Monthly Payment on a $100K Mortgage in Massachusetts
Using Massachusetts's 1.2% property tax rate and $2,200/yr homeowners insurance.
$100K Mortgage in Massachusetts: Rate Comparison
Monthly PITI payment using Massachusetts's 1.2% property tax and $2,200/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $878 | $847 | $738 |
| 6.0% | $908 | $875 | $763 |
| 6.5% | $939 | $905 | $789 |
| 7.0% | $971 | $935 | $816 |
| 7.5% | $1,003 | $965 | $843 |
| 8.0% | $1,036 | $996 | $870 |
How This Compares to Massachusetts's Median
A $100K home is 83% below Massachusetts's median of $595K. This is well within reach in many Massachusetts communities.
Income Needed for a $100K Home in Massachusetts
To afford this payment of $905/mo in Massachusetts, you'd need a household income of approximately $39K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $40K salary can afford →Closing Costs in Massachusetts
Estimated closing costs in Massachusetts: $2K (1.6% of purchase price). Massachusetts also charges a 0.456% transfer tax, which may add $456 to your transaction costs.
What to Know About a $100K Mortgage in Massachusetts
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 Massachusetts's 1.2% property tax ($100/mo) and $2,200/yr insurance ($183/mo) brings your total to $905/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.