Quick answer
The median home in Portland costs $498K. With 20% down ($100K) at 7% for 30 years, the monthly payment is $2,651/month. Total interest paid over 30 years: $555,803.
Calculator · OR · 2026
Mortgage Calculator for Portland, OR (2026)
Pre-filled with Portland's median home price of $498K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Portland Mortgage Payment Scenarios
Median home price: $498K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $24,900 | $473,100 | $3,148 | $4,252 | $660,017 |
| 10% | $49,800 | $448,200 | $2,982 | $4,029 | $625,279 |
| 20% | $99,600 | $398,400 | $2,651 | $3,581 | $555,803 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Portland
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $498K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$498K home · 20% down ($398K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Portland?
The median home price in Portland is $498K. With 20% down and a 30-year loan at 7%, the monthly payment is $2,651. Adding estimated property taxes and insurance brings total monthly costs to approximately $3,149.
Is it cheaper to rent or buy in Portland?
A 2-bedroom rental in Portland averages $1,980/month. Buying the median $498K home with 20% down costs approximately $3,149/month (mortgage + taxes + insurance) — $1,169 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Portland?
Using the 28% housing rule, you need at least $114K–135K in annual gross income to comfortably afford the median $498K home in Portland with 20% down. You also need $100K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Portland?
OR has a state income tax rate of Up to 9.9%. Property taxes vary by county but on a $498K home, expect $415–$830/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.