Typical Delaware mortgage payment
The median home price in Delaware is roughly $360,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $2,847 | $1,933 |
| 5.50% | $2,942 | $2,044 |
| 6.00% | $3,038 | $2,158 |
| 6.50% | $3,136 | $2,275 |
| 7.00% | $3,236 | $2,395 |
| 7.50% | $3,337 | $2,517 |
| 8.00% | $3,440 | $2,642 |
| 8.50% | $3,545 | $2,768 |
| 9.00% | $3,651 | $2,897 |
| 9.50% | $3,759 | $3,027 |
| 10.00% | $3,869 | $3,159 |
What a Delaware mortgage really costs (PITI)
Principal & interest alone would run about $2,275/month at 6.50% over 30 years. But Delaware's property tax - roughly 0.58% of home value per year here - adds about $174/month, and estimated homeowners insurance adds around $105/month. Your real total monthly payment (PITI) on a $360,000 Delaware home is closer to $2,554/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $109,476/year. A 20% down payment here is $72,000.
Delaware vs. its neighbors
Of Delaware and its neighbors, Pennsylvania has the lowest estimated total monthly payment - about $414 less per month than Delaware.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Pennsylvania | $270,000 | 1.58% | $2,141/mo |
| Delaware (this page) | $360,000 | 0.58% | $2,554/mo |
| Maryland | $420,000 | 1.09% | $3,159/mo |
| New Jersey | $500,000 | 2.49% | $4,344/mo |
What affects your Delaware payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.