Hawaii Mortgage Calculator
Calculate your Hawaii mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Honolulu, Hilo, Kailua, Kaneohe, Lahaina, and all of Hawaii.
Useful for home buyers in Honolulu, Hilo, Kailua, Kaneohe, Lahaina, and all of Hawaii.
Why use a Hawaii Mortgage Calculator?
Hawaii has some of the highest home prices in the US with unique property tax considerations. This calculator estimates your payment, PMI, property tax, and closing costs.
Hawaii has some of the highest home prices in the US with unique property tax considerations. This calculator estimates your payment, PMI, property tax, and closing costs.
Result
Enter your details to see the estimated payment here.
Related Calculators
Hawaii Property Tax: The average effective property tax rate is about 0.28%, the lowest in the nation. However, Hawaii has high home prices. Closing costs in HI are typically 2-5% of the purchase price.
Average Home Prices in Major Hawaii Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Honolulu | $1,200,000 | $950,000 | $850,000 | $650,000 |
| Kailua | $1,500,000 | $1,200,000 | $950,000 | $730,000 |
| Hilo | $650,000 | $550,000 | $480,000 | $400,000 |
| Lahaina | $1,300,000 | $1,100,000 | $900,000 | $700,000 |
| Kaneohe | $1,150,000 | $900,000 | $800,000 | $650,000 |
Note: Prices are approximate averages for 2024 and may vary by island, neighborhood and property features.
How Mortgage Rules Work in Hawaii
- Property Tax: Hawaii's average effective property tax rate is about 0.28%, the lowest in the nation. However, due to high property values, the actual tax amount can still be substantial.
- Jumbo Loans: Due to Hawaii's high home prices, many mortgages exceed the conventional loan limits and become jumbo loans, which typically have higher interest rates.
- 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: Hawaii's closing costs include title insurance, escrow fees, and a conveyance tax (similar to transfer tax).
Example: On an $800,000 home with 20% down in Honolulu, you avoid PMI and pay relatively low property taxes. Closing costs are typically 2-5% of the purchase price.
Frequently Asked Questions
Hawaii has the lowest property tax rates in the US at approximately 0.28%, but this is offset by extremely high property values. The state also relies more heavily on other taxes like the general excise tax (GET) which is a broad-based tax on businesses.
Due to high home prices in Hawaii, many mortgages exceed the conventional loan limits and require jumbo loans. However, Hawaii has higher conforming loan limits than most states. For 2024, the conforming loan limit in Hawaii is $1,149,825 for a single-family home.
Closing costs in Hawaii are typically 2-5% of the purchase price and include title insurance, escrow fees, conveyance tax (0.1% to 1.25% depending on property price and use), and other expenses. Hawaii's high property values can make closing costs substantial in absolute dollar terms.