Pennsylvania Mortgage Calculator: Estimate Your Monthly Payment
Updated: January 18, 2024
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Homeowners in Pennsylvania pay $88 less on average than the monthly rate for home buyers nationally. When buying a house in the state, several factors should guide your decision, including your budget, tax rates, down payment amount and other details.
Pennsylvania has the ninth-highest real estate and property tax rates in the United States, at 1.58% and $3,442. Different mortgage types require different down payment amounts. Using MoneyGeek's mortgage calculator can help you get a personalized quote for your unique circumstance.
This guide introduces you to our mortgage calculator and shows you how to use it to find options for affordable monthly payments. It also includes factors you’ll want to consider when buying a house.
It’s smart to compare quotes from multiple lenders if you are looking for a mortgage with the lowest rates.
Start Here: Plug In Your Mortgage Factors
The Pennsylvania state mortgage calculator estimates monthly mortgage rates based on several factors. If you do not understand any of these factors, you can find more details below.
Why and How to Use Our Mortgage Calculator
The Pennsylvania mortgage calculator provides information about various aspects of your mortgage payment. Aside from monthly premiums, your focus should be on other costs like property taxes and homeowners insurance.
The average value of a home in Pennsylvania is $176,500. The mortgage calculator enables you to draft a budget for your home. MoneyGeek’s calculator includes 12 factors and outlines how each can impact your payments. You can adjust amounts to help you determine which expenses to reduce to remain within your budget.
While using the mortgage calculator for Pennsylvania, you will need to determine how much payment amount you can afford, the type of mortgage to buy, the loan’s total cost and interest and how soon you wish to clear it. You may also consider getting a home warranty to ensure your costs remain predictable.
Home Price:
You can provide the maximum cost of the home you are willing to consider, and the calculator will return the payment amount to expect.
Down Payment:
Enter the down payment amount in dollars or a percentage of the purchase cost.
Interest Rate:
Provide the loan’s interest rate. You can obtain this from MoneyGeek’s daily mortgage rates report or individual mortgage lenders.
Loan Terms:
Provide the desired duration of your loan by choosing a number from the drop-down list. Most people select either 15 or 30 years, but other options are also available.
Payments per Year:
Choose the number of payments you wish to make per year, which will determine your payment plan. For monthly payments, choose 12.
Property Tax:
You can input Pennsylvania’s annual tax bill of $3,442 under “Other fees.” If you have the monthly tax information and wish to enter it, select the “Monthly” option.
HOA Fees:
Click on the “Annually” or “Monthly” options to provide your homeowners association fees if your property has them.
Principal & Interest:
The principal is the amount you receive from your lender and interest is the compensation to the lender for giving you the loan.
Monthly Payment:
This payment comprises the principal and interest you repay each month. It also includes property taxes, homeowners insurance and HOA fees.
Principal Payment:
The principal payment is the part of your monthly mortgage payment that reduces your original loan balance.
Interest Payment:
The part of your monthly mortgage payment that covers the interest costs. The interest amount keeps reducing as you pay your loan.
Total Cost with Interest:
The total cost comprises your principal balance and interest paid throughout your mortgage.
If you want to lower your monthly mortgage payment in Pennsylvania you can achieve this in various ways, including:
- Less expensive house. To pay less for your monthly mortgage, you can opt to buy a lower-cost house.
- Different location. Pennsylvania has one of the highest real estate tax rates in the U.S., at 1.58% and an annual property tax amount of $3,442. You may decide to purchase a house in another state to avoid these high rates.
- Find a lower interest rate. You may consider paying a larger down payment or shopping around for a lender that offers lower rates to reduce your costs significantly.
- Extend your loan terms. While extending your loan term can result in higher interest, you will likely have more affordable monthly premiums.
- Find out if you are eligible for mortgage loan assistance.
Next Steps: What to Do After You Have Estimated Your Mortgage Payments
Having insufficient knowledge of the home buying process in Pennsylvania may make it harder to find the best deal for you. MoneyGeek provides you with vital information to choose the best mortgage for your home and budget.
- Shop & Compare Rates - Comparing offers from various mortgage lenders can help you find the best rates. You can find more details on our Pennsylvania state mortgage rate page.
- Not Ready to Buy? - For individuals deciding whether to rent or buy in Pennsylvania, MoneyGeek outlines various factors to consider.
- Learn More - If you are still unsure about the right mortgage for your needs, MoneyGeek outlines different types of mortgages, including VA loans, FHA loans and reverse mortgages.
Frequently Asked Questions About Mortgages in Pennsylvania
How much you can afford depends on the payment amount you can accommodate in your budget. Most lenders will determine how affordable a loan is for you by looking at your debt-to-income ratio, which should be 43% or less for your home loan to be considered affordable.
Pennsylvania has an average mortgage amount of $145,358.
Some mortgage programs may ask for a down payment as low as 3% in Pennsylvania. Conventional loans require a down payment of at least 3%, and FHA loans require 3.5%. However, government-supported programs such as USDA do not require a down payment. Pennsylvania Housing Finance Agency loans also provide down payment assistance.
If you opt for conventional or non-government loans and have a small down payment, you may need private mortgage insurance. However, you can often remove PMI after refinancing your loan.
The average annual property tax in Pennsylvania is $3,442, the ninth highest in the country.
Monthly costs are an average of $1,071 for mortgages in Pennsylvania. That’s $88 lower than the national average.
The median price for a home in Pennsylvania is $176,500.
sources
- Pennsylvania Code. "Eligibility for Mortgage Loan Assistance." Accessed March 2, 2022.