Mortgage Calculator Ma

Mortgage calculator MA provides quick and accurate calculations for mortgage payments, loan amounts, and affordability in Massachusetts.

5%

1%

5%

1421

Monthly Payment

Principal & Interest 1421

Monthly Taxes 1421

Monthly HOA 1421

Monthly Insurance 1421

mortgage calculator ma (1) (1)

Current Mortgage Rates Massachusetts

According to Bankrate's latest data, as of September 30, 2023, the current mortgage rates in Massachusetts are notably higher than in previous months. The average 30-year fixed mortgage rate in Massachusetts stands at 7.375%, while the average 15-year fixed mortgage rate is 6.875%, reflecting the evolving mortgage rates in Massachusetts today.

Commercial Mortgage Rates in Massachusetts

The commercial mortgage rates in Massachusetts are currently around 5.88%, as of September 30, 2023.

Can Also Read  Mortgage Calculator Idaho 

Best current jumbo Mortgage Rates Massachusetts

When exploring the current jumbo mortgage rates in Massachusetts, you'll discover that the options vary. As of September 30, 2023, Massachusetts jumbo mortgage rates typically range from 7.50% to 8.00%, offering a spectrum of choices for those seeking the best jumbo mortgage rates in the state.

Current FHA Mortgage Rates in Massachusetts

When it comes to FHA mortgage rates today in Massachusetts, the landscape is diverse, reflecting factors such as the loan amount, the borrower's credit score, and the prevailing market dynamics. As of September 30, 2023, these rates typically fall within the range of 7.25% to 7.75%, offering a variety of options for those considering FHA mortgages in Massachusetts.


Also Read More Mortgage Calculator Illinois | Mortgage Calculator With Taxes Illinois 

Best Credit Union Mortgage Rates Massachusetts

As of September 30, 2023, those exploring mortgage options through credit unions in Massachusetts will find competitive rates. On average, credit union mortgage rates in the state stand at 7.125% for a 30-year fixed mortgage and 6.625% for a 15-year fixed mortgage, making them some of the best credit union mortgage rates in Massachusetts.

Mortgage Rates Massachusetts History

In the early 1980s, mortgage rates in Massachusetts were over 15%, but they fell to below 5% in the early 2000s. Mortgage rates rose again in the late 2000s due to the housing crisis, but they have since fallen back down.


1980: 15.75%

1985: 12.95%

1990: 10.15%

1995: 7.45%

2000: 7.88%

2005: 5.34%

2010: 4.97%

2015: 3.98%

2020: 3.16%

2023: 7.375%

Stay Informed Oklahoma Mortgage Calculator 

Current VA Mortgage Rates Massachusetts

If you're considering a VA loan as of September 30, 2023, you'll typically find rates falling within the range of 7.125% to 7.625%. It's worth noting that rates can vary, so it's a good idea to explore your options and get personalized quotes when looking for a VA mortgage in Massachusetts.

Refinance Rates Massachusetts Today

Generally, you can anticipate finding refinance rates falling within the range of 7.00% to 7.50% for a 30-year fixed mortgage and 6.50% to 7.00% for a 15-year fixed mortgage.

Types of Mortgage Loans in Massachusetts

In Massachusetts, like elsewhere, you'll encounter various types of mortgage loans to suit different needs:


  • Conventional Mortgages: These loans aren't government-backed but are quite common. They typically require a down payment of at least 3% and may have stricter credit and income requirements compared to other options.

  • FHA Mortgages: Backed by the Federal Housing Administration, FHA mortgages can be a good choice for those with lower credit scores or smaller down payments.

  • VA Mortgages: These loans are supported by the Department of Veterans Affairs and are available to current and former service members and their families. VA mortgages come with benefits like no down payment requirement and no need for private mortgage insurance (PMI).

  • USDA Mortgages: Backed by the United States Department of Agriculture, USDA mortgages cater to low- and moderate-income borrowers purchasing homes in rural areas. They also offer perks such as no down payment requirement and no PMI.

Mortgage Down Payment Requirements Massachusetts

Massachusetts offers various mortgage assistance programs to support homeowners facing financial challenges:


  • Homeowner Assistance Fund (HAF): This federal program aims to help homeowners who have fallen behind on mortgage payments due to the COVID-19 pandemic. It provides funds to cover mortgage payments, property taxes, and other housing-related expenses.

  • Home Affordable Modification Program (HAMP): HAMP is a federal initiative designed to make mortgages more manageable. It allows homeowners to modify their loans, potentially lowering monthly payments, extending the loan term, or forgiving part of the principal balance.

  • Home Affordable Refinance Program (HARP): HARP is another federal program that assists homeowners in refinancing their mortgages, even if they owe more than their home is worth. This can lead to a new loan with a lower interest rate and reduced monthly payments.

  • FHA Loss Mitigation Options: The Federal Housing Administration (FHA) offers various solutions to aid homeowners struggling with mortgage payments. These include options like forbearance, loan modification, and short sales.

  • VA Loan Loss Mitigation Options: For veterans in Massachusetts, the Department of Veterans Affairs (VA) provides loss mitigation alternatives. These options encompass forbearance, loan modification, and short sales, aiming to ease the burden of mortgage payments.

Down Payment Grants Massachusetts

If you're looking to buy a home in Massachusetts and need assistance with your down payment, there are several grant programs available, especially for first-time homebuyers. Here are a few notable ones:


  • MassHousing Down Payment Assistance: This program can provide you with up to 10% of the home's purchase price, capped at either $50,000 or $30,000, depending on the location of your prospective home.

  • Boston Home Center Down Payment Assistance: Here, you can get up to 5% of the home's purchase price, with the grant amount capping at either $50,000 or $35,000, depending on your income level

  • ONE Mortgage Program: Geared towards low- and moderate-income homebuyers, this program offers assistance not only with the down payment but also with closing costs, making homeownership more attainable.

Mortgage Assistance Programs in Massachusetts

Massachusetts offers several mortgage assistance programs to support homeowners in challenging situations:


  • Homeowner Assistance Fund (HAF): This federal program is aimed at helping homeowners who've faced hardships due to COVID-19 and it covers various housing-related expenses, including mortgage payments and property taxes.

  • Residential Assistance for Families in Transition (RAFT): Funded by the state, RAFT provides financial assistance to low-income homeowners who are at risk of foreclosure and it covers mortgage payments, property taxes, and other housing-related costs.

  • Emergency Rental and Mortgage Assistance (ERMA): Also funded by the state, ERMA assists both homeowners and renters facing financial difficulties in paying their rent or mortgage.

Average Home Insurance Cost Massachusetts

The average home insurance cost in Massachusetts is $1,518 per year or $127 per month. This is based on a policy with $300,000 in dwelling coverage, $300,000 in liability, and a $1,000 deductible.

First-time Homebuyer Programs in Massachusetts

Paragraseveral programs designed to make homeownership more accessible:


  • MassHousing Down Payment Assistance: This program can provide you with up to 10% of the home's purchase price, capped at either $50,000 or $30,000, depending on the location of your prospective home.

  • Boston Home Center Down Payment Assistance: Here, you can get up to 5% of the home's purchase price, with the grant amount capping at either $50,000 or $35,000, depending on your income level.

  • ONE Mortgage Program: Geared towards low- and moderate-income homebuyers, this program offers assistance not only with the down payment but also with closing costs, making homeownership more attainable.

  • FHA 203(b) Loan: This federally insured loan is a great option for first-time buyers as it allows for a down payment as low as 3.5%.

  • USDA Rural Development Loan: Another federally insured loan, this one doesn't require any down payment for homes in eligible rural areas, making it an attractive choice for some.


Steps To Buying a House in Massachusetts

Steps to buying a house in Massachusetts are broken down in a more conversational manner:


  1. Get Pre-Approved for a Mortgage: Your first step should be getting pre-approved for a mortgage.
  2. Find a Real Estate Agent: Next, find a trusted real estate agent who knows the local market well.
  3. Start Shopping for a Home: With your agent's help, start exploring properties that match your criteria, from location to size and price.
  4. Make an Offer: This involves negotiating the price and terms with the seller.
  5. Negotiate the Offer: Negotiations can go back and forth.
  6. Get a Home Inspection: After your offer is accepted, it's crucial to get a home inspection.
  7. Get a Mortgage Appraisal: Your lender will require a home appraisal to ensure the property's value aligns with your loan amount.
  8. Close on the House: Once everything checks out and financing is in order, it's time to close on the house.

Best Mortgage Lenders in Massachusetts

best mortgage lenders in Massachusetts, in no particular order:


  • Fairway Independent Mortgage Corporation
  • Cazle Mortgage
  • Athol Savings Bank
  • Bank of England Mortgage
  • Veterans United Home Loans
  • Webster Five
  • Enterprise Bank
  • New American Funding

Mortgage Brokers in Massachusetts

  • MassHousing
  • Mortgage Network
  • PrimeLending:
  • loanDepot
  • Rocket Mortgage

Massachusetts mortgage fees

  • Origination Fee: The origination fee is charged by the lender for processing the loan. Typically, it ranges from 0.5% to 1% of the loan amount.

  • Appraisal Fee: This fee is paid to an appraiser to assess the home's value. It usually falls within the range of $500 to $700.

  • Title Insurance: Title insurance safeguards both the lender and borrower from any title defects, such as liens or easements. Typically, this fee is between $1,000 to $2,000.

  • Recording Fee: Paid to the county clerk for recording the mortgage, this fee generally costs around $100 to $200.

  • Credit Report Fee: To obtain the borrower's credit report, a fee of approximately $25 to $50 is paid to the credit bureau.

Current Mortgage rates in Boston, Massachusetts

As of September 30, 2023, the mortgage rates Boston MA are as:


  • 30-year Fixed 7.375%.
  • 15-year Fixed 6.875%.

Current Mortgage Rates in Cambridge, Massachusetts

As of September 30, 2023, the average mortgage rates Cambridge are as follows:


  • The 30-year Fixed rate is 7.509%
  • The 15-year Fixed rate is 6.716%

Current Mortgage Rates in Worcester, Massachusetts:

As of September 30, 2023, the average mortgage rates Worcester which are based on data provided by NerdWallet.com.


  • 30-Year Fixed is 7.628%.
  • 15-Year is 6.717%.

Current Mortgage Rates Newton

current mortgage rates Newton, Massachusetts as of September 30, 2023 according to NerdWallet.com.


  • 30-Year Fixed Mortgage Rate is 7.511%
  • 15-Year Fixed Mortgage Rate is 6.718%

Current Mortgage Rates Lexington, Massachusetts

The current mortgage rates Lexington, Massachusetts as of September 30, 2023:


  • 30-Year Fixed Rate: 7.75%
  • 15-Year Fixed Rate: 7.00%
  • FHA Loan Rate: 7.625%
  • VA Loan Rate: 7.625%

Current Mortgage Rates Wellesley, Massachusetts

The current mortgage rates Wellesley, Massachusetts as of September 30, 2023:


  • 30-Year Fixed Rate: 7.375%
  • 15-Year Fixed Rate: 6.716%
  • FHA Loan Rate: 7.5%
  • VA Loan Rate: 7.5%

Current Mortgage Rate Framingham, Massachusetts

current mortgage rate Framingham, Massachusetts as of September 30, 2023:


  • 30-Year Fixed Rate: 7.503%
  • 15-Year Fixed Rate: 6.716%

Current Mortgage Rate Quincy, Massachusetts

mortgage rate Quincy, Massachusetts as of September 30, 2023:


  • 30-Year Fixed Rate: 7.375%
  • 15-Year Fixed Rate: 6.716%

Current Mortgage Rates Brookline, Massachusetts

Current mortgage rates Brookline, Massachusetts as of September 30, 2023:


  • 30-Year Fixed Rate: 7.66%
  • 15-Year Fixed Rate: 6.86%

Average Current Mortgage Rates Waltham, Massachusetts

Current mortgage rates Waltham, Massachusetts as of September 30, 2023:


  • 30-Year Fixed Rate: 7.323%
  • 15-Year Fixed Rate: 6.718%

Current Mortgage Rates Springfield, Massachusetts

mortgage rates Springfield, Massachusetts as of September 30, 2023:


  • 30-Year Fixed Rate: 7.628%
  • 15-Year Fixed Rate: 6.717%

Mortgage Rates Somerville, Massachusetts

  • 30-Year Fixed Mortgage Rate: 7.323%
  • 15-Year Fixed Mortgage Rate: 6.718%
  • FHA Loan Rate: 7.5%
  • VA Loan Rate: 7.5%

Current Mortgage Rates Arlington, Massachusetts Today

Mortgage rates Arlington, Massachusetts as of September 30, 2023:


  • 30-Year Fixed Rate: 7.67%
  • 15-Year Fixed Rate: 6.83%


These rates are based on data from Realtor.com and provide an idea of current mortgage options in Arlington, MA.

FAQs for Mortgage Calculator MA:

What credit score do you need to buy a house in Massachusetts?

The credit score needed to buy a house in Massachusetts may vary, but generally, a higher credit score improves your chances of qualifying for favorable loan terms.

How much does a mortgage cost in Massachusetts?

The cost of a mortgage in Massachusetts depends on factors such as loan amount, interest rate, loan term, and specific property details. It is advisable to consult with lenders to obtain personalized cost estimates.

What is the average monthly mortgage payment in Massachusetts?

The average monthly mortgage payment in Massachusetts varies based on factors such as loan amount, interest rate, loan term, and specific property details. It is recommended to use mortgage calculators or consult with lenders for personalized estimates.

What is the minimum credit score for a mortgage?

The minimum credit score for a mortgage can vary depending on the lender and loan program. Generally, a higher credit score improves the chances of qualifying for a mortgage with favorable terms.

 What is the average mortgage payment in Boston?

The average mortgage payment in Boston can vary based on factors such as loan amount, interest rate, loan term, and specific property details. It is recommended to use mortgage calculators or consult with lenders for personalized estimates specific to Boston.

Mortgage Calculator Ma