Watcharu Finance

Worcester, MA mortgage & affordability calculator

The typical home in Worcester, MA is worth about $420,000. With 20% down that's a loan near $336,000 — the calculator is pre-filled with that figure. Improved commuter-rail service into Boston has drawn buyers priced out of Greater Boston, pushing Worcester prices up faster than the rest of central Massachusetts. Like Springfield, the city taxes commercial property at a higher rate than residential, which keeps homeowner bills a bit lower than the headline rate implies.

$2,181.52 / month

Total interest
$449,351
Total paid
$785,351
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$84k$168k$252k$336k0612182430Year

How much you need to earn

Worcester, MA's median household income is about $75,000 a year. Under standard 28/36 lending rules that supports a home price around $253,551 with 20% down — below the $420,000 typical price, so many buyers need a larger down payment, a co-borrower, or a longer commute.

$253,577 max home price

Max loan amount
$169,577
Housing payment budget
$1,750
P&I budget
$1,101
Bound by
front-end ratio

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

Typical asking rent in Worcester, MA is about $2,000 a month, so owning the median home costs roughly $831 more per month before tax effects, maintenance, and any change in home value.

Frequently asked questions

What is a typical mortgage payment in Worcester, MA?
On the metro's roughly $420,000 typical home with 20% down, the loan is about $336,000. Principal and interest run near $2,182 a month at today's rate, and Worcester, MA's property tax plus insurance add about $649, for a full payment near $2,831.
Can I afford a home in Worcester, MA on the median income?
The median household income is about $75,000 a year. Under standard 28/36 lending rules that supports a home price around $253,551 with 20% down — below the $420,000 typical price, so buyers often need a larger down payment or a co-borrower.
Is it cheaper to rent or buy in Worcester, MA?
Typical asking rent is about $2,000 a month. The full owner payment on a median home is near $2,831, so owning costs roughly $831 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Worcester, MA?
The effective property tax rate in the core county is about 1.45% of market value — roughly $6,090 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Worcester, MA rising or falling?
Home values are up about 5% over the past year. Improved commuter-rail service into Boston has drawn buyers priced out of Greater Boston, pushing Worcester prices up faster than the rest of central Massachusetts. Like Springfield, the city taxes commercial property at a higher rate than residential, which keeps homeowner bills a bit lower than the headline rate implies.

Nearby metros

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