Buying a Home

Anatomy of a Mortgage Payment

What is Included in the Total Monthly Mortgage Payment?

There are several factors that need to be included to calculate your actual monthly mortgage payment. These include if you will pay Private Mortgage Insurance (PMI), the property taxes on your home that differ by City or Town, and your homeowners insurance.

It is also important to consider what your annual maintenance costs would estimate to be as well as your general utility and water costs when trying to budget what you will spend monthly on both your mortgage payment and maintenance of your home. 

Example of Monthly Housing Costs:

City/Town: Boston

Home Price: $225,000

Downpayment: $6,750 (3%)

Property Tax (annual): $2,812 ($234/month)

Condo Association Fees: $175/month

*Private Mortgage Insurance: $91/month

Homeowners Insurance: $92/month

Loan Term: 30 Year Fixed

Interest Rate: 4.125%


*MHP and MassHousing offer products with no Private Mortgage Insurance.

This calculation is for comparison purposes only and does not guarantee the loan you will receive from the products offered on My Mass Mortgage