Montana Mortgage Calculator
Calculate your Montana mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Billings, Missoula, Great Falls, Bozeman, Helena, and all of Montana.
Useful for home buyers in Billings, Missoula, Great Falls, Bozeman, Helena, and all of Montana.
Why use a Montana Mortgage Calculator?
Montana has relatively low property taxes compared to the national average, but rates vary by county and city. This calculator estimates your payment, PMI, property tax, and closing costs.
Montana has relatively low property taxes compared to the national average, but rates vary by county and city. 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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Montana Property Tax: The average effective property tax rate is about 0.84%. Montana has no transfer tax, but does charge a flat fee for recording documents. Closing costs in MT are typically 2-4% of the purchase price.
Average Home Prices in Major Montana Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Billings | $385,000 | $340,000 | $310,000 | $275,000 |
| Missoula | $510,000 | $425,000 | $390,000 | $350,000 |
| Great Falls | $320,000 | $280,000 | $255,000 | $230,000 |
| Bozeman | $825,000 | $675,000 | $595,000 | $525,000 |
| Helena | $420,000 | $365,000 | $335,000 | $295,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Montana
- Property Tax: Montana's average effective property tax rate is about 0.84%, which is below the national average. Property taxes are paid twice a year, in November and May.
- Property Assessment: Montana assesses residential property at market value. The Department of Revenue reappraises property every two years.
- Recording Fees: Montana charges recording fees for deeds and mortgages based on the number of pages, typically $7 for the first page and $2 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.
- Closing Costs: Montana's closing costs include title insurance, appraisal fees, and other expenses, typically ranging from 2-4% of the purchase price.
Example: On a $400,000 home with 10% down in Missoula, you pay PMI and property tax of about $3,360 annually. Closing costs typically run 2-4% of the purchase price.
Frequently Asked Questions
Yes, Montana offers several property tax relief programs. The Property Tax Assistance Program (PTAP) reduces property taxes for qualifying low-income homeowners based on income thresholds. The Elderly Homeowner/Renter Credit provides a refundable income tax credit of up to $1,000 for qualifying seniors. Additionally, disabled veterans may qualify for a property tax reduction, and there are tax benefits for agricultural land and forest properties. These programs require applications through the Montana Department of Revenue.
Yes, Montana Housing, a division of the Montana Department of Commerce, offers several programs for first-time homebuyers. The Regular Bond Program provides below-market interest rates and the option of down payment and closing cost assistance. The 80% Combined Program combines a first mortgage at 80% of the purchase price with a second mortgage for up to 20%, eliminating the need for PMI. The Score Advantage Program offers reduced mortgage insurance for borrowers with higher credit scores. These programs have income and purchase price limits that vary by county.
No, Montana is one of the few states that does not impose a transfer tax on real estate transactions. This can result in lower closing costs compared to states with transfer taxes. However, Montana does charge recording fees for deeds and mortgages based on the number of pages. These fees are typically $7 for the first page and $2 for each additional page. Additionally, Montana requires a Realty Transfer Certificate to be filed with the county clerk and recorder when property ownership changes, but there is no tax associated with this filing.