Average monthly mortgage payment
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 January 2025, the median mortgage payment was $2,205 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.
- For conventional loan applicants, the median monthly mortgage payment in January 2025 was $2,225, according to MBA data.
- For FHA loan applicants, the median monthly mortgage payment in January 2025 was $1,934, 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 January 2025 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 |
|---|---|---|
| $290,400 | $232,320 | $1,530 |
| $356,300 | $285,040 | $1,877 |
| $475,400 | $380,320 | $2,505 |
| $614,200 | $491,360 | $3,236 |
| Source: National Association of Realtors |
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 existing-home price for January 2025 — $396,900 — along with Bankrate’s current average APRs for each loan type, assuming a 30-year term and a 20 percent down payment.
| Loan type | Average APR | Monthly payment | Total interest paid |
|---|---|---|---|
| Conventional | 6.98% | $2,108 | $441,434 |
| FHA | 7.07% | $2,127 | $448,350 |
| VA | 6.87% | $2,085 | $433,015 |
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.
Mortgage payments for the top 15 metro areas
Median monthly mortgage payments differ depending on factors like demand, the local housing market, the age of homes, average area income, area demographics and more. Here are the current median mortgage payments for the top 15 metro areas.
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 to around 7 percent by the end of the year. For 2024, rates averaged 6.9 percent, and they started 2025 at around 7 percent.
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 |
|---|---|---|---|
| 2024 | $2,207 | $418,950 | 6.90% |
| 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% |
| Sources: U.S. Census Bureau and U.S. Department of Housing and Urban Development, Bankrate’s weekly survey of the nation’s largest lenders |
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.
