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.
Total principal & interest | $485 050 |
Monthly payment | $4 042.08 |
Total interest paid | $125 050 |
Payoff date | July 2035 |
Detailed payment info
Date | Payment | Principal Paid | Interest Paid | Remaining Balance |
---|---|---|---|---|
August 2025 | 4 042.08 | 2 167.08 | 1 875 | 357 832.92 |
September 2025 | 4 042.08 | 2 178.37 | 1 863.71 | 355 654.55 |
October 2025 | 4 042.08 | 2 189.72 | 1 852.37 | 353 464.83 |
November 2025 | 4 042.08 | 2 201.12 | 1 840.96 | 351 263.71 |
December 2025 | 4 042.08 | 2 212.59 | 1 829.50 | 349 051.12 |
January 2026 | 4 042.08 | 2 224.11 | 1 817.97 | 346 827.02 |
February 2026 | 4 042.08 | 2 235.69 | 1 806.39 | 344 591.32 |
March 2026 | 4 042.08 | 2 247.34 | 1 794.75 | 342 343.99 |
April 2026 | 4 042.08 | 2 259.04 | 1 783.04 | 340 084.94 |
May 2026 | 4 042.08 | 2 270.81 | 1 771.28 | 337 814.14 |
June 2026 | 4 042.08 | 2 282.63 | 1 759.45 | 335 531.50 |
July 2026 | 4 042.08 | 2 294.52 | 1 747.56 | 333 236.98 |
August 2026 | 4 042.08 | 2 306.47 | 1 735.61 | 330 930.50 |
September 2026 | 4 042.08 | 2 318.49 | 1 723.60 | 328 612.02 |
October 2026 | 4 042.08 | 2 330.56 | 1 711.52 | 326 281.45 |
November 2026 | 4 042.08 | 2 342.70 | 1 699.38 | 323 938.75 |
December 2026 | 4 042.08 | 2 354.90 | 1 687.18 | 321 583.85 |
January 2027 | 4 042.08 | 2 367.17 | 1 674.92 | 319 216.68 |
February 2027 | 4 042.08 | 2 379.50 | 1 662.59 | 316 837.19 |
March 2027 | 4 042.08 | 2 391.89 | 1 650.19 | 314 445.30 |
April 2027 | 4 042.08 | 2 404.35 | 1 637.74 | 312 040.95 |
May 2027 | 4 042.08 | 2 416.87 | 1 625.21 | 309 624.08 |
June 2027 | 4 042.08 | 2 429.46 | 1 612.63 | 307 194.62 |
July 2027 | 4 042.08 | 2 442.11 | 1 599.97 | 304 752.51 |
August 2027 | 4 042.08 | 2 454.83 | 1 587.25 | 302 297.68 |
September 2027 | 4 042.08 | 2 467.62 | 1 574.47 | 299 830.06 |
October 2027 | 4 042.08 | 2 480.47 | 1 561.61 | 297 349.59 |
November 2027 | 4 042.08 | 2 493.39 | 1 548.70 | 294 856.21 |
December 2027 | 4 042.08 | 2 506.37 | 1 535.71 | 292 349.83 |
January 2028 | 4 042.08 | 2 519.43 | 1 522.66 | 289 830.40 |
February 2028 | 4 042.08 | 2 532.55 | 1 509.53 | 287 297.85 |
March 2028 | 4 042.08 | 2 545.74 | 1 496.34 | 284 752.11 |
April 2028 | 4 042.08 | 2 559 | 1 483.08 | 282 193.11 |
May 2028 | 4 042.08 | 2 572.33 | 1 469.76 | 279 620.79 |
June 2028 | 4 042.08 | 2 585.73 | 1 456.36 | 277 035.06 |
July 2028 | 4 042.08 | 2 599.19 | 1 442.89 | 274 435.87 |
August 2028 | 4 042.08 | 2 612.73 | 1 429.35 | 271 823.14 |
September 2028 | 4 042.08 | 2 626.34 | 1 415.75 | 269 196.80 |
October 2028 | 4 042.08 | 2 640.02 | 1 402.07 | 266 556.78 |
November 2028 | 4 042.08 | 2 653.77 | 1 388.32 | 263 903.02 |
December 2028 | 4 042.08 | 2 667.59 | 1 374.49 | 261 235.43 |
January 2029 | 4 042.08 | 2 681.48 | 1 360.60 | 258 553.94 |
February 2029 | 4 042.08 | 2 695.45 | 1 346.64 | 255 858.50 |
March 2029 | 4 042.08 | 2 709.49 | 1 332.60 | 253 149.01 |
April 2029 | 4 042.08 | 2 723.60 | 1 318.48 | 250 425.41 |
May 2029 | 4 042.08 | 2 737.78 | 1 304.30 | 247 687.63 |
June 2029 | 4 042.08 | 2 752.04 | 1 290.04 | 244 935.58 |
July 2029 | 4 042.08 | 2 766.38 | 1 275.71 | 242 169.20 |
August 2029 | 4 042.08 | 2 780.79 | 1 261.30 | 239 388.42 |
September 2029 | 4 042.08 | 2 795.27 | 1 246.81 | 236 593.15 |
October 2029 | 4 042.08 | 2 809.83 | 1 232.26 | 233 783.32 |
November 2029 | 4 042.08 | 2 824.46 | 1 217.62 | 230 958.86 |
December 2029 | 4 042.08 | 2 839.17 | 1 202.91 | 228 119.69 |
January 2030 | 4 042.08 | 2 853.96 | 1 188.12 | 225 265.73 |
February 2030 | 4 042.08 | 2 868.82 | 1 173.26 | 222 396.90 |
March 2030 | 4 042.08 | 2 883.77 | 1 158.32 | 219 513.14 |
April 2030 | 4 042.08 | 2 898.79 | 1 143.30 | 216 614.35 |
May 2030 | 4 042.08 | 2 913.88 | 1 128.20 | 213 700.47 |
June 2030 | 4 042.08 | 2 929.06 | 1 113.02 | 210 771.41 |
July 2030 | 4 042.08 | 2 944.32 | 1 097.77 | 207 827.09 |
August 2030 | 4 042.08 | 2 959.65 | 1 082.43 | 204 867.44 |
September 2030 | 4 042.08 | 2 975.07 | 1 067.02 | 201 892.38 |
October 2030 | 4 042.08 | 2 990.56 | 1 051.52 | 198 901.81 |
November 2030 | 4 042.08 | 3 006.14 | 1 035.95 | 195 895.68 |
December 2030 | 4 042.08 | 3 021.79 | 1 020.29 | 192 873.88 |
January 2031 | 4 042.08 | 3 037.53 | 1 004.55 | 189 836.35 |
February 2031 | 4 042.08 | 3 053.35 | 988.73 | 186 783 |
March 2031 | 4 042.08 | 3 069.26 | 972.83 | 183 713.74 |
April 2031 | 4 042.08 | 3 085.24 | 956.84 | 180 628.50 |
May 2031 | 4 042.08 | 3 101.31 | 940.77 | 177 527.19 |
June 2031 | 4 042.08 | 3 117.46 | 924.62 | 174 409.73 |
July 2031 | 4 042.08 | 3 133.70 | 908.38 | 171 276.03 |
August 2031 | 4 042.08 | 3 150.02 | 892.06 | 168 126.01 |
September 2031 | 4 042.08 | 3 166.43 | 875.66 | 164 959.58 |
October 2031 | 4 042.08 | 3 182.92 | 859.16 | 161 776.66 |
November 2031 | 4 042.08 | 3 199.50 | 842.59 | 158 577.17 |
December 2031 | 4 042.08 | 3 216.16 | 825.92 | 155 361.01 |
January 2032 | 4 042.08 | 3 232.91 | 809.17 | 152 128.10 |
February 2032 | 4 042.08 | 3 249.75 | 792.33 | 148 878.35 |
March 2032 | 4 042.08 | 3 266.68 | 775.41 | 145 611.67 |
April 2032 | 4 042.08 | 3 283.69 | 758.39 | 142 327.98 |
May 2032 | 4 042.08 | 3 300.79 | 741.29 | 139 027.19 |
June 2032 | 4 042.08 | 3 317.98 | 724.10 | 135 709.21 |
July 2032 | 4 042.08 | 3 335.26 | 706.82 | 132 373.94 |
August 2032 | 4 042.08 | 3 352.64 | 689.45 | 129 021.30 |
September 2032 | 4 042.08 | 3 370.10 | 671.99 | 125 651.21 |
October 2032 | 4 042.08 | 3 387.65 | 654.43 | 122 263.56 |
November 2032 | 4 042.08 | 3 405.29 | 636.79 | 118 858.26 |
December 2032 | 4 042.08 | 3 423.03 | 619.05 | 115 435.23 |
January 2033 | 4 042.08 | 3 440.86 | 601.23 | 111 994.37 |
February 2033 | 4 042.08 | 3 458.78 | 583.30 | 108 535.60 |
March 2033 | 4 042.08 | 3 476.79 | 565.29 | 105 058.80 |
April 2033 | 4 042.08 | 3 494.90 | 547.18 | 101 563.90 |
May 2033 | 4 042.08 | 3 513.10 | 528.98 | 98 050.79 |
June 2033 | 4 042.08 | 3 531.40 | 510.68 | 94 519.39 |
July 2033 | 4 042.08 | 3 549.79 | 492.29 | 90 969.60 |
August 2033 | 4 042.08 | 3 568.28 | 473.80 | 87 401.31 |
September 2033 | 4 042.08 | 3 586.87 | 455.22 | 83 814.45 |
October 2033 | 4 042.08 | 3 605.55 | 436.53 | 80 208.90 |
November 2033 | 4 042.08 | 3 624.33 | 417.75 | 76 584.57 |
December 2033 | 4 042.08 | 3 643.21 | 398.88 | 72 941.36 |
January 2034 | 4 042.08 | 3 662.18 | 379.90 | 69 279.18 |
February 2034 | 4 042.08 | 3 681.25 | 360.83 | 65 597.93 |
March 2034 | 4 042.08 | 3 700.43 | 341.66 | 61 897.50 |
April 2034 | 4 042.08 | 3 719.70 | 322.38 | 58 177.80 |
May 2034 | 4 042.08 | 3 739.07 | 303.01 | 54 438.72 |
June 2034 | 4 042.08 | 3 758.55 | 283.54 | 50 680.18 |
July 2034 | 4 042.08 | 3 778.12 | 263.96 | 46 902.05 |
August 2034 | 4 042.08 | 3 797.80 | 244.28 | 43 104.25 |
September 2034 | 4 042.08 | 3 817.58 | 224.50 | 39 286.67 |
October 2034 | 4 042.08 | 3 837.47 | 204.62 | 35 449.20 |
November 2034 | 4 042.08 | 3 857.45 | 184.63 | 31 591.75 |
December 2034 | 4 042.08 | 3 877.54 | 164.54 | 27 714.21 |
January 2035 | 4 042.08 | 3 897.74 | 144.34 | 23 816.47 |
February 2035 | 4 042.08 | 3 918.04 | 124.04 | 19 898.43 |
March 2035 | 4 042.08 | 3 938.45 | 103.64 | 15 959.98 |
April 2035 | 4 042.08 | 3 958.96 | 83.12 | 12 001.02 |
May 2035 | 4 042.08 | 3 979.58 | 62.51 | 8 021.45 |
June 2035 | 4 042.08 | 4 000.31 | 41.78 | 4 021.14 |
July 2035 | 4 042.08 | 4 021.14 | 20.94 | 0 |
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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:
- 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.
- Compare mortgage rates from different lenders. Consider a minimum of three lenders to make an informed choice.
- Conduct preliminary calculations based on your pre-approved amount to plan for future expenses effectively.
- 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.
- If you qualify for a VA loan, give strong consideration to this option.
- Explore both government-backed programs and local assistance programs, as they often come with enticing offers that can benefit you.
- If possible, work on paying off any existing debts to improve your financial profile during the homebuying process.