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Springfield, MA mortgage & affordability calculator

The typical home in Springfield, MA is worth about $320,000. With 20% down that's a loan near $256,000 — the calculator is pre-filled with that figure. Springfield is one of the few Massachusetts cities that still taxes commercial property at a higher rate than residential under the state's classification system, which helps keep homeowner bills down. It remains the most affordable major city in the state by a wide margin, with an MGM casino and a slow manufacturing rebound anchoring job growth.

$1,662.11 / month

Total interest
$342,363
Total paid
$598,363
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$64k$128k$192k$256k0612182430Year

How much you need to earn

Springfield, MA's median household income is about $62,000 a year. Under standard 28/36 lending rules that supports a home price around $193,121 with 20% down — below the $320,000 typical price, so many buyers need a larger down payment, a co-borrower, or a longer commute.

$193,186 max home price

Max loan amount
$129,186
Housing payment budget
$1,447
P&I budget
$839
Bound by
front-end ratio

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

Typical asking rent in Springfield, MA is about $1,600 a month, so owning the median home costs roughly $670 more per month before tax effects, maintenance, and any change in home value.

Frequently asked questions

What is a typical mortgage payment in Springfield, MA?
On the metro's roughly $320,000 typical home with 20% down, the loan is about $256,000. Principal and interest run near $1,662 a month at today's rate, and Springfield, MA's property tax plus insurance add about $608, for a full payment near $2,270.
Can I afford a home in Springfield, MA on the median income?
The median household income is about $62,000 a year. Under standard 28/36 lending rules that supports a home price around $193,121 with 20% down — below the $320,000 typical price, so buyers often need a larger down payment or a co-borrower.
Is it cheaper to rent or buy in Springfield, MA?
Typical asking rent is about $1,600 a month. The full owner payment on a median home is near $2,270, so owning costs roughly $670 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Springfield, MA?
The effective property tax rate in the core county is about 1.75% of market value — roughly $5,600 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Springfield, MA rising or falling?
Home values are up about 5% over the past year. Springfield is one of the few Massachusetts cities that still taxes commercial property at a higher rate than residential under the state's classification system, which helps keep homeowner bills down. It remains the most affordable major city in the state by a wide margin, with an MGM casino and a slow manufacturing rebound anchoring job growth.

Nearby metros

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