Mortgage Calculator: Here’s How Much You Need To Buy a $430K Home at a 7.4% Rate

Mortgage rates continued their sharp climb this week, with the average rate on 30-year fixed home loans reaching 7.40% for the week ending Oct. 8, up 12 basis points from 7.28% the previous week, according to Freddie Mac.This marks another substantial increase in borrowing costs, further tightening affordability for fall home shoppers. For perspective, rates averaged 6.30% 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 7.40% rate, the monthly principal and interest payment is approximately $2,382. This reflects a $28 monthly increase from the previous week’s payment of $2,354. Compared to the 6.30% average from October 2025, which required a $2,129 monthly payment for a home at this price, today’s buyers are p...