Mortgage payment estimates, closing cost breakdowns, and first-time buyer programs for Massachusetts homebuyers.
Pre-filled with Massachusetts medians. Adjust for your property.
Estimated closing costs based on Massachusetts tax rates and fees.
The median home price in Massachusetts is $595,000, with property taxes averaging 1.2% annually. Massachusetts's property tax rate is roughly in line with the national average.
Closing costs in Massachusetts average $10K (1.6%% of purchase price). The state charges a 0.456% transfer tax on real estate transactions, which modestly adds to closing costs. Homeowners insurance runs approximately $2,200 per year. This is within the normal range nationally.
Massachusetts offers the MassHousing DPA for first-time buyers: Up to $50,000 DPA loan. Contact your state housing finance agency or a HUD-approved housing counselor for eligibility details and application steps.
Massachusetts is a higher-cost market. At $595K median, buyers need significant savings or strong income. Down payment assistance and competitive rate-shopping become especially important.