FHA loan applicants, the median monthly mortgage payment in March 2024 was $1,898, according to MBA data.
- Washington D.C. has the highest median monthly mortgage payment — $2,958 — according to 2022 data from the U.S. Census Bureau’s American Community Survey.
- West Virginia has the lowest median monthly payment — $1,180 — according to the 2022 Census community data.
- The San Francisco metropolitan area has the highest average mortgage payment among the top 15 metro areas, at $3,603, according to the 2022 Census housing data.
- The Detroit metropolitan area has the lowest average mortgage payment among the top 15 metro areas, at $1,577, according to the 2022 Census housing data.
Monthly mortgage payments by loan size
The biggest variable in a monthly mortgage payment is the size of the loan itself: the more you borrow, the more you pay each month. The figures in the table below are based on March 2024 median regional existing-home sale prices reported by the National Association of Realtors (NAR).
Note: To calculate the monthly principal and interest payment, we assume a 30-year mortgage at a fixed 6.9 percent interest rate and a 20 percent down payment.
| Home price | Loan size | Monthly mortgage payment |
|---|---|---|
| Source: National Association of Realtors | ||
| $292,400 | $233,920 | $1,541 |
| $359,100 | $287,280 | $1,892 |
| $434,600 | $347,680 | $2,290 |
| $603,000 | $482,400 | $3,177 |
Monthly mortgage payments by loan type
Your mortgage payments will also vary depending on the type of mortgage you have. That’s because different mortgages come with different interest rates and fees. For this table, we’ll use the median home price for March 2024 — $393,500 — along with Bankrate’s current average APRs for each loan type, assuming a 30-year term.
| Loan type | Average APR | Monthly payment | Total interest paid |
|---|---|---|---|
| Conventional | 7.39% | $2,722 | $586,359 |
| FHA | 7.24% | $2,682 | $571,910 |
| VA | 7.32% | $2,703 | $579,606 |
It’s important to note that each of these loans can have fees added that will affect your payment. For instance, both conventional and FHA mortgages can include mortgage insurance premiums: how much they are depends on your down payment size. Similarly, VA loans have a funding fee that changes depending on your down payment.
Average monthly mortgage payment by region
Average monthly mortgage payments differ by region depending on factors like demand, the local housing market, the age of homes, average area income, area demographics and more.
| Region | Average monthly mortgage payment |
|---|---|
| Source: U.S. Census Bureau American Housing Survey, 2021 | |
| New England (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont) | $1,640 |
| Middle Atlantic (New Jersey, New York, Pennsylvania) | $1,453 |
| East North Central (Illinois, Indiana, Michigan, Ohio, Wisconsin) | $1,240 |
| West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota) | $1,140 |
| South Atlantic (Delaware, District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, West Virginia) | $1,397 |
| East South Central (Alabama, Kentucky, Mississippi, Tennessee) | $1,212 |
| West South Central (Arkansas, Louisiana, Oklahoma, Texas) | $1,219 |
| Mountain (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming) | $1,468 |
| Pacific (Alaska, California, Hawaii, Oregon, Washington) | $1,939 |
Home prices and monthly mortgage payments over time
Home prices have increased significantly in recent years — ever since the onset of the pandemic, in 2020. In 2022, mortgage rates began to rise rapidly, reaching levels not seen in two decades. They peaked at over 8 percent (for a 30-year fixed-rate conventional mortgage) in October 2023, before dropping down to around 7 percent by the end of the year.
The following table was created using data on new home sales from the U.S. Census Bureau, as well as Bankrate’s data on annual interest rates. Monthly payments assume the yearly average rate for a 30-year fixed-rate mortgage with a 20 percent down payment.
| Year | Median monthly mortgage payment | Median new home sale price* | Average yearly interest rate |
|---|---|---|---|
| Sources: U.S. Census Bureau and U.S. Department of Housing and Urban Development, Bankrate’s weekly survey of the nation’s largest lenders | |||
| 2023 | $2,268 | $426,167 | 7.00% |
| 2021 | $1,525 | $396,800 | 3.15% |
| 2019 | $1,242 | $320,250 | 4.13% |
| 2017 | $1,250 | $322,425 | 4.14% |
| 2015 | $1,122 | $294,150 | 3.99% |
| 2013 | $1,037 | $266,225 | 4.17% |
| 2011 | $927 | $224,900 | 4.65% |
What is included in an average mortgage payment?
The typical mortgage payment has several components: the loan principal, loan interest, taxes and insurance, also known as PITI.
- Principal : How much you borrow for your mortgage, which is the difference between your down payment (if any) and the home’s final purchase price
- Interest: How much you pay to borrow the mortgage
- Taxes: The property taxes paid to your local jurisdiction, determined by the assessed value of your home
- Insurance: The homeowners insurance paid to protect the home, as well as any private mortgage insurance (PMI)
Along with how much you pay for the home, how much you pay in interest, taxes and insurance can vary significantly by location. One municipality or county may have much higher property taxes than its neighbor. It’s important to research these details while shopping for a home to help you estimate your monthly mortgage payment.
Bottom line
The monthly cost of a mortgage goes well beyond repayment of the principal. You’ll have to factor in interest, taxes, homeowners insurance and potentially, mortgage insurance. All of these costs can vary depending on the home’s location, your finances, the loan type and the lender you choose. Weigh each of these factors when determining how much house you can afford.
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