Mortgage Calculator — Philadelphia, PA
Median home price in Philadelphia: $250,000. Monthly payment: $1,331/month (20% down, 7%, 30yr). Property tax rate: 1.36%.
= $50,000
Payment Breakdown
Philadelphia Mortgage Payments by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $1,634 | $1,136 | $208,808 |
| 6% | $1,688 | $1,199 | $231,676 |
| 6.5% | $1,742 | $1,264 | $255,089 |
| 6.75% | $1,770 | $1,297 | $266,991 |
| 7% | $1,798 | $1,331 | $279,018 |
| 7.25% | $1,826 | $1,364 | $291,167 |
| 7.5% | $1,854 | $1,398 | $303,434 |
| 8% | $1,911 | $1,468 | $328,310 |
Philadelphia Property Tax & Total Housing Cost
True Cost of a Home in Philadelphia
What you actually pay over 30 years on a $250,000 home (20% down, 7%):
Homebuyer Tips for Philadelphia, PA
The Philadelphia housing market has its own dynamics. With a median price of $250,000 and a property tax rate of 1.36%, here are tips specific to buying in this area:
- Factor in property taxes early. At 1.36%, you'll pay $283/month in property tax alone — that's $3,400/year on the median home.
- Budget beyond the mortgage. Your true monthly housing cost in Philadelphia is closer to $1,614/month when combining P&I and property tax — before insurance and maintenance.
- Get pre-approved locally. Lenders familiar with PA markets often have better rate options and faster closings for Philadelphia properties.
- Compare neighborhoods carefully. Property tax rates and home values can vary significantly within Philadelphia — a lower-tax neighborhood could save you thousands annually.
- Consider the 28% rule. To keep your Philadelphia mortgage at 28% of gross income, you need a household income of at least $69,169/year.
- Research first-time buyer programs. PA may offer down payment assistance or reduced rates for first-time buyers purchasing in Philadelphia.
Frequently Asked Questions — Philadelphia Mortgages
How much house can I afford in Philadelphia, PA?
Using the 28% rule, a household earning $100,000/year can afford roughly $361,435 in Philadelphia. This accounts for the local property tax rate of 1.36%, which adds $283/month on the median home.
What is the monthly payment on a $250,000 home in Philadelphia?
With 20% down and a 7% rate on a 30-year mortgage, the principal and interest payment is $1,331/month. Including property tax, expect to pay around $1,614/month before insurance.
Are property taxes high in Philadelphia?
Philadelphia's property tax rate is 1.36%. On the median home of $250,000, that's $3,400/year or $283/month. This is near the national average of about 1.1%.
Is a 30-year or 15-year mortgage better for Philadelphia?
A 15-year mortgage at 6.75% on the median Philadelphia home costs $1,770/month — $439 more than a 30-year — but saves $160,450 in total interest.
How much do I need for a down payment in Philadelphia?
A 20% down payment on the median Philadelphia home is $50,000. FHA loans allow as little as 3.5% down ($8,750), though you'll pay mortgage insurance.
What credit score do I need to buy a home in Philadelphia?
Most conventional loans require a 620+ credit score, while FHA loans accept 580+. For the best rates on a $250,000 home in Philadelphia, aim for 740 or higher — it can save you 0.5-1% on your rate.
How do I lower my mortgage payment in Philadelphia?
You can lower your payment by making a larger down payment, buying down your rate with points, choosing a longer term, or shopping around for lower rates. In Philadelphia, you could also look at neighborhoods with lower property tax assessments.
What is the total cost of owning a home in Philadelphia for 30 years?
On the median $250,000 home with 20% down at 7%, you'll pay $529,018 in mortgage costs alone, plus $102,000 in property tax — a true total of $631,018 over 30 years.
Affordability in Philadelphia
Based on 28% housing cost rule. Includes property tax.