With a 9% top income tax rate and 1.15% property tax, Massachusetts homeowners face a significant combined tax burden. This calculator is pre-filled with Massachusetts numbers: $600,000 median price, 1.15% property tax, $1,550/year insurance.
Last updated: March 13, 2026
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Monthly Payment (Massachusetts)$0
Loan Details — Massachusetts
Massachusetts median: $600,000
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Below 20% triggers PMI on conventional loans
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Average 30-year fixed ~6.75% (March 2026)
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Massachusetts average: 1.15%
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Massachusetts average: $1,550/yr
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Principal & Interest
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Property Tax
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Massachusetts Metro Area Home Prices
Click a metro to load its median price into the calculator above.
Yearly Amortization Schedule+
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Massachusetts's Tax Landscape and Your Mortgage
Massachusetts levies a flat 9% income tax on all taxable income. A household earning $150,000 pays approximately $10,125 in state income tax, which reduces the amount available for monthly mortgage payments by roughly $844/month.
At the state's median home price of $600,000, the $1.15% property tax rate adds $575/month to your mortgage payment. That's $6,900/year — near the national median of ~1.1%.
Property Taxes Across Massachusetts
The 1.15% statewide average masks significant variation. Property taxes are moderate relative to home values but high in dollar terms
Price ranges across the state: Boston/Cambridge has a median of $780,000, while Springfield sits at $270,000 — a $510,000 gap that dramatically changes your monthly payment. At $1.15% property tax, that price difference alone means $489/month more in property tax in Boston/Cambridge.
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Homebuyer Programs and Exemptions
Massachusetts offers several programs for homebuyers:
MassHousing Mortgage with MI Plus insurance coverage
ONE Mortgage program with discounted PMI and 3% down
Homestead exemption: Protects up to $500,000 in equity from creditors (not a tax exemption); residential exemption reduces tax in some municipalities
Massachusetts-Specific Considerations
'Millionaire's tax' adds 4% surtax on income above $1M (effective 9% total)
High home prices especially in Greater Boston and Cape Cod
Property taxes are moderate relative to home values but high in dollar terms
No local income taxes
Transfer tax (deed excise) of $4.56 per $1,000
Property tax rates vary by municipality — Boston ~1.0% vs western MA towns that can exceed 1.8%
Compare Massachusetts Mortgage Rates
See personalized rates from Massachusetts lenders. LendingTree matches you with up to 5 offers so you can compare and save.
0.39% property tax, 5% top rate. Median home: $232,500.
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1.04% property tax, no income tax. Median home: $340,000.
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0.62% property tax, 2.5% top rate. Median home: $395,000.
Frequently Asked Questions
What is the average property tax rate in Massachusetts?
The average effective property tax rate in Massachusetts is 1.15%. On a $600,000 home (the state median), that works out to approximately $6,900/year or $575/month added to your mortgage payment. Property tax rates vary by county and school district within Massachusetts — always check your specific jurisdiction's rate. Homestead exemption: Protects up to $500,000 in equity from creditors (not a tax exemption); residential exemption reduces tax in some municipalities
How much does homeowners insurance cost in Massachusetts?
The average annual homeowners insurance premium in Massachusetts is approximately $1,550 ($129/month). This is near the national average of approximately $1,500/year. Actual premiums depend on your home's location, age, construction type, and coverage limits.
What first-time homebuyer programs are available in Massachusetts?
MassHousing Mortgage with MI Plus insurance coverage. ONE Mortgage program with discounted PMI and 3% down. These programs typically have income limits, purchase price caps, and may require homebuyer education courses. Check the Massachusetts housing finance agency website for current eligibility requirements and application deadlines.
How does Massachusetts's 9% income tax affect home affordability?
Massachusetts's top income tax rate of 9% reduces your take-home pay, which affects how much mortgage you can comfortably carry. On a $150,000 salary, state income tax takes roughly $8,775-$11,475/year (effective rate is lower than the top marginal rate). Combined with 1.15% property tax, the total tax burden in Massachusetts is above average. Use our paycheck calculator to see your exact take-home pay.
What is the conforming loan limit in Massachusetts?
The 2026 conforming loan limit in Massachusetts is $806,500. Loans above this amount are considered jumbo loans and typically carry higher interest rates (0.25-0.5% premium), require larger down payments (10-20%), and have stricter qualification requirements including higher credit scores (700+) and lower debt-to-income ratios.
This calculator is for educational purposes. Tax rates and insurance costs are based on Massachusetts state averages and may not reflect your specific county, school district, or municipality. Consult a financial professional for advice specific to your situation.