Massachusetts Mortgage Calculator

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

Mortgage details
Home price
$
Down payment
$
Loan term
Y
Interest rate
%
Calculate
Reset
Mortgage results
Total amount paid
Interest
$125 050
Principal
$360 000
Total principal & interest$485 050
Monthly payment$4 042.08
Total interest paid$125 050
Payoff dateJuly 2035
Print payments schedule

Detailed payment info

DatePaymentPrincipal PaidInterest PaidRemaining Balance
August 20254 042.082 167.081 875357 832.92
September 20254 042.082 178.371 863.71355 654.55
October 20254 042.082 189.721 852.37353 464.83
November 20254 042.082 201.121 840.96351 263.71
December 20254 042.082 212.591 829.50349 051.12
January 20264 042.082 224.111 817.97346 827.02
February 20264 042.082 235.691 806.39344 591.32
March 20264 042.082 247.341 794.75342 343.99
April 20264 042.082 259.041 783.04340 084.94
May 20264 042.082 270.811 771.28337 814.14
June 20264 042.082 282.631 759.45335 531.50
July 20264 042.082 294.521 747.56333 236.98
August 20264 042.082 306.471 735.61330 930.50
September 20264 042.082 318.491 723.60328 612.02
October 20264 042.082 330.561 711.52326 281.45
November 20264 042.082 342.701 699.38323 938.75
December 20264 042.082 354.901 687.18321 583.85
January 20274 042.082 367.171 674.92319 216.68
February 20274 042.082 379.501 662.59316 837.19
March 20274 042.082 391.891 650.19314 445.30
April 20274 042.082 404.351 637.74312 040.95
May 20274 042.082 416.871 625.21309 624.08
June 20274 042.082 429.461 612.63307 194.62
July 20274 042.082 442.111 599.97304 752.51
August 20274 042.082 454.831 587.25302 297.68
September 20274 042.082 467.621 574.47299 830.06
October 20274 042.082 480.471 561.61297 349.59
November 20274 042.082 493.391 548.70294 856.21
December 20274 042.082 506.371 535.71292 349.83
January 20284 042.082 519.431 522.66289 830.40
February 20284 042.082 532.551 509.53287 297.85
March 20284 042.082 545.741 496.34284 752.11
April 20284 042.082 5591 483.08282 193.11
May 20284 042.082 572.331 469.76279 620.79
June 20284 042.082 585.731 456.36277 035.06
July 20284 042.082 599.191 442.89274 435.87
August 20284 042.082 612.731 429.35271 823.14
September 20284 042.082 626.341 415.75269 196.80
October 20284 042.082 640.021 402.07266 556.78
November 20284 042.082 653.771 388.32263 903.02
December 20284 042.082 667.591 374.49261 235.43
January 20294 042.082 681.481 360.60258 553.94
February 20294 042.082 695.451 346.64255 858.50
March 20294 042.082 709.491 332.60253 149.01
April 20294 042.082 723.601 318.48250 425.41
May 20294 042.082 737.781 304.30247 687.63
June 20294 042.082 752.041 290.04244 935.58
July 20294 042.082 766.381 275.71242 169.20
August 20294 042.082 780.791 261.30239 388.42
September 20294 042.082 795.271 246.81236 593.15
October 20294 042.082 809.831 232.26233 783.32
November 20294 042.082 824.461 217.62230 958.86
December 20294 042.082 839.171 202.91228 119.69
January 20304 042.082 853.961 188.12225 265.73
February 20304 042.082 868.821 173.26222 396.90
March 20304 042.082 883.771 158.32219 513.14
April 20304 042.082 898.791 143.30216 614.35
May 20304 042.082 913.881 128.20213 700.47
June 20304 042.082 929.061 113.02210 771.41
July 20304 042.082 944.321 097.77207 827.09
August 20304 042.082 959.651 082.43204 867.44
September 20304 042.082 975.071 067.02201 892.38
October 20304 042.082 990.561 051.52198 901.81
November 20304 042.083 006.141 035.95195 895.68
December 20304 042.083 021.791 020.29192 873.88
January 20314 042.083 037.531 004.55189 836.35
February 20314 042.083 053.35988.73186 783
March 20314 042.083 069.26972.83183 713.74
April 20314 042.083 085.24956.84180 628.50
May 20314 042.083 101.31940.77177 527.19
June 20314 042.083 117.46924.62174 409.73
July 20314 042.083 133.70908.38171 276.03
August 20314 042.083 150.02892.06168 126.01
September 20314 042.083 166.43875.66164 959.58
October 20314 042.083 182.92859.16161 776.66
November 20314 042.083 199.50842.59158 577.17
December 20314 042.083 216.16825.92155 361.01
January 20324 042.083 232.91809.17152 128.10
February 20324 042.083 249.75792.33148 878.35
March 20324 042.083 266.68775.41145 611.67
April 20324 042.083 283.69758.39142 327.98
May 20324 042.083 300.79741.29139 027.19
June 20324 042.083 317.98724.10135 709.21
July 20324 042.083 335.26706.82132 373.94
August 20324 042.083 352.64689.45129 021.30
September 20324 042.083 370.10671.99125 651.21
October 20324 042.083 387.65654.43122 263.56
November 20324 042.083 405.29636.79118 858.26
December 20324 042.083 423.03619.05115 435.23
January 20334 042.083 440.86601.23111 994.37
February 20334 042.083 458.78583.30108 535.60
March 20334 042.083 476.79565.29105 058.80
April 20334 042.083 494.90547.18101 563.90
May 20334 042.083 513.10528.9898 050.79
June 20334 042.083 531.40510.6894 519.39
July 20334 042.083 549.79492.2990 969.60
August 20334 042.083 568.28473.8087 401.31
September 20334 042.083 586.87455.2283 814.45
October 20334 042.083 605.55436.5380 208.90
November 20334 042.083 624.33417.7576 584.57
December 20334 042.083 643.21398.8872 941.36
January 20344 042.083 662.18379.9069 279.18
February 20344 042.083 681.25360.8365 597.93
March 20344 042.083 700.43341.6661 897.50
April 20344 042.083 719.70322.3858 177.80
May 20344 042.083 739.07303.0154 438.72
June 20344 042.083 758.55283.5450 680.18
July 20344 042.083 778.12263.9646 902.05
August 20344 042.083 797.80244.2843 104.25
September 20344 042.083 817.58224.5039 286.67
October 20344 042.083 837.47204.6235 449.20
November 20344 042.083 857.45184.6331 591.75
December 20344 042.083 877.54164.5427 714.21
January 20354 042.083 897.74144.3423 816.47
February 20354 042.083 918.04124.0419 898.43
March 20354 042.083 938.45103.6415 959.98
April 20354 042.083 958.9683.1212 001.02
May 20354 042.083 979.5862.518 021.45
June 20354 042.084 000.3141.784 021.14
July 20354 042.084 021.1420.940

Best mortgage lenders in Massachusetts

Mortgage lenders that are highly favored in Massachusetts have a nationwide presence. These include such recognizable names as Pentagon Federal Credit Union, AmeriSave, Rocket Mortgage. Several lesser known but trustworthy options include Massachusetts-based Drew Mortgage Associates Inc, Prestige Home Mortgage LLC.

How to calculate mortgage payment in Massachusetts

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

Why and How to Use Our Mortgage Calculator

Use our house payment calculator Massachusetts 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 Massachusetts parameters.

The initial consideration in the equation is the home price, which represents the amount you intend to invest in your future property. A down payment constitutes the upfront payment portion, and to avoid expensive insurance, it is necessary to provide a minimum of 20% down, particularly with a conventional loan. The remaining portion constitutes the principal, such as 80% of the home price when a 20% down payment is made.

The loan term signifies the duration required for complete mortgage repayment through scheduled payments. Fixed-rate conforming loans typically extend for a maximum of 30 years, whereas adjustable-rate alternatives generally come with shorter terms.

An interest rate denotes a fixed or variable percentage of the principal amount that you are obligated to pay over the course of the loan. It is important to note that you are actually subject to an annual percentage rate (APR), commonly abbreviated as APR, which is not identical to the interest rate. While the interest rate accounts for the majority of the APR value, the latter also encompasses various fees, such as origination fees, closing costs, and insurance payments, among others.

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

Median property taxes in Massachusetts counties

Considering property tax is another key aspect when deciding on your future home. Many lenders require the creation of a mortgage escrow account to ensure that the borrower stays on top of their tax and insurance payments.

County Avg. property tax rate Avg. home value
Barnstable County $2,570 $401,100
Berkshire County $2,386 $205,900
Bristol County $2,752 $301,800
Dukes County $2,850 $674,600
Essex County $3,719 $405,500
Franklin County $2,968 $230,300
Hampden County $2,735 $208,800
Hampshire County $3,140 $273,200
Middlesex County $4,356 $511,700
Nantucket County $2,823 $995,900
Norfolk County $4,157 $473,400
Plymouth County $3,670 $368,100
Suffolk County $3,009 $497,000
Worcester County $3,117 $281,100

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

Massachusetts Housing Market 2025

Over the past year, there has been a notable surge in the housing market's value in Massachusetts. This follows a well-established pattern that has been accentuated by the effects of the COVID-19 pandemic. However, it's worth noting that the rate of growth has slowed compared to the previous year. Meanwhile, both purchase and refinance rates have been steadily climbing and are anticipated to continue their upward trajectory in the near future.

How do I calculate my mortgage payment?

The most convenient way to do this is to make use of our calculator. It's powered by a simple formula, which you can also use to calculate the amount to be paid by hand:

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)

Consider you are seeking a 15-year mortgage loan with a fixed 6.99% APR (expressed as a unit fraction as 0.0699). The house is priced at $500,000, and you intend to make a 10% down payment, which amounts to $50,000. Therefore, the principal amount (P) will be 90% of the initial home cost, calculated as follows: $500,000 - $50,000 = $450,000.

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

Finally, we'll convert the loan duration from years into 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 Massachusetts

To begin with, there are various federal agencies such as USDA, FHA, and VA that provide loan guarantees to eligible borrowers. These programs offer valuable options for many first-time homebuyers, allowing them to choose the one that best suits their financial situation.

In addition to these government-backed initiatives, it's worthwhile to explore offerings from the UHC (Massachusetts Housing Corporation) that cater to residents of Massachusetts. Specifically, first-time homebuyers meeting the qualifications for an FHA loan with a FICO score of at least 660 can apply for the FirstHome program, which provides assistance with down payments and closing costs. This program covers up to 6% of the loan amount for these expenses, but it's important to note that it takes the form of a 30-year fixed-rate second loan. If you don't qualify for the FirstHome program, there's an alternative option called the Massachusetts Housing Score Loan, which covers up to 4%. The minimum acceptable credit score for this program is 620.

Here are some valuable tips for first-time homebuyers:

  1. Obtain pre-approval in advance. This not only enhances your credibility in the eyes of home sellers but is also advisable to obtain pre-approval letters from multiple lenders, ideally two or three.
  2. Compare mortgage rates from different lenders. Consider a minimum of three lenders to make an informed choice.
  3. Conduct preliminary calculations based on your pre-approved amount to plan for future expenses effectively.
  4. Save as much as possible for your down payment, starting as early as you can. A larger down payment reduces the principal amount and can lead to lower overall expenses.
  5. If you qualify for a VA loan, give strong consideration to this option.
  6. Explore both government-backed programs and local assistance programs, as they often come with enticing offers that can benefit you.
  7. If possible, work on paying off any existing debts to improve your financial profile during the homebuying process.

FAQ

How much house can I afford in Massachusetts?

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 Massachusetts?

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 Massachusetts?

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.