Kentucky mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payment, your principal and interest, taxes, insurance, and PMI in Kentucky. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.

Kentucky housing market

Kentucky, the Bluegrass State, is the 8th most affordable housing market in the US,... with the median homeowner spending less than 18% of their income on their homes. Like many states Kentucky has experienced historically high home price growth in recent years. However, with a median home value of $133k, Kentucky will likely remain an affordable state for homebuyers for the foreseeable future.

Your monthly payment
30 year fixed loan term
Monthly payment
Principal & interest


Property taxes

Homeowners insurance

Homeowners association (HOA) fees

Compare common loan types

Total principal: $240,000

Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,139$1,554
Mortgage Rate4.125%3.39%*3.8%*
Total interest paid
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,139$1,554
Mortgage Rate4.125%3.39%*3.8%*
Total interest paid

See how your payments change over time for your 30 year fixed loan term

At year 0

30 year fixed loan term

Principal Paid
Interest Paid
Year 0
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We’ll share an interesting insight here for key milestones in your payoff schedule.

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Principal & interest


Kentucky mortgage and refinance rates today (APR)

Loan typeAverage
1 day
1 year
30-year fixed3.604%
15-year fixed3.113%
5/1 ARM3.574%

Today’s rate

30-year fixed

Current rates in Kentucky are 3.604% for a 30-year fixed, 3.113% for a 15-year fixed, and 3.574% for a 5/1 adjustable-rate mortgage (ARM).

Find top real estate agents in Kentucky

Start building your winning home buying team! Our partner, HomeLight, analyzes millions of home sales to identify the best performing agent.

First-time home buyer programs in Kentucky

There are several national first-time home buyer programs that may be able to help you get into a home in Kentucky.

Conventional mortgage

National program

What you need to know

Best for home buyers with good credit looking for low down payments or limited mortgage insurance premiums. A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie...

See full article

Average property tax in Kentucky counties

Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Kentucky. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.

CountyAvg. property tax rateAvg. home value
Adair County0.63%$85,900
Allen County0.71%$102,500
Anderson County0.86%$138,600
Ballard County0.89%$102,600
Barren County0.73%$110,400
Bath County0.67%$77,900
Bell County0.59%$59,400
Boone County0.95%$191,500
Bourbon County0.61%$144,900
Boyd County0.75%$103,900
Boyle County0.84%$141,100
Bracken County0.64%$102,300
Breathitt County0.73%$50,000
Breckinridge County0.62%$95,200
Bullitt County0.93%$164,600
Butler County0.59%$90,400
Caldwell County0.49%$95,300
Calloway County0.71%$130,100
Campbell County1.13%$180,500
Carlisle County0.62%$89,200
Carroll County0.71%$103,800
Carter County0.5%$83,300
Casey County0.61%$77,600
Christian County0.71%$122,800
Clark County0.8%$139,200
Clay County0.67%$55,600
Clinton County0.57%$66,100
Crittenden County0.59%$84,600
Cumberland County0.54%$90,300
Daviess County0.85%$136,200
Edmonson County0.44%$87,100
Elliott County0.29%$72,700
Estill County0.67%$71,000
Fayette County0.91%$193,100
Fleming County0.64%$89,900
Floyd County0.57%$72,900
Franklin County0.88%$139,300
Fulton County0.57%$63,600
Gallatin County0.76%$109,900
Garrard County0.78%$131,000
Grant County0.76%$119,700
Graves County0.6%$95,600
Grayson County0.53%$102,200
Green County0.67%$75,800
Greenup County0.96%$103,300
Hancock County0.61%$109,100
Hardin County0.74%$151,200
Harlan County0.62%$53,500
Harrison County0.59%$132,900
Hart County0.59%$90,200
Henderson County0.82%$118,000
Henry County0.85%$126,100
Hickman County0.66%$70,200
Hopkins County0.79%$96,600
Jackson County0.45%$69,900
Jefferson County0.91%$174,400
Jessamine County0.85%$164,300
Johnson County0.58%$90,300
Kenton County1.13%$159,200
Knott County0.56%$52,000
Knox County0.68%$76,900
Larue County0.61%$107,300
Laurel County0.58%$102,000
Lawrence County0.66%$80,400
Lee County0.64%$64,200
Leslie County0.59%$48,900
Letcher County0.63%$58,500
Lewis County0.58%$68,300
Lincoln County0.6%$96,100
Livingston County0.63%$90,800
Logan County0.65%$105,400
Lyon County0.62%$122,900
Madison County0.82%$159,700
Magoffin County0.49%$63,300
Marion County0.69%$100,400
Marshall County0.75%$118,100
Martin County0.56%$65,500
Mason County0.66%$111,200
McCracken County0.65%$148,400
McCreary County0.64%$61,300
McLean County0.56%$96,800
Meade County0.82%$140,800
Menifee County0.46%$77,800
Mercer County0.78%$139,900
Metcalfe County0.61%$75,200
Monroe County0.64%$74,500
Montgomery County0.76%$118,200
Morgan County0.66%$77,500
Muhlenberg County0.58%$82,000
Nelson County0.81%$144,800
Nicholas County0.6%$82,100
Ohio County0.6%$88,300
Oldham County0.96%$287,800
Owen County0.6%$99,100
Owsley County0.77%$70,000
Pendleton County0.99%$106,400
Perry County0.67%$73,300
Pike County0.61%$75,400
Powell County0.47%$79,800
Pulaski County0.57%$109,100
Robertson County0.6%$94,500
Rockcastle County0.56%$80,800
Rowan County0.67%$121,100
Russell County0.66%$87,300
Scott County0.65%$170,800
Shelby County0.85%$184,900
Simpson County0.68%$130,500
Spencer County0.74%$190,900
Taylor County0.71%$106,700
Todd County0.49%$94,800
Trigg County0.55%$119,500
Trimble County0.79%$110,500
Union County0.74%$83,100
Warren County0.68%$166,600
Washington County0.68%$105,600
Wayne County0.58%$81,400
Webster County0.73%$80,800
Whitley County0.59%$83,800
Wolfe County0.44%$65,700
Woodford County0.74%$188,200

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

What’s included in a mortgage loan calculator?

A mortgage calculator used to look kind of like your grandfather’s cell phone. A bunch of buttons, a little screen and a lot of punching in numbers to get a result. The NerdWallet home mortgage calculator is different. It can calculate your monthly mortgage payment in no time.

Any good home mortgage calculator can do that. Even that big calculator stuffed in your grandpa’s shirt pocket. But an excellent mortgage payment calculator can do more. That’s why the NerdWallet monthly mortgage payment calculator also takes into account the additional costs — like taxes and insurance — that are included in your monthly payment. It’s called a PITI mortgage calculator, for principal, interest, taxes and insurance. We can also include HOA dues and PMI — private mortgage insurance — in your monthly payment calculation.

A lot of folks forget to include all those costs and are frankly a bit surprised when their monthly mortgage payment turns out to be a lot more than they counted on. The formula working behind the curtain of the NerdWallet mortgage calculator takes that bit of uncertainty out of the picture.

How to calculate your mortgage payment

For the paper and pencil mathletes out there, the mortgage payment calculation looks like this:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

  • M = monthly mortgage payment
  • P = the principal amount
  • i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year. So, if your rate is 5%, then the monthly rate will look like this: 0.05/12 = 0.004167.
  • n = the number of payments over the life of the loan. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments.

How to use a mortgage payment calculator

Determining what your monthly house payment will be is an important part of the “how much house can I afford?” decision. That monthly payment is likely to be the biggest part of your living overhead.

Using this tool to calculate your mortgage payment can help you run various scenarios in your decision process for buying a home. You may consider:

  • How long of a home loan term is right for you? A 30-year fixed-rate mortgage will lower your monthly payment, but you’ll pay more interest over the life of the loan. A 15-year fixed-rate mortgage can reduce the total interest you’ll pay, but your monthly payment will be higher. Regardless of which term you choose, fixed-rate mortgages have interest rates that are locked in for the life of the loan.
  • Is an ARM a good option? Adjustable-rate mortgages start with a “teaser” interest rate, and then the loan rate changes — higher or lower — over time. A 5/1 ARM can be a good choice, particularly if you plan on being in a home for just a few years or so. You’ll want to be aware of how much your monthly mortgage payment can change, especially if interest rates are trending higher.
  • If you’re buying too much home. The NerdWallet mortgage payment calculator can help you take a reality check on just how much home you can afford, especially when considering your all-in costs, including taxes, insurance and PMI.
  • Are you putting enough money down? With minimum down payments commonly as low as 3% these days, it’s easier than ever to put just a little money down. The mortgage payment calculator can help you decide what the best down payment for you may be.

What are the monthly costs built into a monthly mortgage payment?

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But that’s rarely the case these days. There are a lot of costs that can be built into a monthly mortgage payment. Here are the five key components in play when you calculate mortgage payments:

  • Principal: Typically, this would be the home’s purchase price, less any down payment It’s the amount you borrow. If you’re buying a $500,000 home and put down $100,000, the principal would be $400,000.
  • Interest: What the lender charges you to loan you the money. Interest rates are expressed as an annual percentage.
  • Property taxes: The annual tax assessed by a government authority on your home and land.
  • Mortgage insurance: If your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. It protects the lender’s interest in case a borrower defaults on a mortgage. Once the equity in your property increases to 20%, the mortgage insurance is canceled, unless you have an FHA loan.
  • Homeowners association (HOA) fee: This is paid by homeowners to an organization that assists with upkeep, property improvements and shared amenities.

Can I lower my monthly payment?

This is where a mortgage calculator can really bring some clarity to the home buying process: by helping you to work different payment scenarios.

Here are ways you can lower your monthly payment:

  • Extend the number of years for the loan. It’s called the loan term, something we mentioned above. As we said, your payment will be lower but you’ll be paying a lot more interest over the added years. Review your amortization schedule to see the impact of extending your loan.
  • Buy less house. Obviously, taking out a smaller loan means a smaller monthly mortgage payment.
  • Avoid paying PMI. By putting down 20% or more, you won’t have to pay private mortgage insurance. That can be another option to consider as you run “what ifs” in the mortgage calculator tool. However, if you’re looking at FHA loans, mortgage insurance can last for the entire length of the loan.
  • Get a better interest rate. Putting more money down not only can eliminate PMI, but lower your interest rate, too. That means a lower monthly mortgage payment. Shopping at least three lenders can also increase your odds of getting a better mortgage interest rate.

Can my monthly payment go up?

Now, you’ve calculated your monthly mortgage payment and you’ve got a number you’re happy with. What could make your payment go up from there:

  1. If you have an adjustable-rate mortgage, as we mentioned above.
  2. If costs included in your mortgage payment, such as property taxes or homeowners insurance premiums, go up. And they will, eventually.
  3. If your mortgage loan servicer charges a late payment fee.