Massachusetts First-Time Homebuyer Calculator
First-time homebuyer costs in Massachusetts: $20,300 FHA down payment, $17,400 closing costs, 1.23% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for Massachusetts. Includes down payment, closing costs (3%), PMI (required below 20% down), property tax (1.23%), and homeowners insurance ($1,750/yr). Note: Massachusetts requires an attorney at closing. DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
Massachusetts homebuyer facts: Median price $580,000 | 20% down = $116,000 | FHA 3.5% down = $20,300 | Closing costs ~$17,400 | Property tax 1.23% | Attorney required at closing.
Frequently Asked Questions
How much do I need to buy a house in Massachusetts?
For Massachusetts's median home ($580,000): FHA minimum down payment is $20,300 (3.5%), plus $17,400 in closing costs. Total minimum: ~$37,700. With 20% down to avoid PMI: ~$133,400.
What are closing costs in Massachusetts?
Massachusetts closing costs average 3% of the home price, or about $17,400 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and required attorney fees. Transfer taxes are 0.456%.
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