What Is the Average Mortgage Payment?

Understanding your potential monthly mortgage payments is key when trying to buy a home that fits comfortably within your budget. The biggest factor in your monthly mortgage payment is the purchase price of the home. Your payment is also influenced by your interest rate, loan term, the type of loan you choose and other key factors. 

According to Zillow research, the typical home in the US is worth about $360,000. That means for a 30-year fixed loan, a 20% down payment and mortgage rates as of February 2026, the new mortgage payment for a typical home would be about $1,700 per month. This includes principal (the amount borrowed) and interest (the cost of borrowing that money). 

Keep in mind, about half of buyers (48%) put down less than 20%, which would lead to a higher monthly mortgage payment.  Let’s jump in to learn more about what impacts mortgage payment costs and how the average may vary, depending on your location.

Factors that impact mortgage payment averages

Location

Where you live directly impacts your monthly mortgage payment. Home prices, property taxes, and even insurance rates can vary widely based on where you live. 

Interest rate

Your interest rate plays a major role in how much you pay each month. Even a small difference in rates can add up significantly over time.

Loan amount

The size of your loan, based on the home’s price minus your down payment, sets the foundation for your monthly payment. Larger loans typically mean higher payments.

Loan term

A loan term is the length of time you have to repay your mortgage. Shorter terms (like 15 years) usually come with higher monthly payments but less interest over time, while longer terms (like 30 years) spread payments out but increase total interest paid.

Property taxes

Most homeowners pay property taxes as part of their monthly mortgage bill. These taxes are set locally and can vary significantly depending on where you live.

Homeowners insurance

Lenders typically require homeowners' insurance, which adds to your monthly cost. Rates depend on factors like location, property value, and coverage level.

Mortgage insurance

If your down payment is less than 20%, you’ll likely need mortgage insurance. This protects the lender and increases your monthly payment until you’ve built enough equity. 

HOA fees

If your home is in a community with a homeowners association (HOA), you may also pay monthly or annual fees. These costs can range from modest to substantial depending on amenities and services. 

How much will my mortgage payment be?

The more money you borrow, the higher your monthly mortgage payment will be. For instance, say you took out a 30-year fixed-rate mortgage with an interest rate of 6.5%. A mortgage payment on $300,000 mortgages versus a $600,000 mortgage would cost almost $2,000 less each month. Keep in mind these figures only include principal and interest, and not other costs, like property taxes or homeowners insurance.

Want to try some additional numbers? Zillow’s Amortization Calculator makes it easy to estimate monthly mortgage payments and see total interest paid over the life of the loan with just a few inputs.

Average mortgage payment by state 

How much you’ll pay for your new mortgage each month can vary significantly by state. This is because housing prices vary significantly in different parts of the country. Here are a few examples, using recent home values and mortgage rates.

Average mortgage payment in California

California’s high cost of living and competitive real estate markets make mortgage payments higher than the national average. According to Zillow data from February 2026, the typical monthly payment for a mortgage with a 20% down payment is $4,061 in Los Angeles (or $5,738 if you tack on homeowners insurance, property taxes and maintenance) and $5,382 in San Francisco (or $6,845 if including insurance, taxes and maintenance). 

Average mortgage payment in Texas

The typical monthly mortgage payment with 20% down in Texas is close to the national average. In Dallas, the typical monthly mortgage payment as of February 2026 is $1,746 (or $2,541 with the addition of homeowners insurance, property taxes and maintenance). Houston is more affordable at $1,469 (or $2,156 with insurance, taxes and maintenance). Austin is more expensive than both Dallas and Houston, with a typical mortgage payment of $2,047 (or $3,027 with insurance, taxes and maintenance). The lack of state income tax in Texas could help you stretch your paychecks further, but Texas also has fairly high property taxes.

Average mortgage payment in Florida

In The Sunshine State, mortgage payments vary pretty significantly by metro area. For example, in Miami, the typical monthly mortgage payment with 20% down as of February 2026 is $2,264, or $3,312 including homeowners insurance, property taxes and maintenance. Orlando is closer to the national average, at $1,850 (or $2,585 with insurance, taxes and maintenance), while Jacksonville is lower, at $1,673 (or $2,060 with insurance, taxes and maintenance). Florida’s lower state taxes make the out-the-door costs more affordable, but be prepared to pay higher homeowners insurance premiums for hurricane and storm coverage. 

Average mortgage payment in Ohio 

Ohio is one of the more affordable states, with its three largest cities boasting mortgage costs lower than the national average. As of February 2026, the typical monthly mortgage payment with 20% down in Cleveland is $1,154, or $1,716 if you account for homeowners insurance, property taxes and maintenance. In Cincinnati, the typical mortgage payment is $1,445 (or $1,890 with insurance, taxes and maintenance), while in Columbus, the typical payment is $1,552 (or $2,188 with insurance, taxes and maintence).

How much is the average mortgage payment?

Factoring in a 20% down payment and looking at just principal and interest, the typical monthly mortgage payment in the U.S. is $1,738 as of February 2026. 

While principal and interest make up the bulk of most mortgage payments, there are other items that may be rolled into your monthly mortgage payment and held in an escrow account. Common items include mortgage insurance premiums, property taxes, homeowners insurance premiums and homeowners association (HOA) fees. When these additional escrow items are included in the national data, the average monthly mortgage payment with a 20% down payment increases to $2,331.

To estimate your monthly mortgage payment, including property taxes, home insurance, and HOA dues, try our Mortgage Calculator. Be sure to click on “Advanced” to see all input options.

Find out how much you can afford

There are so many factors that go into a monthly mortgage payment. As you start your home buying journey, be sure to talk to a mortgage expert. Our Zillow Home Loans officers are available 7 days a week to answer your questions and guide you through the pre-approval process.* 

*Zillow Home Loans; An equal housing lender. NMLS #10287