Leave a Message

Thank you for your message. We will be in touch with you shortly.

Mortgage Calculator: This Is How Much You Need To Buy a $429,990 Home With a 6.08% Rate

Realtor September 30, 2024

Buyer

Mortgage Calculator: This Is How Much You Need To Buy a $429,990 Home With a 6.08% Rate

Mortgage rates hit a new low this week of 6.08% for a 30-year fixed loan—the lowest it’s reached in two years.

Nearly a year ago, mortgage rates peaked at 7.79%, but since the Federal Reserve slashed rates last week for the first time since 2020, rates have finally begun to fall—and so have monthly housing payments.

So just how much does it cost per month to buy a a median-priced home today? We crunched the numbers using the Realtor.com® mortgage calculator.

 
Monthly mortgage payments at a rate of 6.08%

In August 2024, the national median list price for a home was $429,990.

The typical monthly payment at today’s 6.08% mortgage rate on a median-priced home is roughly $2,080, assuming a 20% down payment and excluding tax and insurance.

This is a $394-per-month improvement compared with when rates peaked in October 2023.

 
Monthly mortgage payments with a 3.5% down payment

An FHA loan requires a 3.5% down payment for most borrowers.

So, assuming a 3.5% down payment and excluding tax and insurance, the typical monthly payment at today’s 6.08% mortgage rate is roughly $2,509 on a median-priced home.

Homebuyers save $475 per month on mortgage payments compared with when rates peaked in October 2023.

 
Biggest boosts in buying power

Want to see how much more buyers spend on a mortgage payment today compared with what they were paying when mortgage rates peaked in October 2023?

Below are the top three metros—all of them in California—that have seen the biggest boosts in buying power since mortgage rates dropped.

 
San Jose, CA

August 2024 median list price: $1,399,000
August 2024 monthly payment with 20% down (at 6.08%): $6,768
October 2023 monthly payment with 20% down (at 7.79%): $8,049

Monthly savings since rates peaked: $1,281

mortgage rates dropping

 

Los Angeles, CA

August 2024 median list price: $1,190,000
August 2024 monthly payment with 20% down (at 6.08%): $5,757
October 2023 monthly payment with 20% down (at 7.79%): $6,847
Monthly savings since rates peaked: $1,090

mortgage rate dropping

 
San Francisco, CA

August 2024 median list price: $969,000
August 2024 monthly payment with 20% down (at 6.08%): $4,688
October 2023 monthly payment with 20% down (at 7.79%): $5,575
Monthly savings since rates peaked: $887

mortgage rates dropping


We are Your GPS to Success Let’s Get Started

We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today

Follow Us On Instagram