Mortgage Calculator & Closing Costs: Philadelphia, PA
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Philadelphia, Pennsylvania.
Median Home Price
$265K
Population
1.6M
Avg Monthly Rent
$1,550
Property Tax Rate
1.36% *
* Property tax shown is the Pennsylvania state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Philadelphia.
Philadelphia vs Pennsylvania Median
The median home price in Philadelphia is $265,000, which is 5% below the Pennsylvania state median of $280,000.
Mortgage Calculator — Philadelphia, PA
Pre-filled with Philadelphia median home price and Pennsylvania tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $265K home using Pennsylvania's 1.36% tax rate and $1,400/yr insurance.
5% Down
$2,155/mo
Down: $13,250
Loan: $252K
P&I: $1,591
Tax: $300
Insurance: $117
PMI: $147
10% Down
$2,064/mo
Down: $26,500
Loan: $239K
P&I: $1,507
Tax: $300
Insurance: $117
PMI: $139
20% Down (No PMI)
$1,757/mo
Down: $53,000
Loan: $212K
P&I: $1,340
Tax: $300
Insurance: $117
Income needed (28% rule): $75K/year with 20% down, $88K/year with 10% down.
Rent vs Buy in Philadelphia
Rent
$1,550/mo
vs
Buy (10% down)
$2,064/mo
Price-to-rent ratio: 14.2 — With a ratio under 15, buying in Philadelphia is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $514 more than renting, but you build equity with every payment.
The median home price in Philadelphia is $265,000, 5% below the Pennsylvania state median of $280,000. With a population of 1,603,797, Philadelphia is a major metro area where home prices tend to be more accessible than in many parts of Pennsylvania.
Property taxes in Pennsylvania average 1.36% annually. This moderate property tax rate means a $265,000 home in Philadelphia would carry roughly $300/month in property taxes. Homeowners insurance in Pennsylvania runs approximately $1,400 per year. This is within the normal range nationally.
Average rent in Philadelphia is $1,550/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Philadelphia over the long term.
Philadelphia 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 Philadelphia.