Delaware Mortgage Calculator
Calculate your Delaware mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Wilmington, Dover, Newark, Middletown, Lewes, and all of Delaware.
Useful for home buyers in Wilmington, Dover, Newark, Middletown, Lewes, and all of Delaware.
Why use a Delaware Mortgage Calculator?
Delaware has low property taxes but unique closing costs including transfer taxes. This calculator estimates your payment, PMI, property tax, and closing costs.
Delaware has low property taxes but unique closing costs including transfer taxes. This calculator estimates your payment, PMI, property tax, and closing costs.
Result
Enter your details to see the estimated payment here.
Related Calculators
Delaware Property Tax: The average effective property tax rate is about 0.57%. Delaware has relatively low property tax rates but has transfer taxes of 4% (split between buyer and seller). Closing costs in DE are typically 2-5% of the purchase price.
Average Home Prices in Major Delaware Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Wilmington | $350,000 | $290,000 | $250,000 | $220,000 |
| Dover | $320,000 | $280,000 | $230,000 | $200,000 |
| Newark | $380,000 | $325,000 | $275,000 | $240,000 |
| Middletown | $450,000 | $390,000 | $335,000 | $285,000 |
| Lewes | $550,000 | $475,000 | $410,000 | $365,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Delaware
- Property Tax: Delaware's average effective property tax rate is about 0.57%, one of the lowest in the nation. Property taxes are paid annually and may be included in your monthly payment.
- Transfer Tax: Delaware has a 4% transfer tax (typically split between buyer and seller), making closing costs higher than some states.
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: Delaware's closing costs include title insurance, transfer taxes, recording fees, and other expenses.
Example: On a $400,000 home with 15% down in Wilmington, you pay PMI and property tax. Closing costs are typically 3-5% of the purchase price due to Delaware's transfer tax.
Frequently Asked Questions
Delaware's average effective property tax rate is about 0.57%, one of the lowest in the nation. Property taxes are paid annually, often through an escrow account with your mortgage payment.
Delaware has a 4% transfer tax, typically split evenly between buyer and seller (2% each). This is higher than many other states and is a significant part of closing costs in Delaware.
Closing costs in Delaware are typically 3-5% of the purchase price, higher than the national average due to the state's transfer tax. They include transfer tax (2% buyer portion), title insurance, recording fees, and other expenses.