// Mortgage Calculator Montana
How Much Will Your Mortgage Cost In Montana?
// Mortgage Calculator Montana
How to Calculate Your Mortgage Payment Using Our Montana Mortgage Calculator
- Select either the Basic or Advanced tab. The Advanced mortgage calculator includes calculations for common expenses included in home loans such as property taxes and homeowner’s insurance.
- Enter variables such as loan amount, loan term, and interest rate.
- Click the calculate button to view a breakdown of your monthly payment.
- Contact us to receive a personalized mortgage rate quote.
// Montana Mortgage Rates
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How a Montana Mortgage Calculator Helps You
Calculating your monthly house payment is crucial in determining how much house you can afford.
With a Montana mortgage calculator, you can estimate your mortgage payment when you buy a home or refinance. This tool allows you to change loan details and run scenarios to help you decide:
- The home loan term length that’s right for you. A 30-year fixed-rate mortgage will lower your monthly payment, but you’ll pay more interest over the life of the loan. A 15-year fixed-rate mortgage will reduce the total interest you’ll pay, but your monthly payment will be higher.
- If an ARM is a good option. Adjustable-rate mortgages start with a “teaser” interest rate, and then the loan rate changes — higher or lower — over time. A 5/1 ARM can be a good choice, particularly if you plan on being in a home for just a few years. You’ll want to be aware of how much your monthly mortgage payment can change when the introductory rate expires, especially if interest rates are trending higher.
- If you’re buying too much home. A Montana mortgage calculator can give you a reality check on how much you can expect to pay each month, including all costs such as taxes, insurance, and private mortgage insurance.
- If you’re putting enough money down. With minimum down payments commonly as low as 3%, it’s easier than ever to put just a little money down. A Montana mortgage calculator can help you decide what the best down payment may be for you.
Using a Montana mortgage calculator will give you a better understanding of the costs associated with your mortgage loan, helping you make informed decisions about the loan details that are right for you.
Key Variables that Impact Your Montana Mortgage Calculation
Home Prices In Montana
According to recent statistics from Zillow, Montana’s home prices have continued to rise steadily over the past few years. In 2020, home values saw an increase of 9.4%, followed by a growth rate of 12.1% in 2021. In 2022, the growth rate has slowed down slightly to 6.7%.
As of the latest data, the median price of homes currently listed in Montana is $399,000. However, home prices can vary significantly depending on the city.
In Billings, the most populous city in the state, home values rose 9.8% in 2020, followed by a more modest increase of 3.1% in 2021. The current median price of homes listed in Billings is $329,000.
Missoula, located in the western region of the state near the Flathead National Forest, saw a rise of 12.8% in home values in 2020 and 10.6% in 2021. The current median price of homes listed in Missoula is $479,000.
Kalispell, another city located in northwestern Montana, experienced a growth rate of 10.6% in 2020, followed by a 13.2% increase in 2021. The current median price of homes listed in Kalispell is $515,000.
Great Falls, located to the east of the Flathead National Forest, saw a more modest increase in home values of 4.1% in 2020 and 8.2% in 2021. The current median listing price for homes in Great Falls is $250,000, making it a more affordable option for homebuyers compared to other cities in Montana.
Property Taxes in Montana
Montana’s property taxes are relatively low compared to the national average. The average effective tax rate is 0.84%, which is lower than the national average of 1.08%. The property tax rates may vary slightly between counties, with Missoula county charging the most. On average, a homeowner in Montana pays $1,465 in property taxes per year.