Mortgage Calculator: Here’s How Much You Need To Buy a $430K Home at a 6.95% Rate, the Highest of the Year

Mortgage rates climbed to a near 18-month high this week as the average rate on a 30-year fixed home loan jumped 19 basis points to 6.95% for the week ending Sept. 17, moving up from 6.76% the previous week to reach its highest level since January 2025, according to Freddie Mac.Driven upward by spiking inflation expectations, bond yields surged and dragged mortgage rates along with them. One year ago, rates averaged 6.26%, representing a notable increase in borrowing costs over the past 12 months.So what does this mean for homebuyers? Using the Realtor.com® mortgage calculator, we can look at how the math works out for the median-priced home in the U.S.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 paymentFor a home buyer purchasing a median-priced home of $430,000 with a 20% down payment—resulting in a $344,000 loan amount—the monthly principal and interest payment now stands at $2,277.This is $157 higher than the $2,120 monthly commitment required at this time last year.Monthly mortgage payment today with a 3.5% down paymentF...