Mortgage Calculator & Closing Costs: Springfield, MA
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Springfield, Massachusetts.
Median Home Price
$265K
Population
156K
Avg Monthly Rent
$1,350
Property Tax Rate
1.2% *
* Property tax shown is the Massachusetts state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Springfield.
Springfield vs Massachusetts Median
The median home price in Springfield is $265,000, which is 55% below the Massachusetts state median of $595,000.
Mortgage Calculator — Springfield, MA
Pre-filled with Springfield median home price and Massachusetts tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $265K home using Massachusetts's 1.2% tax rate and $2,200/yr insurance.
5% Down
$2,186/mo
Down: $13,250
Loan: $252K
P&I: $1,591
Tax: $265
Insurance: $183
PMI: $147
10% Down
$2,095/mo
Down: $26,500
Loan: $239K
P&I: $1,507
Tax: $265
Insurance: $183
PMI: $139
20% Down (No PMI)
$1,788/mo
Down: $53,000
Loan: $212K
P&I: $1,340
Tax: $265
Insurance: $183
Income needed (28% rule): $77K/year with 20% down, $90K/year with 10% down.
Rent vs Buy in Springfield
Rent
$1,350/mo
vs
Buy (10% down)
$2,095/mo
Price-to-rent ratio: 16.4 — A ratio between 15-20 means the rent vs buy decision in Springfield depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Springfield is $265,000, 55% below the Massachusetts state median of $595,000. With a population of 155,929, Springfield is a mid-size city where home prices tend to be more accessible than in many parts of Massachusetts.
Property taxes in Massachusetts average 1.2% annually. This moderate property tax rate means a $265,000 home in Springfield would carry roughly $265/month in property taxes. Homeowners insurance in Massachusetts runs approximately $2,200 per year. This is within the normal range nationally.
Average rent in Springfield is $1,350/month. The price-to-rent ratio in Springfield is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Springfield presents moderate affordability. The $265K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Springfield.