Calculated payments and savings are estimates. The calculator result does not constitute an offer for a loan and will not solicit a loan offer. Savings will depend on the actual amounts and rate for which you are approved, should you choose to apply.
Getting a Mortgage in Massachusetts
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Last updated November 19, 2025
Real estate markets can vary dramatically by location, which is why national housing averages don’t always reflect what buyers actually pay. Housing costs are just one part of affordability, and tools like a cost of living calculator can help show how everyday expenses differ from place to place.
In Massachusetts, housing costs tend to run higher compared to national averages. For instance, in Suffolk County, the monthly principal-and-interest payment in Q1 2025 was $4,515 on a median-priced home valued at $770,329, according to the National Association of Realtors.
Median costs are more affordable in nearby Worcester County, where the typical payment came in at $2,868 for a $489,316 single-family home. But that gap may not last. Realtor.com named the Worcester metro area as one of its top housing markets for 2026, projecting home prices to rise 12.6% year-over-year as buyers discover what's still considered a relative bargain in Massachusetts.
Massachusetts mortgage and refinance rates today (APR)
Today's mortgage rates in Massachusetts are 7.401% for a 30-year fixed, 6.656% for a 15-year fixed, and 7.218% for a 5-year adjustable-rate mortgage (ARM).
Massachusetts's 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.
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
Median home value
Barnstable County
0.71%
$631,000
Berkshire County
1.16%
$307,800
Bristol County
1.11%
$432,000
Dukes County
0.50%
$998,100
Essex County
1.09%
$580,800
Franklin County
1.41%
$301,700
Hampden County
1.52%
$282,100
Hampshire County
1.40%
$370,600
Middlesex County
1.05%
$690,800
Nantucket County
0.32%
$1,265,600
Norfolk County
1.05%
$651,000
Plymouth County
1.15%
$542,500
Suffolk County
0.67%
$669,800
Worcester County
1.33%
$393,800
Source: American Communities Survey 2022, U.S. Census
How to use the mortgage calculator
To use our mortgage calculator, add your details to the following fields:
Home price
Down payment
Interest rate
Loan term (years)
After you enter this information, the calculator displays the monthly payment, as well as:
Total principal
Total interest payments
Payoff date
Calculating costs in addition to principal and interest
The calculator lets you fine-tune your payment by entering your annual property tax premium, annual home insurance premium, monthly homeowner association (HOA) fee, and monthly private mortgage insurance (PMI) premium.
To enter this information, click “Show Advanced Info” underneath the main loan details. Note that you'll enter the annual cost for property taxes and home insurance and the monthly cost for HOA fees and PMI premiums. The PMI field will only display if your down payment is less than 20%.
In the “Loan Estimate” window, select "Amortization Schedule" to uncover a table that shows how much you'll pay in principal and interest each month, as well as the remaining amount you owe ("Principal balance") after making the payment.
Total monthly payment: An estimate of all your monthly housing costs, covering your loan principal, interest, taxes, insurance, and PMI.
Total principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe.
Total interest payments: How much interest you would pay over the life of the loan.
Total loan payments: The entire amount of principal and interest paid, excluding taxes, insurance, and PMI.
Down payment: The portion of the home’s price you pay in cash upfront.
Interest rate: How much the lender charges you to lend you the money. Interest rates are expressed as an annual percentage. A lower interest rate gives you a smaller monthly payment.
Loan term (years): The number of years you have to repay the mortgage. A longer term gives you a lower monthly payment, but you’ll pay more interest.
Start date: The month that your first mortgage payment is due.
Payoff date: The month your home will be fully paid off based on the loan term.
Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual property 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 homeowners insurance premium each month, and the servicer pays the bill when it's due.
Monthly HOA fees: The amount you may pay each month if you belong to a homeowners association. Typically, these dues are billed directly, not added to the monthly mortgage payment. Because HOA dues can be easy to forget when considering the cost of homeownership, NerdWallet's mortgage calculator allows you to enter them here.
Private mortgage insurance: If you get a conventional mortgage and put down less than 20%, you’ll have to pay a monthly PMI premium. It covers the lender if you default on the loan and can be canceled once you reach 20% equity. FHA loans require a similar fee called a mortgage insurance premium.
