Massachusetts Mortgage Calculator

In Massachusetts, Hampden County has the lowest median monthly mortgage payment at $2,030, while Nantucket County has the highest at $9,950. These differences in monthly mortgage payments can significantly impact your short-term budget and long-term financial health, affecting your ability to save and invest for the future.

Using MoneyGeek's mortgage calculator in Massachusetts can help you 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.

Mortgage Calculator

Simply estimate your Massachusetts loan payments, taxes and PMI.

Updated: Dec 25, 2024

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30-Year Fixed

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Homeowner's insurance

PMI

HOA fees

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Get personalized mortgage rates from Massachusetts.

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Key Takeaways

Hampden County has the lowest median monthly mortgage payment at $2,030, while Nantucket County has the highest at $9,950.

Using a mortgage calculator can help you adjust loan terms or down payments for budget-friendly monthly payments and estimate total interest over the loan's life.

The average APR for a 30-year mortgage in Massachusetts is 6.4%, 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 Massachusetts. 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 Massachusetts Mortgage Calculator

MoneyGeek's mortgage calculator in Massachusetts can help you calculate your monthly mortgage payments and determine your mortgage's affordability. You'll also understand your amortization schedule, providing a clear financial path ahead.

Calculate Your Monthly Mortgage Payment

Understanding your monthly mortgage payment involves several factors, like the home's sale price and your down payment. Use the Massachusetts mortgage calculator to estimate your payments with precision.

1
Home Price
The home price directly influences your monthly mortgage payment in Massachusetts. A lower home price in Hampden County, at a median of $347,930, means lower monthly payments than in Nantucket County, where the median home price is $1,705,210, 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. Massachusetts' median down payment was $108,900, 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 Massachusetts 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 6.4%.
4
Loan Terms
Your loan term affects your monthly mortgage payment. 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 MASSACHUSETTS

Using the mortgage calculator in Massachusetts, you can see that the monthly payment for a 30-year fixed-rate mortgage on a house costing $275,000 in Massachusetts, after a 20% down payment, is $1,376. This figure is based on the average APR of 6.4% and does not include additional costs such as HOA fees or property tax.

Choosing a 15-year repayment term for your home loan changes your monthly mortgage payment to $1,833. While this adjustment increases your monthly outlay, it also reduces the total interest paid over the life of the loan by $165,497, presenting a substantial saving on long-term costs.

Determine Your Mortgage's Affordability

Buying a home is one of the most significant expenses you'll face, and your mortgage payments will take up a substantial portion of your monthly income. Understanding how affordable your mortgage is can greatly impact your finances. MoneyGeek's mortgage calculator for affordability helps you determine this by simply inputting your monthly income and other monthly debts, such as car loans and student loans.

The calculator also shows your debt-to-income ratio, a critical metric for borrowers. This ratio helps you understand how much of your income goes toward debt payments, which is essential when planning to secure a mortgage. According to Experian, the average debt in Massachusetts is $127,277, which translates to an average monthly debt of $10,606.

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 Massachusetts. 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 Massachusetts

Aside from the loan amount and interest rate, homebuyers need to consider the other standard mortgage fees that could impact their 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 Massachusetts is $2,008 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, Massachusetts's effective property tax rate is 1.14%, ranking 18th 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 Massachusetts?

The average APR for a 30-year fixed loan in Massachusetts is 6.4%, 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 per month for a 30-year fixed-rate loan. The cost of private mortgage insurance becomes $115 if they choose a 15-year loan.

MoneyGeek's Massachusetts 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 Massachusetts. 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 toward 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.

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WHEN CAN YOU CANCEL YOUR PMI?

Let's say you put in an 8% down payment for a home in Massachusetts priced at $350,000. With an average APR of 6.4% for a 30-year fixed-rate loan, your monthly mortgage payment is $2,014. You need 20% equity to cancel PMI, equivalent to $70,000.

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 by year 10.

How to Lower Your Monthly Mortgage Payment in Massachusetts

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in Massachusetts at 6.4% interest, you'll pay $1,376 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,340. That $36 difference each month adds up — over a 30-year fixed-rate mortgage, you'll save $12,892 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. In Massachusetts, if you put in a down payment between 5% and 20% of the home's sale price, the average APR for a 30-year fixed-rate mortgage is 7.2% if your credit score is above 740. However, if your credit score is lower than 680, the average APR becomes 7.5%. This change in APR makes your monthly mortgage payments go from $1,493 to $1,538.

Save for a bigger down payment

Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in Massachusetts, 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 your monthly mortgage at $1,331.

Choose a longer loan term

A longer loan term affects your monthly mortgage payment. A 15-year fixed-rate mortgage in Massachusetts has an APR of 5.8%. A 20% down payment makes your monthly mortgage payment $1,833. Compare this to $1,376, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.4%.

Explore homeownership assistance programs

You can find homeowners assistance programs in Massachusetts that may help with your mortgage costs. Institutions like MassHousing and the Massachusetts Housing Partnership offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in Massachusetts

Understanding how to use a mortgage calculator can raise questions for potential borrowers, especially in the Massachusetts housing market. We've addressed commonly asked questions about mortgage calculators to provide clarity and confidence in your mortgage decisions.

How much mortgage can I afford in Massachusetts?

The mortgage you can afford in Massachusetts depends on your debt-to-income ratio (DTI). Generally, lenders prefer a DTI ratio below 36%.

What is the average mortgage debt in Massachusetts?

According to Experian, the average mortgage debt in Massachusetts was $303,009 in 2023.

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

The ideal down payment is 20%, but conventional loans often require less. FHA loans require as little as 3.5%, while VA loans and USDA loans usually don't require a down payment.

Do you really need private mortgage insurance in Massachusetts?

For a 30-year mortgage, PMI costs approximately $117 per month, and for a 15-year mortgage, it's around $115. PMI is typically required if your down payment is less than 20%.

What's the effective tax rate in Massachusetts?

The 2023 effective property tax rate in Massachusetts was 1.14%, ranking 18th nationally.

What is the median home price in Massachusetts?

The median home price varies by county. Hampden County has the lowest median home price at $347,930, while Nantucket County has the highest at $1,705,210.

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