What’s the average mortgage payment in Missouri?

According to data collected from Redfin and Rocket Mortgage, the average monthly mortgage payment in Missouri is around $1,614 before property taxes and insurance. Missouri’s relatively affordable home prices help keep monthly housing costs below the national average, making the state attractive to first-time buyers and those looking to upgrade.

While affordability remains a strength, Missouri’s housing market continues to experience steady demand in metro areas such as Kansas City and St. Louis.

Overview of the Missouri housing market

The median sale price of a home in Missouri is roughly $280,500, according to Redfin’s statewide housing data. Home prices vary widely by region, with higher costs concentrated in suburban counties surrounding major metros, while rural areas remain significantly more affordable.

Here’s a snapshot of recent median sale prices from Redfin across several Missouri cities:

Factors that influence mortgage payments in Missouri

Your monthly payment includes principal, interest, taxes, and insurance (PITI). Tools like the Rocket Mortgage^® mortgage calculator can help you estimate how each variable affects your total monthly cost.

Home price and down payment

Missouri’s lower-than-average home prices help keep mortgage payments manageable. For example, on a $280,500 home with a 20% down payment and a 6.5% interest rate, the estimated monthly principal and interest payment is about $1,420.

Putting less than 20% down typically requires private mortgage insurance (PMI), which can add over $140 per month depending on credit and loan terms.

Mortgage rate

Missouri mortgage rates vary based on several factors, including:

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

Loan term

Most home buyers choose a 30-year or 15-year mortgage. The 30-year loan spreads payments over a longer period, resulting in lower monthly payments, while a 15-year mortgage offers higher monthly payments but significantly less interest over time.

Property taxes and insurance

Missouri’s average property tax rate is about 0.88% ($206), which is close to the national average. Property taxes can vary by county, with higher rates often found in suburban areas surrounding major cities.

Homeowners insurance in Missouri averages about $343 per month, reflecting exposure to severe weather risks such as tornadoes and hail.

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

Missouri’s mortgage payments are generally lower than those in many neighboring states due to its relatively affordable housing market.

Counties with the highest mortgage payments in Missouri

The highest mortgage payments in Missouri are concentrated in fast-growing suburban counties near Kansas City and St. Louis. The figures below reflect Q1 2025 NAR median sale prices and monthly mortgage payments.

Counties with the lowest mortgage payments in Missouri

Rural counties in northern and southeastern Missouri have the lowest home prices and mortgage payments in the state.

How to calculate your mortgage payment

Mortgage payments are calculated using the loan amount, interest rate, and loan term.

Rocket Mortgage offers an online mortgage calculator that allows you to adjust down payment amounts, interest rates, and loan terms to see how changes to each factor impact your monthly payment.

Missouri-specific mortgage resources

Home buyers in Missouri may qualify for programs that help reduce upfront and long-term housing costs:

• Missouri Housing Development Commission (MHDC): Offers down payment assistance and affordable mortgage options for eligible buyers.
• USDA Rural Development Loans: Many rural Missouri counties qualify for USDA loans with zero-down payment options.

Average mortgage payment in Missouri FAQ

Where can I find the lowest average mortgage payments in Missouri?

Shelby County has the lowest average mortgage payment in the state, at about $580 per month.

Which county has the highest average mortgage payments in Missouri?

Platte County has the highest average monthly mortgage payment, at roughly $2,350.

How much income do you need to afford a home in Missouri?

Using the 28/36 rule, a typical mortgage payment of $1,614 suggests a household income of around $5,800 per month, or about $70,000 per year, depending on other debts.

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

Missouri’s affordable home prices help keep mortgage payments relatively low, though insurance and property taxes still play an important role in monthly housing costs. Understanding local market trends and financing options can help buyers find the right home within their budget.

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.