Can I Afford a $100K Home in Massachusetts?
Complete mortgage breakdown for a $100,000 home in Massachusetts, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$763/mo
P&I: $526 + Tax: $96 + Insurance: $142
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $3,000 | $915 | $39,220 |
| 5% | $5,000 | $901 | $38,621 |
| 10% | $10,000 | $866 | $37,124 |
| 20% | $20,000 | $763 | $32,702 |
Monthly Cost Breakdown (Massachusetts)
Principal & Interest
$526/mo
Property Tax (1.15%)
$96/mo
Homeowners Insurance
$142/mo
Total Interest (30-yr)
$109,195
Affordability Rules of Thumb
28% Rule (Housing)
$32,702/yr
Minimum gross income
36% Rule (All Debt)
$25,435/yr
If no other debt
3Ã Income Rule
$33,333/yr
Conservative target
Buying a $100K Home in Massachusetts
A $100,000 home in Massachusetts is at or below the national median home price. With a 20% down payment of $20,000, your estimated monthly payment of $763 is achievable on a salary of $32,702 or more. Massachusetts's property tax rate of 1.15% is near the national average.
These estimates assume a 6.875% 30-year fixed mortgage rate. Use our mortgage calculator for custom scenarios, or check what salary you can afford in Massachusetts.