Missouri Mortgage Calculator
The median home price in Missouri is $245,000. With a 20% down payment at the state's average 30-year fixed rate of 7.1%, your estimated all-in monthly payment (principal, interest, taxes, and insurance) is approximately $1,648. Missouri's property tax rate of 1.01% annually is below the U.S. national average of 1.07%.
A buyer earning Missouri's median household income of $64,000 would dedicate roughly 31% of gross monthly income to housing — moderately stretched by the standard 28% guideline.
Median Home Price
$245,000
Avg 30-yr Rate
7.1%
Property Tax Rate
1.01%/yr
Est. Monthly PITI
$1,648
Mortgage Calculator
Total Monthly Payment
$1,648.43
Loan Amount
$196,000
Total Paid
$474,186
Total Interest
$278,186
How to Get a Mortgage in Missouri
- 1 Check your credit score. In Missouri, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $245,000 Missouri home, 20% down is $49,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in Missouri average 7.1%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $5,880–$9,800 on a median Missouri purchase.
- 5 Budget for ongoing costs: Missouri property taxes average 1.01%/yr ($2,475/yr on the median home), plus homeowner's insurance averaging $1.500/yr.
Monthly Cost Breakdown — Median Missouri Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
Missouri Mortgage FAQs
What is the average home price in Missouri?
The median home price in Missouri is $245,000 (2024 estimate). With a typical 20% down payment of $49,000, a buyer would finance $196,000 at a 30-year fixed rate.
What are property taxes like in Missouri?
Missouri has an average effective property tax rate of 1.01% of assessed home value. On a $245,000 home, that's approximately $2,475 per year ($206/month) — below the national average of 1.07%.
How much income do I need to buy a home in Missouri?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced Missouri home, you'd need to earn roughly $70,645 per year. The state's median household income is $64,000, meaning the typical household allocates about 31% of gross income to housing — moderately stretched.
What is the average mortgage rate in Missouri?
The average 30-year fixed mortgage rate in Missouri is approximately 7.1% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
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