Mortgage
What a home really costs, every month and over the years.
30-year average today 7.40% Oct 8, 2026
More options
4 things to know
Costly mistakes
Budgeting on the loan payment alone$717/mo
InsteadPlan on the full payment, plus about 1% of the home's value a year for repairs.
Waiting for PMI to drop on its own$2,310
InsteadNote when you'll owe 80% of the original price and ask your servicer, in writing, to cancel PMI.
Comparing rates instead of Loan Estimates$1,500+
InsteadGet three Loan Estimates the same day. Compare fees on page 2 and the APR on page 3.
Refinancing into a fresh 30 years$21,297
InsteadCompare what you will pay in total, not the monthly payment. A shorter new term often wins.
Buying points you won't keep$3,696/pt
InsteadOnly pay for points if you will keep the loan past the break-even, often 5+ years.
More calculators
Extra money goes straight to principal, so it never gets charged interest.
More options
Points buy a lower rate with cash at closing. They only pay off if you keep the loan long enough.
More options
A lower payment is not the same as a lower cost. This counts both.
More options
Every number, worked out
A median-priced home with 10% down at this week's average rate. The same formula reproduces the CFPB's sample Loan Estimate to the cent.
| The loan | |||
| 1 | Home priceMedian sales price, Q2 2026 (Census and HUD) | 410,700.00 | |
| 2 | Down payment, 10% | Line 1 × 10% | (41,070.00) |
| 3 | Loan amount | Line 1 − line 2 | 369,630.00 |
| The monthly payment | |||
| 4 | Interest rate, 30-year fixedFreddie Mac average, Oct 8, 2026 | 7.40% | |
| 5 | Monthly rate | Line 4 ÷ 12 | 0.6167% |
| 6 | Principal and interest | L3 × r ÷ (1 − (1 + r)−360), r = line 5 | 2,559.24 |
| 7 | Property taxNational average effective rate 0.90% (ATTOM, 2025) | Line 1 × 0.90% ÷ 12 | 308.03 |
| 8 | Homeowners insuranceProjected 2026 national average, $3,057 a year (Insurify) | $3,057 ÷ 12 | 254.75 |
| 9 | PMI at 0.50% a yearTypical range 0.46% to 1.50% (Urban Institute) | Line 3 × 0.50% ÷ 12 | 154.01 |
| 10 | Total monthly payment | Lines 6 + 7 + 8 + 9 | 3,276.03 |
| Inside payment 1 | |||
| 11 | Interest in month 1 | Line 3 × line 5 | 2,279.39 |
| 12 | Principal in month 1 | Line 6 − line 11 | 279.85 |
| Over the life of the loan | |||
| 13 | All 360 principal and interest payments | Line 6 × 360 (last one adjusted) | 921,331.06 |
| 14 | Total interest | Line 13 − line 3 | 551,701.06 |
| 15 | You can ask to cancel PMIScheduled balance reaches 80% of line 1 ($328,560) | month 105 | |
| 16 | PMI ends automaticallyScheduled balance reaches 78% of line 1 ($320,346) | month 120 | |
| 17 | PMI saved by asking at 80% | Automatic total − requested total | 2,310.15 |
Sources (10)
- Freddie Mac: Primary Mortgage Market Survey (30- and 15-year averages, via FRED MORTGAGE30US and MORTGAGE15US)
- U.S. Census Bureau and HUD: Median sales price of houses sold for the United States (FRED MSPUS), Q2 2026: $410,700 (Jul 2026)
- ATTOM: 2025 property tax analysis: 0.90% average effective rate on single-family homes (0.33% Hawaii to 1.84% Illinois) (Apr 2026)
- Insurify: Home insurance premiums projected to reach a $3,057 national average in 2026 (after a 12% rise in 2025) (Mar 2026)
- Experian, citing the Urban Institute: How much does private mortgage insurance cost? (0.46% to 1.50% of the loan a year)
- Consumer Financial Protection Bureau: When can I remove private mortgage insurance (PMI) from my loan?
- U.S. Department of Housing and Urban Development: Mortgagee Letter 2023-05: annual MIP reduced to 0.55% for most FHA borrowers (Feb 22, 2023)
- Federal Housing Finance Agency: Conforming loan limit values for 2026 ($832,750 baseline) (Nov 25, 2025)
- Freddie Mac: Research note: borrowers who get one more rate quote save about $1,500 over the life of the loan; five quotes, about $3,000 (Apr 2018)
- Consumer Financial Protection Bureau: Sample Loan Estimate, form H-24(B) (Nov 2013)