Can I Afford a $250K Home in Massachusetts?
Complete mortgage breakdown for a $250,000 home in Massachusetts, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$1,695/mo
P&I: $1,314 + Tax: $240 + Insurance: $142
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $7,500 | $2,075 | $88,943 |
| 5% | $12,500 | $2,040 | $87,446 |
| 10% | $25,000 | $1,953 | $83,704 |
| 20% | $50,000 | $1,695 | $72,647 |
Monthly Cost Breakdown (Massachusetts)
Principal & Interest
$1,314/mo
Property Tax (1.15%)
$240/mo
Homeowners Insurance
$142/mo
Total Interest (30-yr)
$272,989
Affordability Rules of Thumb
28% Rule (Housing)
$72,647/yr
Minimum gross income
36% Rule (All Debt)
$56,504/yr
If no other debt
3Ã Income Rule
$83,333/yr
Conservative target
Buying a $250K Home in Massachusetts
A $250,000 home in Massachusetts is at or below the national median home price. With a 20% down payment of $50,000, your estimated monthly payment of $1,695 is achievable on a salary of $72,647 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.