According to a study done by Lending Tree.com, the average mortgage payment in America in 2011 based on the average home price of $222,261 for a thirty year term at four percent is $1061. Hawaiians pay the most with an average mortgage of over $3000 per month while the folks in Mississippi pay on average about $650 per month.

Compare that to the monthly rent prices in The US which top out at around $1008 per month, It may be a smart choice to buy your little slice of heaven. I say may be, because just like with average mortgage prices, this is all geographically driven. If you live in Manhattan, for example, you will obviously be paying a higher rent for a 1 bedroom 1 bath apartment than you would for the same apartment in Enid, Oklahoma. And forget about buying a house in Manhattan.

There really is no rule of thumb when it comes to buying a house. No "Magic Formula" that applies when you are looking in the paper or online and want to know about what you are going to spend. Mortgage rates are market specific. Some will be lower, some will be higher.

If you are renting right now and thinking that you would like to buy, but don't know if it is cost conducive, there are some things to consider. I know that there are a lot of calculators on the market to help you get an idea of your payment. But, don't forget some of the other costs that may be hiding out.

1. What are the taxes? - My wife and I looked at a house when we moved to New York. The house we were looking at was beautiful and in our price range, but when we looked at the taxes, It threw us out of the ballpark. If we paid for the house outright, the taxes were still almost $700 per month.

2. Do you have PMI? If you do not have 20% to put down on a house, you will be charged for PMI Insurance, or Private Mortgage Insurance, until you pay your principal down to 80% of the loan value. PMI Insurance is a kind of guarantee for the banks that says even though you didn't put 20% down on the loan, If you default, they will get their money.

3. Homeowner's Insurance – This again depends on many factors including geography. Not just where you are in the world, but also where you are in relation to Fire hydrants and other services. The age of the home comes into play here too as the insurance company is looking to replace like with like. If your home was built in the 1800's it's more difficult to do that

These are just three of the things to consider when trying to figure your average mortgage price. Do your homework. Know your area. Talk to professionals. It is there job to help you out, and in their best interest to get you the answers you need.