Typical Kentucky mortgage payment
The median home price in Kentucky is roughly $215,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $1,700 | $1,154 |
| 5.50% | $1,757 | $1,221 |
| 6.00% | $1,814 | $1,289 |
| 6.50% | $1,873 | $1,359 |
| 7.00% | $1,932 | $1,430 |
| 7.50% | $1,993 | $1,503 |
| 8.00% | $2,055 | $1,578 |
| 8.50% | $2,117 | $1,653 |
| 9.00% | $2,181 | $1,730 |
| 9.50% | $2,245 | $1,808 |
| 10.00% | $2,310 | $1,887 |
What a Kentucky mortgage really costs (PITI)
Principal & interest alone would run about $1,359/month at 6.50% over 30 years. But Kentucky's property tax - roughly 0.86% of home value per year here - adds about $154/month, and estimated homeowners insurance adds around $63/month. Your real total monthly payment (PITI) on a $215,000 Kentucky home is closer to $1,576/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $67,532/year. A 20% down payment here is $43,000.
Kentucky vs. its neighbors
Of Kentucky and its neighbors, West Virginia has the lowest estimated total monthly payment - about $405 less per month than Kentucky.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| West Virginia | $165,000 | 0.58% | $1,171/mo |
| Kentucky (this page) | $215,000 | 0.86% | $1,576/mo |
| Ohio | $230,000 | 1.59% | $1,826/mo |
| Indiana | $240,000 | 0.85% | $1,757/mo |
| Missouri | $250,000 | 0.98% | $1,857/mo |
| Illinois | $270,000 | 2.23% | $2,287/mo |
| Tennessee | $320,000 | 0.71% | $2,305/mo |
| Virginia | $400,000 | 0.82% | $2,918/mo |
What affects your Kentucky 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.