If you get a mortgage to buy a home, you’ll need to make a monthly mortgage payment. You might be wondering what the average monthly mortgage payment is.
the average the monthly mortgage payment for a homeowner in the United States is $ 1,275 on a 30-year fixed mortgage. the median the monthly mortgage payment is $ 1,609, according to the most recent data available from the US Census Bureau’s housing survey.
The average monthly mortgage payment is calculated by taking all monthly mortgage payments state by state, adding them up, and dividing by the number of states with data provided to create a national average. Averages are sometimes skewed by extreme outliers, which can make them a less reliable indicator.
The median monthly mortgage payment was calculated by determining the number in the exact middle of all mortgage prices. This gives a more accurate picture of what the typical monthly mortgage payment is, as it effectively eliminates outliers on the low or high end of the spectrum.
|Monthly cost of housing||Number of owners|
|Less than $ 200||27 555|
|$ 200 to $ 399||206,552|
|$ 400 to $ 599||1,112,327|
|$ 600 to $ 799||2,907,157|
|$ 800 to $ 999||4,587,506|
|$ 1,000 to $ 1,499||13 015 189|
|$ 1,500 to $ 1,999||10 146 031|
|$ 2,000 to $ 2,499||6 401 140|
|$ 2,500 to $ 2,999||3 917 090|
|$ 3000 or more||6 283 425|
Median monthly mortgage payment by region
Monthly mortgage payments can vary greatly from region to region.
|Region||Median monthly mortgage|
|Where is||$ 1,243|
What is included in a mortgage payment
While your mortgage is a one-time payment, it doesn’t just include your mortgage balance. In fact, four factors go into your mortgage payment: principal, interest, property taxes and home insurance. You can calculate your expected mortgage based on this information.
The principal is probably what you associate the most with your mortgage balance. This is the amount you have borrowed from your lender and will need to repay. Usually, this is anything that you weren’t able to put into a down payment. You will pay this repayment month by month over the life of your mortgage, typically 15 or 30 years.
In addition to the principal, you will also have to repay the interest. Most mortgages carry an interest rate. This is the percentage your lender takes in return for making money available to buy your home. Typically, interest rates are fixed and set at the start of your loan term. If you don’t have a fixed rate mortgage, the interest rate may fluctuate over the life of your loan, which could mean paying more (or less) over time.
Property taxes are part of owning a home. A real estate appraiser will determine the value of your home and use that number to determine how much you owe. You will then have to pay property taxes to your municipality and state based on this calculation.
Finally, there is your home insurance. This is a necessity for any homeowner because it provides coverage for damage to your home, accidents to natural disasters and everything in between. Like most insurance, you pay an upfront cost in exchange for coverage that should pay off if a worst-case scenario happens.