Monthly Payment on a $150K Mortgage in Massachusetts
Using Massachusetts's 1.2% property tax rate and $2,200/yr homeowners insurance.
$150K Mortgage in Massachusetts: Rate Comparison
Monthly PITI payment using Massachusetts's 1.2% property tax and $2,200/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,226 | $1,179 | $1,015 |
| 6.0% | $1,271 | $1,221 | $1,053 |
| 6.5% | $1,317 | $1,265 | $1,092 |
| 7.0% | $1,365 | $1,310 | $1,132 |
| 7.5% | $1,413 | $1,356 | $1,172 |
| 8.0% | $1,462 | $1,403 | $1,214 |
How This Compares to Massachusetts's Median
A $150K home is 75% below Massachusetts's median of $595K. This is well within reach in many Massachusetts communities.
Income Needed for a $150K Home in Massachusetts
To afford this payment of $1,265/mo in Massachusetts, you'd need a household income of approximately $54K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $50K salary can afford →Closing Costs in Massachusetts
Estimated closing costs in Massachusetts: $2K (1.6% of purchase price). Massachusetts also charges a 0.456% transfer tax, which may add $684 to your transaction costs.
What to Know About a $150K Mortgage in Massachusetts
With 10% down ($15,000), your loan of $135,000 at 6.5% over 30 years produces a principal and interest payment of $853/mo. Adding Massachusetts's 1.2% property tax ($150/mo) and $2,200/yr insurance ($183/mo) brings your total to $1,265/mo. Because you're putting less than 20% down, PMI adds $79/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $172,185 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $16,152 over the life of the loan.