What is the average mortgage payment?

What is the average monthly mortgage payment that you can expect to make when buying a home? It’s among the most critical to consider when buying a home, as your monthly mortgage payment is an ongoing expense that affects your household budget.

Knowing the average mortgage payment for your state or city and the type of property that you’re considering purchasing can help you better estimate how much house you can afford.

Average monthly mortgage payment in the U.S.

The average monthly mortgage payment in the United States in 2025 is $2,329. That’s an increase of 21%, from $1,924 in 2023. This is based on Rocket Homes℠ data for average home purchase prices and a fixed 30-year mortgage at an interest rate of 6.68%. The figure is for principal and interest only. Taxes and insurance are excluded.

As you calculate your mortgage payment and map out a budget, it’s also important to consider other factors that affect the cost of owning a home.

• Your home price: The more expensive a house is, the higher you can expect the monthly mortgage payment to be.
• Your down payment: A larger down payment reduces the amount of money you need to borrow to buy a property. That will reduce your monthly payment and how much interest you pay.
• Your mortgage rate: The interest rate and annual percentage rate for your mortgage directly affect how much it will cost you on a regular and recurring basis to pay for financing the loan with a lender.
• Your loan term: The longer your loan term, the lower your monthly mortgage payment will be, as it’s broken up into more installments. However, you’ll pay more interest with a longer term than a shorter one.

Average monthly mortgage payment by state

What is the average house payment in the state where you’re looking to buy? It varies. Here’s the average monthly payment in each state, according to Rocket Homes.

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

Average monthly mortgage payment by county

The average monthly mortgage payment also varies from county to county. Here are the average monthly payments, according to Rocket Homes, in the 10 most populous counties, as reported by the U.S. Census Bureau.

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

Costs included in a mortgage payment

Many new homeowners inadvertently overlook the full range of costs that can factor into a monthly mortgage payment. Being more aware of these fees and expenses can help you better manage your household budget.

• Principal and interest: Mortgages are amortized, which means they are calculated to repay the entire principal plus interest in equal amounts over the loan term. Amortization also adjusts how much of each payment goes toward principal and how much goes to interest. At the start of your repayment schedule, most of your payment goes toward interest. That amount gets slightly smaller with each payment, with the final payments being mostly principal.
• Property taxes: Many homeowners establish an escrow account with their lender to pay property taxes. The lender will estimate your annual property tax bill and add a fee to your monthly mortgage payment to cover that amount. The fees are held in an escrow account until your tax bill is due, then the lender pays the bill on your behalf.
• Homeowners insurance: This is another annual fee that many borrowers pay through an escrow account. Lenders usually require borrowers to have homeowners insurance,
• Private mortgage insurance: PMI is a policy that protects your lender in case you default. You must pay for PMI if you make a down payment of less than 20% on a conventional loan.
• Homeowners association dues: If you buy a home that’s part of an HOA, you’ll need to pay dues. These often are paid as a monthly addition to your mortgage payment. HOA dues maintain common areas of a neighborhood or a condominium community, such as parking, security, maintenance, landscaping, or amenities such as a clubhouse or gym.

Calculating average mortgage payment by loan terms

An average monthly mortgage payment is simple to compute, especially with an online mortgage calculator.

To calculate a mortgage payment, you need to know the amount you’re borrowing, which is the purchase price minus the down payment, plus the interest rate and loan term. Many calculators estimate property taxes and homeowners insurance premiums based on the property’s ZIP code.

The bottom line: Many factors affect your average mortgage payment

The mortgage payment is an important monthly expense, and it’s important to make sure you understand how much this bill will be and that you can afford it. The payment itself varies depending on how much you borrow, your interest rate, local market conditions, tax rates, and insurance costs. It’s also affected if you need to pay for PMI or HOA dues.

Interested in learning more about mortgages and how loan financing works? More details can be found in our Learning Center. If you’re ready to start your home buying journey, you can fill out an online loan application.