Vermont Mortgage Calculator
Calculate your Vermont mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Burlington, Essex, South Burlington, Colchester, Rutland, and all of Vermont.
Useful for home buyers in Burlington, Essex, South Burlington, Colchester, Rutland, and all of Vermont.
Why use a Vermont Mortgage Calculator?
Vermont has higher property taxes than the national average and a property transfer tax. This calculator estimates your payment, PMI, property tax, and closing costs specific to Vermont.
Vermont has higher property taxes than the national average and a property transfer tax. This calculator estimates your payment, PMI, property tax, and closing costs specific to Vermont.
Result
Enter your details to see the estimated payment here.
Related Calculators
Vermont Property Tax: The average effective property tax rate is about 1.86%. Vermont also has a property transfer tax of 1.25% for standard purchases.
Average Home Prices in Major Vermont Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Burlington | $480,000 | $420,000 | $380,000 | $350,000 |
| Essex | $450,000 | $400,000 | $360,000 | $330,000 |
| South Burlington | $470,000 | $410,000 | $375,000 | $340,000 |
| Colchester | $430,000 | $380,000 | $350,000 | $320,000 |
| Rutland | $290,000 | $260,000 | $240,000 | $220,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Vermont
- Property Tax: Vermont has one of the highest property tax rates in the country, with an average effective rate of about 1.86%. Property taxes are paid annually and may be included in your monthly payment.
- Property Transfer Tax: Vermont charges a property transfer tax of 1.25% of the purchase price for standard purchases. First-time homebuyers may qualify for a reduced rate of 0.50%.
- 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: Vermont's closing costs include title insurance, appraisal fees, and other expenses, typically ranging from 2-3% of the purchase price plus the property transfer tax.
Example: On a $450,000 home with 10% down in Burlington, you pay PMI and property tax. Closing costs typically include the property transfer tax plus 2-3% of the purchase price.
Frequently Asked Questions
Vermont has one of the highest property tax rates in the country with an average effective rate of about 1.86% of the assessed value. Property taxes are paid annually and may vary by county and municipality.
Yes, Vermont charges a property transfer tax of 1.25% of the purchase price for standard purchases. First-time homebuyers may qualify for a reduced rate of 0.50% if they meet certain income requirements.
Yes, Vermont offers several first-time homebuyer programs through the Vermont Housing Finance Agency (VHFA), including the MOVE MCC program, which provides a mortgage credit certificate that can save homebuyers up to $2,000 per year on their federal taxes, and the ASSIST program, which offers down payment and closing cost assistance.
Yes, first-time homebuyers in Vermont may qualify for a reduced property transfer tax rate of 0.50% instead of the standard 1.25% if they meet certain income requirements. This can result in significant savings at closing.