Mortgage Calculator: Here’s How Much You Need To Buy a $430K Home at a 7.18% Rate

Mortgage rates retreated to a new one-month low this week as bond yields softened in the wake of the historic midterm elections in which Democrats reclaimed control of the House and Senate. The average rate on 30-year fixed home loans drifted down to 7.18% for the week ending Nov. 5, down 6 basis points from 7.24% the prior week, according to Freddie Mac. This marks the third consecutive week of easing borrowing costs, providing ongoing relief after rates touched three-year highs last month. Even with this retreat, borrowing costs remain higher than they were a year ago, when rates averaged 6.22% during the same period in 2025.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 homebuyer eyeing the median house price of $430,000, a 20% down payment results in a loan amount of $344,000. At today's 7.18% rate, the monthly principal and interest payment is approximat...