Mortgage Calculator: Here’s How Much You Need To Buy a $415,000 Home at a 6.37% Rate

Mortgage rates saw a small uptick this week, with the average rate on 30-year fixed home loans rising to 6.37% for the week ending May 7, according to Freddie Mac.

This 7-basis-point increase from last week’s 6.30% suggests that the market is still finding its footing as the spring homebuying season continues.

Despite the minor climb, current rates remain significantly more favorable than the same period in 2025, when rates averaged 6.76%.

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

At today’s 6.37% rate, the monthly principal and interest payment is approximately $2,071.

Compared to the 6.76% average from May 2025, which would have required a $2,155 monthly payment for a home at this price, today’s buyers are saving $84 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 6.37% rate, the monthly principal and interest payment comes to approximately $2,498.

This reflects a $19 increase from last week's monthly cost of $2,479. When viewed against the 6.76% rates of May 2025, where the monthly payment for this loan amount sat at $2,600, today’s FHA borrowers are still keeping an extra $102 in their pockets every 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 $378.

Long-term savings over 30 years

The long-term financial benefits of today's rates are clear when looking at the total cost of the loan over 30 years.

A buyer with a 20% down payment at today’s 6.37% rate will pay a total of $745,560 in principal and interest over the life of the mortgage. While the recent fluctuations add to the cost, this remains a sharp contrast to the October 2023 peak of 7.79%, when the total cost for that same $332,000 loan would have reached $858,600.

By securing a mortgage at today’s rate instead of that peak, a homebuyer effectively avoids $113,040 in interest charges over the 30-year term.

FHA borrowers see a similar trajectory of long-term savings. Financing the current median-priced home at today's 6.37% rate results in a lifetime payment of $899,280 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 $136,080 for FHA buyers.

While the slight rise in rates this week reflects ongoing market adjustments, the general year-over-year decline continues to offer meaningful relief for those looking to purchase a home.