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House hunting can be both fun and stressful, but online tools can help ease your home-buying anxieties. A Massachusetts mortgage calculator estimates monthly payments, including principal, interest, and property taxes. You simply type in your home price, down payment amount, interest rate, and tax rate to get a clear picture of your payment and total interest paid. You can try out different scenarios to simplify the purchase process. You’ll have your home-buying budget sorted out in no time.
Key Points
• A mortgage calculator is a valuable resource for prospective homebuyers, helping them understand the financial implications of different mortgage options.
• Key components of a mortgage payment include the principal, interest, and property taxes.
• The calculator can assist in comparing various down payment scenarios, loan terms, and interest rates.
• Exploring down payment assistance programs can help first-time buyers and those with limited savings to enter the housing market more easily.
• For buyers looking at more expensive properties, a jumbo loan might be necessary.
Massachusetts Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront. Most buyers put down between 3% and 20%, with a 20% down payment eliminating the need for private mortgage insurance (PMI). A down payment calculator computes the percentage you’d be putting down based on your dollar amount.
• Loan term: The loan term is the length of time you have to repay the mortgage, which can be from 10 to 30 years. A longer term offers lower monthly payments but results in more interest paid over the life of the loan. Conversely, a shorter term has higher monthly payments but can save you a lot of interest.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the home loan amount. Interest rates can vary based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Property tax is levied by local governments on land and buildings, and is expressed as a percentage of a property’s assessed value. The average rate in Massachusetts is 0.97%; for a specific rate, search for the property’s town name or ZIP code and “effective property tax rate.”
• Monthly payment: The monthly mortgage payment includes the principal and interest, and this calculator also includes property taxes. Some borrowers will also have homeowners insurance and PMI rolled into their payments.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure can be significantly affected by the interest rate and loan term.
• Total loan cost: The total loan cost is the all-in amount you will repay for the loan, including the principal and interest. This cost is influenced by the loan amount, interest rate, and loan term.
How to Use the Massachusetts Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon cost of the property.
Step 2: Select a Down Payment Amount
Choose the amount of the home price you agree to pay upfront. A down payment calculator can help you understand the impact of different down payment amounts on your monthly mortgage payments.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Common terms include 30-year and 15-year fixed-rate mortgages. A 30-year fixed mortgage offers lower monthly payments but results in more interest paid over the life of the loan than a 15-year mortgage at the same rate.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point, such as 6.74%. This rate significantly affects your monthly payments and the total interest you’ll pay over the life of the loan.
Step 5: Add Your Annual Property Tax
Enter the state property tax rate to get a more comprehensive view of your monthly mortgage payment with property taxes factored in.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments for a potential home purchase and gives you a good sense of the true cost of homeownership. Particularly if you are buying your first home, a mortgage calculator can be key to helping you determine how much home fits in your budget.
A home affordability calculator works slightly differently but can also be a big help when you’re buying a home, as it allows you to work backward from your income level to determine what home price you can afford. Another way to home in on your purchase budget and ideal down payment is to go through the mortgage preapproval process with a lender.
Massachusetts’ median single-family home sale price in the spring of 2025 was $630,000; it is one of the more costly housing markets in the country. Lenders advise a mortgage payment within 28% of gross monthly income, so affording a home that’s $630,000 would require an income of about $145,000 per year. This assumes the buyer puts down 20% ($126,000) and obtains a 30-year mortgage at 7.00%. The monthly payment on this loan, including principal, interest, property taxes, and insurance, would be $3,353. For a higher-priced property, some homebuyers will need to seek out a jumbo loan, which may require a specific minimum down payment.
Many buyers will find it daunting to put down 20% on a pricier property, and will opt for a smaller down payment, which would increase the loan size and monthly costs, not to mention triggering PMI. But with rents also high, it often makes sense to buy even with a smaller down payment. A mortgage calculator can help you run the numbers to make your decision.
If you’re thinking about a home loan guaranteed by the Federal Housing Administration (FHA), you can use an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator will be useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Components of a Mortgage Payment
A mortgage payment includes principal (the amount borrowed) and interest (borrowing cost). This Massachusetts mortgage calculator also includes property tax, because many lenders like taxes to be paid as part of the monthly payment. If your down payment is below 20%, you’ll likely also pay PMI. Some lenders also include home insurance and homeowners association (HOA) fees in the payment.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Massachusetts
The cost of living in Massachusetts is relatively high compared to the national average, affecting how much you can afford to spend on a home. On an index where 100 is the U.S. average cost of living, the Bay State weighs in at 141.2. When you’re thinking about your housing budget, don’t forget that you will also need to pay for other necessities, such as utilities and home maintenance.
There are pockets of more affordable living in Massachusetts, and Leominster, Adams, and Springfield all make a list of the best affordable places in the U.S.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
If you end up with an interest rate or payment amount that isn’t really workable for you long-term, there are ways to lower your monthly mortgage payment. Consider these options:
• Ask your lender to remove the charge for PMI once you have reached 20% equity.
• Recast your mortgage by making a lump sum payment toward the principal, then asking the lender to recompute your payments.
• Pursue a mortgage refinance if rates and overall costs are potentially a savings for you.
• Appeal your property taxes if you feel yours are unnecessarily high. Use caution, however, as sometimes asking for a reassessment can backfire, resulting in a tax increase.
• If you are experiencing financial hardship, ask your lender to modify your loan.
• Shop for lower-cost homeowners insurance by increasing your deductible or bundling policies.
If you’re buying your first home, there are down payment assistance programs available to help cover initial costs. Best of all, you can qualify as a first-time homebuyer if you haven’t owned a primary residence in three years. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. By leveraging Massachusetts first-time homebuyer resources, you can reduce the upfront financial burden and potentially secure better loan terms.
The Takeaway
A Massachusetts mortgage calculator is a powerful tool for prospective homebuyers. Use it to estimate monthly payments, including principal, interest, and property taxes, and to test different scenarios to determine the combination of home price, down payment, and rate and terms that are best for your situation. While a calculator offers valuable insights, you’ll also want to seek out a lender for a personalized assessment and to explore various loan options and down payment scenarios.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
Should I choose a 30-year or 15-year mortgage term?
Which mortgage term you choose depends on your financial goals and situation, but it’s best to choose the term that yields a payment amount that you can manage every month without straining your budget. A 30-year term offers lower monthly payments but choosing this term means you’ll pay more interest over the life of the loan. A 15-year term has higher monthly payments but less interest overall.
How can I get a lower mortgage interest rate?
Improve your credit score, shop around for lenders, and consider a shorter loan term to secure a lower interest rate.
Can I afford a $300K house on a $70K salary?
Many lenders would find it hard to give the greenlight to a $300,000 home purchase if you have a salary of $70,000 per year, unless you are able to put down a large down payment or have another source of income in addition to your salary. One general rule is that your house price should not exceed three times your salary.
How much is a $600,000 mortgage payment for 30 years?
The cost of a $600,000 mortgage with a 30-year term will depend on your interest rate, so the best way to determine it is to use a mortgage calculator online. But for example: You would pay $3,597.30 per month at an interest rate of 6.00%. At 8.00%, the payment would be $4,402.59. This estimate includes principal and interest but not property taxes, insurance, or other fees.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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