What’s the average mortgage payment in Hawaii?

The average monthly mortgage payment in Hawaii is around $3,382, according to data from Redfin and Rocket Mortgage. As one of the highest-priced housing markets in the United States, Hawaii’s mortgage costs are significantly above the national average. Limited land availability, strong demand from both local and out-of-state buyers, and unique geographical constraints all contribute to higher home values across the islands, but there are some more affordable areas for home buyers to capitalize on.

Overview of the Hawaii housing market

The median sale price in Hawaii is approximately $741,000 as of late 2025, according to Redfin data, even as the number of new listings has dropped over the past year.

Here’s a snapshot of recent median sale prices from Redfin:

Factors that influence mortgage payments in Hawaii

Your monthly mortgage payment consists of principal, interest, taxes, and insurance (PITI). Tools like the Rocket Mortgage^® mortgage calculator can help you estimate your monthly costs and visualize how factors such as interest rates, home price, and down payment affect your payment.

Home price and down payment

Hawaii’s median home price is one of the highest in the country, and this has a substantial impact on monthly mortgage payments. If you plug Hawaii’s median sale price into the calculator and assume a 20% down payment and 6.5% interest, the principal and interest payments add up to $3,747 per month.

Smaller down payments typically trigger private mortgage insurance (PMI), which can increase the monthly payment by around $400.

Mortgage rate

Your Hawaii mortgage rate is influenced by:

• Credit score and credit history
• Debt-to-income ratio (DTI)
• Loan type
• Down payment amount
• Home type and location
• Current market rates

Even slight rate changes can meaningfully increase or reduce monthly costs due to Hawaii’s high price points.

Loan term

Loan term plays a major role in affordability. A 30-year fixed mortgage offers lower monthly payments but more total interest. On the other hand, 15-year fixed mortgages come with higher monthly payments over a shorter period and less total interest paid.

Property taxes and insurance

Hawaii has the lowest property tax rate in the United States, with an effective tax rate of about 0.27%, or $173 per month, though this can vary by island and city. However, homeowners insurance can be more expensive in certain areas due to risks such as hurricanes, volcanic activity, and flooding.

How do mortgage payments in Hawaii compare to others in the region?

Mortgage rates do not vary significantly by state, but average payments differ based on home values, property taxes, and insurance costs. Hawaii’s elevated home prices make its average mortgage payment among the highest in the country.

Here’s how Hawaii compares with other Western markets:

Hawaii’s average payment surpasses even high-cost states like California, reflecting the state’s elevated home price levels.

Counties with the highest mortgage payments in Hawaii

Based on Q1 2025 median sale prices from the National Association of REALTORS^®, here are the Hawaii counties with the highest estimated monthly mortgage payments:

How to calculate your mortgage payment

Mortgage lenders use a standard amortization formula based on:

• Loan amount
• Interest rate
• Loan term

A mortgage calculator is a helpful tool for home buyers to estimate monthly payments and test how different inputs, like a larger down payment or lower rate, can affect affordability.

Other tools from Rocket Mortgage can help you understand refinancing options, PMI impacts, and how much home you can afford based on your income and financial goals.

Hawaii-specific mortgage resources

Hawaii buyers have access to several statewide programs designed to improve affordability:

• Hawaii Housing Finance & Development Corporation (HHFDC): Offers affordable housing programs, down payment assistance, and financing tools for qualifying buyers.
• Affordable Resale and Shared Appreciation Programs: Some Hawaii counties and cities offer shared appreciation or resale-restricted housing options to help manage high home prices.

Average mortgage payment in Hawaii FAQ

Where can I find the lowest mortgage payment in Hawaii?

The lowest mortgage payments in Hawaii can typically be found on the Big Island (Hawaii County), where the median home price is $498,960.

Which county has the highest mortgage payment in Hawaii?

Honolulu County has the highest estimated monthly mortgage payment in Hawaii

How much do you need to make to afford a home in Hawaii?

Following the “28/36” guideline, home buyers should spend no more than 28% of gross income on housing. With an average mortgage payment of $3,382, a Hawaii household may need to earn around $12,000 per month (roughly $145,000 annually), depending on property taxes, insurance, and other recurring debts.

The bottom line: Multiple factors shape your mortgage payment in Hawaii

Hawaii’s extremely high home prices, limited land availability, and strong buyer demand lead to some of the highest mortgage payments in the country. While Oahu, Maui, and Kauai remain among the most expensive housing markets nationwide, the Big Island offers some more affordable options for house-hunters. Using tools from Redfin and Rocket Mortgage can help buyers evaluate affordability and plan for long-term homeownership in Hawaii’s unique real estate landscape.

Whether you’re a first-time buyer or an experienced homeowner, get prequalified for a loan with Rocket Mortgage to understand your buying power and begin the process with confidence.

*Methodology: Average monthly mortgage payment in a region, calculated based on average home purchase price for a fixed 30-year loan and a 52-week average interest rate of 6.68% from Freddie Mac as of August 2025.

This article is for informational purposes only and is not intended to provide financial, investment, or tax advice. You should consult a qualified financial or tax professional before making decisions regarding your retirement funds or mortgage.

Rocket Mortgage is a VA-approved lender, not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.

Rocket Mortgage is not acting on behalf of FHA or HUD.

The 3% down payment option is only available on certain conventional loan products and is not available in all states. Additional terms and conditions may apply.