Monthly Payment on a $100K Mortgage in Delaware
Using Delaware's 0.56% property tax rate and $1,300/yr homeowners insurance.
$100K Mortgage in Delaware: Rate Comparison
Monthly PITI payment using Delaware's 0.56% property tax and $1,300/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $750 | $719 | $609 |
| 6.0% | $780 | $747 | $635 |
| 6.5% | $811 | $776 | $661 |
| 7.0% | $842 | $806 | $687 |
| 7.5% | $875 | $837 | $714 |
| 8.0% | $907 | $868 | $742 |
How This Compares to Delaware's Median
A $100K home is 72% below Delaware's median of $355K. This is well within reach in many Delaware communities.
Income Needed for a $100K Home in Delaware
To afford this payment of $776/mo in Delaware, you'd need a household income of approximately $33K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $30K salary can afford →Closing Costs in Delaware
Estimated closing costs in Delaware: $3K (3.3% of purchase price). Delaware also charges a 4% transfer tax, which may add $4,000 to your transaction costs.
What to Know About a $100K Mortgage in Delaware
With 10% down ($10,000), your loan of $90,000 at 6.5% over 30 years produces a principal and interest payment of $569/mo. Adding Delaware's 0.56% property tax ($47/mo) and $1,300/yr insurance ($108/mo) brings your total to $776/mo. Because you're putting less than 20% down, PMI adds $53/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $114,790 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $10,768 over the life of the loan.