Missouri Mortgage Calculator
Calculate your Missouri mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Kansas City, St. Louis, Springfield, Columbia, Independence, and all of Missouri.
Useful for home buyers in Kansas City, St. Louis, Springfield, Columbia, Independence, and all of Missouri.
Why use a Missouri Mortgage Calculator?
Missouri uses a unique 19% assessment ratio for residential property taxes and has varying tax rates by location. This calculator provides accurate payment estimates with Missouri-specific rules.
Missouri uses a unique 19% assessment ratio for residential property taxes and has varying tax rates by location. This calculator provides accurate payment estimates with Missouri-specific rules.
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Missouri Property Tax: The average effective property tax rate is about 0.97%. Missouri assesses residential property at 19% of its true value, with tax rates varying by location. The state also has recording fees based on document pages rather than a percentage-based transfer tax.
Average Home Prices in Major Missouri Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Kansas City | $250,000 | $215,000 | $195,000 | $175,000 |
| St. Louis | $220,000 | $190,000 | $170,000 | $160,000 |
| Springfield | $195,000 | $170,000 | $150,000 | $130,000 |
| Columbia | $235,000 | $210,000 | $185,000 | $165,000 |
| Independence | $180,000 | $160,000 | $140,000 | $120,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Missouri
- Property Tax: Missouri's average effective property tax rate is about 0.97%, with residential property assessed at 19% of its market value. Tax rates vary significantly by location.
- Assessment Process: Property in Missouri is reassessed in odd-numbered years, with residential property assessed at 19% of its true market value.
- Recording Fees: Instead of a percentage-based transfer tax, Missouri charges recording fees based on the number of pages in the document, typically $24 for the first page and $3 for each additional page.
- 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.
- Senior Property Tax Freeze: Missouri offers a property tax freeze for qualifying seniors aged 65 and older with limited incomes through the Missouri Property Tax Credit Claim.
Example: On a $250,000 home in Kansas City, the assessed value would be $47,500 (19% of market value). With the local tax rate, this results in annual property taxes of approximately $2,425. Closing costs typically run 2-4% of the purchase price.
Frequently Asked Questions
Property taxes in Missouri are calculated through a three-step process: First, the county assessor determines your property's market value. Next, this value is multiplied by 19% (the assessment ratio for residential property) to get the assessed value. Finally, the local tax rate (expressed in dollars per $100 of assessed value) is applied to the assessed value. For example, if your home is worth $250,000, the assessed value would be $47,500, and if the local tax rate is $5.10 per $100, your annual property tax would be $2,425.
Missouri does not have a percentage-based transfer tax or deed tax like many other states. Instead, Missouri charges recording fees based on the number of pages in the document being recorded. The typical recording fee is $24 for the first page and $3 for each additional page. This makes Missouri's closing costs generally lower compared to states with percentage-based transfer taxes. However, there may be additional local fees depending on the county where the property is located.
The Missouri Housing Development Commission (MHDC) offers several programs to assist homebuyers. The First Place Loan Program provides competitive interest rates and down payment assistance for first-time homebuyers, veterans, and buyers in targeted areas. The Next Step Program offers similar benefits for non-first-time homebuyers. The Missouri Housing Trust Fund provides additional assistance for low-income households. Additionally, MHDC offers Mortgage Credit Certificates (MCCs) that provide a tax credit of up to $2,000 per year on mortgage interest paid by qualified homebuyers.