Mortgage Calculator: Here’s How Much You Need To Buy a $400,000 Home at a 6.30% Rate

Mortgage rates saw their second consecutive weekly decline, with the average rate on 30-year fixed home loans falling to 6.30% for the week ending April 16, according to Freddie Mac.

This 7-basis-point drop from last week’s 6.37% represents a helpful shift for homebuyers navigating the height of the spring season.

While rates are moving in a favorable direction, the median home price has also shifted upward to $415,000. Despite this price growth, current rates still offer a significant advantage over the same period in 2025, when rates averaged 6.83%.

Here’s the monthly cost of purchasing a typical home today, according to the Realtor.com® mortgage calculator.

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 new median price of $415,000, a 20% down payment results in a loan amount of $332,000.

At today's 6.30% rate, the monthly principal and interest payment is approximately $2,055.

Compared to the 6.83% average from April 2025, which would have required a $2,171 monthly payment for a home at this price, today’s buyers are saving $116 every single month.

Monthly mortgage payment today with a 3.5% down payment

The savings are also significant for those utilizing FHA loans with a 3.5% down payment.

On a $415,000 home, an FHA borrower would finance roughly $400,475. At today’s 6.30% rate, the monthly principal and interest payment comes to approximately $2,479.

This is a noticeable reduction compared to the 6.83% rates of April 2025, where the monthly payment for this loan amount would have sat at $2,619, saving today’s FHA borrowers $140 per month.

Looking back at the October 2023 peak of 7.79%, where the payment for a home at this price reached $2,876, the monthly savings remain a substantial $397.

Long-term savings over 30 years

The long-term financial benefits of this week's rate drop are even clearer when looking at the total cost of the loan over 30 years.

A buyer with a 20% down payment at today’s 6.30% rate will pay a total of $739,800 in principal and interest over the life of the mortgage. While the higher home price increases the total cost, it remains a sharp contrast to the October 2023 peak of 7.79%, when the total cost for that same $332,000 loan amount would have reached $858,600.

By securing a mortgage at today’s rate instead of that peak, a homebuyer effectively avoids $118,800 in interest charges over the 30-year term.

FHA borrowers see a similar trajectory of long-term savings. Financing the new median-priced home at today's 6.30% rate results in a lifetime payment of $892,440 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 $1,035,360. This represents a total long-term savings of $142,920 for FHA buyers.

While the rise in median home prices to $415,000 adds to the initial cost of entry, the continued decline in mortgage rates toward 6.30% is providing a necessary buffer for those looking to purchase a home during this competitive spring market.