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Philadelphia, PA mortgage & affordability calculator

The typical home in Philadelphia, PA is worth about $360,000. With 20% down that's a loan near $288,000 — the calculator is pre-filled with that figure. The city itself is more affordable than most of the Northeast corridor, though the suburban counties run higher and carry steeper school taxes. Older housing stock means maintenance and insurance deserve a real line in the budget.

$1,869.88 / month

Total interest
$385,154
Total paid
$673,154
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$72k$144k$216k$288k0612182430Year

How much you need to earn

Philadelphia, PA's median household income is about $76,000 a year. Under standard 28/36 lending rules that supports a home price around $262,472 with 20% down — below the $360,000 typical price, so many buyers need a larger down payment, a co-borrower, or a longer commute.

$262,407 max home price

Max loan amount
$190,407
Housing payment budget
$1,773
P&I budget
$1,236
Bound by
front-end ratio

Uses the 28% front-end / 36% back-end DTI guidelines. Lenders vary.

Typical asking rent in Philadelphia, PA is about $1,750 a month, so owning the median home costs roughly $657 more per month before tax effects, maintenance, and any change in home value.

Frequently asked questions

What is a typical mortgage payment in Philadelphia, PA?
On the metro's roughly $360,000 typical home with 20% down, the loan is about $288,000. Principal and interest run near $1,870 a month at today's rate, and Philadelphia, PA's property tax plus insurance add about $537, for a full payment near $2,407.
Can I afford a home in Philadelphia, PA on the median income?
The median household income is about $76,000 a year. Under standard 28/36 lending rules that supports a home price around $262,472 with 20% down — below the $360,000 typical price, so buyers often need a larger down payment or a co-borrower.
Is it cheaper to rent or buy in Philadelphia, PA?
Typical asking rent is about $1,750 a month. The full owner payment on a median home is near $2,407, so owning costs roughly $657 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Philadelphia, PA?
The effective property tax rate in the core county is about 1.40% of market value — roughly $5,040 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Philadelphia, PA rising or falling?
Home values are up about 5% over the past year. The city itself is more affordable than most of the Northeast corridor, though the suburban counties run higher and carry steeper school taxes. Older housing stock means maintenance and insurance deserve a real line in the budget.

Nearby metros

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