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 payment

For 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 approximately $2,330. This reflects a $14 monthly reduction from the previous week’s payment of $2,344.

Compared to the 6.22% average from November 2025, which required a $2,111 monthly payment for a home at this price, today’s buyers are paying $219 more every single month.

Monthly mortgage payment today with a 3.5% down payment

The monthly costs have also risen markedly for those using FHA loans with a 3.5% down payment.

On a $430,000 home, an FHA borrower would finance roughly $414,950. At today’s 7.18% rate, the monthly principal and interest payment comes to approximately $2,811.

This reflects a $17 decrease from last week's monthly cost of $2,828. Compared to the 6.22% rates of November 2025, where the monthly payment for this loan amount sat at $2,547, today’s FHA borrowers are paying an extra $264 in interest every month.

However, looking back at the October 2023 peak of 7.79%, where the payment for a home at this price reached $2,984, today's monthly payment still offers $173 in relative relief.

Long-term savings over 30 years

The long-term financial picture shows how this continued downward drift improves overall borrowing costs over a 30-year term.

A buyer with a 20% down payment at today’s 7.18% rate will pay a total of $838,935 in principal and interest over the life of the mortgage.

While current financing costs remain above year-ago levels, this total still represents a distinct contrast to the October 2023 peak of 7.79%, when the total cost for that same $344,000 loan would have reached $890,630. By securing a mortgage at today’s rate instead of that peak, a homebuyer effectively avoids $51,695 in interest charges over the 30-year loan life.

FHA borrowers see a similar trajectory of long-term figures. Financing the current median-priced home at today's 7.18% rate results in a lifetime payment of $1,011,966 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 $1,074,323. This represents a total long-term savings of $62,357 for FHA buyers.

While the gap above 2025 rates continues to weigh on overall affordability, the steady decline over the past three weeks is helping to restore some predictability and savings for active fall buyers.