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How much is the average mortgage?

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The average national monthly mortgage payment in the United States was $1,687 in mid 2006. By contrast the average rent was roughly $890. What is a mortgage A mortgage is the amount of money borrowed from the bank to purchase a house or other real property. The monthly payment amount varies based on:
  • Total amount borrowed
  • Length of the mortgage (A standard length is 30 years but can be anything)
  • Interest Rate (Fixed or variable, market rate and credit history)
  • Escrow requirements (Based on taxes and insurance and how much money you put down to start with)
  • Other terms (Balloon mortgage)
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