Monthly Payment on a $250K Mortgage in Massachusetts
Using Massachusetts's 1.2% property tax rate and $2,200/yr homeowners insurance.
$250K 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% | $1,920 | $1,842 | $1,569 |
| 6.0% | $1,996 | $1,914 | $1,632 |
| 6.5% | $2,073 | $1,987 | $1,697 |
| 7.0% | $2,152 | $2,062 | $1,764 |
| 7.5% | $2,233 | $2,138 | $1,832 |
| 8.0% | $2,315 | $2,216 | $1,901 |
How This Compares to Massachusetts's Median
A $250K home is 58% below Massachusetts's median of $595K. This is well within reach in many Massachusetts communities.
Income Needed for a $250K Home in Massachusetts
To afford this payment of $1,987/mo in Massachusetts, you'd need a household income of approximately $85K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $85K salary can afford →Closing Costs in Massachusetts
Estimated closing costs in Massachusetts: $4K (1.6% of purchase price). Massachusetts also charges a 0.456% transfer tax, which may add $1,140 to your transaction costs.
What to Know About a $250K Mortgage in Massachusetts
With 10% down ($25,000), your loan of $225,000 at 6.5% over 30 years produces a principal and interest payment of $1,422/mo. Adding Massachusetts's 1.2% property tax ($250/mo) and $2,200/yr insurance ($183/mo) brings your total to $1,987/mo. Because you're putting less than 20% down, PMI adds $131/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $286,975 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $26,920 over the life of the loan.