What Is The Average Mortgage Payment?
Jul 30, 2024
4-MINUTE READ
AUTHOR:
KATIE ZIRALDOFrom 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.
Average Mortgage Payments By State
Location can also play a significant role in the total cost of your monthly mortgage payment. Consult our chart of average mortgage payments across the 50 states in 2023 to get an idea of what you might expect for your monthly mortgage payment in your state. All data is from the Council for Community and Economic Research (C2ER).| State | Average Monthly Mortgage Payment | |
|---|---|---|
| Alabama | $1,706.27 | |
| Alaska | $3,077.67 | |
| Arizona | $3,087.95 | |
| Arkansas | $1,916.29 | |
| California | $4,951.79 | |
| Colorado | $2,670.77 | |
| Connecticut | $2,565.84 | |
| Delaware | $2,174.79 | |
| Florida | $2,312.72 | |
| Georgia | $1,789.29 | |
| Hawaii | $8,008.77 | |
| Idaho | $2,192.40 | |
| Illinois | $1,808.84 | |
| Indiana | $1,795.51 | |
| Iowa | $1,828.21 | |
| Kansas | $1,709.16 | |
| Kentucky | $1,809.12 | |
| Louisiana | $1,947.86 | |
| Maine | $2,456.69 | |
| Maryland | $3,362.79 | |
| Massachusetts | $4,745.89 | |
| Michigan | $1,881.95 | |
| Minnesota | $1,923.39 | |
| Mississippi | $1,753.60 | |
| Missouri | $1,888.14 | |
| Montana | $2,561.99 | |
| Nebraska | $1,896.64 | |
| Nevada | $2,567.51 | |
| New Hampshire | $2,281.44 | |
| New Jersey | $3,151.48 | |
| New Mexico | $2,091.95 | |
| New York | $4,388.99 | |
| North Carolina | $2,124.97 | |
| North Dakota | $1,981.97 | |
| Ohio | $1,910.52 | |
| Oklahoma | $1,713.33 | |
| Oregon | $3,238.58 | |
| Pennsylvania | $1,808.75 | |
| Rhode Island | $2,379.56 | |
| South Carolina | $1,874.11 | |
| South Dakota | $2,208.96 | |
| Tennessee | $1,963.92 | |
| Texas | $1,965.01 | |
| Utah | $2,771.79 | |
| Vermont | $3,072.44 | |
| Virginia | $2,578.28 | |
| Washington | $3,115.93 | |
| West Virginia | $1,613.76 | |
| Wisconsin | $2,052.53 | |
| Wyoming | $2,018.80 |
Average Mortgage Payments By City
Mortgage payments can even vary within states, from city to city. Below you’ll find the average monthly mortgage payment for the eight most populous cities in the United States. All data is from the Council for Community and Economic Research (C2ER).| City | Average Monthly Mortgage Payment | |
|---|---|---|
| New York, New York (Manhattan) | $13,535.42 | |
| Los Angeles, California (Long Beach) | $5,847.37 | |
| Chicago, Illinois | $2,578.06 | |
| Houston, Texas | $1,890.77 | |
| Phoenix, Arizona | $2,561.11 | |
| Philadelphia, Pennsylvania | $2,169.88 | |
| San Antonio, Texas | $1,699.62 | |
| San Diego, California | $5,168.91 |
Costs Included In A Mortgage Payment
New homeowners may not realize each of the expenses that go into their mortgage payments. Monthly payments include:
- Principal: The principal is the amount of money you borrow when you initially take out your mortgage. You can calculate your principal by subtracting your down payment from a home’s selling price.
- Interest: This makes up the second major part of your monthly house payment. Interest is the money you pay your mortgage lender in exchange for giving you a loan. Interest rates are typically determined using an annual percentage rate (APR).
- Property taxes: The taxes you pay on your property go to your local government to fund services, such as road repair, public schools and fire departments. New homeowners may be surprised to learn property taxes can be one of the most expensive parts of the mortgage payment.
- Homeowners insurance: Although it’s not legally required, most mortgage lenders require homeowners insurance as a condition of the loan. The insurance covers damage from events, such as home fires, break-ins and other hazards.
- Homeowners association (HOA) fees: If your home is in an HOA community, membership will come with certain rules, regulations and fees. HOAs are common with townhouses, multiunit apartment buildings and condominiums. Your HOA fees may fund trash pickup, landscaping, security, maintenance and amenities on the property.
The Bottom Line
When you know what the average monthly mortgage payment is in certain areas, you can get a sense of what your monthly mortgage payments will be if you purchase a home there. However, these averages are just a guide. Your final mortgage payment will depend on the home price, the size of your down payment and your mortgage rate.
Ready to find out the best mortgage options for your new home? Take action and start your mortgage application online with the Home Loan Experts at Rocket Mortgage®.Related Resources
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