Mortage Calculator in Kansas

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Updated: September 16, 2024

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In Kansas, Chautauqua County has the lowest median monthly mortgage payment at $430, while Johnson County has the highest at $2,740. This difference in monthly mortgage payments can significantly impact your finances, both immediately and in the long term, affecting your ability to save and invest.

Using MoneyGeek's mortgage calculator in Kansas, you can estimate your monthly mortgage payment, determine which loan term suits your financial situation better and see how much interest you pay over your loan's lifetime. This tool helps you understand your financial commitment clearly.

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Key Takeaways

Use the mortgage calculator to determine monthly mortgage payments, varying by location. Chautauqua County has the lowest median monthly mortgage payment at $430, while Johnson County has the highest at $2,740.

Using a mortgage calculator can help you find a monthly mortgage payment that fits your budget by adjusting loan terms or down payments, and estimate your total interest over the loan's life.

The average APR for a 30-year mortgage in Kansas is 5.8%, and for a 15-year mortgage, it is 5.5% as of September 2024.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for Florida. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs).

See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.

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Interest rate data was last updated in September 2024.

How to Use Our Kansas Mortgage Calculator

MoneyGeek's mortgage calculator in Kansas can calculate your monthly mortgage payments and determine your mortgage's affordability. It also helps you understand your amortization schedule, providing a clear financial path ahead.

Calculate Your Monthly Mortgage Payment

Understanding your monthly mortgage payment involves considering factors like the home's sale price and your down payment. Let's explore how to use Kansas's mortgage calculator to navigate your payment options.

1
Home Price

The home price directly influences your monthly mortgage payment in Kansas. A lower home price in Chautauqua County, at a median of $74,490, means lower monthly payments than in Johnson County, where the median is $469,650, according to the National Association of Realtors.

2
Down Payment

The size of your down payment influences your monthly mortgage payment by reducing the loan amount. Kansas's median down payment is $58,750, as of June 2024, according to ATTOM.

3
Annual Percentage Rate (APR)

Your Annual Percentage Rate (APR) impacts your monthly mortgage payment. The current mortgage rates in Kansas vary over time and between loan types. The average APR for a 15-year fixed mortgage is 5.5%, and for a 30-year fixed mortgage, it's 5.8%.

4
Loan Terms

Your loan term affects your monthly mortgage payment. Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. Conversely, a 30-year term typically has lower monthly payments but accrues more interest over time. Choosing the right term depends on your financial situation and goals.

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SAMPLE MONTHLY PAYMENT CALCULATION IN FLORIDA

Using the mortgage calculator in Kansas, you can see that the monthly payment for a 30-year fixed rate mortgage on a $275,000 house after a 20% down payment is $1,291. This figure excludes additional costs such as HOA fees and property tax.

Opting for a 15-year repayment term, your monthly mortgage payment in Kansas climbs to $1,798, impacting your monthly budget. Yet, this home loan approach results in a total interest saving of $141,143, significantly reducing your long-term expenses.

Determine Your Mortgage's Affordability

Buying a home is one of the most significant expenses you'll face, and your mortgage payments will take a substantial portion of your monthly income. Understanding how affordable your mortgage is can significantly affect your finances. MoneyGeek's mortgage calculator for affordability helps you determine this by simply inputting your monthly income and other monthly debts, such as car loans and student loans.

The calculator also shows your debt-to-income ratio, a critical metric for borrowers. This ratio helps you understand how much of your income goes toward debt payments, which is essential when planning to secure a mortgage. According to Experian, the average debt in Kansas is $80,961, translating to an average monthly debt of $6,747.

See Your Amortization Schedule

Mortgage amortization is the process of paying off a loan over time through regular payments. Key terms are:

  • Principal: The loan amount you borrow. Understanding this helps you see how much you owe.
  • Interest: The cost of borrowing the principal. Knowing this shows the total cost of your loan.

MoneyGeek's mortgage calculator allows you to see your amortization schedule and estimate the total interest you'll pay over the life of your loan in Kansas. You can also see when your monthly payments begin to go more toward your principal versus your interest, which helps you understand your payment allocation over time.

Additional Mortgage Fees in Kansas

Home buyers in Kansas should consider additional mortgage fees when calculating monthly payments, as these can impact your budget. For example, mortgage insurance and HOA fees could increase your monthly payment. Property taxes and homeowners insurance are other costs to keep in mind.

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    Homeowners Insurance

    Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in Kansas is $3,467 per year.

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    Property Tax

    Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, Kansas's effective property tax rate is 1.34%, ranking it 15th in the nation.

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    HOA Fees

    HOA fees are payments to homeowners associations for property management, maintenance, and community amenities. These fees are typically paid monthly or annually.

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    Private Mortgage Insurance

    Private mortgage insurance (PMI) protects lenders if a borrower defaults on a loan. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.

How Much Is Private Mortgage Insurance in Kansas?

The average APR for a 30-year fixed loan in Kansas is 5.8%. For a 15-year fixed loan, it's 5.5%. Using MoneyGeek's PMI calculator, you can see that for a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay PMI worth $117 per month if they get a 30-year fixed rate loan. The amount becomes $115 if they opt for a 15-year loan instead.

MoneyGeek's mortgage calculator in Kansas allows you to see your amortization schedule and determine when you can stop paying for PMI:

1
Calculate your monthly mortgage payment

Input the necessary information, such as the home's price, down payment, and mortgage rate in Kansas. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank but know that you'll still have to pay for these. Run the calculator and get your total monthly payment.

2
Calculate for your target equity

You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.

3
Determine the remaining equity required

Your down payment already contributes towards the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.

4
Establish a timeline

Go to the third tab of the mortgage calculator. Move the slider until the 'Principal Paid' exceeds your remaining equity required — that'll be the year you can stop paying for PMI.

Private Mortgage Insurance Calculator

Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.

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WHEN CAN YOU CANCEL YOUR PMI?

Let's say you put in an 8% down payment for a home in Kansas priced at $350,000. With an average APR of 5.8% for a 30-year fixed rate loan, you'll pay $1,889 each month as your monthly mortgage payment.

20% of $350,000 is $70,000 — that's how much you need in total to request your PMI's cancellation. Subtracting $28,000 (8% of $350,000) from $70,000 gives you $42,000 — that's how much you still need to pay to hit 20% equity. Assuming that your home's value remains the same over the years and that you consistently pay your mortgage, you can request your lender to cancel your PMI before the end of Year 9.

How to Lower Your Monthly Mortgage Payment in Kansas

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in Kansas at 5.8% interest, you'll pay $1,291 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,256. That $35 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $12,532 in total interest.

This example highlights the value of finding ways to lower monthly mortgage payments. Here are some strategies to consider:

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    Improve your credit score

    Your credit score affects your mortgage payment. In Kansas, if you put in a down payment between 5% to 20% of the home's sale price, the average APR for a 30-year fixed rate mortgage is 6.7% if your credit score is above 740. However, if your credit score is under 680, the average APR becomes 7.2%. This change in APR makes your monthly mortgage payments go from $1,420 to $1,493.

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    Save for a bigger down payment

    Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in Kansas, putting 8% down makes your APR 6.6%, resulting in a monthly mortgage of $1,616. Increasing your down payment to 25% puts your APR at 6.4% and a monthly mortgage of $1,290.

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    Choose a longer loan term

    A longer loan term affects your monthly mortgage payment. A 15-year fixed rate mortgage in Kansas has an APR of 5.5%. A 20% down payment makes your monthly mortgage payment $1,798. Compare this to $1,291, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 5.8%.

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    Explore homeownership assistance programs

    You can find homeowners assistance programs in Kansas that may help with your mortgage costs. Institutions like the State of Kansas First Time Homebuyers Program and the Community Housing Program offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in Kansas

Understanding how to use a mortgage calculator can raise questions for potential borrowers, especially in Kansas. We've addressed commonly asked questions about mortgage calculators to help you better understand your options.

How much mortgage can I afford in Florida?

The amount of mortgage you can afford in Florida depends on your debt-to-income ratio (DTI). Lenders typically recommend a DTI ratio below 36%.

What is the average mortgage debt in Florida?

As of 2023, the average mortgage debt in Florida is $240,113, according to Experian.

How much down payment do I need to purchase a house in Florida?

The ideal down payment is 20%, but it varies by loan type. Conventional loans typically require 3% to 20%, FHA loans require 3.5% and VA loans and USDA loans often require no down payment.

Do you really need private mortgage insurance in Florida?

Private mortgage insurance (PMI) is generally required if your down payment is less than 20%. In Florida, the PMI is approximately $115 for a 15-year loan and $117 for a 30-year loan.

What's the effective tax rate in Florida?

Florida's effective property tax rate in 2023 is 0.91%, ranking 26th nationally.

What is the median home price in Florida?

Median home prices in Florida vary by county. Glades County has the lowest median home price at $116,420, while Monroe County has the highest at $974,720.

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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