Monthly typical mortgage installment amount
The median monthly mortgage payment for homebuyers in the United States is approximately $2,259, based on a median home price of $435,300 and a 20% down payment at a typical 6.7%-7% interest rate on a 30-year loan [1]. This figure, however, varies significantly across the top 15 most populated U.S. metro areas due to differences in home prices, demand, and local markets.
In these metro areas, the median monthly mortgage payments generally range roughly between about $1,500 and over $3,000, assuming a 20% down payment, a 30-year fixed mortgage with around a 6.7% interest rate [1][4]. For instance, pricier metros like Boston, San Diego, and New York likely have median payments of $2,200 to $3,000 or more, while metros with lower home prices like Nashville have payments closer to $1,500 or slightly above [1][3].
These differences stem from median sales prices in Q1 2025 applied with consistent mortgage assumptions (20% down, 6.75% interest, 30-year fixed loan), illustrating how local housing markets impact monthly costs dramatically [1][4].
Nationwide average mortgage rates have recently hovered around 6.58% to 6.75% for a 30-year fixed mortgage, correlating to principal and interest payments near $640–$730 per $100,000 borrowed [2][5].
It's essential to note that the mortgage payment includes not only the loan principal and interest but also property taxes, homeowners insurance, and private mortgage insurance (PMI), collectively known as PITI. The cost of these can vary based on coverage options, location, and financial factors.
This payment assumes a buyer makes a 20 percent down payment on a $435,300 home. The total interest paid over the life of a conventional loan with a 20 percent down payment is $470,726 [6].
Home prices have increased significantly since 2011, with the median new home sale price in 2025 being $418,950 [7]. The median sale price for an existing home in June was $435,300, according to the National Association of Realtors [8].
The median monthly mortgage payments for the top 15 most populated metro areas in the U.S. are calculated based on Census data and data from NAR. The median sales price for an existing, single-family home in the first quarter of 2025 in each of the 15 most populated metro areas is used to calculate the median monthly mortgage payment [1][4].
In conclusion, the average monthly mortgage payments across the top 15 most populated U.S. metro areas differ mainly due to home price variation and mortgage rates around 6.7%, typically ranging from ~$1,500 in more affordable metros up to $3,000+ in the highest-cost markets.
[1] https://www.realtor.com/research/home-prices/ [2] https://www.freddiemac.com/fmia/fmia-insights/2022/06/mortgage-rates-and-spreads-update-june-2022 [3] https://www.realtor.com/news/trends/what-you-can-afford-in-the-15-largest-us-cities/ [4] https://www.realtor.com/research/mortgage-rates/ [5] https://www.bankrate.com/mortgages/mortgage-rates/ [6] https://www.realtor.com/advice/buy/total-cost-of-owning-a-home/ [7] https://www.census.gov/construction/nrc/pdf/newresconst.pdf [8] https://www.realtor.com/research/home-prices/median-home-prices-by-state/
Investing in real-estate, particularly in the top 15 most populated U.S. metro areas, requires careful consideration of the associated business costs, including mortgage payments. These payments, based on a typical 30-year loan with a 6.7% interest rate, can vary significantly, ranging from approximately $1,500 in more affordable metros to $3,000 or more in higher-cost markets.
