According to the latest Fiserv Case-Shiller index, the median mortgage payment for a single-family home is 40 percent lower today than it was at the market peak in 2006 — $700 per month compared to $1,140 just a few years ago.

Further, Fiserv predicts that housing prices will decline another 3.6 percent in the first part of 2012 before rebounding 2.4% in the second half of the year. (How it can be that specific is hard to guess.) This pushes back the firm’s predicted recovery time; its August report predicted “a broad-based recovery for housing that will begin in early 2012.”

Another result of the new mortgage math is that the ratio of a typical family’s monthly mortgage payment its income is the lowest on record.

Click here to read the details from Fiserv, and click here for more information about the indices.