Massachusetts Mortgage Calculator
Calculate your Massachusetts mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Boston, Worcester, Springfield, Cambridge, Lowell, and all of Massachusetts.
Useful for home buyers in Boston, Worcester, Springfield, Cambridge, Lowell, and all of Massachusetts.
Why use a Massachusetts Mortgage Calculator?
Massachusetts has a high cost of living and property values, particularly in the Boston area. This calculator estimates your payment, PMI, property tax, and closing costs.
Massachusetts has a high cost of living and property values, particularly in the Boston area. This calculator estimates your payment, PMI, property tax, and closing costs.
Result
Enter your details to see the estimated payment here.
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Massachusetts Property Tax: The average effective property tax rate is about 1.17%. Massachusetts also has deed stamp taxes (transfer taxes) of $4.56 per $1,000 of sale price, and closing costs typically range from 2-5% of the purchase price.
Average Home Prices in Major Massachusetts Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Boston | $950,000 | $850,000 | $775,000 | $700,000 |
| Worcester | $400,000 | $350,000 | $320,000 | $280,000 |
| Springfield | $290,000 | $260,000 | $230,000 | $200,000 |
| Cambridge | $1,500,000 | $1,300,000 | $1,100,000 | $850,000 |
| Lowell | $450,000 | $400,000 | $350,000 | $290,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Massachusetts
- Property Tax: Massachusetts' average effective property tax rate is about 1.17%, but rates vary by municipality. Property values are assessed annually and taxes are typically paid quarterly.
- Deed Stamp Tax: Massachusetts charges a deed stamp tax (transfer tax) of $4.56 per $1,000 of the sale price (0.456%). This is usually paid by the seller.
- 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: Massachusetts closing costs include title insurance, attorney fees, and recording fees. The state requires an attorney to be present at closing, which adds to costs.
Example: On a $700,000 home with 10% down in Boston, you pay PMI and property tax of about $8,190 annually. The deed stamp tax would be $3,192, and closing costs typically run 2-5% of the purchase price.
Frequently Asked Questions
Yes, Massachusetts offers several property tax exemptions for qualifying homeowners. The primary one is the Residential Exemption, which many cities including Boston offer to owner-occupied properties. Additionally, there are exemptions for seniors, veterans, blind persons, and surviving spouses. The Circuit Breaker Tax Credit is also available for seniors with limited incomes.
Yes, Massachusetts is an "attorney state" for real estate transactions, meaning that state law requires an attorney to be present at closing. The attorney will review all legal documents, conduct title searches, prepare the deed, and ensure proper transfer of ownership. This is different from some other states where closings can be conducted by title companies without attorneys present.
Proposition 2½ is a Massachusetts law that limits how much a municipality can increase property tax revenue each year. It caps the annual increase in a community's total property tax levy to 2.5% plus new growth. Additionally, a community cannot collect more than 2.5% of the total assessed value of all taxable property. This law helps control property tax increases, though municipalities can override it through voter referendums.