How much would I pay on a $900,000 mortgage in Idaho?
Explore how much a $900,000 mortgage in Idaho could cost you. This guide provides a detailed breakdown of monthly payments and total interest for 30-year and 15-year fixed-rate mortgages on a single-family home, helping you make informed home financing decisions.
For mortgages above $766,550 - maximum conventional loan limit in Idaho for a single-family home, we will apply jumbo loan rates, which are currently at 6.82% accoridng to data from Optimal Blue Mortgage Market Index.
| Term (Years) | National Avg. Interest Rate (%) | Monthly Payment ($) | Total interest paid ($) |
|---|---|---|---|
| 30-year fixed | 6.82% | $5,748 | $1,169,255 |
| 15-year fixed | 5.84% | $7,517 | $453,084 |
| Difference | 0.76% | $1,769 | $716,170 |
Compare today's rates and monthly payments for a $900,000 mortgage from lenders in Idaho
Understand How Interest Rates Impact Your Payments for a $900,000 30-Year fixed Mortgage in Idaho
For 30-year fixed mortgage rates in the U.S. over the last 20 years, the historical highs and lows are as follows:
- Historical Minimum: Around 2.65% in January 2021, during the COVID-19 pandemic when the Federal Reserve kept rates low to stimulate the economy.
- Historical Maximum: Around 7.40% in late 2022 to mid-2023, driven by inflation and the Federal Reserve's aggressive rate hikes.
These fluctuations reflect broader economic cycles, including periods of recession, recovery, and inflation management.
This table shows the monthly payments for a $900,000 30-Year fixed-term Mortgage across various interest rates scenarios.
| 30-Year Fixed-Term Interest Rate (%) | Monthly Payment ($) |
|---|---|
| 2.65% | $3,627 |
| 2.90% | $3,746 |
| 3.15% | $3,868 |
| 3.40% | $3,991 |
| 3.65% | $4,117 |
| 3.90% | $4,245 |
| 4.15% | $4,375 |
| 4.40% | $4,507 |
| 4.65% | $4,641 |
| 4.90% | $4,777 |
| 5.15% | $4,914 |
| 5.40% | $5,054 |
| 5.65% | $5,195 |
| 5.90% | $5,338 |
| 6.15% | $5,483 |
| 6.40% | $5,630 |
| 6.65% | $5,778 |
| 6.90% | $5,927 |
| 7.15% | $6,079 |
| 7.40% | $6,231 |
The highlighted rows are categorized as follows:
- Low Rates Area: These are shown in light green.
- Median Rates Area: These are highlighted in light yellow.
- High Rates Area: Displayed in light coral (red).
- The current 30-Year fixed national average 6.82% displayed in white.
Explore How Different Economic Conditions Impact Monthly Payments for a $900,000 30-Year Fixed-Term Mortgage in Idaho
Explore How Interest Rates Impact Your Payments for a 15-Year Fixed $900,000 Mortgage in Idaho
Over the last 20 years, 15-year fixed mortgage rates in the U.S. have experienced the following historical highs and lows:
- Historical Minimum: Around 2.10% in July 2021, during the period of low rates driven by the Federal Reserve's response to the COVID-19 pandemic.
- Historical Maximum: Around 6.10% in mid-2023, as mortgage rates surged due to inflation concerns and Federal Reserve rate hikes.
These rates reflect significant shifts in economic conditions, with lows driven by economic stimulus and highs by tightening monetary policy. The current national average 15-Year Fixed-rate of 5.84% is highlighted white in this table. Explore the monthly payments for a $900,000 15-Year Fixed-Term Mortgage at different interest rates scenarios.
| 15-Year Fixed-Term Interest Rate (%) | Monthly Payment ($) |
|---|---|
| 2.10% | $5,833.11 |
| 2.35% | $5,937.76 |
| 2.60% | $6,043.56 |
| 2.85% | $6,150.51 |
| 3.10% | $6,258.61 |
| 3.35% | $6,367.85 |
| 3.60% | $6,478.23 |
| 3.85% | $6,589.74 |
| 4.10% | $6,702.38 |
| 4.35% | $6,816.15 |
| 4.60% | $6,931.03 |
| 4.85% | $7,047.02 |
| 5.10% | $7,164.11 |
| 5.35% | $7,282.31 |
| 5.60% | $7,401.60 |
| 5.85% | $7,521.97 |
| 6.10% | $7,643.42 |
Explore How Different Economic Conditions Impact Monthly Payments for a $900,000 15-Year Fixed Mortgage
Calculating Closing Costs for a $900,000 Mortgage in Idaho
Closing costs are one-time expenses that typically include fees for appraisal, inspection, loan origination, title insurance, taxes, and more. For a mortgage of $900,000 in Idaho, the average closing costs can range between 2% and 5% of the loan amount. This estimate depends on various factors, including your location, lender, and type of loan. For a $900,000 mortgage, the estimated closing costs can range from $18,000 and $45,000.
Use the Idaho Closing Cost Calculator to estimate how much cash you need to close.
The bottom line
- For 30-Year Fixed-Term $900,000 Mortgage, you will pay: At the current average rate of 6.82%, your monthly payment would be . Over the life of the loan, you could pay a total of $1,169,255 in interest.
- For 15-Year Fixed-Term $900,000 Mortgage, you will pay: With the current average rate of 5.84%, your monthly payment would be $7,517. The total interest paid over 15 years would be $453,084.
- Closing cost for $900,000 Mortgage: can range between $18,000 and $45,000.
Understanding these costs helps you make informed decisions when choosing a mortgage lender and planning your finances.
Disclaimer
The information and calculations provided on this page are for educational purposes only and average mortgage rates are based on current data from Freddie Mac's Primary Mortgage Market Survey as of December 15, 2024 . The figures presented are estimates and may not reflect your actual mortgage costs. These estimates do not include additional expenses such as Homeowners Association (HOA) fees, mortgage insurance, closing costs, lender fees, or other related charges, which can significantly impact your total loan cost.
The actual terms of your mortgage, including interest rates, monthly payments, and total interest paid, may differ based on various factors including your credit score, financial situation, loan amount, and specific lender policies. The calculations provided here should not be construed as financial advice or a guarantee of mortgage terms.
We strongly recommend consulting with a licensed financial advisor or mortgage professional to obtain a detailed and accurate assessment tailored to your individual needs and circumstances. The information on this page is subject to change and may not be up-to-date. We disclaim any liability for inaccuracies or errors and for any decisions made based on the provided estimates.