Mortgage on a $400K house in Massachusetts
$2,690 a month with 20% down — $2,153 principal and interest plus $337 property tax and $200 insurance.
Massachusetts's typical property tax is 1.01% of the home's value a year (U.S. average 0.9%), which adds $337 a month on a $400K home. The typical home in Massachusetts is worth $655,219, so $400K is 39% below the typical price.
$400K home in Massachusetts: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $80,000 | $320,000 | $2,153 | $0 | $537 | $2,690 | $115,300 |
| 10% down | $40,000 | $360,000 | $2,422 | $150 | $537 | $3,109 | $133,200 |
| 5% down | $20,000 | $380,000 | $2,556 | $158 | $537 | $3,252 | $139,400 |
| 3.5% down (FHA) | $14,000 | $392,755 | $2,642 | $177 | $537 | $3,356 | $143,800 |
Assumes a 30-year fixed loan at 7.11%, property tax of 1.01% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in Massachusetts does $400K buy a typical home?
In these counties the typical home value is within 15% of $400K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Berkshire County | $389,996 | 1.32% | $2,793 |
| Franklin County | $369,047 | 1.43% | $2,831 |
| Hampden County | $351,040 | 1.49% | $2,850 |
| Hampshire County | $449,669 | 1.43% | $2,830 |
3 of 14 Massachusetts counties tracked by Zillow have a typical home value at or below $400K. See all Massachusetts home prices.
Other prices in Massachusetts
Frequently asked questions
What is the mortgage on a $400K house in Massachusetts?
About $2,690 a month with 20% down at 7.11%: $2,153 principal and interest, $337 property tax and $200 insurance.
How much do I need to make to buy a $400K house in Massachusetts?
About $115,300 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $400K house in Massachusetts?
At Massachusetts's typical effective rate of 1.01%, about $4,048 a year. Rates vary by county and city — see the county pages.