Kansas Mortgage Calculator

In Kansas, Chautauqua County has the lowest median monthly mortgage payment at $430, while Johnson County has the highest at $2,740. This disparity in payments can significantly impact both your immediate budget and long-term financial health, influencing your ability to save and invest.

Using MoneyGeek's mortgage calculator in Kansas, you can estimate your monthly mortgage payment, determine which loan term suits your financial situation better, and lets you see how much interest you pay over your loan's lifetime. This tool helps you understand your financial commitment clearly.

Mortgage Calculator

Simply estimate your Kansas loan payments, taxes and PMI.

Updated: Sep 4, 2024

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Get personalized mortgage rates from Kansas.

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Key Takeaways

In Kansas, Chautauqua County has the lowest median monthly mortgage payment at $430, while Johnson County has the highest at $2,740.

Using a mortgage calculator can help you find a monthly mortgage payment that fits your budget, adjust loan terms, and estimate your total interest over the loan's life.

The average APR for a 30-year mortgage in Kansas 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 Kansas. 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 Kansas Mortgage Calculator

MoneyGeek's mortgage calculator in Kansas can calculate your monthly mortgage payments and determine your mortgage's affordability. It also helps you understand your amortization schedule, providing a clear financial path ahead.

Calculate Your Monthly Mortgage Payment

Understanding your monthly mortgage payment involves considering factors like the home's sale price and your down payment. Let's explore how to use Kansas's mortgage calculator to navigate your payment options.

1
Home Price
The home price directly influences your monthly mortgage payment in Kansas. A lower home price in Chautauqua County, at a median of $74,490, means lower monthly payments than in Johnson County, where the median is $469,650, 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. Kansas's median down payment is $57,500, 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 Kansas 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 KANSAS

Using the mortgage calculator in Florida, you can see that the monthly payment for a 30-year fixed-rate mortgage on a $275,000 house after a 20% down payment is $1,391. This figure excludes additional costs such as HOA fees and property tax.

Opting for a 15-year repayment term, your monthly mortgage payment in Florida climbs to $1,833, impacting your monthly budget. Yet, this home loan approach results in a total interest saving of $170,694, significantly reducing your long-term expenses.

Determine Your Mortgage's Affordability

Buying a home is one of the biggest expenses you'll face, with mortgage payments taking a significant portion of your monthly income. Understanding how affordable your mortgage is can greatly affect your financial health. By using MoneyGeek's mortgage calculator for affordability, you can input your monthly income and other debts, such as car loans and student loans, to quickly assess what you can afford.

The calculator also provides your debt-to-income ratio, a vital metric for borrowers. This ratio shows how much of your income goes toward debt payments, which is important when planning to secure a mortgage. Experian notes the average debt in Kansas is $80,961, translating to an average monthly debt of $6,747.

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 Kansas. You can also see when your monthly payments begin to go more toward your principal versus your interest, which helps you understand your payment allocation over time.

Additional Mortgage Fees in Kansas

Home buyers in Kansas should consider additional mortgage fees when calculating monthly payments because these can impact your budget. For example, mortgage insurance and HOA fees could increase your monthly payment. 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 Kansas is $3,467 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, Kansas's effective property tax rate is 1.34%, ranking it 15th 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 Kansas?

The average APR for a 30-year fixed loan in Kansas is 6.5%. For a 15-year fixed loan, it's 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 per month if they get a 30-year fixed rate loan. The amount becomes $115 if they opt for a 15-year loan instead.

MoneyGeek's Kansas 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 Kansas. 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 third tab of the mortgage calculator. Move the slider until the 'Principal Paid' exceeds your remaining equity required — that'll be 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.

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WHEN CAN YOU CANCEL YOUR PMI?

Let's say you put in an 8% down payment for a home in Kansas priced at $350,000. With an average APR of 6.5% for a 30-year fixed rate loan, you'll pay $2,035 each month as your monthly mortgage payment.

20% of $350,000 is $70,000 — that's how much you need in total to request your PMI's cancellation. Subtracting $28,000 (8% of $350,000) from $70,000 gives you $42,000 — that's how much you still need to pay to hit 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 before the end of Year 10.

How to Lower Your Monthly Mortgage Payment in Kansas

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in Kansas 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 Kansas, 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 6.8% 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 $1,434 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 Kansas, putting 8% down makes your APR 7.1%, resulting in a monthly mortgage of $1,700. Increasing your down payment to 25% puts your APR at 6.7% and a monthly mortgage of $1,331.

Choose a longer loan term

A longer loan term affects your monthly mortgage payment. A 15-year fixed rate mortgage in Kansas 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 Kansas that may help with your mortgage costs. Institutions like the State of Kansas First Time Homebuyers Program and the Community Housing Program offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in Kansas

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

How much mortgage can I afford in Kansas?

Your mortgage affordability in Kansas depends on your debt-to-income ratio (DTI), which measures your monthly debt payments against your income. A lower DTI ratio increases your affordability.

What is the average mortgage debt in Kansas?

As of 2023, the average mortgage debt in Kansas is $165,638, according to Experian.

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

The ideal down payment is 20%, but it varies by loan type. Conventional loans typically require 20%, while FHA loans may require as little as 3.5%. VA loans and USDA loans often require no down payment.

Do you really need private mortgage insurance in Kansas?

Private mortgage insurance (PMI) is often required if your down payment is less than 20%. PMI rates for a 30-year mortgage are rounded to the nearest whole number, as are those for a 15-year mortgage.

What's the effective tax rate in Kansas?

Kansas has an effective property tax rate of 1.34% in 2023, ranking 15th nationally.

What is the median home price in Kansas?

Median home prices in Kansas vary by county. Chautauqua County has the lowest median home price at $74,490, while Johnson County has the highest at $469,650.

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