A monthly mortgage payment actually consists of several things. It includes the principal and interest on the loan, as well as additional items held in escrow accounts, such as homeowners insurance and property taxes, and any HOA fees.

Let’s cover some those basic elements, along with other pieces that affect the average monthly mortgage payment.

Monthly mortgage payment statistics
  • For applicants in October 2023, the median mortgage payment was $2,199, according to the Mortgage Bankers Association (MBA).
  • For conventional loan applicants, the median monthly mortgage payment in October 2023 was $2,208, according to MBA data.
  • For FHA loan applicants, the median monthly mortgage payment in October 2023 was $1,955, according to MBA data.
  • In 2021, the latest year available, the average monthly mortgage payment was $1,427, according to the U.S. Census Bureau’s American Housing Survey.
  • The median monthly mortgage payment was $1,001, according to the 2021 Census housing data.
  • Washington D.C. has the highest median monthly mortgage payment — $2,958 — according to 2022 data from the U.S. Census Bureau’s American Community Survey.
  • West Virginia has the lowest median monthly payment — $1,180 —  according to the 2022 Census community data.
  • The San Francisco metropolitan area has the highest average mortgage payment among the top 15 metro areas, at $3,603, according to the 2022 Census housing data.
  • The Detroit metropolitan area has the lowest average mortgage payment among the top 15 metro areas, at $1,577, according to the 2022 Census housing data.

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
  • Interest: How much you pay to borrow the mortgage
  • Taxes: The property taxes paid to your local jurisdiction, determined by the assessed value of your home
  • Insurance: The homeowners insurance paid to protect the home, as well as any private mortgage insurance (PMI)

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 (Bankrate’s mortgage payment and PITI calculator can help).

Bankrate insight
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, while the median is the midpoint in the set. Since an average can be skewed by extremely high and/or low numbers, the median tends to provide a more accurate picture.

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 November 2023 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 30-year mortgage at a fixed 6.9 percent interest rate and a 20 percent down payment.

Home price Loan size Monthly mortgage payment
Source: National Association of Realtors
$280,800 $224,640 $1,479
$351,500 $281,200 $1,851
$428,600 $329,680 $2,258
$603,200 $482,560 $3,178

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 home price for November 2023 — $387,600 — along with Bankrate’s current average APRs for each loan type, assuming a 30-year term.

Loan type Average APR Monthly payment Total interest paid
Conventional 7.01% $2,581 $541,946
FHA 6.88% $2,547 $529,976
VA 6.33% $2,406 $479,334

It’s important to note that each of these loans can have fees added that will affect your payment. For instance, both conventional and FHA mortgages can include mortgage insurance premiums: how much they are depends on the size of your down payment. Similarly, VA loans have a funding fee that changes depending on your down payment.

Average monthly mortgage payment by region

Average monthly mortgage payments differ by region depending on factors like demand, the local housing market, the age of homes, average area income, area demographics and more.

Region Average monthly mortgage payment
Source: U.S. Census Bureau American Housing Survey, 2021
New England (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont) $1,640
Middle Atlantic (New Jersey, New York, Pennsylvania) $1,453
East North Central (Illinois, Indiana, Michigan, Ohio, Wisconsin) $1,240
West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota) $1,140
South Atlantic (Delaware, District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, West Virginia) $1,397
East South Central (Alabama, Kentucky, Mississippi, Tennessee) $1,212
West South Central (Arkansas, Louisiana, Oklahoma, Texas) $1,219
Mountain (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming) $1,468
Pacific (Alaska, California, Hawaii, Oregon, Washington) $1,939

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 down to around 7 percent by the end of the year.

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.

Year Median monthly mortgage payment Median new home sale price* Average yearly interest rate
Sources: U.S. Census Bureau and U.S. Department of Housing and Urban Development, Bankrate’s weekly survey of the nation’s largest lenders
2023 $2,268 $426,167 7.00%
2021 $1,525 $396,800 3.15%
2019 $1,242 $320,250 4.13%
2017 $1,250 $322,425 4.14%
2015 $1,122 $294,150 3.99%
2013 $1,037 $266,225 4.17%
2011 $927 $224,900 4.65%

Bottom line on average monthly mortgage payments

The monthly cost of a mortgage goes well beyond repayment of the principal. You’ll have to factor in interest, taxes, homeowners insurance and potentially, mortgage insurance. All of these costs can vary depending on the home’s location, your finances, the loan type and the lender you choose. Weigh each of these factors when determining how much house you can afford.