Mortgage Calculator: Here’s How Much You Need To Buy a $430K Home at a 7.24% Rate

Mortgage rates continued to ease this week, with the average rate on 30-year fixed home loans dropping to 7.24% for the week ending Oct. 29, down 8 basis points from 7.32% the prior week, according to Freddie Mac. This second consecutive weekly decline provides an extended breather for homebuyers following the steep multiweek climb earlier this autumn.However, borrowing costs remain significantly higher than they were a year ago, when rates averaged 6.17% 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 7.24% rate, the monthly principal and interest payment is approximately $2,344. This reflects a $19 monthly reduction from the previous week’s payment of $2,363. Compared to the 6.17% average from October 2025, w...