Quick answer
The median home in Boston costs $720K. With 20% down ($144K) at 7% for 30 years, the monthly payment is $3,832/month. Total interest paid over 30 years: $803,571.
Calculator · MA · 2026
Mortgage Calculator for Boston, MA (2026)
Pre-filled with Boston's median home price of $720K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Boston Mortgage Payment Scenarios
Median home price: $720K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $36,000 | $684,000 | $4,551 | $6,148 | $954,241 |
| 10% | $72,000 | $648,000 | $4,311 | $5,824 | $904,018 |
| 20% | $144,000 | $576,000 | $3,832 | $5,177 | $803,571 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Boston
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $720K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$720K home · 20% down ($576K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Boston?
The median home price in Boston is $720K. With 20% down and a 30-year loan at 7%, the monthly payment is $3,832. Adding estimated property taxes and insurance brings total monthly costs to approximately $4,552.
Is it cheaper to rent or buy in Boston?
A 2-bedroom rental in Boston averages $3,400/month. Buying the median $720K home with 20% down costs approximately $4,552/month (mortgage + taxes + insurance) — $1,152 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Boston?
Using the 28% housing rule, you need at least $164K–195K in annual gross income to comfortably afford the median $720K home in Boston with 20% down. You also need $144K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Boston?
MA has a state income tax rate of 5%. Property taxes vary by county but on a $720K home, expect $600–$1,200/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.