Mortgage Calculator: Here’s How Much You Need To Buy a $400,000 Home at a 6.37% Rate

Mortgage rates saw a welcome reprieve this week, as the average rate on 30-year fixed home loans fell to 6.37% for the week ending April 9, according to Freddie Mac.

This 9-basis-point drop follows last week’s 6.46% peak, which had marked a seven-month high for borrowing costs. While rates remain higher than the lows seen earlier this spring, they continue to track below the levels seen during the same period in 2025, when rates averaged 6.62%.

"Mortgage rates ticked down this week, averaging 6.37%," said Sam Khater, Freddie Mac's chief economist. "The decrease in rates represents a positive development for prospective homebuyers and could spark a more favorable spring homebuying season than last year."

Here’s the monthly cost of purchasing a typical home today, according to the Realtor.com® mortgage calculator.

All examples assume a 30-year fixed mortgage and include principal and interest only, excluding property taxes, homeowners insurance, and mortgage insurance.

Monthly mortgage payment today with a 20% down payment

For a homebuyer eyeing the current median list price of $403,450, these shifting numbers translate into immediate monthly relief.

A buyer putting 20% down—financing a loan of $322,760—will now face a monthly principal and interest payment of approximately $2,012.

This reflects a $19 monthly reduction from last week’s payment of $2,031. Compared to the 6.62% average from April 2025, which would have required a $2,066 monthly payment, today’s buyers are saving $54 every single month.

Monthly mortgage payment today with a 3.5% down payment

The savings are also significant for those utilizing FHA loans with a 3.5% down payment.

On a $403,450 home, an FHA borrower would finance roughly $389,329. At today’s 6.37% rate, the monthly principal and interest payment comes to approximately $2,427.

This is a $23 decrease from what the same borrower would have paid just last week. When viewed against the 6.62% rates of April 2025, where the monthly payment sat at $2,492, today’s FHA borrowers are keeping an extra $65 in their pockets every month.

Looking back at the October 2023 peak of 7.79%, where the payment for a home at this price reached $2,796, the monthly savings remain significant at $369.

Long-term savings over 30 years

The long-term financial benefits of this week's rate dip are even clearer when looking at the total cost of the loan over 30 years.

A buyer with a 20% down payment at today’s 6.37% rate will pay a total of $724,320 in principal and interest over the life of the mortgage. While this is higher than the costs seen at the start of the year, it remains a stark contrast to the October 2023 peak of 7.79%, when the total cost for that same loan amount reached $834,643. By securing a mortgage at today’s rate instead of that peak, a homebuyer effectively avoids $110,323 in interest charges.

FHA borrowers see a similar trajectory of long-term savings. Financing the current median-priced home at today's 6.37% rate results in a lifetime payment of $873,720 for principal and interest.

If that same loan had been locked in at the 7.79% peak in late 2023, the total cost would have climbed to $1,006,560. This represents a total long-term savings of $132,840 for FHA buyers.

While the market remains sensitive to the larger econimic impacts, this week’s downward drift offers a bit more breathing room for buyers navigating the peak of the spring homebuying season.