$800,000 Mortgage Monthly Payment Impact
CBS News calculates what monthly principal-and-interest payments on an $800,000 mortgage look like after the Federal Reserve’s first 2025 rate cut. Using current average 30‑year and 15‑year mortgage rates, the story gives exact monthly payment figures, compares them with January 2025 rates, and outlines potential savings from lower rates and refinancing.
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Personal Finance
🔍 Key Facts
- Current average 30‑year mortgage rate cited: 6.34%; corresponding 30‑year P&I payment on an $800,000 loan: $4,972.66 per month
- January 2025 30‑year average: 6.93%; January payment on same loan: $5,284.86 — a $312 monthly (≈$3,746 annual) difference
- 15‑year current average: 5.64% with payment $6,596.25; January 15‑year rate: 6.14% with payment $6,811.51 — ~$215 monthly savings
- Refinance example: refinancing a January 6.93% 30‑year to current 6.64% reduces payment from $5,284.86 to ~$5,130.42 (≈$154/month savings)