Mortgage on a $700K house in Massachusetts
$4,708 a month with 20% down — $3,767 principal and interest plus $590 property tax and $350 insurance.
Massachusetts's typical property tax is 1.01% of the home's value a year (U.S. average 0.9%), which adds $590 a month on a $700K home. The typical home in Massachusetts is worth $655,219, so $700K is 7% above the typical price.
$700K home in Massachusetts: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $140,000 | $560,000 | $3,767 | $0 | $940 | $4,708 | $201,800 |
| 10% down | $70,000 | $630,000 | $4,238 | $263 | $940 | $5,441 | $233,200 |
| 5% down | $35,000 | $665,000 | $4,473 | $277 | $940 | $5,691 | $243,900 |
| 3.5% down (FHA) | $24,500 | $687,321 | $4,624 | $310 | $940 | $5,874 | $251,700 |
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 $700K buy a typical home?
In these counties the typical home value is within 15% of $700K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Essex County | $715,954 | 1.04% | $4,723 |
| Suffolk County | $738,589 | 0.66% | $4,501 |
| Plymouth County | $646,858 | 1.17% | $4,799 |
| Barnstable County | $757,449 | 0.67% | $4,510 |
| Norfolk County | $764,424 | 1.06% | $4,736 |
| Middlesex County | $804,837 | 1.03% | $4,718 |
7 of 14 Massachusetts counties tracked by Zillow have a typical home value at or below $700K. See all Massachusetts home prices.
Other prices in Massachusetts
Frequently asked questions
What is the mortgage on a $700K house in Massachusetts?
About $4,708 a month with 20% down at 7.11%: $3,767 principal and interest, $590 property tax and $350 insurance.
How much do I need to make to buy a $700K house in Massachusetts?
About $201,800 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $700K house in Massachusetts?
At Massachusetts's typical effective rate of 1.01%, about $7,085 a year. Rates vary by county and city — see the county pages.