Estimate your monthly mortgage payment in Massachusetts — principal & interest plus Massachusetts property tax and homeowner’s insurance.
Buying a home in Massachusetts: what to know
Massachusetts has the nation’s 3rd-highest typical home value ($661,896, Zillow ZHVI, Aug 2026, up 2.3% YoY), yet Proposition 2½ holds the median effective property tax rate to 1.00% (Tax Foundation, 2026). With a median home price of $661,896, 20% down means borrowing about $529,517 — within the 2026 conforming limit of $832,750 for most MA counties ($962,550 in Boston-metro counties, $1,249,125 in Dukes and Nantucket). Property taxes run about 1.00% of assessed value, and insurance averages $1,871 a year statewide — both baked into the calculator above. First-time buyers should check out MassHousing’s Down Payment Assistance (up to $30,000) and the ONE Mortgage program (3% down, no borrower-paid PMI) before shopping lenders.
Massachusetts mortgage facts
| Fact | Figure |
|---|---|
| 2026 conforming loan limit (1-unit) | $832,750 ($962,550 in Boston-metro counties; $1,249,125 in Dukes and Nantucket) |
| Median home price | $661,896 |
| Median effective property tax rate | 1.0% |
| Average homeowner’s insurance | $1,871/year |
Data as of October 2026. Sources: FHFA (2026 conforming limits), Zillow ZHVI (Aug 2026), Tax Foundation (2026 (2024 ACS data)), NAIC via Insurance Information Institute (2022 (published May 2025)); rate: 7.40% (Freddie Mac PMMS, week ending October 15, 2026)
Massachusetts first-time buyer programs
- MassHousing Mortgage with Down Payment Assistance — Affordable 30-year fixed first mortgage plus up to $30,000 in down payment assistance statewide as a deferred second loan. Official site
- ONE Mortgage — 30-year fixed with as little as 3% down and no borrower-paid PMI for low- to moderate-income first-time buyers (administered by the Massachusetts Housing Partnership). Official site
How to use this calculator
Start with Massachusetts’ median home price (pre-filled above) or type the price of a home you’re eyeing. The calculator assumes 20% down — the threshold that avoids private mortgage insurance on conventional loans — and applies Massachusetts’ median property tax rate and average insurance premium so the monthly figure reflects the true cost of owning, not just principal and interest. Boston-metro buyers: the statewide median understates prices inside Route 128 significantly, so enter your target price directly — and check whether your county’s higher conforming limit ($962,550) matters for your loan. Adjust the rate to a quote you’ve received.
Worked example: a median Massachusetts home
Take a median-priced Massachusetts home at $661,896. With 20% down ($132,379.20), the loan amount is $529,516.80. At 7.40% (Freddie Mac PMMS, week ending October 15, 2026) on a 30-year fixed term, principal and interest come to $3,666.27/month. Add property tax of about $551.58/month (1.0% of $661,896, divided by 12) and insurance of about $155.92/month ($1,871 a year), for a total estimated payment of $4,373.76/month. Over 30 years, total interest would be about $790,339.45. Your rate, down payment, and county tax bill will move these numbers — use the calculator above with your own figures.
What is the conforming loan limit in Massachusetts for 2026?
The 2026 baseline conforming loan limit for a one-unit property is $832,750 in 7 Massachusetts counties, per the FHFA’s November 2025 announcement. Boston-metro counties (Essex, Middlesex, Norfolk, Plymouth, Suffolk) are at $962,550, and Dukes and Nantucket reach the $1,249,125 national ceiling.
How much are property taxes in Massachusetts?
The median effective property tax rate in Massachusetts is about 1.00% of a home’s assessed value (Tax Foundation, 2026 (2024 ACS data)). On a $661,896 home, that’s roughly $6,619 a year, or $551.58 a month — already included in the calculator above. Actual bills vary by city and town.
What is Proposition 2½ and how does it affect my taxes?
Proposition 2½ (1980) caps every city/town’s total property tax levy at 2.5% of full cash value and limits annual levy growth to 2.5% over the prior year’s limit (plus new growth), unless voters approve an override — the main reason MA’s effective rate stays at 1.00% despite the nation’s 3rd-highest typical home value.
Can I really buy with 3% down and no PMI in Massachusetts?
Yes — the ONE Mortgage program (via the Massachusetts Housing Partnership) offers a 30-year fixed with as little as 3% down and no borrower-paid PMI for low- to moderate-income first-time buyers. MassHousing also offers up to $30,000 in down payment assistance statewide as a deferred second loan.
Why are Massachusetts homes so expensive?
At $661,896 (Zillow ZHVI, Aug 2026), Massachusetts has the 3rd-highest typical home value in the nation — driven by Boston-metro job density, constrained land supply, and strong demand. The 1.00% effective tax rate is moderate by national standards, but 1% of $661,896 is still $6,619 a year.