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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. A monthly mortgage payment includes the mortgage and interest on the loan, as well as escrow items such as homeowners insurance and property taxes, and any HOA fees. Lightbulb Monthly mortgage payment statistics For new applicants in April 2022, the median mortgage payment was $1,889, according to the . For conventional loan applicants, the median monthly mortgage payment in April 2022 was $1,967, according to the MBA data. For FHA loan applicants, the median monthly mortgage payment in April 2022 was $1,374, according to the MBA data. The average monthly mortgage payment was $1,487 in 2019, according to the U.S. Census Bureau’s . The median monthly mortgage payment was $1,200, according to the 2019 Census housing data. California has the highest median monthly mortgage payment, at $2,421 according to 2019 data from the U.S. Census Bureau’s . West Virginia has the lowest median monthly payment, at $1,052, according to the 2019 Census community data. The San Francisco metropolitan area has the highest average mortgage payment among the top 15 metro areas, at $2,812, according to the 2019 Census housing data. The Detroit metropolitan area has the lowest average mortgage payment among the top 15 metro areas, at $1,163, according to the 2019 Census housing data. The average monthly housing cost is $1,437, according to the 2019 Census housing data. The median monthly housing cost is $1,106, according to the 2019 Census housing data. You might be wondering why there can be a stark difference between average and median monthly mortgage payments. These two figures are calculated in different ways. The average 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. Since an average can easily be skewed by an unusually high or low number, the median tends to provide a more accurate picture of the housing market for a given region.
Monthly mortgage payments by loan size
Based on April 2022 median regional existing-home prices reported by the National Association of Realtors, borrowers with 20 percent down and a 30-year mortgage with 5.46 percent fixed rate can expect to pay the following in principal and interest each month. Home price Loan size Monthly mortgage payment Sources: Bankrate data as of June 2, 2022; $282,000 $225,600 $1,275 $352,100 $281,680 $1,592 $412,100 $329,680 $1,863 $523,000 $418,400 $2,365 Average monthly mortgage payment by region
Region Average monthly mortgage payment