Montana, MT

Montana Mortgage Calculator

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

🏠 Avg Home Price: $340,000
🏛️ Property Tax: 0.84%
🛡️ Insurance: $900/yr
📍 Largest City: Billings
Montana Mortgage Calculator
Home Price
$50K$2M
Down Payment
3%60%
Interest Rate
1%15%
Loan Term
Property Tax (Annual)
Montana avg: 0.84% — $2856/yr
Home Insurance (Annual)
Montana avg: $900/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
Montana Housing Market
  • 🏠
    Avg Home Price
    $340,000
  • 📈
    Property Tax
    0.84% annually
  • 🛡️
    Home Insurance
    $900/year
  • 📍
    Major City
    Billings
  • 🗺️
    State Code
    MT
Montana Mortgage Tips
  • ✅
    Get pre-approved before house hunting in Montana
  • ✅
    Compare at least 3–5 lenders for best rate
  • ✅
    Check Montana first-time buyer programs
  • ✅
    Budget 0.84% 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%

Montana Mortgage Calculator – Complete 2026 Guide

Buying a home in Montana is one of the most significant financial commitments you'll make. Whether you're a first-time homebuyer in Billings or refinancing an existing property, accurately estimating your monthly mortgage payment is essential for smart financial planning. Our Montana Mortgage Calculator gives you a complete picture of your monthly costs — including principal, interest, property taxes at Montana's 0.84% average rate, homeowners insurance, HOA fees, and PMI if applicable.

📌 Quick Estimate: On a $340,000 home in Montana with 20% down ($68,000) and a 6.8% interest rate on a 30-year loan, your estimated monthly payment is approximately $2086/month (PITI — Principal, Interest, Taxes & Insurance).

How to Use the Montana Mortgage Calculator

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

  • Home Price: The purchase price. Average home price in Montana is $340,000.
  • Down Payment: 20% = $68,000 — avoids PMI on your Montana mortgage.
  • Interest Rate: 2026 average in Montana 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: Montana averages 0.84% = $2856/year on a $340,000 home.
  • Home Insurance: Montana average is $900/year ($75/month).

Montana Property Taxes Explained

Property taxes in Montana are calculated as a percentage of your home's assessed value. Montana's average effective rate of 0.84% means on a $340,000 home, you pay approximately $2856 per year or $238 per month in property taxes. Rates vary by county — always verify with your Montana county assessor's office.

Monthly Cost Breakdown for Montana

Payment ComponentMonthlyAnnual
Principal & Interest (6.8%, 30yr)$1773$21,276
Property Tax (0.84%)$238$2856
Home Insurance$75$900
Total PITI Payment$2086$25,032

Income Needed to Buy a Home in Montana

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 Montana home: $2086
  • Required annual gross income (28% rule): $75,986
  • Assumes 20% down payment of $68,000 and 6.8% rate

Montana 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 Montana, 0% down

Mortgage Recast vs Refinance in Montana

If you already own a Montana 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 Montana mortgage.

Frequently Asked Questions

Everything you need to know about mortgages in Montana

What is the average mortgage payment in Montana?+
Based on Montana's average home price of $340,000 with a 20% down payment ($68,000) and 6.8% on a 30-year mortgage, the estimated monthly PITI payment is $2086. This includes $1773 principal & interest, $238 property tax (0.84%), and $75 insurance. Your actual payment depends on your specific loan terms, credit score, and location within Montana.
What is the property tax rate in Montana?+
Montana has an average effective property tax rate of 0.84% per year. On a $340,000 home that's $2856 per year ($238/month). County rates vary — check your local Montana county assessor's office for the precise rate in your area.
How much down payment do I need in Montana?+
For a $340,000 Montana home your options are:
  • 3.5% FHA: $11,900 — requires PMI
  • 5% Conventional: $17,000 — requires PMI
  • 10%: $34,000 — lower PMI
  • 20%: $68,000 — no PMI!
  • 0% VA/USDA: $0 — for eligible veterans & rural areas
How much income do I need to afford a home in Montana?+
Using the 28% debt-to-income rule, you need approximately $75,986 gross annual income to comfortably afford a $340,000 home in Montana with 20% down. This means your monthly housing costs ($2086) 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 Montana?+
Yes! Montana 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 Montana.
What is PMI and when is it required in Montana?+
PMI (Private Mortgage Insurance) is required in Montana when your down payment is under 20%. It typically costs 0.3%–1.5% of the loan per year — on a $272,000 Montana loan that's roughly $$340 per month. PMI is automatically removed once you reach 20% equity in your Montana home. Use our PMI Calculator to estimate your exact cost.
30-year vs 15-year mortgage in Montana — which is better?+
On a $272,000 Montana loan:
  • 30-Year at 6.8%: ~$1773/month — lower payment, total interest: $366,280
  • 15-Year at 6.0%: ~$2,295/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 Montana for 2026?+
As of 2026, Montana 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 Montana lenders. Even 0.25% difference can save thousands over your loan life.

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