Mortgage Calculator – Massachusetts
Massachusetts has one of the most competitive housing markets in the U.S., with higher home prices driven by strong job markets and limited housing supply.
This Massachusetts mortgage calculator helps you estimate realistic monthly payments by including loan terms, interest rates, property taxes, and insurance.
Mortgage Calculator – Massachusetts
Why Mortgage Costs in Massachusetts Are Higher
Limited housing inventory, high demand, and strong employment centers drive up home prices across much of Massachusetts.
Property taxes are moderate compared to other northeastern states, but higher home values increase total tax amounts.
Insurance costs are generally stable, though older homes may require higher coverage.
Massachusetts Mortgage Examples
Example 1: A $620,000 home with 20% down at 6.9% over 30 years may result in a monthly payment around $3,200 including taxes and insurance.
Example 2: Homes in the Greater Boston area typically cost more than those in western Massachusetts.
Example 3: Higher purchase prices lead to significantly more interest paid over the life of the loan.
15-Year vs 30-Year Mortgage in Massachusetts
| Factor | 15-Year Loan | 30-Year Loan |
|---|---|---|
| Monthly Payment | Much higher | Lower |
| Total Interest | Much lower | Much higher |
| Best For | High-income stability | Cash-flow flexibility |
Frequently Asked Questions – Massachusetts Mortgage
Is Massachusetts expensive for homebuyers?
Yes. Massachusetts has higher-than-average home prices, especially near Boston.
Does this Massachusetts mortgage calculator include property taxes?
Yes. You can include estimated property tax and insurance costs.
Are property taxes high in Massachusetts?
Rates are moderate, but high home values increase total taxes.
Do Massachusetts buyers need PMI?
PMI may apply if your down payment is below 20%.
Are mortgage rates higher in Massachusetts?
Rates generally align with national averages.
Does this calculator include HOA fees?
No. HOA fees should be added separately.
Is refinancing common in Massachusetts?
Yes. Homeowners refinance to lower interest rates or adjust loan terms.
Do older homes affect insurance costs?
Yes. Older properties may require higher insurance coverage.
Related Mortgage Tools
Disclaimer
This calculator provides estimates for educational purposes only and does not constitute financial, legal, or tax advice.