Kentucky Mortgage Calculator

Calculate your monthly mortgage payment in Kentucky. Pre-filled with Kentucky's average property tax rate of 0.83%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$242
Homeowner's Insurance
$100
Total Monthly Payment
$2,112

Loan Summary

Home Price
$350,000
Down Payment
$70,000
Loan Amount
$280,000
Total Interest
$357,125
Total Cost(P&I + down payment)
$707,124

See how this mortgage fits your financial plan

Your estimated payment is $2,112/month. See how it fits alongside your income, savings, investments, and other expenses over time.

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Kentucky Housing Overview

Kentucky has an average property tax rate of 0.83%. Kentucky's cost of living is about 13% below the national average.

Property Tax: 0.83%Flat 4% rateNo tax on Social SecurityLower cost of living than neighbors

Buying a Home in Kentucky

If you're considering buying a home in Kentucky, understanding the local housing market and costs is essential. Property taxes, insurance rates, and home prices vary significantly by area within the state. This calculator pre-fills Kentucky's average property tax rate of 0.83% to give you a more accurate estimate.

Kentucky Property Taxes

Kentucky has an average effective property tax rate of 0.83%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 0.83% rate means approximately $2905 per year, or $242 per month in property taxes alone.

Cost of Living in Kentucky

Kentucky's cost of living is about 13% below the national average. When evaluating whether to buy a home in Kentucky, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for Kentucky Homebuyers

  • Kentucky's flat 4% rate is competitive and simplifies your tax calculation
  • Kentucky has a lower cost of living than most of its neighbors
  • Kentucky does not tax Social Security benefits
  • Louisville and Lexington offer growing job markets with lower costs than nearby Nashville or Cincinnati

Key Kentucky Features

  • Flat 4% rate
  • No tax on Social Security
  • Lower cost of living than neighbors

See How Your Kentucky Mortgage Fits Your Financial Plan

This calculator shows your Kentucky mortgage payment. Trajectoryy's full simulator shows how that payment fits alongside your income, taxes, savings, investments, and more.

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Compare Kentucky Mortgage Costs with Other States

Indiana0.85% property taxOhio1.36% property taxWest Virginia0.58% property taxCalifornia0.71% property taxNew York1.46% property taxTexas1.80% property tax

Frequently Asked Questions

What is the average property tax rate in Kentucky?
The average effective property tax rate in Kentucky is approximately 0.83%. This rate is applied to the assessed value of your property, which may differ from the market value depending on Kentucky's assessment practices. Property tax rates can also vary significantly by county and municipality within the state.
How much does a typical mortgage payment cost in Kentucky?
Your mortgage payment in Kentucky depends on the home price, your down payment, interest rate, and loan term. With Kentucky's average property tax rate of 0.83%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is Kentucky an affordable state to buy a home?
Kentucky's cost of living is about 13% below the national average. When evaluating affordability in Kentucky, consider not just the home price but also property taxes (0.83% average), homeowner's insurance costs, and any HOA fees common in your area.
How do Kentucky property taxes compare to other states?
Kentucky's average property tax rate of 0.83% can be compared against the national average of roughly 1.1%. States like New Jersey (2.23%) and Illinois (1.97%) have among the highest rates, while Hawaii (0.28%) and Alabama (0.40%) have among the lowest.
What first-time homebuyer programs are available in Kentucky?
Most states, including Kentucky, offer first-time homebuyer programs through their state housing finance agency. These typically include down payment assistance, below-market interest rates, and closing cost grants. Check with Kentucky's housing authority and the FHA, VA, and USDA loan programs for additional options.

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