Kansas Mortgage Calculator: Estimate Your Monthly Payment
Updated: January 18, 2024
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With a $1,060 monthly average mortgage, Kansas residents generally pay $$99 less than the national average for mortgages. Over two-thirds (69.5%) of Kansas residents own their own house, and the population of Kansas hovers at 2.9 million people.
While the process of buying or refinancing your home can be stressful, it doesn’t have to be. Figuring out how much you can borrow, what you’ll need to pay each month and what you can afford is a great way to start the process with confidence. Use the MoneyGeek Kansas mortgage calculator to estimate your monthly payment and determine what you can afford based on your current income, down payment amount, Kansas property tax rates and more.
Start Here: Plug In Your Mortgage Factors
You can use MoneyGeek's Kansas mortgage calculator to get an estimate of your monthly payment. MoneyGeek provides a breakdown of the key factors included in our calculator below.
Why and How to Use Our Mortgage Calculator
MoneyGeek's Kansas mortgage calculator highlights how 12 main factors affect your mortgage costs. You may be able to remove certain costs or reduce them to save money. Try our mortgage calculator to estimate your monthly payment before speaking with a lender.
To make estimating your monthly payment easier, decide how much money you want to borrow, figure out your interest rate and determine how long you want your loan term to be. To determine your monthly homeownership payments, you'll need the following information:
Home Price:
In the provided field, enter the maximum price you want to pay for a home or the amount you can afford.
Down Payment:
The down payment might be a fixed sum or a percentage. The loan amount is based on this. A high down payment means lower monthly payments.
Interest Rate:
The annual interest rate levied by lenders on the borrowed funds. Rates are available on MoneyGeek's daily mortgage rates report.
Loan Terms:
This is the time span for repaying a mortgage loan. Mortgage periods are typically 15, 20 or 30-years long.
Payments per Year:
How many payments you make each year. If paid monthly, the annual payments are 12.
Property Tax:
The annual tax imposed by the government on the purchase cost of a home. On average, Kansas residents pay $3,060 in property taxes each year.
HOA Fees:
If you live in a community with an HOA, you will be billed monthly or yearly fees for maintenance and amenities.
Principal & Interest:
The sum amount of your loan and the interest you owe the lender.
Monthly Payment:
The monthly total owed, including principal, interest, taxes and HOA fees.
Principal Payment:
Your mortgage debt is reduced through monthly principal payments.
Interest Payment:
The amount charged by the lender for the mortgage loan is referred to as the interest payment.
Total Cost with Interest:
The total amount owed to the lender based on all factors.
If you want to save money on monthly payments, there are various strategies to reduce your mortgage payments. Here are some of the top options:
- Find a lower interest rate. A lower interest rate means you'll pay less interest over time, saving more money. Even if your current interest rate is modest, it may be worthwhile to consider refinancing possibilities for a better deal.
- High down payment. Reduce your monthly mortgage cost by making a sizeable down payment.
- Make extra principal payments when possible. Making additional principal payments may significantly decrease interest costs over time.
- Term extension. The monthly payment for a 15-year term may be changed to a 30-year term if it is too expensive for you. Even though you'll pay extra interest, your monthly costs will be greatly reduced.
Next Steps: What to Do After You Have Estimated Your Mortgage Payments
The process of buying a home can be overwhelming. MoneyGeek has compiled the necessary information to assist you with your home-buying process.
- Shop & Compare Rates - It is important to examine mortgage loan rates from several lenders before taking out a loan. Before selecting one, shop around and compare Kansas mortgage rates from at least three lenders.
- Not Ready to Buy? There are many factors to consider before deciding whether to rent or buy a home.
- Learn More - Your needs determine the best mortgage loan. Learn more about FHA loans, VA home loans and reverse mortgages to choose which is best for you.
Frequently Asked Questions About Mortgages in Kansas
It all depends on your mortgage payment plan. Often, mortgage lenders use the debt-to-income ratio to assess affordability. A DTI of 45% or less is deemed affordable.
In Kansas, the outstanding mortgage amount is $138,437 on average.
Mortgage payments are often lower if you make a larger down payment. Rates might be set, such as 3% for Fannie Mae and Freddie Mac. Try to put at least 20% down if possible.
If you make a 20% down payment, you don't need private mortgage insurance. PMI is necessary if you cannot make a 20% down payment.
The average annual tax in Kansas is $3,060.
The average monthly payment in Kansas is $1,060.
The median home price in Kansas is $141,500.
sources
- FRED. "Homeownership Rate for Kansas (KSHOWN)." Accessed March 2, 2022.
- World Population Review. "Kansas Population 2022." Accessed March 2, 2022.