What Is The Average Mortgage Payment?

From down payments to mortgage payments, private mortgage insurance (PMI) and homeowners insurance, there’s a lot to consider when you’re buying a home. Upfront costs are easy enough to calculate, but one important factor to consider is whether you can afford your mortgage payment.

Of course, the amount of your mortgage payment will depend on many factors, including the size of your down payment and your mortgage rate along with the size and duration of the loan. By examining average mortgage payments, however, prospective home buyers can begin to get a picture of what other home buyers are paying and how their local market fits into the picture.

Average Monthly Mortgage Payment In The U.S.

According to the National Association of REALTORS ® (NAR), the monthly mortgage payment was $2,209 in April 2024. In comparison, the monthly mortgage payment reported 1 year prior was $1,957.

The national average mortgage payment isn’t a reliable indication of how much you can expect to pay for your mortgage each month. The cost of your mortgage will depend on several factors, including:

• Your home price: Some areas of the country are much more expensive than others, and higher home prices typically mean higher mortgage payments (unless you can pay cash or put down a huge down payment).
• Your down payment: The larger your down payment, the lower your monthly mortgage payment will be.
• Your mortgage rate: The higher your mortgage rate – which is determined by a combination of market and personal factors – the higher your monthly mortgage payment will be.
• Your loan term: The longer your loan term, the lower your monthly mortgage payment will be. You’d pay less every month with a 30-year mortgage than a 15-year mortgage.