Mortgage Calculator for Massachusetts — Includes Property Tax & Insurance
In Massachusetts, the median home costs $590,000, and property taxes there are close to the national average at an average of 1.23% of assessed value — which adds roughly $605 to the monthly payment on a median-priced Massachusetts home. Homeowners insurance in Massachusetts averages $1,400 a year ($117/month), below the national average. Putting 20% down at Massachusetts's typical 30-year fixed rate of 6.9%, your full PITI payment — principal, interest, taxes, and insurance — comes to about $3,830 per month. The calculator below is pre-filled with these Massachusetts figures so you can adjust any input and see the impact instantly.
A buyer earning Massachusetts's median household income of $96,000 would dedicate roughly 48% of gross monthly income to housing — significantly strained by the standard 28% guideline.
Median Home Price
$590,000
Avg 30-yr Rate
6.9%
Property Tax Rate
1.23%/yr
Est. Monthly PITI
$3,830
Mortgage Calculator
Total Monthly Payment
$3,830.01
Loan Amount
$472,000
Total Paid
$1,119,093
Total Interest
$647,093
How to Get a Mortgage in Massachusetts
- 1 Check your credit score. In Massachusetts, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $590,000 Massachusetts home, 20% down is $118,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in Massachusetts average 6.9%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $14,160–$23,600 on a median Massachusetts purchase.
- 5 Budget for ongoing costs: Massachusetts property taxes average 1.23%/yr ($7,257/yr on the median home), plus homeowner's insurance averaging $1,400/yr.
Monthly Cost Breakdown — Median Massachusetts Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
Massachusetts Mortgage FAQs
What is the average home price in Massachusetts?
The median home price in Massachusetts is $590,000 (2024 estimate). With a typical 20% down payment of $118,000, a buyer would finance $472,000 at a 30-year fixed rate.
What are property taxes like in Massachusetts?
Massachusetts has an average effective property tax rate of 1.23% of assessed home value. On a $590,000 home, that's approximately $7,257 per year ($605/month) — above the national average of 1.07%.
How much income do I need to buy a home in Massachusetts?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced Massachusetts home, you'd need to earn roughly $164,143 per year. The state's median household income is $96,000, meaning the typical household allocates about 48% of gross income to housing — significantly strained.
What is the average mortgage rate in Massachusetts?
The average 30-year fixed mortgage rate in Massachusetts is approximately 6.9% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
Related:
National Mortgage Calculator Loan Calculator Investment Return Calculator