The True Cost of a Mortgage in Every State

Monkey Business Images / Shutterstock.com

When it comes to buying anything on credit, we all know the original price tag isn’t really what you wind up paying — whether it’s cars, holiday gifts, power tools or houses.

Homes are the biggest on-credit purchases many of us will probably make, and with six-figure home prices come five-figure amounts of interest — or more, according to a recent HowMuch.net analysis.

HowMuch.net’s analysis uses Zillow’s median home price in each state as of June 30. It assumes a 20% down payment and a 30-year mortgage with a fixed interest rate of 3.81%.

The cost information website finds that when you sign a 30-year mortgage for a median-priced home in your state, you are committing to pay from $130,000 to $826,000 in total, depending on the state. That includes the loan amount and total interest over the life of the loan.

Take a look at that total cost of a mortgage for a median-priced home in each state, starting with the most expensive state for financing a home.

Read Next

7 Reasons You Should Not Pay Off a Mortgage Before Retirement
7 Reasons You Should Not Pay Off a Mortgage Before Retirement

Here’s why it often makes financial sense to carry a mortgage into retirement.

19 Items Under $20 That Keep Your Car Clean and Organized
19 Items Under $20 That Keep Your Car Clean and Organized

We’ve rounded up some great products on Amazon to help put your vehicular mess to rest.

5 Ways to Avoid Taxes on Social Security Income
5 Ways to Avoid Taxes on Social Security Income

Here’s how to minimize and delay the chunk that Uncle Sam claims.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments

Trending Stories