Typical Massachusetts mortgage payment
The median home price in Massachusetts is roughly $600,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $4,745 | $3,221 |
| 5.50% | $4,903 | $3,407 |
| 6.00% | $5,063 | $3,597 |
| 6.50% | $5,227 | $3,792 |
| 7.00% | $5,393 | $3,992 |
| 7.50% | $5,562 | $4,195 |
| 8.00% | $5,734 | $4,403 |
| 8.50% | $5,908 | $4,613 |
| 9.00% | $6,086 | $4,828 |
| 9.50% | $6,265 | $5,045 |
| 10.00% | $6,448 | $5,265 |
What a Massachusetts mortgage really costs (PITI)
Principal & interest alone would run about $3,792/month at 6.50% over 30 years. But Massachusetts's property tax - roughly 1.23% of home value per year here - adds about $615/month, and estimated homeowners insurance adds around $175/month. Your real total monthly payment (PITI) on a $600,000 Massachusetts home is closer to $4,582/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $196,389/year. A 20% down payment here is $120,000.
Massachusetts vs. its neighbors
Of Massachusetts and its neighbors, Connecticut has the lowest estimated total monthly payment - about $1,389 less per month than Massachusetts.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Connecticut | $380,000 | 2.15% | $3,194/mo |
| Vermont | $400,000 | 1.90% | $3,278/mo |
| New York | $460,000 | 1.72% | $3,701/mo |
| Rhode Island | $460,000 | 1.63% | $3,667/mo |
| New Hampshire | $480,000 | 2.18% | $4,046/mo |
| Massachusetts (this page) | $600,000 | 1.23% | $4,582/mo |
What affects your Massachusetts 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.