Massachusetts Home Equity & HELOC Calculator
Calculate home equity and HELOC payments in Massachusetts. Median home value $580,000, property tax 1.23%. See available equity and monthly payments.
How This Calculator Works
Calculation methodology and assumptions
Home equity calculation for Massachusetts. Equity = home value − mortgage balance. Maximum borrowable = (home value × max LTV%) − mortgage balance. HELOC payment uses standard amortization. Property tax of 1.23% and home insurance of $1,750/yr are ongoing costs to consider. Most lenders require combined LTV ≤ 80-85%.
Key State Information
Massachusetts home equity facts: Median home value $580,000 | Property tax 1.23% | Home insurance $1,750/yr | Closing costs ~3%. Massachusetts income tax up to 9% may allow HELOC interest deduction for home improvements.
Frequently Asked Questions
How much home equity can I borrow in Massachusetts?
Most lenders allow up to 80-85% combined loan-to-value (CLTV). With Massachusetts's median home value of $580,000, a homeowner with 40% equity could borrow up to $116,000-$145,000 via a HELOC.
Is HELOC interest tax deductible in Massachusetts?
HELOC interest is deductible on federal taxes if the funds are used for home improvements (up to $750,000 of acquisition debt). Massachusetts's state income tax deduction rules may differ — consult a local tax advisor.
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