Down Payment Calculator for Massachusetts

Down Payment Planning in Massachusetts

With a median home value of $560,000 in Massachusetts, here's what different down payment tiers look like:

• 3% (First-time buyer programs): $16,800
• 3.5% (FHA minimum): $19,600
• 10% (Avoid PMI with some lenders): $56,000
• 20% (Eliminate PMI entirely): $112,000

Conforming Loan Limits in Massachusetts

The conforming loan limit in Massachusetts is $1,089,300. Most eastern Massachusetts counties — including Suffolk, Middlesex, Norfolk, and Essex — qualify for high-cost limits of $1,089,300. If your loan exceeds this, you'll need jumbo financing, which typically requires a 20%+ down payment.

Closing Costs to Plan For

Beyond your down payment, budget for closing costs of around $5,800 in Massachusetts. Massachusetts charges an excise stamp tax of $4.56/$1,000 of sale price. The Boston area also sees elevated attorney, title, and lender fees that push total closing costs above the national average.

Property Tax Impact

Massachusetts's effective property tax rate is 1.12% (average annual bill: $5,091). A larger down payment reduces your monthly mortgage but property taxes remain constant regardless of how much you put down.

Down Payment Calculator for Other States