Massachusetts mortgage calculator

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

Massachusetts housing market

Massachusetts, the Bay State, is one of the most expensive housing markets in the n...ation, with the median homeowner spending over 21% of their income on housing. Housing prices rose 5.8% in 2018, with prices expected to increase at a higher rate in 2019. The rise in home prices has been most prominent in the Greater Boston area, which has seen prices increase 19% since the pre-housing crisis peak in 2005.

Your monthly payment
$1,599
30 year fixed loan term
Monthly payment
Principal & interest

$1,163

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$2,006$1,445
Mortgage Rate4.125%2.233%*2.983%*
Total interest paid
$178,737
$42,655
$123,474
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,006$1,445
Mortgage Rate4.125%2.233%*2.983%*
Total interest paid
$178,737
$42,655
$123,474
Amortization

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

At year 0

30 year fixed loan term

Remaining
$240,000
Principal Paid
$0
Interest Paid
$0
Year 0
drag me
1
30
Years

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

$1,163

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Massachusetts mortgage and refinance rates today (APR)

ProductInterest rateAPR
30-year fixed-rate2.851%2.912%
20-year fixed-rate2.585%2.672%
15-year fixed-rate2.052%2.162%
10-year fixed-rate2.094%2.217%
7/1 ARM3.216%3.546%
5/1 ARM3.244%3.666%
30-year fixed-rate FHA2.333%3.093%
30-year fixed-rate VA2.453%2.750%

Data source: ©Zillow, Inc. 2006 – 2021. Use is subject to the Terms of Use

Today's rate

2.912%
30-year fixed

Today’s mortgage rates in Massachusetts are 2.912% for a 30-year fixed, 2.162% for a 15-year fixed, and 3.666% 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.

 

Massachusetts first-time home buyer programs

The Massachusetts Housing Partnership and the Massachusetts Housing Finance Agency, or MassHousing, offer several loan programs to help qualified first-time home buyers get a mortgage.

One Mortgage

State program

Best for

Low mortgage rates

Low down payment

What you need to know

Offered by the Massachusetts Housing Partnership, this 30-year mortgage has a fixed, discounted interest rate and low down payment requirement, generally 3% of the purchase price. Unlike some other loans, One Mortgage doesn’t require mortgage insurance just because you put less than 20% down, and...

See full article

Massachusetts's best mortgage lenders

NerdWallet has done the work for you to pick the best financing partner for you in Massachusetts.

See full article

Average property tax in Massachusetts 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 Massachusetts. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.

County
Avg. property tax rate
Avg. home value
Barnstable County0.77%$401,100
Berkshire County1.22%$205,900
Bristol County1.15%$301,800
Dukes County0.53%$674,600
Essex County1.21%$405,500
Franklin County1.48%$230,300
Hampden County1.6%$208,800
Hampshire County1.48%$273,200
Middlesex County1.17%$511,700
Nantucket County0.31%$995,900
Norfolk County1.13%$473,400
Plymouth County1.24%$368,100
Suffolk County0.77%$497,000
Worcester County1.42%$281,100

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

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

Under "Down payment," enter the amount of your down payment (if you’re buying) or the amount of equity you have (if refinancing). A  is the cash you pay upfront for a home, and  is the value of the home, minus what you owe.

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 enter your own figures for  and , 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."

» MORE: 

The mortgage payment calculation looks like this: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

Determining what your monthly house payment will be is an important part of figuring out how much house you can afford. That monthly payment is likely to be the biggest part of your cost of living.

Using NerdWallet’s mortgage calculator lets you estimate your mortgage payment when you buy a home or refinance. You can change loan details in the calculator to run scenarios. The calculator can help you decide:

Mortgage lenders are required to assess your ability to repay the amount you want to borrow. A lot of factors go into that assessment, and the main one is debt-to-income ratio.

Your  is the percentage of pretax income that goes toward monthly debt payments, including the mortgage, car payments, student loans, minimum credit card payments and child support. Lenders look most favorably on debt-to-income ratios of 36% or less — or a maximum of $1,800 a month on an income of $5,000 a month before taxes.

» MORE: 

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:

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.

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

Your monthly payment can go up over time if: