How much would a $700,000 mortgage cost per month?

Mortgage interest rates are expected to drop due to cooling inflation and rising unemployment, potentially benefiting homebuyers facing high rates. For a $700,000 mortgage with a 20% down payment, monthly payments range from $3,517.51 for a 30-year mortgage at 6.44% to $4,683.35 for a 15-year mortgage at 5.86%. If rates decrease by 25 basis points in September and November, payments could lower further. Buyers should consider their budget and the potential for increased competition and home prices when deciding whether to buy now or wait for better rates.