Greater Boston Mortgage Calculator

Use our Mortgage Calculator to estimate your monthly mortgage payment. You can input a different home price, down payment, loan term and interest rate to see how your monthly payment changes.

Mortgage Calculator

Estimate your monthly payment and see how much house you can afford.

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Costs Of Buying a home in Massachusetts

I'm FREE! The buyer's agent you work with is compensated directly by the seller, and this is disclosed to you in writing at the time of submitting an offer.

Purchasing a home in Massachusetts will require you to have a MA real estate attorney represent you in the purchase of your home. This cost varies but on average ranges from $900.00 to $2,000.

In MA, the buyers are responsible for having the home professionally inspected. Depending on the age of the home, the type of property inspection fees can vary. The most common is a Home Inspection which will cost you around $600.

When buying a home in MA you will require a downpayment. The downpayment amount depends on the purchase price of the home but a good rule of thumb is to have a minimum of 5% available.

Now that you have an accepted offer, Congratulations! you should budget $350-$550 for an appraisal. Appraisals are not always required but in the event, they are, at least you are financially prepared.

If you are putting less than 20% down on the property you will be subject to a  Private Mortgage Insurance premium. Your Mortgage Broker or bank will review these details with you.

In Massachusetts, the responsibility for the tax falls on the seller. Remember, that when you buy a property everything is up for negotiation and who pays the transfer tax or how it's split can be arranged by the buyer and the seller. How Much Are Transfer Taxes in Massachusetts? The amount of the transfer tax depends on how much the property sells for and its location. The basic transfer tax rate in Massachusetts is $2.28 per $500 of property value. 

Depending on your completion dates, the real estate attorneys will move around various credits and debits to match up the Seller's fees and the Buyers fees. These can include the following items, Property Tax Adjustment, Recording Fees, Rental & Security Deposits.

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