Why does the payment jump so much?
Two things are working against you at the same time. Your old rate was likely well under today’s average, so even financing a smaller amount costs more per month than it used to. Add a higher purchase price on top of that, and the gap compounds fast.
What if I’m downsizing instead of moving up?
This math works in your favor. A smaller, cheaper home means a smaller loan — sometimes small enough that your equity covers most or all of it, even at today’s rate.
Does this mean I shouldn’t move?
Not necessarily. Sometimes a “lateral” move on paper is still worth it — better schools, a better lot, closer to family. The point of this tool isn’t to talk you out of moving, it’s to make sure you’re deciding with real numbers instead of an assumption.
Want a more exact answer?
This tool gives you a solid estimate. If you want numbers based on your actual home, actual loan, and actual target property, reach out and I’ll run it for real.
Looking at a specific home instead?
Use the Mortgage Calculator for the full monthly payment with property tax, insurance, HOA dues and PMI.