Average Monthly Mortgage Payment | Bankrate

Skyhobo/ Getty Images; Illustration by Austin Courregé/Bankrate

If you’re in the market for a home, affordability is likely top of mind — perhaps now more than ever. The record-high home prices of recent years, plus mortgage rates not seen since the 00s, have led to record-high monthly mortgage payments, according to data from Redfin. Mortgage rates were declining at the start of 2026, but have since risen and are stuck in the mid-6s. Meanwhile, home prices have seen some declines in some metros, particularly in the South and West.

While the money you pay toward your mortgage is only one piece of your monthly payment, it’s an important one. Here’s what you can expect.

What is the average monthly mortgage payment?

The median monthly mortgage payment for U.S. homebuyers is currently $2,134. This assumes a buyer making a 20% down payment on a $417,700 home (the median sale price for an existing home in April 2026, according to the National Association of Realtors) at 6.6% interest, the average rate as of May 20, 2026 according to Bankrate data. This monthly payment does not include taxes or insurance.

Note that there’s a difference between “median” and “average.” The average, also known as the mean, is the sum of a set of numbers divided by the amount of numbers in the set. On the other hand, the median is just the midpoint of a set of numbers. Because an average can be skewed by extreme highs and lows, the median can provide a more accurate picture of what people in the middle are actually paying for a house.

Monthly mortgage payments by loan size

The biggest variable in a monthly mortgage payment is the size of the loan itself: the more you borrow, the more you pay each month. The figures in the table below are based on April 2026 median regional existing-home sale prices reported by the National Association of Realtors (NAR).

Note: To calculate the monthly principal and interest payment, we assume a 20% down payment. We also assume an interest rate of 6.6%, the average rate as of May 20, 2026, per Bankrate’s weekly survey data.

Monthly mortgage payments by loan type

Your mortgage payments will also vary depending on the type of mortgage you have. That’s because different mortgages come with different interest rates and fees. For this table, we’ll use the median existing home price for April 2026 ($417,700) along with Bankrate’s current average APRs for each loan type, assuming a 30-year term for each.

It’s important to note that each of these loans can include fees that will affect your monthly payment. For instance, both conventional and FHA mortgages may charge mortgage insurance premiums, and VA loans typically involve a funding fee, which can be rolled into the loan itself.

Mortgage payments for the top 15 metro areas

Median monthly mortgage payments differ depending on factors like demand, the local housing market, the age of homes, average area income, area demographics and more. Here are the current median mortgage payments for the top 15 metro areas.

• Methodology
  

  We used Census data to determine the 15 most populated metro areas in the U.S. and data from NAR to determine the median sales price for an existing, single-family home in the first quarter of 2026 in each of those metro areas. Then we calculated the median monthly mortgage payment for each, assuming a 6.6% interest rate on a 30-year loan, with a 20% down payment.

Home prices and monthly mortgage payments over time

Home prices have increased significantly in recent years — ever since the onset of the pandemic, in 2020. In 2022, mortgage rates began to rise rapidly, reaching levels not seen in two decades. They peaked at over 8 percent — for a 30-year, fixed-rate conventional mortgage — in October 2023, before dropping to around 7 percent by the end of the year. From the end of 2024 through 2025, rates made a bumpy drift downward, ending 2025 at 6.25%. At the start of 2026, rates continued to decline to near 6%, but the war in Iran sent them jumping nearly 60 basis points by May.

The following table was created using data on new home sales from the U.S. Census Bureau, as well as Bankrate’s data on annual interest rates. Monthly payments assume the yearly average rate for a 30-year, fixed-rate mortgage with a 20 percent down payment.

What is included in an average mortgage payment?

The typical mortgage payment has several components: the loan principal, loan interest, taxes and insurance, also known as PITI.

• Principal : How much you borrow for your mortgage, which is the difference between your down payment (if any) and the home’s final purchase price. Your down payment amount and your loan term — the amount of time you choose to pay off your loan — both affect your principal payment.
• Interest: How much you pay to borrow the mortgage. Your interest rate is influenced by broader market conditions, as well as your personal finances, like your credit score.
• Taxes: The property taxes paid to your local jurisdiction, determined by the assessed value of your home
• Insurance: The homeowners insurance you buy to protect the home, as well as any private mortgage insurance (PMI). Your homeowners insurance cost can vary based on the coverage options you choose and your location, while your PMI cost is influenced by your down payment, credit score and other financial factors.

Along with how much you pay for the home, how much you pay in interest, taxes and insurance can vary significantly by location. One municipality or county may have much higher property taxes than its neighbor. It’s important to research these details while shopping for a home to help you estimate your monthly mortgage payment.