Average Mortgage Payments by State
National mortgage rates
- 30-year fixed: 3.02%
- 15-year fixed: 2.34%
- 5-year ARM: 2.53%
National mortgage payments
Average mortgage payments by state
|State||Median monthly payment|
Factors that affect mortgage payments
Fixed rate vs adjustable loan terms
|Loan amount after down payment||$285,000||$270,000||$240,000|
Private mortgage insurance
Taxes and fees
First-time homebuyers pay more
Know how much you can afford
Ways to lower your mortgage
- Improve your credit score enough to qualify for a better interest rate
- Pay off debts or increase your income to lower your debt-to-income ratio
- Save 20% for a down payment, which will help you avoid paying private mortgage insurance
- Shop for a mortgage by getting quotes from multiple lenders.
- Buy in an area without an HOA
- Buy a home in a cheaper neighborhood
How do I pay property taxes?
How much are closing costs?
What can I do if I don’t qualify for a conventional mortgage?
What documents do I need to show a lender?
- Income verification. These include the last two years of tax returns, W-2s, 1099s, and your most recent pay stubs.
- Identification. Driver’s license, Social Security card, or other ID
- Bank statements
- Proof of funds. Bank statements and wherever else you’re getting money for closing costs, down payments, and future loan payments. These include wages, stock portfolios, and monetary gifts from parents.
The bottom line
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