Massachusetts Mortgage Calculator

This Massachusetts mortgage calculator builds your estimate from state-specific tax and insurance data. Massachusetts's average effective property tax rate of 1.00% is close to the national middle, and typical homeowners insurance runs about $2,110 per year — winter storm damage drives a large share of claims. With a median home price near $655,000, the calculator starts with Massachusetts-typical defaults you can adjust freely. The default 7.4% interest rate is the national 30-year fixed average — your actual rate will vary by lender, loan type, and credit score. Enter your numbers to see a full PITI breakdown: principal & interest, property tax, insurance, and your total monthly payment.

Your numbers

Adjust the sliders or type exact values.

State: Massachusetts (Fixed 1.00% Avg. Property Tax)

Home price

$50,000$2,000,000

Down payment

$0$1,000,000

Interest rate

0%15%

Homeowners insurance (annual)

$0$15,000

Loan term

Total monthly PITI payment

$4,475.28

Principal, interest, property tax (1.23% MA), and insurance combined.

Monthly principal & interest: $3,628.07
Monthly property tax (1.23%): $671.38
Monthly homeowners insurance: $175.83
Total monthly PITI: $4,475.28
Loan amount: $524,000
Down payment: $131,000 (20.0%)
Total interest paid: $782,105
Total cost of loan: $1,306,105
Payoff date: October 2056

Monthly payment breakdown (PITI)

Principal & interestProperty taxHomeowners insurance

Estimates are for informational purposes only and do not constitute financial advice.

The mortgage payment formula

This is the standard amortization formula used by lenders. Each payment covers the interest due that month first; the remainder reduces your principal.

M = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

M: Monthly principal & interest payment
P: Loan principal (home price minus down payment)
r: Monthly interest rate (annual rate ÷ 12)
n: Total number of monthly payments (years × 12)

Example: a $350,000 home with 20% down

1
Home price is $350,000 and the down payment is $70,000, so the loan principal P = $280,000.
2
The annual rate is 6.5%, so the monthly rate r = 6.5% ÷ 12 = 0.5417% (0.005417).
3
A 30-year term means n = 30 × 12 = 360 monthly payments.
4
Plugging in: M = 280,000 × 0.005417 × (1.005417)³⁶⁰ ÷ ((1.005417)³⁶⁰ − 1) ≈ $1,769.80 per month.
5
Over 360 payments you pay about $637,128 in total — roughly $357,128 of that is interest.