Mortgage Calculator in Pennsylvania (November 2024)

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Updated: November 14, 2024

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In Pennsylvania, Cameron County has the lowest median monthly mortgage payment at $610, while Chester County has the highest at $3,020. This variation in monthly mortgage payments can impact your immediate budget and long-term financial health, influencing your ability to save and invest for the future.

Using MoneyGeek's mortgage calculator in Pennsylvania allows you to accurately estimate your monthly mortgage payment, assess suitable loan terms for your budget and understand the total interest paid over the life of the loan. Input your purchase details into the calculator to see your financial commitment clearly.

Mortgage Calculator

Simply estimate your Pennsylvania loan payments, taxes and PMI.

Updated: Sep 4, 2024

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Optional: add taxes, insurance, HOA Fees

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Get personalized mortgage rates from Pennsylvania.

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Key Takeaways

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In Pennsylvania, Cameron County has the lowest median monthly mortgage payment at $610, while Chester County has the highest at $3,020 as of March 2024.

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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.

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The average APR for a 30-year mortgage in Pennsylvania is 6.7%, and for a 15-year mortgage, it is 6%.

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 Pennsylvania. 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.

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Interest rate data was last updated in September 2024.

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SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our Pennsylvania Mortgage Calculator

MoneyGeek's mortgage calculator in Pennsylvania can help you calculate your monthly mortgage payments and determine your mortgage's affordability. You'll also gain insights into your amortization schedule, ensuring a clear financial path ahead.

Calculate Your Monthly Mortgage Payment

Your monthly mortgage payment can fluctuate with variables like the home's sale price and your down payment. Let's explore how Pennsylvania's mortgage calculator can simplify this process for you.

  1. 1
    Home Price

    The home price directly influences your monthly mortgage payment in Pennsylvania. A lower home price in Cameron County, at a median of $103,920, means lower monthly payments than in Chester County, where the median is $516,750, according to the National Association of Realtors.

  2. 2
    Down Payment

    The size of your down payment influences your monthly mortgage payment by reducing the loan amount. Pennsylvania's median down payment is $43,696, according to ATTOM data from June 2024.

  3. 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 Pennsylvania change over time and vary between loan types. For example, the average APR for a 15-year fixed mortgage is 6%, and for a 30-year fixed mortgage, it's 6.7%.

  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.

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SAMPLE MONTHLY PAYMENT CALCULATION IN PENNSYLVANIA

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 $1,420. This figure does not include additional costs like HOA fees or property tax.

When you opt for a 15-year repayment term, your monthly mortgage payment in Pennsylvania jumps to $1,856, impacting your short-term expenses. This home loan choice, while increasing your monthly outlay, results in a total interest saving of $176,893 over the life of the loan, significantly reducing your long-term costs.

Determine Your Mortgage's Affordability

Buying a home is one of the most significant expenses you'll have, and your mortgage payments will take a significant portion of your monthly income. Understanding your mortgage's affordability is crucial for your finances, and MoneyGeek's mortgage calculator for affordability can help you determine how affordable your mortgage is. Simply input your monthly income and other monthly debts, such as car loans and student loans, to get started.

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 Pennsylvania is $85,047, translating to an average monthly debt of $7,087.

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

Additional Mortgage Fees in Pennsylvania

Home buyers in Pennsylvania need to consider additional mortgage fees when calculating monthly payments, as these can impact your budget. For example, mortgage insurance and HOA fees could increase your monthly total. Property taxes and homeowners insurance are other costs to keep in mind.

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    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 Pennsylvania is $1,575 per year.

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    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, Pennsylvania's effective property tax rate is 1.49%, ranking it 11th in the nation.

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    HOA Fees

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

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    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 Pennsylvania?

The average APR for a 30-year fixed loan in Pennsylvania is 6.7%. For a 15-year fixed loan, it's 6%. 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 mortgage calculator in Pennsylvania allows you to see your amortization schedule and determine when you can stop paying for PMI:

  1. 1
    Calculate your monthly mortgage payment

    Input the necessary information, such as the home's price, down payment, and mortgage rate in Pennsylvania. 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. 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. 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. 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?

You put in an 8% down payment for a home in Pennsylvania priced at $350,000. With an average APR of 6.7% for a 30-year fixed rate loan, you'll pay $2,078 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 by Year 11.

How to Lower Your Monthly Mortgage Payment in Pennsylvania

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in Pennsylvania at 6.7%, you'll pay $1,420 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,383. That $36 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $13,064 in total interest.

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

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    Improve your credit score

    Your credit score affects your mortgage payment. In Pennsylvania, 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 7.3% 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 $1,508 to $1,630.

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    Save for a bigger down payment

    Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in Pennsylvania, putting 8% down makes your APR 7.4%, resulting in a monthly mortgage of $1,752. Increasing your down payment to 25% puts your APR at 6.9% and a monthly mortgage of $1,358.

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    Choose a longer loan term

    A longer loan term affects your monthly mortgage payment. A 15-year fixed rate mortgage in Pennsylvania has an APR of 6.0%. A 20% down payment makes your monthly mortgage payment $1,856. Compare this to $1,420, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.7%.

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    Explore homeownership assistance programs

    You can find homeowners assistance programs in Pennsylvania that may help with your mortgage costs. Institutions like the Pennsylvania Housing Finance Agency and the Pennsylvania Department of Community and Economic Development offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in Pennsylvania

Using a mortgage calculator can raise questions for potential borrowers, particularly in Pennsylvania. We've addressed commonly asked questions to help you understand your mortgage options better.

How much mortgage can I afford in Pennsylvania?
What is the average mortgage debt in Pennsylvania?
How much down payment do I need to purchase a house in Pennsylvania?
Do you really need private mortgage insurance in Pennsylvania?
What's the effective tax rate in Pennsylvania?
What is the median home price in Pennsylvania?

About Zachary Romeo, CBCA

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Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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