Massachusetts Mortgage Calculator

Calculate your monthly mortgage payment in Massachusetts. Pre-filled with Massachusetts's average property tax rate of 1.12%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$327
Homeowner's Insurance
$100
Total Monthly Payment
$2,196

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 $2,196/month. See how it fits alongside your income, savings, investments, and other expenses over time.

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Massachusetts Housing Overview

Massachusetts has an average property tax rate of 1.12%. Massachusetts' cost of living is about 26% above the national average, with Greater Boston being significantly higher.

Property Tax: 1.12%Flat 5% rate plus 4% millionaire surtaxPFML payroll tax (~0.318%)Strong biotech and education sectors

Buying a Home in Massachusetts

If you're considering buying a home in Massachusetts, 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 Massachusetts's average property tax rate of 1.12% to give you a more accurate estimate.

Massachusetts Property Taxes

Massachusetts has an average effective property tax rate of 1.12%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 1.12% rate means approximately $3920 per year, or $327 per month in property taxes alone.

Cost of Living in Massachusetts

Massachusetts' cost of living is about 26% above the national average, with Greater Boston being significantly higher. When evaluating whether to buy a home in Massachusetts, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for Massachusetts Homebuyers

  • Massachusetts' 5% flat rate is moderate, but the millionaire surtax raises the effective rate to 9% on high income
  • Massachusetts' PFML payroll tax adds approximately 0.318% to your deductions
  • Boston's strong biotech, education, and finance sectors offer high salaries
  • Massachusetts does not tax Social Security benefits

Key Massachusetts Features

  • Flat 5% rate plus 4% millionaire surtax
  • PFML payroll tax (~0.318%)
  • Strong biotech and education sectors
  • No tax on Social Security

See How Your Massachusetts Mortgage Fits Your Financial Plan

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

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Compare Massachusetts Mortgage Costs with Other States

Connecticut1.98% property taxRhode Island1.37% property taxNew Hampshire1.86% property taxTexas1.80% property taxFlorida0.89% property taxTennessee0.66% property tax

Frequently Asked Questions

What is the average property tax rate in Massachusetts?
The average effective property tax rate in Massachusetts is approximately 1.12%. This rate is applied to the assessed value of your property, which may differ from the market value depending on Massachusetts'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 Massachusetts?
Your mortgage payment in Massachusetts depends on the home price, your down payment, interest rate, and loan term. With Massachusetts's average property tax rate of 1.12%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is Massachusetts an affordable state to buy a home?
Massachusetts' cost of living is about 26% above the national average, with Greater Boston being significantly higher. When evaluating affordability in Massachusetts, consider not just the home price but also property taxes (1.12% average), homeowner's insurance costs, and any HOA fees common in your area.
How do Massachusetts property taxes compare to other states?
Massachusetts's average property tax rate of 1.12% 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 Massachusetts?
Most states, including Massachusetts, 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 Massachusetts's housing authority and the FHA, VA, and USDA loan programs for additional options.

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