Monthly mortgage payments include mortgage and loan interest, as well as escrow items such as homeowners insurance and property taxes, as well as any HOA charges.
Monthly Mortgage Payment Statistics
- According to the Mortgage Bankers Association (MBA), the average mortgage payment for new applicants in April 2022 was $1,889.
- For traditional loan applicants, the average monthly payment was $1,967 as of April 2022, according to MBA data.
- For FHA loan applicants, the average monthly mortgage payment through April 2022 was $1,374, according to MBA data.
- According to the U.S. Housing Survey, the median monthly mortgage payment in 2019 was $1,487, according to the Census Bureau.
- The median monthly mortgage payment is $1,200, according to 2019 Census housing data.
- According to the American Community Survey, California has the highest average monthly mortgage payment at $2,421, according to 2019 Census Bureau data.
- West Virginia has the lowest median monthly payment at $1,052, according to 2019 Census Communities.
- The San Francisco metro area has the highest average mortgage payment of the top 15 metro areas at $2,812, according to 2019 Census housing data.
- The Detroit metro area has the lowest average mortgage payment of the 15 largest metro areas at $1,163, according to 2019 Census housing data.
- According to 2019 Census housing data, the average monthly housing cost is $1,437.
- According to 2019 Census housing data, the average monthly housing cost is $1,106.
You may be wondering why there is such a big difference between the average monthly mortgage payment and the median. These two numbers are calculated in different ways. The mean is the sum of a set of numbers divided by the number of numbers in the set, and the median is the midpoint of the set. Because averages are easily distorted by unusually high or unusually low numbers, medians tend to be a more accurate reflection of the housing market in a given area.
Monthly Mortgage Payments by Loan Size
Borrowers with a 30-year mortgage at a 20% discount and a fixed rate of 5.46% can expect the following monthly principal and interest payments, according to April 2022 median regional inventory home prices reported by the National Association of Realtors.
| HOME PRICE | LOAN SIZE | MONTHLY MORTGAGE PAYMENT |
|---|---|---|
| Sources: Bankrate data as of June 2, 2022; National Association of Realtors | ||
| $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 |
|---|---|
| Source: U.S. Census Bureau American Housing Survey, 2019 | |
| New England (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont) | $1,735 |
| Middle Atlantic (New Jersey, New York, Pennsylvania) | $1,657 |
| East North Central (Illinois, Indiana, Michigan, Ohio, Wisconsin) | $1,207 |
| West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota) | $1,209 |
| South Atlantic (Delaware, District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, West Virginia) | $1,396 |
| East South Central (Alabama, Kentucky, Mississippi, Tennessee) | $1,171 |
| West South Central (Arkansas, Louisiana, Oklahoma, Texas) | $1,335 |
| Mountain (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming) | $1,516 |
| Pacific (Alaska, California, Hawaii, Oregon, Washington) | $2,060 |
Home prices and monthly mortgage repayments over time
Home prices have risen sharply in recent years, but due to the low interest rate environment, their impact on monthly mortgage payments has been uneven.
| YEAR | MEDIAN MONTHLY MORTGAGE PAYMENT | MEDIAN HOME SALE PRICE* |
|---|---|---|
| *New-home sales only Sources: U.S. Census Bureau and U.S. Department of Housing and Urban Development |
||
| 2019 | $1,200 | $320,250 |
| 2017 | $1,100 | $322,425 |
| 2015 | $1,030 | $294,150 |
| 2013 | $997 | $266,225 |
| 2011 | $1,019 | $224,900 |
What’s Included in a Mortgage Loan
A typical mortgage payment includes principal, interest, taxes and insurance, also known as PITI.
- Principal: How much you borrowed for your mortgage, which is the difference between your down payment (if any) and the purchase price of the home
- Interest: How Much Mortgage You Borrow
- Taxes: Property taxes paid to your local jurisdiction, determined by the assessed value of your home
- Insurance: Homeowners insurance paid to protect the home, plus any Personal Mortgage Insurance (PMI)
Bankrate’s Mortgage Payment and PITI Calculator can help you estimate your monthly mortgage payments.
Bottom line
The monthly cost of a mortgage is far more than repaying the principal. Loan interest, property taxes, home insurance and mortgage insurance are also covered and may vary by location. It’s important to consider these factors when determining how much home you can afford.
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