Vermont Mortgage Calculator: Estimate Your Monthly Payment
Updated: January 18, 2024
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Vermont saw an increase in its homeownership rate in 2020, going up to 73.1% from the previous year’s 70.9% due to a variety of factors. The median home value in Vermont is $210,600. Meanwhile, its average outstanding mortgage balance is $147,24. That means there’s a $63,359 difference between Vermont’s average mortgage balance and the average cost of a home in the state.
Homeowners in Vermont spend an average of $1,070 on their monthly mortgage payments. This is $89 cheaper than the national average mortgage payment. That said, the amount you’ll pay in the state can differ from these average costs and rates.
MoneyGeek’s Vermont mortgage calculator can help you get a personalized quote based on your unique situation. With our tool, you’ll see how your rate can change based on several factors specific to you, such as your down payment, loan terms, interest rate and home price.
Start Here: Plug In Your Mortgage Factors
Our Vermont mortgage calculator gives you a holistic estimate of your monthly mortgage payment. We broke down these factors to help you understand how your monthly mortgage payment is computed.
Why and How to Use Our Mortgage Calculator
MoneyGeek’s Vermont mortgage calculator can help you establish a budget for your potential home. Compared to a simple mortgage calculator, our tool takes into account the different components of a prospective mortgage payment. This can help you identify what factors influence your loan costs the most.
When using our Vermont mortgage calculator, you need to determine how much you can afford, the type of mortgage you’ll get, the loan’s total cost and when you want to pay off your mortgage. To estimate your overall mortgage costs in Vermont, you’ll need to gather information about the following factors.
Home Price:
Input the maximum home price you can afford or the loan amount you want.
Down Payment:
For your down payment, you can either enter an amount in dollars or a percentage of the purchase price.
Interest Rate:
Input the loan’s interest rate. You can get quotes from individual mortgage lenders or MoneyGeek’s daily mortgage rate reports.
Loan Terms:
Mortgage terms are commonly 15 or 30 years. It’s up to you to decide the length of your desired loan.
Payments per Year:
You need to determine how many times you want to pay in a year. If you want monthly payments, you will pay 12 times.
Property Tax:
This is the amount you have to pay the local government based on your home price. For Vermont, the annual property tax is $4,135.
HOA Fees:
You’ll need to pay monthly or annually for maintenance and amenities if your property has a homeowners association (HOA).
Principal & Interest:
The principal is the sum of the amount you borrowed, while the interest is what you pay to compensate the lender for the loan.
Monthly Payment:
This will include your principal, interest, property taxes and HOA fees.
Principal Payment:
This is a portion of your monthly mortgage payment that reduces your overall balance.
Interest Payment:
This is the amount your lender charges you for the mortgage loan.
Total Cost with Interest:
This is your total cost that includes the repayment of your principal balance and the interest you have to pay your lender.
In Vermont, the average monthly mortgage payment is $1,070. Depending on your unique circumstance, that rate may change. To help you reduce the costs of your monthly payment, here are some tips you can try.
- Choose a less expensive house.
- Make a larger down payment. Keep in mind that the larger the down payment you make, the lower your mortgage will be.
- Extend your loan term. Although you could end up paying more interest over time, you’ll be able to manage your monthly payments easier.
- Check if you qualify for Vermont’s property tax credit, which helps homeowners with paying their property taxes. You’re eligible for a property tax credit if your property qualifies as a homestead and you meet all of the state’s requirements.
Next Steps: What To Do After You Have Estimated Your Mortgage Payments
Buying a home can be challenging, especially if it’s your first time. Fortunately, MoneyGeek has all the resources to help you in your homebuying journey.
- Shop & Compare Rates - It’s important to compare offers from different lenders before taking out a loan. Check out our Vermont mortgage rate page to learn more information.
- Not Ready to Buy? - Consider your current situation and expenses to determine if you should [rent or buy] a (https://www.moneygeek.com/mortgage/resources/rent-vs-buy-guide/) a house.
- Learn More - Unsure about which mortgage loan to get? Learn more about FHA loans, VA loans and reverse mortgages to find the best option for you.
Frequently Asked Questions About Mortgages in Vermont
Mortgage affordability will depend on how much you’re comfortable with spending on a mortgage. While lenders consider your debt-to-income (DTI) ratio when determining mortgage affordability, they don’t account for your goals or lifestyle when evaluating your loan application.
The outstanding mortgage amount in Vermont averages at $147,241.
The Vermont Housing Finance Agency has provided down payment assistance to eligible homebuyers since the enactment of the Vermont Down Payment Assistance (DPA) program in 2015.
Private mortgage insurance is usually a requirement if you pay less than 20% for a down payment. That said, you may not be required to have this if you refinance and ensure your new loan doesn’t exceed 80% of the current property value.
The annual property tax in Vermont has an average cost of $4,135.
Vermont homeowners spend $1,070 per month on mortgage payments.
The median home price in Vermont is around $210,600.
sources
- FRED Economic Data. "Homeownership Rate for Vermont." Accessed March 2, 2022.
- Agency of Administration Department of Taxes. "Property Tax Credit." Accessed March 2, 2022.
- Vermont Housing Finance Agency. "Down Payment Assistance." Accessed March 2, 2022.