QM vs Non-QM Average Monthly Payments: Purchase Mortgages

This analysis compares QM and Non-QM purchase loans using HMDA loan-level data, focusing on average monthly payment outcomes.

On average, Non-QM loans exhibit materially higher monthly payments than QM loans. This difference is notable given that average loan amounts are nearly identical across the two categories—$358,075 for QM loans and $360,276 for Non-QM loans.

The chart is presented as a descriptive view of observed market outcomes. It reflects averages across originated loans and does not attempt to assess causal drivers of pricing differences. Reported applicant incomes, credit profiles, and product features vary within each category and are not controlled for in this single-metric view.

Monthly payment provides a consolidated lens through which interest rates, leverage, and pricing structures intersect. While market discussions often emphasize origination volumes or interest rate spreads, payment outcomes offer a borrower-centric measure of how loan terms translate into recurring cash-flow obligations.

Users seeking deeper analysis—including distributions, borrower segmentation, lender-level comparisons, and local market sizing—can explore the underlying loan-level data interactively in HMDAVision (part of Polygon Vision suite).