Missouri Mortgage Calculator: Estimate Your Monthly Payment
Updated: January 18, 2024
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In 2020, around 71.1 % of Missouri citizens were homeowners. Missouri's median house value is $163,700. Meanwhile, the state's average outstanding mortgage balance is $139,545. That means there is a $24,155 discrepancy between the average mortgage debt and the cost of a property in Missouri.
With an average monthly mortgage payment of $1,020, the state’s average mortgage cost is roughly $139 less than the national average.
However, these are average prices and costs. Your exact mortgage payment will be determined by your down payment, loan conditions, interest rate, house price and other costs such as taxes, insurance and homeowners association fees. MoneyGeek's Missouri state mortgage calculator can provide you with a custom quote.
Start Here: Plug In Your Mortgage Factors
MoneyGeek's Missouri mortgage calculator can provide you with a comprehensive estimate of your monthly mortgage payment. MoneyGeek explains some key factors to help you understand how it's calculated.
Why and How to Use Our Mortgage Calculator
When buying a home, it's critical to plan ahead and make sure you'll be able to afford it. You may do this by using a mortgage calculator.
You can receive a general estimate of your home loan expenses by entering data that corresponds to your profile. You may also use our Missouri mortgage calculator to compare offers from several lenders and see which one has the best terms for you. It can also assist you in determining the ideal type and length of house loans.
Knowing what actions to take and what considerations to evaluate will help you make more educated decisions when buying a property. Here is the information you’ll need to provide as well as the calculations you’ll receive when you use our mortgage calculator.
Home Price:
Either enter the highest price you're willing to pay for a home or the loan amount you're seeking.
Down Payment:
A down payment is usually required for home financing. The cost is determined by the type of loan and the lender.
Interest Rate:
This is the interest rate charged by lenders every year on the money you borrowed. Rates are via MoneyGeek's daily mortgage rates report.
Loan Terms:
This is the length of time you'll have to pay back your mortgage loan. The average mortgage length is 15, 20 or 30 years.
Payments per Year:
The number of times you will pay your mortgage in a year. You will have 12 payments if you intend on making monthly payments.
Property Tax:
This is the annual tax you must pay to the local government depending on the home's purchase price. On average, Missouri residents pay $2,111 in property taxes each year.
HOA Fees:
You will have to pay monthly fees for upkeep and amenities if you live in a neighborhood with a homeowner's association (HOA).
Principal & Interest:
The total amount you borrowed plus the expense of repaying the lender for the loan.
Monthly Payment:
The entire amount owed every month, including principal, interest, property taxes and HOA dues.
Principal Payment:
This is the portion of the monthly payment that goes toward paying down the loan sum.
Interest Payment:
The amount charged by the lender for the mortgage loan based on the rate of interest is known as the interest payment.
Total Cost with Interest:
Based on all relevant factors, the total amount you will have to pay the lender.
Monthly mortgage payments can be costly depending on the home's price, location, loan type and lender. The average monthly payment in Missouri is $1,020. There are, however, ways to cut this expense. Here are some ideas to get you started:
- Choose a cheaper house with a lower monthly mortgage payment.
- Make a substantial down payment since individuals who make a down payment of less than 20% are usually required to obtain private mortgage insurance.
- You can request a 30-year term if the monthly cost for a 15-year term is too expensive for you. While you may pay extra interest in total, your monthly costs will be greatly reduced.
- Determine whether you are eligible for government loans or mortgage relief programs.
What to Do After You Have Estimated Your Mortgage Payments
Mortgages can be difficult to navigate, especially for first-time homebuyers. MoneyGeek compiled helpful materials to assist you with your home buying process.
- Shop & Compare Rates - In Missouri, there are plenty of lenders to choose from. To discover the right option for you, shop around and learn about Missouri mortgage rates.
- Not Ready to Buy? - Consider your circumstances and budget while deciding whether to rent or buy a home.
- Learn More - The best mortgage loan is determined by your requirements. Find out more about FHA, VA and reverse mortgages to see which loan type is right for you.
Frequently Asked Questions About Mortgages in Missouri
When it comes to home loans, lenders look at your debt-to-income (DTI) ratio. Your mortgage payment should not be more than 28% of your gross monthly income or 36% of your overall debt.
The average outstanding mortgage in Missouri is $139,545.
In general, putting down a larger down payment lowers your monthly mortgage payments. A minimum rate, such as 3% for Freddie Mac and Fannie Mae or 3.5% for an FHA loan, may be needed.
Most traditional loans require borrowers to acquire private mortgage insurance if their down payment is less than 20%.
The cost of monthly mortgage payments is influenced by property taxes. The average annual property tax in Missouri is $2,111.
Missouri homeowners spend an average of $1,020 per month on mortgage payments. That's around $139 less than the national average monthly mortgage payment.
Missouri's median house price is $163,700.
sources
- FRED. "Homeownership Rate for Missouri (MOHOWN)." Accessed March 2, 2022.
- MO.gov. "Housing." Accessed March 2, 2022.