Mortgage Calculator Massachusetts 2026: Payment, PMI & Deed Excise
This mortgage calculator for Massachusetts estimates your full monthly payment — principal & interest, property tax, homeowners insurance and PMI — plus the state deeds excise (transfer tax). Enter your own rate; everything is calculated privately in your browser.
A mortgage calculator for Massachusetts estimates the full monthly cost of a Massachusetts home loan: principal and interest from standard amortization, plus property tax, homeowners insurance and private mortgage insurance (PMI) when you put down less than 20%. It also shows the Massachusetts deeds excise of $2.28 per $500 of price ($1.71 in Barnstable County), which the seller pays.
How the Mortgage Calculator Massachusetts Formula Works (Worked Example)
Principal and interest use the standard amortization formula M = P × r(1+r)n ÷ ((1+r)n − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of payments. Property tax is the home price × your local rate ÷ 12, insurance is your annual premium ÷ 12, and PMI is the loan amount × your PMI rate ÷ 12. Example: a $300,000 Massachusetts home, 10% down, 30-year fixed at a user-entered 6.5% (click Load Example above to reproduce it).
| Item | Inputs | Monthly |
|---|---|---|
| Principal & interest | $270,000 loan, 6.5%, 360 payments | $1,706.58 |
| Property tax | 1.00% of $300,000 ($3,000/yr) | $250.00 |
| Homeowners insurance | $1,600/yr (example — use your quote) | $133.33 |
| PMI | 0.6% of $270,000 ($1,620/yr) | $135.00 |
| Total monthly payment | $2,224.92 | |
| Deeds excise (one-time, usually seller) | $300,000 ÷ 500 × $2.28 | $1,368.00 |
Over 30 years this loan pays about $344,370 in interest. Your rate is an input, not an assumption — check the current weekly national average in Freddie Mac’s Primary Mortgage Market Survey and compare lender Loan Estimates.
Massachusetts Property Tax Rate and Your Monthly Payment
Massachusetts has no statewide property tax rate: each of the 351 cities and towns sets its own rate per $1,000 of assessed value, and some cities offer a residential exemption for owner-occupied homes. The Tax Foundation puts the statewide effective property tax rate at about 1.00% of owner-occupied home value, but town rates differ widely. Convert your town’s rate per $1,000 to a percentage (divide by 10) and enter it above.
| Local rate | Annual tax on $300,000 | Added to monthly payment |
|---|---|---|
| 0.75% | $2,250 | $187.50 |
| 1.00% (Tax Foundation statewide effective rate) | $3,000 | $250.00 |
| 1.50% | $4,500 | $375.00 |
Massachusetts Closing Costs: Transfer Tax and Recording Fees
Massachusetts calls its transfer tax the deeds excise (M.G.L. c. 64D). According to the Department of Revenue, the rate is $2.28 per $500 of consideration (or fraction of $500) — about $4.56 per $1,000 — and $1.71 per $500 in Barnstable County, including the surcharge. The excise is paid by the person who signs the deed, so the seller normally pays it.
| Massachusetts item | Amount | Usually paid by |
|---|---|---|
| Deeds excise (M.G.L. c. 64D) | $2.28 per $500 — $1,368 on $300,000 | Seller |
| Deeds excise, Barnstable County | $1.71 per $500 — $1,026 on $300,000 | Seller |
| Escrow deposits for tax and insurance | Set by your lender — see your Loan Estimate | Buyer |
| Lender, appraisal, title and recording charges | Vary by lender, title company and county — compare Loan Estimates | Negotiable |
Some costs are negotiable, and sellers sometimes cover part of a buyer’s closing costs as a concession.
How Massachusetts Mortgage Rates Affect Your Payment
Rates in Massachusetts follow national mortgage markets and vary by lender, credit score, down payment and loan type. On a $610,000 home with 20% down, an example 6.75% rate produces a monthly principal and interest payment of approximately $3,165. A 0.25% rate increase adds roughly $82 to that payment, so shopping multiple lenders can save thousands over the life of the loan.
Adjustable-rate mortgages (ARMs) often start lower but carry rate-reset risk, which is why many buyers choose 30-year fixed loans for payment predictability. FHA loans (3.5% down) and VA loans (0% down for eligible veterans) are also options in Massachusetts.
First-Time Buyer Programs in Massachusetts
MassHousing and the ONE Mortgage Program offer lower-rate loans and down payment assistance options for eligible first-time buyers. Check the agency’s website for current income limits, purchase price limits and rates.
FHA loans are available nationwide and require only 3.5% down with a 580+ credit score — useful for first-time buyers in Massachusetts who have limited savings. USDA loans offer 0% down for eligible rural properties in Massachusetts. VA loans are available to qualified veterans and active-duty service members with no down payment required and no PMI.
If your down payment is below 20%, Private Mortgage Insurance (PMI) on a $549,000 loan (10% down on $610,000) adds approximately $275/month at a 0.6% annual rate. The Urban Institute puts typical PMI at roughly 0.46%–1.5% of the loan per year depending on credit score. PMI can be removed once your loan-to-value ratio reaches 80%, so extra payments accelerate the timeline to dropping PMI.
Last updated: October 2026. Estimates only — confirm figures with your lender and local tax office.
Frequently Asked Questions
What is the average mortgage rate in Massachusetts in 2026?
Massachusetts mortgage rates track national averages and change weekly. Check the Freddie Mac Primary Mortgage Market Survey for the current 30-year fixed average, then compare quotes from several lenders - your rate depends on credit score, down payment and loan type.
What is the average monthly mortgage payment in Massachusetts?
For a $610,000 home with 20% down in Massachusetts, the estimated PITI (principal, interest, taxes, and insurance) is approximately $3,807/month at an example 6.75% rate, assuming a 1.00% property tax rate and $1,600 a year for insurance.
Do I need PMI in Massachusetts?
Yes — if your down payment is less than 20%, lenders in Massachusetts require Private Mortgage Insurance (PMI) on conventional loans. The Urban Institute puts typical PMI at about 0.46%–1.5% of the loan amount per year, depending on credit score. PMI is removed once you reach 20% equity.
What is the property tax rate in Massachusetts?
The Tax Foundation puts Massachusetts’s effective property tax rate at about 1.00% of owner-occupied home value - roughly $3,000 a year on a $300,000 home. Rates vary by county, city and school district, so use the rate on your own tax bill.
How much is the deeds excise (transfer tax) in Massachusetts?
Massachusetts charges a deeds excise of $2.28 per $500 of price (about $4.56 per $1,000) - $1,368 on a $300,000 home. In Barnstable County the rate is $1.71 per $500. The excise is paid by the person who signs the deed, so the seller normally pays it.
What is the monthly payment on a $300,000 house in Massachusetts?
With 10% down and a 30-year fixed loan at 6.5%, principal and interest is about $1,707 a month. Adding 1.00% property tax ($250), $1,600 a year insurance ($133) and 0.6% PMI ($135) brings the total to about $2,225 a month.