Typical Missouri mortgage payment
The median home price in Missouri is roughly $250,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $1,977 | $1,342 |
| 5.50% | $2,043 | $1,419 |
| 6.00% | $2,110 | $1,499 |
| 6.50% | $2,178 | $1,580 |
| 7.00% | $2,247 | $1,663 |
| 7.50% | $2,318 | $1,748 |
| 8.00% | $2,389 | $1,834 |
| 8.50% | $2,462 | $1,922 |
| 9.00% | $2,536 | $2,012 |
| 9.50% | $2,611 | $2,102 |
| 10.00% | $2,687 | $2,194 |
What a Missouri mortgage really costs (PITI)
Principal & interest alone would run about $1,580/month at 6.50% over 30 years. But Missouri's property tax - roughly 0.98% of home value per year here - adds about $204/month, and estimated homeowners insurance adds around $73/month. Your real total monthly payment (PITI) on a $250,000 Missouri home is closer to $1,857/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $79,597/year. A 20% down payment here is $50,000.
Missouri vs. its neighbors
Of Missouri and its neighbors, Arkansas has the lowest estimated total monthly payment - about $357 less per month than Missouri.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Arkansas | $210,000 | 0.64% | $1,501/mo |
| Oklahoma | $210,000 | 0.90% | $1,546/mo |
| Kentucky | $215,000 | 0.86% | $1,576/mo |
| Iowa | $220,000 | 1.57% | $1,743/mo |
| Kansas | $230,000 | 1.41% | $1,791/mo |
| Missouri (this page) | $250,000 | 0.98% | $1,857/mo |
| Nebraska | $260,000 | 1.73% | $2,094/mo |
| Illinois | $270,000 | 2.23% | $2,287/mo |
| Tennessee | $320,000 | 0.71% | $2,305/mo |
What affects your Missouri 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.