Question:

What is the average monthly mortgage payment?

Answer:

One can't tell what the average monthly mortgage payment is without specifying area and property value. In general, the more expensive the house, the higher the average mortgage payment. Pricey California and Las Vegas homes would have higher monthly payments.

Also, taxes in some areas may be significantly higher than taxes in other areas. Your average monthly mortgage payment generally depends on how much you are paying for

  • PMI (private mortgage insurance),
  • Homeowners (hazard) insurance,
  • Property liability insurance,
  • Mortgage life insurance,
  • Area property taxes, etc.

Have in mind that you should not allow the Realtor talk you into buying too much house.

To calculate some average monthly mortgage payment, use a web calculator and input as many details as you know about your desired home to figure out if the monthly payment is affordable and makes sense.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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