What are average mortgage rates in Massachusetts in 2026?

Mortgage rates in Massachusetts generally track national averages. As of 2026, expect 30-year fixed rates from 5.5% to 7.5% for good credit borrowers. Use CalcDeck's Massachusetts mortgage calculator to model your payment at current rates.

How much are closing costs in Massachusetts?

Closing costs in Massachusetts typically range from 2% to 5% of purchase price, including lender fees, title insurance, and prepaid items. Use CalcDeck's Massachusetts mortgage calculator to include closing costs in your calculation.

What are property tax rates in Massachusetts?

Property tax rates in Massachusetts range from 0.3% to 2.5% of assessed value. CalcDeck's Massachusetts calculator includes property tax in your PITI payment.

What first-time homebuyer programs exist in Massachusetts?

Massachusetts offers down payment assistance, favorable-rate mortgages, and tax credits through state agencies. Use CalcDeck's Massachusetts calculator to see how programs affect your payment.

How do I use the CalcDeck Massachusetts mortgage calculator?

Enter home price, down payment, interest rate, and loan term. Adjust property tax and insurance to match Massachusetts averages. Get instant monthly payment, total interest, and amortization schedule.

Massachusetts Mortgage Calculator

Median home prices, property taxes, and monthly payment estimates for Massachusetts homeowners.

Massachusetts at a Glance

Median Home Price: $574,000
Property Tax Rate: 1.12%
Median Household Income: $96,348
Annual Property Tax: $6,429

Sources: Zillow ZHVI (2024), Tax Foundation (2023), US Census ACS (2023)

Monthly Mortgage Payment in Massachusetts

Based on the Massachusetts median home price of $574,000 at 6.7% interest (30-year fixed):

Payment Breakdown	20% Down	5% Down
Loan Amount	$459,200	$545,300
Principal and Interest	$2,963	$3,519
Property Tax (MA)	$536	$536
Homeowners Insurance	$125	$125
PMI	$0	$227
Total Monthly	$3,624	$4,407

How Much House Can You Afford in Massachusetts?

Using the 28/36 rule (housing costs under 28% of gross income):

With 20% down, you need ~$155,308/year to afford Massachusetts's median home
With 5% down, you need ~$188,856/year
Massachusetts's median household income is $96,348

Massachusetts insight: Massachusetts's property tax rate of 1.12% is near the national average.

Massachusetts Housing Market Overview

Massachusetts has one of the nation's most expensive housing markets, with a median home price of $574,000. Boston's median exceeds $750,000, Cambridge $920,000, and even Worcester is $415,000. Inventory is critically low at 1.7 months. The median household income of $96,348 yields a price-to-income ratio of 6.0, far above affordable thresholds. The effective property tax rate of 1.12% is moderate, but property values are so high that taxes still total $6,429/year on a median home. Tech and biotech sectors (Kendall Square, Seaport) drive demand, and restrictive zoning limits new construction. Many young professionals rent indefinitely due to the affordability gap.

First-Time Homebuyer Programs in Massachusetts

The Massachusetts Housing Partnership (MHP) and MassHousing offer several first-time homebuyer programs. The ONE Mortgage program provides below-market rates with down payment assistance of up to $30,000 for income-qualified buyers in Boston and gateway cities. MassHousing's standard loan programs include MI Plus, which pays up to six months of mortgage insurance if the borrower loses their job. The Commonwealth of Massachusetts also offers the Workforce Housing initiative, providing units priced at 80% of market rate for middle-income earners. Local programs include Boston's ONE+Boston (up to $50,000 assistance) and Somerville's Affordable Homeownership Program. Income limits: Boston metro caps at $112,000 for a two-person household for state programs; city programs can go higher.

Tips for Homebuyers in Massachusetts

1) Massachusetts's high property values mean even a 1.12% tax rate costs $6,429/year on a median home—budget $535/month just for taxes. 2) Condo fees in Boston/Cambridge often exceed $400–$800/month; verify these before making an offer. 3) The best buying window is September–October after the summer frenzy subsides; inventory ticks up slightly. 4) Older homes (pre-1960) dominate Boston's suburbs—budget for lead paint abatement, knob-and-tube wiring replacement ($8,000–$15,000), and asbestos removal. 5) Radon is prevalent throughout Massachusetts; always test and budget $1,000–$1,800 for mitigation. 6) Septic systems are common in Central and Western MA; Title V inspections ($500–$800) are mandatory for sales and can reveal $15,000–$30,000 replacement costs.

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Massachusetts Mortgage FAQ

What is the median home price in Massachusetts?

The median home price in Massachusetts is approximately $574,000 as of 2024 (Zillow ZHVI). Your actual price will vary by city and neighborhood.

What is the property tax rate in Massachusetts?

The effective property tax rate in Massachusetts is approximately 1.12% (Tax Foundation). On a $574,000 home, that is about $6,429/year in property taxes.

How much income do I need to buy a home in Massachusetts?

Using the 28/36 rule with 20% down at 6.7%, you would need about $155,308/year to afford the median Massachusetts home at $574,000. With 5% down (including PMI), about $188,856.

What will my monthly mortgage payment be in Massachusetts?

On Massachusetts's median home price of $574,000 with 20% down at 6.7%, your total monthly payment (P and I plus tax plus insurance) is approximately $3,624. With 5% down including PMI, about $4,407.

Data sources: Zillow ZHVI typical home values (2024), Tax Foundation effective property tax rates (2023), US Census Bureau ACS median household income (2023). Mortgage rate assumption: 6.7% APR 30-year fixed. This is an estimate — use our calculator for personalized numbers.