Average Monthly Mortgage Payment in Portland, Oregon: 2024

Published:
February 23, 2017
Last updated:
August 16, 2024
Post cover image
In This Article

Based on current median home prices in Portland, OR (around $538,294), and the current mortgage rate of 6.49%, the average monthly payment on a 30-year mortgage in Portland was approximately $2,694 as of August 2024 (based on a 20% down payment)

How much can you expect to pay in mortgage payments in Portland OR in 2024? Of course, there are several variables that can affect a homeowner’s monthly payments. Your monthly payment could be quite different from this figure.

Average Monthly Mortgage Payment in Portland, Oregon in 2024

Mortgage rates are constantly fluctuating with the changing market. Variable factors such as mortgage bond markets and the Federal reserve are used to determine the daily rate. 

That said, mortgage rates have been relatively stable over the past year. As of the first week of August 2024, the rate on a 30-year fixed-rate mortgage was 6.49%, compared to 7.09% one year earlier.

At the same time, home values in Portland, OR have also been stable over the past year. In fact, prices in the city are 0.1% lower today than they were a year ago. 

The average monthly mortgage payment in Portland is somewhat the same as it was last year due to the relative stability in home prices and interest rates.

How to Estimate Mortgage Payments in Portland

Unfortunately, there is no official data source that tracks and records average mortgage payments (at least, not at the local level). However, we can get an accurate estimate on mortgage payments by examining: (A) current home prices in Portland, and (B) average mortgage rates.

By plugging these numbers into a standard amortization calculator, we can find an accurate estimate of the monthly mortgage payments for a 30-year fixed rate mortgage in Portland, OR..

This exercise is very helpful for home buyers because it clearly illustrates current market conditions and mortgage rate trends.  Let’s take a look!

Here’s how it breaks down:

  • Home prices — The median home price in Portland is currently about $538,294, as of August 2024. Varying sources offer slightly different numbers, but this will suffice for calculating the average mortgage payment for Portland, OR.
  • Mortgage rates — The average rate for a 30-year fixed-rate home loan is currently 6.49%. The 30-year loan is the most popular financing option among Portland home buyers, so it’s the perfect number to determine the average monthly mortgage payment in the Portland metro area.
  • Down paymentThe average down payment amount among home buyers is 14%. If we apply a 20% down payment percentage to the median home price mentioned above ($538,294), we arrive at a down payment of $107,658.
  • Loan amount — By subtracting the down payment of $107,658 from the median home price of $538,294, we get a base loan amount of $430,636. It is important to remember that not all buyers bring so much to the table. Statistics show that most first-time home buyers finance their purchase with 6% or less. If you apply the same calculations above to the home you are interested in, you can get a clearer picture of what your loan amount would be.
  • Monthly payment — So, how much is the average monthly mortgage payment in Portland Oregon? Taking the loan amount of $430,636, we arrived at after subtracting the down payment from the purchase price; we then amortize (gradually reduce) the amount over 30 years with a mortgage rate of 6.49%, giving us a monthly payment of $2,694.

For the sake of simplicity, we’ve left out property taxes, and private mortgage insurance. Depending on the property value and the exact location, property taxes could add another $200 to $300 per month, or more. 

If a down payment of less than 20% is applied to the purchase of the home, private mortgage insurance may also have to be obtained adding additional monthly charges. However, by using this simple calculation you can get a general idea of monthly mortgage payments in Portland OR, in 2024.

Portland Mortgage Rates

Read our Portland buyer guides

Disclaimer: As you can see, there are many variables that determine the amount of a homeowner’s monthly mortgage payment, and we have only included a few here. Actual payments will vary based on the exact size and term of the loan. The mortgage rate, discount points paid at closing, and other factors, as well will determine the total monthly payment.

The goal of this article is to offer some basic insight into the average monthly mortgage payment in Portland. More importantly, this exercise illustrates how you might estimate your own monthly payments, and what factors can influence them.

Why Choose Sammamish Mortgage?

At Sammamish Mortgage, our loan officers can help you choose the right loan product and keep your mortgage payment in Portland, OR, within your budget

Sammamish Mortgage has been in business since 1992, and has assisted many homebuyers in the Pacific Northwest. If you are looking for mortgage financing in Washington State, we can help you get preapproved. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon, and Washington, including our Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans.

Contact a loan officer if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.

Get an Instant Mortgage Rate Quote Today

Other Blogs You May Like
A Look at Washington State Mortgage Requirements in 2025
December 5, 2024
5 min read
A Look at Washington State Mortgage Requirements in 2025
Do you have questions about mortgage loan qualification requirements in the State of Washington? If...
Average Closing Costs for Home Buyers in Oregon 2025
December 4, 2024
5 min read
Average Closing Costs for Home Buyers in Oregon 2025
Buying a home in Oregon comes with more costs than just the mortgage itself. There are closing...
Show 219 more posts
from this category

Connect with a Mortgage Advisor Today!

Whether you’re buying a home or ready to refinance, our professionals can help.

Compare Mortgage Rates in Your Area Instantly

No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.

Subscribe to our newsletter