Idaho Mortgage Calculator
Calculate your Idaho mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Boise, Meridian, Nampa, Idaho Falls, Pocatello, and all of Idaho.
Useful for home buyers in Boise, Meridian, Nampa, Idaho Falls, Pocatello, and all of Idaho.
Why use an Idaho Mortgage Calculator?
Idaho's real estate market has seen significant growth in recent years. This calculator estimates your payment, PMI, property tax, and closing costs for Idaho homes.
Idaho's real estate market has seen significant growth in recent years. This calculator estimates your payment, PMI, property tax, and closing costs for Idaho homes.
Result
Enter your details to see the estimated payment here.
Related Calculators
Idaho Property Tax: The average effective property tax rate is about 0.69%. Closing costs in ID are typically 2-3% of the purchase price.
Average Home Prices in Major Idaho Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Boise | $500,000 | $425,000 | $375,000 | $325,000 |
| Meridian | $520,000 | $450,000 | $390,000 | $330,000 |
| Nampa | $420,000 | $380,000 | $340,000 | $290,000 |
| Idaho Falls | $380,000 | $340,000 | $310,000 | $260,000 |
| Pocatello | $330,000 | $300,000 | $270,000 | $240,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Idaho
- Property Tax: Idaho's average effective property tax rate is about 0.69%, which is lower than the national average. Property taxes are paid annually and may be included in your monthly payment.
- Homeowner's Exemption: Idaho offers a significant homeowner's exemption that can reduce the taxable value of your primary residence by up to 50% or $100,000, whichever is less.
- 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: Idaho's closing costs include title insurance, escrow fees, and other expenses, typically ranging from 2-3% of the purchase price.
Example: On a $450,000 home with 20% down in Boise, you avoid PMI and benefit from Idaho's homeowner's exemption on property taxes. Closing costs are typically 2-3% of the purchase price.
Frequently Asked Questions
Idaho offers a homeowner's exemption that reduces the taxable value of your primary residence by 50% or $100,000, whichever is less. To qualify, you must own and occupy the home as your primary residence and apply for the exemption through your county assessor's office.
In Idaho, property taxes are calculated by multiplying the taxable value of your property (after any applicable exemptions) by the local tax rate. The state's average effective property tax rate is about 0.69%, but rates vary by county and municipality.
Closing costs in Idaho are typically 2-3% of the purchase price and include title insurance, escrow fees, appraisal fees, and other expenses. Idaho's closing costs tend to be lower than the national average.