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$2,041$1,446
Mortgage Rate4.125%2.542%*2.99%*
Total interest paid
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,041$1,446
Mortgage Rate4.125%2.542%*2.99%*
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
drag me


We’ll share an interesting insight here for key milestones in your payoff schedule.

Refine Results
See latest mortgage rates
Get personalized mortgage rates from San Francisco, CA.
Principal & interest


Kentucky mortgage and refinance rates today (APR)

Loan typeAverage
1 day
1 year
30-year fixed3.061%
15-year fixed2.817%
5/1 ARM3.083%

Today’s rate

30-year fixed

Current rates in Kentucky are 3.061% for a 30-year fixed, 2.817% for a 15-year fixed, and 3.083% for a 5/1 adjustable-rate mortgage (ARM).

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

Enter your ZIP code to get started on a personalized lender match.


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

How do I calculate my mortgage payment?

Under "Home price," enter the price (if you're buying) or the current value (if you're refinancing). NerdWallet also has a refinancing calculator.

Under "Down payment," enter the amount of the down payment (if you're buying) or the amount of equity you have (if refinancing).

On desktop, under "Interest rate" (to the right), enter the rate. Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years.

On mobile devices, tap "Refine Results" to find the field to enter the rate and use the plus and minus signs to select the "Loan term."

You may also enter your own figures for property taxes, homeowners insurance and homeowners association fees, if you don't wish to use NerdWallet's estimates. Edit these figures by clicking on the amount currently displayed.

The mortgage calculator lets you click "Compare common loan types" to view a comparison of different loan terms. Click "Amortization" to see how the principal balance, principal paid (equity) and total interest paid change year by year. On mobile devices, scroll down to see "Amortization."

What's the formula for calculating a mortgage payment?

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 can a mortgage calculator help me?

Determining what your monthly house payment will be is an important part of answering the question "how much house can I afford?" That monthly payment is likely to be the biggest part of your cost of living.

Using this tool to calculate your mortgage payment can help you run scenarios as you buy a home or consider a refinance. It can help you decide:

  • 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.
  • 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. You’ll want to be aware of how much your monthly mortgage payment can change when the introductory rate expires, especially if interest rates are trending higher.
  • Are you buying too much home? The mortgage payment calculator can give you a reality check on how much you can expect to pay each month, especially when considering all the costs, including taxes, insurance and private mortgage insurance.
  • Are you putting enough money down? With minimum down payments commonly as low as 3%, 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 may be for you.

What costs are included in a monthly mortgage payment?

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But most mortgage payments include other charges as well. Here are the key components of the monthly mortgage payment:

  • Principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe.
  • Interest: What the lender charges you to lend 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. You pay about one-twelfth of your annual tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due, the loan servicer pays them.
  • Homeowners insurance: Your policy covers damage and financial losses from fire, storms, theft, a tree falling on your house and other bad things. As with property taxes, you pay roughly one-twelfth of your annual premium each month, and the servicer pays the bill when it's due.
  • 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.

Typically, when you belong to a homeowners association, the dues are billed directly, and it's not added to the monthly mortgage payment. Because HOA dues can be easy to forget, they're included in NerdWallet's mortgage calculator.

Can I reduce my monthly payment?

The mortgage calculator lets you test scenarios to see how you can reduce the monthly payments:

  • Extend the term (the number of years it will take to pay off the loan). With a longer term, your payment will be lower but you’ll pay more interest over the years. Review your amortization schedule to see the impact of extending your loan.
  • Buy less house. Taking out a smaller loan means a smaller monthly mortgage payment.
  • Avoid paying PMI. With a down payment of 20% or more, you won’t have to pay private mortgage insurance. Similarly, keeping at least 20% equity in the home lets you avoid PMI when you refinance.
  • Get a lower interest rate. Making a larger down payment can not only let you avoid PMI, but reduce your interest rate, too. That means a lower monthly mortgage payment.

Can my monthly payment go up?

Yes, your monthly payment can go up over time:

  1. If property taxes or homeowners insurance premiums rise. These costs are included in most mortgage payments.
  2. If you incur a late payment fee from your mortgage loan servicer.
  3. If you have an adjustable-rate mortgage and the rate rises at the adjustment period.