Mortgage Calculator: Here’s How Much You Need To Buy a $415,000 Home at a 6.23% Rate

Mortgage rates continued their downward trend this week, with the average rate on 30-year fixed home loans falling to 6.23% for the week ending April 23, according to Freddie Mac.

This 7-basis-point drop from last week’s 6.30% marks the third consecutive weekly decline, bringing rates to their lowest level in the last three spring homebuying seasons.

Despite the market momentum and a rise in purchase applications, current rates remain significantly more attractive than the same period in 2025, when rates averaged 6.81%.

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 price of $415,000, a 20% down payment results in a loan amount of $332,000.

At today’s 6.23% rate, the monthly principal and interest payment is approximately $2,040.

Compared to the 6.81% average from April 2025, which would have required a $2,166 monthly payment for a home at this price, today’s buyers are saving $126 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 $415,000 home, an FHA borrower would finance roughly $400,475. At today’s 6.23% rate, the monthly principal and interest payment comes to approximately $2,460.

This reflects a $19 decrease from last week's monthly cost of $2,479. When viewed against the 6.81% rates of April 2025, where the monthly payment for this loan amount sat at $2,613, today’s FHA borrowers are keeping an extra $153 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 $2,876, the monthly savings are even more substantial at $416.

Long-term savings over 30 years

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

A buyer with a 20% down payment at today’s 6.23% rate will pay a total of $734,400 in principal and interest over the life of the mortgage. While the higher home price impacts the total, this remains a sharp contrast to the October 2023 peak of 7.79%, when the total cost for that same $332,000 loan would have reached $858,600.

By securing a mortgage at today’s rate instead of that peak, a homebuyer effectively avoids $124,200 in interest charges over the 30-year term.

FHA borrowers see a similar trajectory of long-term savings.

Financing the current median-priced home at today's 6.23% rate results in a lifetime payment of $885,600 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 $1,035,360. This represents a total long-term savings of $149,760 for FHA buyers.

While the median home price remains elevated at $415,000, the steady decline in mortgage rates toward 6.23% is providing much-needed relief for both monthly budgets and long-term financial planning.