Pennsylvania Mortgage Calculator

In Pennsylvania, Cameron County offers the lowest median monthly mortgage payment at $610, compared to Chester County's highest at $3,020. Such differences in payments can impact your immediate budget and long-term financial health, affecting your ability to save and invest over time.

Using MoneyGeek's mortgage calculator in Pennsylvania allows you to 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 to clearly understand your financial commitment when you secure a mortgage.

Mortgage Calculator

Simply estimate your Pennsylvania 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 Pennsylvania.

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Key Takeaways

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

Using a mortgage calculator can help adjust loan terms or down payments to fit your budget and estimate total interest over the loan's life.

The average APR for a 30-year mortgage in Pennsylvania 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 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.

Interest rate data was last updated in September 2024.

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
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
Down Payment
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. Pennsylvania's median down payment is $38,000, 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 Pennsylvania 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 PENNSYLVANIA

Using the mortgage calculator in Pennsylvania, 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 $1,376. 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 $1,833, impacting your short-term expenses. This home loan choice, while increasing your monthly outlay, results in a total interest saving of $165,497 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 face, with mortgage payments taking a large portion of your monthly income. Understanding how affordable your mortgage is can greatly impact your finances. That's where MoneyGeek's mortgage calculator for affordability comes in. By inputting your monthly income and other monthly debts, such as car loans and student loans, you can quickly determine how much you can afford.

The calculator also shows your debt-to-income ratio, a key metric for borrowers. This ratio helps you understand how much of your income goes toward debt payments, which is important when planning to secure a mortgage. According to Experian, the average debt in Pennsylvania is $85,047, which translates 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.

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 costs $1,575 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, Pennsylvania's effective property tax rate is 1.49%, ranking it 11th 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 Pennsylvania?

The average APR for a 30-year fixed loan in Pennsylvania is 6.4%, while 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 mortgage calculator in Pennsylvania 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 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
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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Monthly Mortgage
Insurance Cost (PMI)

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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 6.4% for a 30-year fixed rate loan, your monthly mortgage payment is $2,014.

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 Pennsylvania

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in Pennsylvania at 6.4%, 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

Credit score affects your mortgage. 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 6.7% if your credit score is above 740. However, if your credit score is under 680, the average APR becomes 7.6%. This change in APR makes your monthly mortgage payments go from $1,420 to $1,553.

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 7.1%, resulting in a monthly mortgage of $1,700. Increasing your down payment to 25% puts your APR at 6.6% and a monthly mortgage of $1,317.

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 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 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?

Your mortgage affordability in Pennsylvania depends on your debt-to-income ratio (DTI). Lenders typically prefer a DTI ratio below 36%.

What is the average mortgage debt in Pennsylvania?

The average mortgage debt in Pennsylvania is $170,773 as of 2023, according to Experian.

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

The ideal down payment is 20%, but it varies. Conventional loans typically require 5% to 20%, FHA loans need 3.5%, while VA loans and USDA loans often require no down payment.

Do you really need private mortgage insurance in Pennsylvania?

In Pennsylvania, PMI costs around $115 for a 15-year mortgage and $117 for a 30-year mortgage. PMI is generally required if your down payment is less than 20%.

What's the effective tax rate in Pennsylvania?

The effective property tax rate in Pennsylvania is 1.49%, ranking it 11th nationally.

What is the median home price in Pennsylvania?

Median home prices vary by county. Cameron County has the lowest median home price at $103,920, while Chester County has the highest at $516,750.

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