Monthly Payment on a $600K Mortgage in Massachusetts
Using Massachusetts's 1.2% property tax rate and $2,200/yr homeowners insurance.
$600K 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% | $4,352 | $4,164 | $3,509 |
| 6.0% | $4,533 | $4,336 | $3,661 |
| 6.5% | $4,719 | $4,512 | $3,817 |
| 7.0% | $4,908 | $4,691 | $3,977 |
| 7.5% | $5,101 | $4,874 | $4,140 |
| 8.0% | $5,298 | $5,061 | $4,305 |
How This Compares to Massachusetts's Median
A $600K home is close to Massachusetts's median of $595K — this represents a typical purchase in the state. Cities at this price range include Quincy, Lynn, Attleboro, Lowell.
Income Needed for a $600K Home in Massachusetts
To afford this payment of $4,512/mo in Massachusetts, you'd need a household income of approximately $193K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $200K salary can afford →Closing Costs in Massachusetts
Estimated closing costs in Massachusetts: $10K (1.6% of purchase price). Massachusetts also charges a 0.456% transfer tax, which may add $2,736 to your transaction costs.
What to Know About a $600K Mortgage in Massachusetts
With 10% down ($60,000), your loan of $540,000 at 6.5% over 30 years produces a principal and interest payment of $3,413/mo. Adding Massachusetts's 1.2% property tax ($600/mo) and $2,200/yr insurance ($183/mo) brings your total to $4,512/mo. Because you're putting less than 20% down, PMI adds $315/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $688,740 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $64,608 over the life of the loan.