Massachusetts, MA

Massachusetts Mortgage Calculator

Estimate your complete monthly payment in Massachusetts including taxes, insurance & PMI

🏠 Avg Home Price: $500,000
🏛️ Property Tax: 1.23%
🛡️ Insurance: $1300/yr
📍 Largest City: Boston
Massachusetts Mortgage Calculator
Home Price
$50K$2M
Down Payment
3%60%
Interest Rate
1%15%
Loan Term
Property Tax (Annual)
Massachusetts avg: 1.23% — $6150/yr
Home Insurance (Annual)
Massachusetts avg: $1300/year
HOA Fees (Monthly)
PMI Rate
Required if down payment < 20%

Amortization Schedule

Show / Hide
YearPrincipal PaidInterest PaidRemaining Balance
Your Monthly Payment
$0
Principal · Interest · Taxes · Insurance
Principal & Interest—
Property Tax—
Home Insurance—
PMI—
HOA—
Loan Amount—
Total Interest—
Total Cost—
—
P&I share
Massachusetts Housing Market
  • 🏠
    Avg Home Price
    $500,000
  • 📈
    Property Tax
    1.23% annually
  • 🛡️
    Home Insurance
    $1300/year
  • 📍
    Major City
    Boston
  • 🗺️
    State Code
    MA
Massachusetts Mortgage Tips
  • ✅
    Get pre-approved before house hunting in Massachusetts
  • ✅
    Compare at least 3–5 lenders for best rate
  • ✅
    Check Massachusetts first-time buyer programs
  • ✅
    Budget 1.23% property tax into monthly costs
  • ✅
    Consider mortgage recast to lower payments
Current Rates 2026
  • 📊
    30-Year Fixed
    ~6.5% – 7.0%
  • 📊
    15-Year Fixed
    ~5.7% – 6.2%
  • 📊
    FHA Loan
    ~6.2% – 6.8%
  • 📊
    VA Loan
    ~5.9% – 6.4%
  • 📊
    Jumbo Loan
    ~6.8% – 7.4%

Massachusetts Mortgage Calculator – Complete 2026 Guide

Buying a home in Massachusetts is one of the most significant financial commitments you'll make. Whether you're a first-time homebuyer in Boston or refinancing an existing property, accurately estimating your monthly mortgage payment is essential for smart financial planning. Our Massachusetts Mortgage Calculator gives you a complete picture of your monthly costs — including principal, interest, property taxes at Massachusetts's 1.23% average rate, homeowners insurance, HOA fees, and PMI if applicable.

📌 Quick Estimate: On a $500,000 home in Massachusetts with 20% down ($100,000) and a 6.8% interest rate on a 30-year loan, your estimated monthly payment is approximately $3229/month (PITI — Principal, Interest, Taxes & Insurance).

How to Use the Massachusetts Mortgage Calculator

Simply enter your details into the calculator above. Here's what each field means for Massachusetts homebuyers:

  • Home Price: The purchase price. Average home price in Massachusetts is $500,000.
  • Down Payment: 20% = $100,000 — avoids PMI on your Massachusetts mortgage.
  • Interest Rate: 2026 average in Massachusetts is ~6.5%–7.0% for a 30-year fixed loan.
  • Loan Term: 30 years is most common for lower payments; 15 years saves interest.
  • Property Tax: Massachusetts averages 1.23% = $6150/year on a $500,000 home.
  • Home Insurance: Massachusetts average is $1300/year ($108/month).

Massachusetts Property Taxes Explained

Property taxes in Massachusetts are calculated as a percentage of your home's assessed value. Massachusetts's average effective rate of 1.23% means on a $500,000 home, you pay approximately $6150 per year or $513 per month in property taxes. Rates vary by county — always verify with your Massachusetts county assessor's office.

Monthly Cost Breakdown for Massachusetts

Payment ComponentMonthlyAnnual
Principal & Interest (6.8%, 30yr)$2608$31,296
Property Tax (1.23%)$513$6150
Home Insurance$108$1300
Total PITI Payment$3229$38,748

Income Needed to Buy a Home in Massachusetts

Lenders typically use the 28% front-end DTI rule — your total housing payment (PITI) should not exceed 28% of your gross monthly income.

  • Estimated monthly payment for average Massachusetts home: $3229
  • Required annual gross income (28% rule): $111,771
  • Assumes 20% down payment of $100,000 and 6.8% rate

Massachusetts Mortgage Rates 2026

Loan TypeAvg Rate (2026)Best For
30-Year Fixed6.5% – 7.0%Lower monthly payments
15-Year Fixed5.7% – 6.2%Pay off faster, save on interest
FHA 30-Year6.2% – 6.8%Lower credit, 3.5% down
VA Loan5.9% – 6.4%Veterans, 0% down
USDA Loan6.0% – 6.5%Rural Massachusetts, 0% down

Mortgage Recast vs Refinance in Massachusetts

If you already own a Massachusetts home and want a lower payment:

  • Refinance: New loan at potentially lower rate — requires full underwriting, appraisal, 2%–5% in closing costs.
  • Mortgage Recast: Lump-sum payment toward principal, re-amortized at same rate. Only $150–$500 fee. No credit check. Must have conventional loan.

🔄 Use our Free Mortgage Recast Calculator to see how much you could save on your Massachusetts mortgage.

Frequently Asked Questions

Everything you need to know about mortgages in Massachusetts

What is the average mortgage payment in Massachusetts?+
Based on Massachusetts's average home price of $500,000 with a 20% down payment ($100,000) and 6.8% on a 30-year mortgage, the estimated monthly PITI payment is $3229. This includes $2608 principal & interest, $513 property tax (1.23%), and $108 insurance. Your actual payment depends on your specific loan terms, credit score, and location within Massachusetts.
What is the property tax rate in Massachusetts?+
Massachusetts has an average effective property tax rate of 1.23% per year. On a $500,000 home that's $6150 per year ($513/month). County rates vary — check your local Massachusetts county assessor's office for the precise rate in your area.
How much down payment do I need in Massachusetts?+
For a $500,000 Massachusetts home your options are:
  • 3.5% FHA: $17,500 — requires PMI
  • 5% Conventional: $25,000 — requires PMI
  • 10%: $50,000 — lower PMI
  • 20%: $100,000 — no PMI!
  • 0% VA/USDA: $0 — for eligible veterans & rural areas
How much income do I need to afford a home in Massachusetts?+
Using the 28% debt-to-income rule, you need approximately $111,771 gross annual income to comfortably afford a $500,000 home in Massachusetts with 20% down. This means your monthly housing costs ($3229) don't exceed 28% of your gross monthly income. Your actual qualifying income may differ based on debt, credit score, and lender.
Can I use a mortgage recast in Massachusetts?+
Yes! Massachusetts homeowners with conventional loans (Fannie Mae/Freddie Mac) can recast their mortgage. Make a lump-sum principal payment (typically $5,000+ minimum), and your lender re-amortizes the balance at the same rate — lowering your monthly payment with a small fee ($150–$500). Note: FHA, VA, and USDA loans are generally not eligible for recasting in Massachusetts.
What is PMI and when is it required in Massachusetts?+
PMI (Private Mortgage Insurance) is required in Massachusetts when your down payment is under 20%. It typically costs 0.3%–1.5% of the loan per year — on a $400,000 Massachusetts loan that's roughly $$500 per month. PMI is automatically removed once you reach 20% equity in your Massachusetts home. Use our PMI Calculator to estimate your exact cost.
30-year vs 15-year mortgage in Massachusetts — which is better?+
On a $400,000 Massachusetts loan:
  • 30-Year at 6.8%: ~$2608/month — lower payment, total interest: $538,880
  • 15-Year at 6.0%: ~$3,375/month — higher payment but saves tens of thousands in interest
Choose 30-year if cash flow is important. Choose 15-year if you want to build equity fast and save on interest.
What are current mortgage rates in Massachusetts for 2026?+
As of 2026, Massachusetts mortgage rates average:
  • 30-Year Fixed: ~6.5% – 7.0%
  • 15-Year Fixed: ~5.7% – 6.2%
  • FHA 30-Year: ~6.2% – 6.8%
  • VA Loan: ~5.9% – 6.4%
  • Jumbo: ~6.8% – 7.4%
Always compare quotes from multiple Massachusetts lenders. Even 0.25% difference can save thousands over your loan life.

Related Calculators

🔄
Mortgage Recast
 💰
Mortgage Payoff
 🛡️
PMI Calculator
 📊
Recast Savings