Delaware Mortgage Calculator

Kent County in Delaware has the lowest median monthly mortgage payment at $2,180, while New Castle County has the highest at $2,240. These payments can significantly affect your financial health, influencing your ability to budget, save, and invest in the long term.

Using MoneyGeek's mortgage calculator in Delaware, you can estimate your monthly mortgage payment, determine which loan term suits your financial situation better, and see how much interest you pay over your loan's lifetime. Input your details to understand your financial commitment clearly and secure a mortgage.

Mortgage Calculator

Simply estimate your Delaware loan payments, taxes and PMI.

Updated: Sep 4, 2024

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30-Year Fixed

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Property tax

Homeowner's insurance

PMI

HOA fees

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Get personalized mortgage rates from Delaware.

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Key Takeaways

In Delaware, New Castle County has the lowest median monthly mortgage payment at $2,180, while Kent County has the highest at $2,240.

A mortgage calculator helps you find a monthly payment that fits your budget, adjust terms or down payments, and estimate total interest over the loan's life.

The average APR for a 30-year mortgage in Delaware is 6.5%, and for a 15-year mortgage, it is 5.8%.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for Delaware. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs).

See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.

Interest rate data was last updated in September 2024.

SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our Delaware Mortgage Calculator

MoneyGeek's mortgage calculator in Delaware can calculate your monthly mortgage payments and help determine your mortgage's affordability. You'll also gain a clear understanding of your amortization schedule, making financial planning easier.

Calculate Your Monthly Mortgage Payment

Understanding your monthly mortgage payment involves several factors, like the home's sale price and your down payment. Explore how Delaware's mortgage calculator can help you navigate these numbers.

1
Home Price
The home price directly influences your monthly mortgage payment in Delaware. A lower home price in New Castle County, at a median of $373,150, means lower monthly payments compared to Kent County, where the median is $383,560, according to the National Association of Realtors.
2
Down Payment
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. Delaware's median down payment is $69,178, according to ATTOM data from September 2024.
3
Annual Percentage Rate (APR)
Your annual percentage rate (APR) impacts your monthly mortgage payment, with a lower APR resulting in lower payments. The current mortgage rates in Delaware change over time and vary between loan types. For example, the average APR for a 15-year fixed mortgage is 5.8%, and for a 30-year fixed mortgage, it's 6.5%.
4
Loan Terms
Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. Conversely, a 30-year term typically has lower monthly payments but accrues more interest over time. Choosing the right term depends on your financial situation and goals.

SAMPLE MONTHLY PAYMENT CALCULATION IN DELAWARE

Using the mortgage calculator in Delaware, you can see that the monthly payment for a 30-year fixed-rate mortgage after a 20% down payment on a $275,000 house is $1,391. This figure does not include additional costs like HOA fees or property tax.

Opting for a 15-year repayment term raises your monthly mortgage payment to $1,833, impacting your immediate budget. This home loan choice results in a total interest saving of $170,694 over the duration of the loan.

Determine Your Mortgage's Affordability

Buying a home is one of the most substantial expenses you'll encounter, with mortgage payments consuming a significant portion of your monthly income. Understanding how affordable your mortgage is can greatly influence your financial well-being. MoneyGeek's mortgage calculator for affordability is a valuable tool in this regard. You can quickly gauge how much house you can afford by inputting your monthly income and other monthly debts, such as car loans and student loans.

The calculator also reveals your debt-to-income ratio, a crucial metric for prospective borrowers. This ratio indicates how much of your income is dedicated to debt payments, an important consideration when planning to secure a mortgage. According to Experian, the average debt in Delaware stands at $106,317, translating to an average monthly debt of $8,860. Understanding these figures can help you make informed decisions about your mortgage plans.

See Your Amortization Schedule

Mortgage amortization is the process of paying off a loan over time through regular payments. Key terms are:

Principal: The loan amount you borrow. Understanding this helps you see how much you owe.
Interest: The cost of borrowing the principal. Knowing this shows the total cost of your loan.

MoneyGeek's mortgage calculator allows you to see your amortization schedule and estimate the total interest you'll pay over the life of your loan in Delaware. You can also see when your monthly payments begin to go more toward your principal vs. your interest, helping you understand your payment allocation over time.

Additional Mortgage Fees in Delaware

Homebuyers in Delaware should consider other fees when calculating their monthly mortgage payments, as these can impact your budget effectively. For example, mortgage insurance and HOA fees can increase your monthly total. Property taxes and homeowners insurance are other costs to keep in mind.

Homeowners Insurance

Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in Delaware is $974 per year.

Property Tax

Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, Delaware's effective property tax rate is 0.61%, ranking it 41st in the nation.

HOA Fees

HOA fees are payments to homeowners associations for property management, maintenance, and community amenities. These fees are typically paid monthly or annually.

Private Mortgage Insurance

Private mortgage insurance (PMI) protects lenders if a borrower defaults on a loan. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.

How Much Is Private Mortgage Insurance in Delaware?

The average APR for a 30-year fixed loan in Delaware is 6.5%, while a 15-year fixed loan is 5.8%. Using MoneyGeek's PMI calculator, you can see that for a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay PMI worth $117 if they get a 30-year fixed-rate loan. The amount becomes $115 for a 15-year loan.

MoneyGeek's Delaware mortgage calculator allows you to see your amortization schedule and determine when you can stop paying for PMI:

1
Calculate your monthly mortgage payment
Input the necessary information, such as the home's price, down payment and mortgage rate in Delaware. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank but know that you'll still have to pay for these. Run the calculator and get your total monthly payment.
2
Calculate for your target equity
You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.
3
Determine the remaining equity required
Your down payment already contributes towards the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.
4
Establish a timeline
Go to the Amortization tab of the mortgage calculator. Move the slider until the principal paid exceeds your remaining equity required — that's the year you can stop paying for PMI.

Private Mortgage Insurance Calculator

Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.

Your Expenses

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WHEN CAN YOU CANCEL YOUR PMI?

Let's say you put in an 8% down payment for a home in Delaware priced at $350,000. With an average APR of 6.5% for a 30-year fixed-rate loan, your monthly mortgage payment is $2,035. You need 20% equity to cancel PMI, equivalent to $70,000.

Since your down payment was $28,000, you still need to pay $42,000 to accumulate 20% equity. Assuming that your home's value remains the same over the years and that you consistently pay your mortgage, you can request your lender to cancel your PMI by year 10.

How to Lower Your Monthly Mortgage Payment in Delaware

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in Delaware at 6.5% interest, you'll pay $1,391 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,355. That $36 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $12,950 in total interest.

This example highlights the value of finding ways to lower monthly mortgage payments. Here are some strategies to consider:

Improve your credit score

Your credit score affects your mortgage payment. In Delaware, if you put in a down payment between 5% to 20% of the home's sale price, the average APR for a 30-year fixed rate mortgage is 7.0% if your credit score is above 740. However, if your credit score is under 680, the average APR becomes 8.1%. This change in APR makes your monthly mortgage payments go from $1,464 to $1,630.

Save for a bigger down payment

Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in Delaware, putting 8% down makes your APR 7.2%, resulting in a monthly mortgage of $1,717. Increasing your down payment to 25% puts your APR at 6.8% and a monthly mortgage of $1,345.

Choose a longer loan term

A longer loan term affects your monthly mortgage payment. A 15-year fixed rate mortgage in Delaware has an APR of 5.8%. A 20% down payment makes your monthly mortgage payment $1,833. Compare this to $1,391, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.5%.

Explore homeownership assistance programs

You can find homeowners assistance programs in Delaware that may help with your mortgage costs. Institutions like the Delaware State Housing Authority offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in Delaware

Understanding how to use a mortgage calculator can raise questions for potential borrowers in Delaware. We've addressed commonly asked questions to help you better understand your mortgage options.

How much mortgage can I afford in Delaware?

Your mortgage affordability in Delaware depends on your debt-to-income ratio (DTI). Generally, lenders prefer a DTI ratio below 36%.

What is the average mortgage debt in Delaware?

The average mortgage debt in Delaware is $214,984 as of 2023, according to Experian.

How much down payment do I need to purchase a house in Delaware?

The ideal down payment is 20%, but requirements vary. Conventional loans typically require 5 to 20%, FHA loans require 3.5%, and VA loans and USDA loans often require no down payment.

Do you really need private mortgage insurance in Delaware?

In Delaware, private mortgage insurance (PMI) costs around $115 per month for a 15-year loan and $117 for a 30-year loan. Whether you need PMI depends on your down payment amount and loan type.

What's the effective tax rate in Delaware?

Delaware's effective property tax rate is 0.61% in 2023, ranking it 41st nationally.

What is the median home price in Delaware?

The median home price in Delaware varies by county. New Castle County has the lowest median home price at $373,150, while Kent County has the highest at $383,560.

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