What are average mortgage rates in Montana in 2026?

Mortgage rates in Montana 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 Montana mortgage calculator to model your payment at current rates.

How much are closing costs in Montana?

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

What are property tax rates in Montana?

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

What first-time homebuyer programs exist in Montana?

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

How do I use the CalcDeck Montana mortgage calculator?

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

Montana Mortgage Calculator

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

Montana at a Glance

Median Home Price: $415,000
Property Tax Rate: 0.79%
Median Household Income: $64,055
Annual Property Tax: $3,279

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

Monthly Mortgage Payment in Montana

Based on the Montana median home price of $415,000 at 6.7% interest (30-year fixed):

Payment Breakdown	20% Down	5% Down
Loan Amount	$332,000	$394,250
Principal and Interest	$2,142	$2,544
Property Tax (MT)	$273	$273
Homeowners Insurance	$125	$125
PMI	$0	$164
Total Monthly	$2,541	$3,106

How Much House Can You Afford in Montana?

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

With 20% down, you need ~$108,880/year to afford Montana's median home
With 5% down, you need ~$133,135/year
Montana's median household income is $64,055

Montana insight: Montana's property tax rate of 0.79% is near the national average.

Montana Housing Market Overview

Montana's housing market has exploded as remote workers and retirees move in. The statewide median of $415,000 reflects Bozeman at $585,000, Missoula $520,000, and Billings $360,000. Inventory is critically low at 1.9 months. The median household income of $64,055 yields a price-to-income ratio of 6.5—severe affordability strain. The effective property tax rate of 0.79% is moderate, but high prices push annual taxes to $3,279 on a median home. Montana restricts municipal zoning, limiting density. Many locals are priced out of their own communities. Tourism and second-home buyers drive premiums in resort areas like Big Sky and Whitefish.

First-Time Homebuyer Programs in Montana

The Montana Board of Housing (MBOH) offers the Bond Advantage Down Payment Assistance Program, providing up to $15,000 as a 15-year amortizing second mortgage at a below-market rate. The 80% Combined Program pairs a first mortgage at 80% LTV with a second mortgage covering the remaining 20%, eliminating PMI. MBOH also administers the Mortgage Credit Certificate (MCC) program, providing a 20% federal tax credit on mortgage interest. The Montana Housing Fund provides grants up to $5,000 for eligible buyers in rural communities. Local programs include Missoula's Home Investment Partnerships program ($10,000 grants) and Bozeman's Workforce Housing Initiative. Income limits: Gallatin County caps at $88,000 for a two-person household; rural counties cap at $72,000.

Tips for Homebuyers in Montana

1) Montana's 0.79% property tax means ~$273/month on a median home—budget for this plus very high heating costs ($3,000–$5,000/year for propane in rural areas). 2) Wildfire risk is growing; always verify insurance availability before making an offer in forested areas. 3) Bozeman and Missoula are hyper-competitive—homes under $500,000 sell in under a week with multiple offers. 4) The best time to buy is late fall (October–November) when second-home buyers leave the market. 5) Septic systems and wells are standard outside city limits; budget $600 for well flow tests and septic inspections. 6) Radon is high across Montana; test every home and budget $1,000–$1,500 for mitigation systems.

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Montana Mortgage FAQ

What is the median home price in Montana?

The median home price in Montana is approximately $415,000 as of 2024 (Zillow ZHVI). Your actual price will vary by city and neighborhood.

What is the property tax rate in Montana?

The effective property tax rate in Montana is approximately 0.79% (Tax Foundation). On a $415,000 home, that is about $3,279/year in property taxes.

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

Using the 28/36 rule with 20% down at 6.7%, you would need about $108,880/year to afford the median Montana home at $415,000. With 5% down (including PMI), about $133,135.

What will my monthly mortgage payment be in Montana?

On Montana's median home price of $415,000 with 20% down at 6.7%, your total monthly payment (P and I plus tax plus insurance) is approximately $2,541. With 5% down including PMI, about $3,106.

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.