Monthly Payment on a $200K Mortgage in Massachusetts
Using Massachusetts's 1.2% property tax rate and $2,200/yr homeowners insurance.
$200K 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% | $1,573 | $1,510 | $1,292 |
| 6.0% | $1,633 | $1,568 | $1,343 |
| 6.5% | $1,695 | $1,626 | $1,395 |
| 7.0% | $1,758 | $1,686 | $1,448 |
| 7.5% | $1,823 | $1,747 | $1,502 |
| 8.0% | $1,888 | $1,809 | $1,557 |
How This Compares to Massachusetts's Median
A $200K home is 66% below Massachusetts's median of $595K. This is well within reach in many Massachusetts communities.
Income Needed for a $200K Home in Massachusetts
To afford this payment of $1,626/mo in Massachusetts, you'd need a household income of approximately $70K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $70K salary can afford →Closing Costs in Massachusetts
Estimated closing costs in Massachusetts: $3K (1.6% of purchase price). Massachusetts also charges a 0.456% transfer tax, which may add $912 to your transaction costs.
What to Know About a $200K Mortgage in Massachusetts
With 10% down ($20,000), your loan of $180,000 at 6.5% over 30 years produces a principal and interest payment of $1,138/mo. Adding Massachusetts's 1.2% property tax ($200/mo) and $2,200/yr insurance ($183/mo) brings your total to $1,626/mo. Because you're putting less than 20% down, PMI adds $105/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $229,580 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $21,536 over the life of the loan.