Replacing an existing mortgage at 7.4% adds an estimated $335 a month for average US homeowner
Moving would add an estimated $335 to the average US homeowner’s monthly mortgage cost when replacing an older loan at 7.4%, keeping the same balance and remaining term. Estimated monthly increases range from about $60 for the poorest income quintile to $260 for the middle quintile and $560 for the richest. The additional cost represents about 4.4% of income for the middle quintile, compared with 2.6% for the richest.