Massachusetts Mortgage Refinance Calculator 2026 — Break-Even Analysis
Last updated: April 2026 · Source: Zillow, Freddie Mac, Tax Foundation
Quick Answer
Current 30-year mortgage rates in Massachusetts are around 6.90%. Refinancing makes sense if your current rate is 0.75%+ higher and you plan to stay at least 2–3 years. On a $300K loan, dropping from 7.5% to 6.90% saves approximately $122/month.
Massachusetts Housing & Mortgage Data
| Median Home Price | $590,000 |
| 30-Year Fixed Rate | 6.90%(State average, Apr 2026) |
| Property Tax Rate | 1.12%(Effective rate) |
| Avg HO Insurance | $1,600/yr ($133/mo) |
| Typical Down Payment | 12% ($70,800) |
| Median Household Income | $86,000/yr |
Key Facts for Massachusetts
- ✓Massachusetts median home price is $590,000 as of 2026
- ✓30-year fixed mortgage rates in Massachusetts average 6.90%
- ✓Property taxes in Massachusetts are 1.12% — near the national average of 1.10%
- ✓Homeowners insurance averages $1,600/year in Massachusetts
- ✓A household earning $147,500/year can typically afford the median Massachusetts home
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Frequently Asked Questions — Mortgage Refinance Calculator in Massachusetts
- When does it make sense to refinance in Massachusetts?
- Refinancing makes sense in Massachusetts when you can reduce your rate by at least 0.75% and you plan to stay in the home long enough to recoup closing costs (typically 2–3 years). Current 30-year rates in Massachusetts are approximately 6.90%. If your current rate is above 7.65%, a refinance analysis is worth running.
- What are typical refinance closing costs in Massachusetts?
- Refinance closing costs in Massachusetts typically run 2–5% of the loan balance, or $10,620–$26,550 on the Massachusetts median home. These include lender origination fees, appraisal, title search, and prepaid interest. Some lenders offer no-closing-cost refis with a slightly higher rate.
- What is the average mortgage payment in Massachusetts?
- The average monthly mortgage payment (principal + interest) in Massachusetts is approximately $3,419 for a $519,200 loan at 6.90% over 30 years. Adding property tax ($551/mo) and homeowners insurance ($133/mo) brings total PITI to about $4,103/month.
- What credit score do I need for a mortgage in Massachusetts?
- Most Massachusetts lenders require a minimum 620 credit score for conventional loans and 580 for FHA loans (with 3.5% down). For the best rates in Massachusetts, aim for 740+. A higher score can reduce your rate by 0.5–1.0%, saving $77,880 over the life of a 30-year loan.
- How much down payment is required to buy a home in Massachusetts?
- You can buy a home in Massachusetts with as little as 0% down (VA, USDA loans for eligible buyers), 3% down (conventional), or 3.5% down (FHA). On the Massachusetts median home price of $590,000, a 20% down payment is $118,000 and lets you avoid PMI. Massachusetts also has state-level down payment assistance programs for first-time buyers.
- What are current mortgage rates in Massachusetts?
- Current 30-year fixed mortgage rates in Massachusetts average 6.90% as of April 2026. 15-year fixed rates are typically 0.5–0.75% lower. Rates vary by lender, credit score, and loan-to-value ratio. Compare at least 3–5 lenders to ensure you get the best Massachusetts mortgage rate.
- What is the property tax rate in Massachusetts?
- Massachusetts's effective property tax rate is 1.12%. On the Massachusetts median home value of $590,000, annual property taxes are approximately $6,608 ($551/month). Property taxes in Massachusetts are typically escrowed in your monthly mortgage payment.