How much will an $850,000 mortgage cost per month?

Mortgage interest rates have recently dropped, potentially making monthly payments on an $850,000 loan cheaper. With the possibility of further rate cuts, home prices could rise as sellers take advantage of more buyers. Buyers should prepare for higher prices by calculating potential monthly costs. Currently, a 30-year mortgage at 6.15% would cost $4,142.75 per month. However, with anticipated rate reductions, payments could fall to $3,925.20 per month. Other factors to consider include insurance, taxes, and private mortgage insurance. Staying informed about market trends and calculating all costs is essential for making confident decisions about purchasing a home.