Mortgage Calculator in Massachusetts

Calculate your monthly mortgage payment in Massachusetts using the 2026 median home price of $645K and current local rates. Adjust the inputs below. Formula shown, sources cited — no account required.

Housing in Massachusetts sits among the most expensive in the country, with a median home price of $645,000 and a competitive market that rewards buyers who come prepared. Property taxes run at 1.23%, which is moderate for the region, but closing costs average 2.2% of the purchase price — adding roughly $14,190 to your upfront bill. First-time buyers can lean on programs like MassHousing Mortgage and the ONE Mortgage Program, both designed to reduce the down payment burden in a state where a 15% down means putting up $96,750 out of pocket. One thing Massachusetts borrowers should know: the state does not impose a mortgage recording tax, keeping some costs lower than neighboring states. The high sticker prices here reflect genuine demand — population density, strong employment in tech and healthcare, and limited buildable land all push values up. Run your numbers in the mortgage calculator to see how different rate and term combinations shift your monthly payment at these price levels.

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Massachusetts's average mortgage rate of 6.35% and median home price of $645K produce a monthly P&I of approximately $3,411 before taxes and insurance.

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Massachusetts Housing Market at a Glance (2026)

$645K

Median Home Price

6.35%

Avg Mortgage Rate

1.23%

Property Tax Rate

15%

Typical Down Payment

Buying a Home in Massachusetts: Costs to Know

Average closing costs2.2% of purchase price

On a $645K home, closing costs â‰ˆ$14,190

Median household income$104,828/yr

State income tax (top rate)5%

First-Time Buyer Programs in Massachusetts

Massachusetts offers state-sponsored programs that can reduce your down payment or closing costs:

✓MassHousing Mortgage
✓ONE Mortgage Program

How Mortgage Payments Work in Massachusetts

A standard mortgage payment in Massachusetts is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]

Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $645K home in Massachusetts with a 15% down payment at 6.35% over 30 years, your principal and interest payment comes to approximately $3,411/month— not including property taxes or homeowner's insurance.

Massachusetts's property tax rate of 1.23% adds roughly $661/month to your total housing cost on a $645K home. This rate is near the national average of ~1.1%.

Massachusetts vs. National Average

Metric	Massachusetts	National Avg
Median Home Price	$645,000	$420,000
Property Tax Rate	1.23%	1.07%
Avg Mortgage Rate	6.35%	6.85%
Cost of Living Index	148.5	100

Questions You Might Ask — Mortgage Calculator in Massachusetts

What is the average mortgage payment in Massachusetts?

Based on the median home price of $645K in Massachusetts with a 15% down payment and 6.35% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $3,411. Adding property taxes (~$661/mo) and homeowner's insurance, total PITI is typically $4,222–$4,322/month.

What is the property tax rate in Massachusetts?

Massachusetts has an average effective property tax rate of 1.23%. On the median home price of $645K, that equals roughly $7,934 per year — or $661 added to your monthly mortgage payment. This is near the national average of ~1.1%.

How much down payment do I need to buy a home in Massachusetts?

The typical down payment in Massachusetts is 15% — about $96,750 on the median $645K home. Conventional loans require as little as 3% down; FHA loans allow 3.5%. First-time buyers may also qualify for assistance through programs like MassHousing Mortgage.

What are closing costs in Massachusetts?

Average closing costs in Massachusetts are approximately 2.2% of the purchase price — about $14,190 on the median $645K home. Closing costs include lender origination fees, title insurance, escrow, prepaid interest, and government recording fees.

What income do I need to afford the median home in Massachusetts?

To afford the $645K median home in Massachusetts under the 28% housing-cost rule, you need a gross monthly income of at least $15,079 — roughly $181K/year. The median household income in Massachusetts is $104,828.

Data Sources & Methodology

State data sourced from the National Association of Realtors (median home prices), Tax Foundation (property tax rates, income tax), Freddie Mac PMMS (mortgage rates), ATTOM Data Solutions (closing costs), and U.S. Census Bureau ACS (household income). Last updated 2026.