Mortgage Calculator: This Is How Much You Need To Buy a $425,000 Home With a 6.12% Rate

Mortgage rates this week for a 30-year fixed loan, but home prices are falling—from $429,990 in August to $425,000 in September.

So how do these changes affect your mortgage monthly payment?

Here’s how much it costs per month to buy a typical home today, according to the Realtor.com® mortgage calculator.

The typical monthly payment at today’s 6.12% mortgage rate on a median-priced $425,000 home is roughly $2,065. (That’s assuming a 20% down payment and excluding tax and insurance.)

Compare that with last week’s 6.08% mortgage rate, a median-priced $425,000 home would cost homebuyers $2,056 per month. So, buyers who lock in the most recent rates today save nine bucks per month compared with those who closed the deal last week.

Yet if you compare a homebuyer’s mortgage payments today with when mortgage rates peaked at 7.79% in October 2023, the savings are much more substantial. Buyers who buy today versus back then are saving $380 per month.

Assuming a 3.5% down payment and excluding tax and insurance, the typical monthly payment at today’s 6.12% mortgage rate is roughly $2,491 on a median-priced home.

Compare that with last week’s 6.08% mortgage rate, a median-priced $425,000 home would cost homebuyers $2,480 per month—11 bucks less than what buyers pay today.

However, this is a $459-per-month improvement compared with when rates peaked at 7.79% in October 2023.

Overall, it’s clear that mortgage fluctuations week to week can save homebuyers a bit of cash, but buyers who played the waiting game and held off on buying when rates peaked a year ago are enjoying some far more substantial savings.

Add up those monthly savings over the life of a 30-year mortgage, and the benefits of buying a house at a low rate become abundantly clear.

At today’s 6.12% rate for a $425,000 house and assuming a 20% down payment, homeowners will pay a total of $743,320 over the life of a 30-year fixed loan.

At October’s peak mortgage rate of 7.79%, that same $425,000 house would cost homeowners $880,274.

Total savings over 30 years: $136,954.