Kentucky Mortgage Calculator

Mortgage is next to the only affordable option for low to average income home buyers in many parts of Kentucky and the rest of the United States. On this page we offer a convenient Kentucky home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in Kentucky.

Mortgage details
Home price
Down payment
Loan term
Interest rate
Mortgage results
Total amount paid
Total principal & interest$0
Monthly payment$0
Total interest paid$0
Payoff dateDate
Print payments schedule

Detailed payment info

DatePaymentPrincipal PaidInterest PaidRemaining Balance

Best mortgage lenders in Kentucky

The most popular mortgage lenders in Kentucky operate nationwide. These include such recognizable names as Rocket Mortgage, AmeriSave, Beeline Loans Inc. Several lesser known but reliable options include Kentucky-based Benchmark Mortgage, Pro Mortgages of Kentucky LLC.

How to calculate mortgage payment in Kentucky

Use our mortgage calculator KY to evaluate your future expenses. A detailed step-by-step instruction follows below.

Why and How to Use Our Mortgage Calculator

Use our house payment calculator Kentucky for thorough planning of your future spendings. Let’s take a closer look at each field in order to gain a better understanding of the mortgage in Kentucky parameters.

The initial aspect to consider is the home price, which represents how much you intend to invest in your future property. The down payment constitutes the portion of this price that must be paid upfront. To avoid costly insurance, it's imperative to come up with a minimum of 20% down payment, especially in the case of a conventional loan. The remaining portion constitutes the principal, which equals 80% of the home price when a 20% down payment is applied.

The loan term refers to the duration within which you will fully repay your mortgage through scheduled payments. Fixed-rate conforming loans typically have a maximum term of 30 years, while adjustable-rate options generally feature shorter terms.

An interest rate represents a fixed or variable fraction of the principal amount that you are obligated to pay throughout the loan's duration. It's essential to note that you are actually charged an annual percentage rate (commonly abbreviated as APR), which is not precisely identical to the interest rate. Although the interest rate forms the bulk of the APR value, the latter also encompasses various fees, such as origination fees, closing costs, insurance payments, and more.

For more precise assessment, the interest rate used for these calculations is based on the current mortgage rates in Kentucky, given a $400,000 home price and a 10% down payment.

Median property taxes in Kentucky counties

Property tax is another crucial factor to take into account when choosing your future home. Many lenders require the establishment of a mortgage escrow account to ensure that borrowers remain current with their tax and insurance expenses.

County Avg. property tax rate Avg. home value
Adair County $482 $85,900
Allen County $644 $102,500
Anderson County $1,143 $138,600
Ballard County $528 $102,600
Barren County $706 $110,400
Bath County $503 $77,900
Bell County $419 $59,400
Boone County $1,516 $191,500
Bourbon County $984 $144,900
Boyd County $723 $103,900
Boyle County $965 $141,100
Bracken County $690 $102,300
Breathitt County $381 $50,000
Breckinridge County $534 $95,200
Bullitt County $1,235 $164,600
Butler County $368 $90,400
Caldwell County $394 $95,300
Calloway County $741 $130,100
Campbell County $1,473 $180,500
Carlisle County $380 $89,200
Carroll County $699 $103,800
Carter County $380 $83,300
Casey County $465 $77,600
Christian County $669 $122,800
Clark County $918 $139,200
Clay County $351 $55,600
Clinton County $352 $66,100
Crittenden County $461 $84,600
Cumberland County $335 $90,300
Daviess County $908 $136,200
Edmonson County $467 $87,100
Elliott County $340 $72,700
Estill County $501 $71,000
Fayette County $1,416 $193,100
Fleming County $528 $89,900
Floyd County $455 $72,900
Franklin County $1,110 $139,300
Fulton County $502 $63,600
Gallatin County $831 $109,900
Garrard County $827 $131,000
Grant County $856 $119,700
Graves County $504 $95,600
Grayson County $434 $102,200
Green County $450 $75,800
Greenup County $726 $103,300
Hancock County $568 $109,100
Hardin County $845 $151,200
Harlan County $388 $53,500
Harrison County $770 $132,900
Hart County $541 $90,200
Henderson County $807 $118,000
Henry County $928 $126,100
Hickman County $418 $70,200
Hopkins County $597 $96,600
Jackson County $377 $69,900
Jefferson County $1,318 $174,400
Jessamine County $1,256 $164,300
Johnson County $458 $90,300
Kenton County $1,494 $159,200
Knott County $314 $52,000
Knox County $468 $76,900
Larue County $681 $107,300
Laurel County $574 $102,000
Lawrence County $471 $80,400
Lee County $367 $64,200
Leslie County $351 $48,900
Letcher County $339 $58,500
Lewis County $382 $68,300
Lincoln County $510 $96,100
Livingston County $448 $90,800
Logan County $554 $105,400
Lyon County $635 $122,900
Madison County $1,038 $159,700
Magoffin County $383 $63,300
Marion County $669 $100,400
Marshall County $708 $118,100
Martin County $363 $65,500
Mason County $653 $111,200
McCracken County $717 $148,400
McCreary County $356 $61,300
McLean County $484 $96,800
Meade County $766 $140,800
Menifee County $423 $77,800
Mercer County $996 $139,900
Metcalfe County $386 $75,200
Monroe County $421 $74,500
Montgomery County $714 $118,200
Morgan County $452 $77,500
Muhlenberg County $467 $82,000
Nelson County $945 $144,800
Nicholas County $506 $82,100
Ohio County $471 $88,300
Oldham County $2,244 $287,800
Owen County $708 $99,100
Owsley County $407 $70,000
Pendleton County $735 $106,400
Perry County $422 $73,300
Pike County $424 $75,400
Powell County $383 $79,800
Pulaski County $576 $109,100
Robertson County $398 $94,500
Rockcastle County $403 $80,800
Rowan County $584 $121,100
Russell County $536 $87,300
Scott County $978 $170,800
Shelby County $1,418 $184,900
Simpson County $696 $130,500
Spencer County $1,183 $190,900
Taylor County $648 $106,700
Todd County $490 $94,800
Trigg County $579 $119,500
Trimble County $786 $110,500
Union County $669 $83,100
Warren County $864 $166,600
Washington County $702 $105,600
Wayne County $428 $81,400
Webster County $514 $80,800
Whitley County $418 $83,800
Wolfe County $293 $65,700
Woodford County $1,273 $188,200

Source: American Communities Survey 2016, U.S. Census

Kentucky Housing Market 2024

The past year has seen a steep increase in the market value of housing in Kentucky. This perpetuates an enduring trend that was intensified by the COVID-19 pandemic. However, the rate of growth has slowed compared to the previous year, even as both purchase and refinance rates have been steadily climbing for a while and are anticipated to continue increasing in the near future.

How do I calculate my mortgage payment?

The easiest way to accomplish this is by utilizing our calculator, which operates based on a straightforward formula. You can also calculate the amount manually using the same formula if you prefer.

M = P*i(1 + i)^n / (1 + i)^n – 1

M – estimated monthly mortgage payment;

P – principal;

I – monthly interest rate (to determine it, divide your annual mortgage rate by 12);

N – the loan term expressed in months (in other words, the overall number of monthly payments)

Imagine you are applying for a 15-year mortgage loan with a fixed 6.99% APR (which is .0699 as a unit fraction). The house costs $500k, with 10% ($50,000) to be paid down. The principal amount (P) will be equal to 90% of the initial home cost ($500,000 – $50,000 = $450,000).

I = .0699 % / 12 = .005825%.

Finally, let’s convert the loan length from years to months: N = 15 * 12 = 180.

M ($) = 450,000*.005825(1 + .005825)^180 / (1 + .005825)^180 – 1 ≈ 4042.

So, you are going to pay about $4042 a month.

It is important to note that the calculated M value is approximate, as no extra fees are taken into account.

Tips for first-time home buyers in Kentucky

To begin with, several federal agencies (USDA, FHA, and VA) provide loan options for specific borrowers, offering numerous options that best suit their budget.

Besides these government-guaranteed programs, it is worth considering some offers from UHC (Kentucky Housing Corporation) available to Kentuckyns. In particular, first-time home buyers can apply for FirstHome – down payment and closing costs assistance program, if they qualify for a FHA loan and their FICO score is at least 660. This option covers up to 6% of the loan amount toward down payment and/or the closing costs. It is important to note that this option comes in the form of a 30-year-fixed-rate second loan only. If you do not qualify for the FirstHome program, do not despair. Kentucky Housing Score Loan is an alternative program that covers up to 4%. The minimum satisfactory credit score is 620.

Here are some valuable tips for first-time homebuyers:

  1. Obtain pre-approval in advance. This enhances your credibility in the eyes of home sellers. It's highly advisable to secure pre-approval letters from not just one, but ideally two or three different lenders.
  2. Compare mortgage rates from different lenders. Opt for at least three lenders; the more options you explore, the better your decision-making.
  3. Perform initial financial calculations based on your pre-approved amount to help you plan your future expenses effectively.
  4. Begin saving for a down payment as early as possible and set aside as much as you can. A larger down payment reduces the principal amount, which, in turn, can lower your potential expenses. Therefore, it's crucial to start saving well in advance.
  5. If you qualify for a VA loan, give this option top consideration.
  6. Explore government-backed programs and local assistance initiatives. These may present enticing opportunities, so be sure not to overlook them.
  7. Whenever feasible, work on paying off any existing debts to improve your financial situation and enhance your eligibility for favorable loan terms.


How much house can I afford in Kentucky?

To see whether a given property is within the limits of your budget, you must know its value and the tentative loan terms. Feed these to the calculator on the current page. Don't forget to account for your other debts, as well. Most advisers suggest keeping your mortgage payment at less than 28% of your monthly income, with total debt under 36%.

What credit rating do I need to qualify for a mortgage loan in Kentucky?

There is no definitive answer to this question. For conventional loans, credit scores starting from 620 are generally satisfactory. However, the exact conditions vary widely and include other essential criteria, including your income, current debt amount etc. For government-backed FHA plans, there is no predefined threshold, and each lender has the right to set their own requirements. Typically, a credit score of 500 or better may qualify.

What is the average mortgage rate in Kentucky?

At the time of writing, the average rates for conventional fixed-rate mortgages are :30_year_fixed_today_rate% and :15_year_fixed_today_rate% for a 30-year and a 15-year loan term, respectively.