Missouri Mortgage Calculator

In Missouri, Worth County offers the lowest median monthly mortgage payment at $550, contrasting with Platte County's highest at $2,340. These differences can significantly impact both your immediate budget and long-term financial planning, influencing your ability to save and invest.

Using MoneyGeek's mortgage calculator in Missouri, you can accurately 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 purchase details into the calculator to secure a mortgage that aligns with your financial goals.

Mortgage Calculator

Simply estimate your Missouri loan payments, taxes and PMI.

Updated: Sep 4, 2024

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Homeowner's insurance

PMI

HOA fees

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Get personalized mortgage rates from Missouri.

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Key Takeaways

In Missouri, Worth County has the lowest median monthly mortgage payment at $550, while Platte County has the highest at $2,340, as of March 2024.

Using a mortgage calculator helps manage short-term costs like monthly payments and longer-term finances such as total interest estimation and PMI cancellation timing.

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

MoneyGeek's mortgage calculator in Missouri can estimate your monthly mortgage payments and determine your mortgage's affordability. You'll also understand your amortization schedule, providing a clear financial outlook.

Calculate Your Monthly Mortgage Payment

Understanding your monthly mortgage payment involves several factors, including the home's sale price and your down payment. Explore how the Missouri mortgage calculator helps you navigate these variables.

1
Home Price
The home price directly influences your monthly mortgage payment in Missouri. A lower home price in Worth County, at a median of $94,110, means lower monthly payments than in Platte County, where the median is $400,800, 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. Missouri's median down payment is $13,975, 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 Missouri 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
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 MISSOURI

Using the mortgage calculator in Florida, you can see that the monthly payment for a 30-year fixed-rate mortgage on a house costing $275,000 after a 20% down payment is $1,376. This figure excludes additional costs like HOA fees and property taxes.

Choosing a 15-year repayment term for your home loan increases the monthly payment to $1,833, impacting your budget in the short term. However, this approach results in a total interest savings of $165,497 over the life of the loan, offering substantial long-term financial benefits.

Determine Your Mortgage's Affordability

Buying a home is one of the most significant expenses you'll encounter, with mortgage payments taking a substantial chunk of your monthly income. Understanding your mortgage's affordability is crucial for managing your finances effectively. MoneyGeek's mortgage calculator for affordability can assist you in determining how much house you can afford by simply inputting your monthly income and other debts, such as car loans and student loans.

The calculator also reveals your debt-to-income ratio, a vital metric for anyone planning to secure a mortgage. This ratio shows how much of your income is dedicated to debt payments. According to Experian, the average debt in Missouri is $82,488, translating to an average monthly debt of $6,874.

See Your Amortization Schedule

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

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

Additional Mortgage Fees in Missouri

Homebuyers in Missouri should consider additional mortgage fees when calculating their monthly payments. These fees 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 Missouri is $2,835 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, Missouri's effective property tax rate is 1.01%, ranking it 22nd 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 Missouri?

The average APR for a 30-year fixed loan in Missouri is 6.4%. 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 Missouri 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 Missouri. 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 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.

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WHEN CAN YOU CANCEL YOUR PMI?

Let's say you put in an 8% down payment for a home in Missouri 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.

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 before the end of Year 10.

How to Lower Your Monthly Mortgage Payment in Missouri

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in Missouri 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 in monthly payment 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 payment. In Missouri, 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 7.1% if your credit score is above 740. However, if your credit score is under 680, the average APR becomes 7.8%. This change in APR makes your monthly mortgage payments go from $1,478 to $1,584.

Save for a bigger down payment

Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in Missouri, 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 Missouri 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 Missouri that may help with your mortgage costs. Institutions like the Missouri Housing Development Commission and the Delta Area Economic Opportunity Corporation offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in Missouri

Using a mortgage calculator can raise questions for potential borrowers, especially in Missouri's unique housing market. We've addressed commonly asked questions about mortgage calculators to assist you in understanding your mortgage options.

How much mortgage can I afford in Missouri?

Your mortgage affordability in Missouri depends on your debt-to-income ratio (DTI). Typically, lenders prefer a DTI ratio of 36% or lower.

What is the average mortgage debt in Missouri?

The average mortgage debt in Missouri is $166,056 as of 2023, according to Experian.

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

The ideal down payment is 20%, but conventional loans often require 3% to 20%. FHA loans need 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 Missouri?

If your down payment is less than 20%, you will need private mortgage insurance. PMI costs around $115 per month for a 15-year loan and $117 per month for a 30-year loan.

What's the effective tax rate in Missouri?

The effective property tax rate in Missouri is 1.01%, ranking 22nd nationally.

What is the median home price in Missouri?

The median home price in Missouri varies by county. Worth County has the lowest median home price at $94,110, while Platte County has the highest at $400,800.

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