Montana Mortgage Calculator
The median home price in Montana is $445,000. 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 $2,796. Montana's property tax rate of 0.84% annually is below the U.S. national average of 1.07%.
A buyer earning Montana's median household income of $65,000 would dedicate roughly 52% of gross monthly income to housing — significantly strained by the standard 28% guideline.
Median Home Price
$445,000
Avg 30-yr Rate
7.1%
Property Tax Rate
0.84%/yr
Est. Monthly PITI
$2,796
Mortgage Calculator
Total Monthly Payment
$2,795.60
Loan Amount
$356,000
Total Paid
$861,276
Total Interest
$505,276
How to Get a Mortgage in Montana
- 1 Check your credit score. In Montana, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $445,000 Montana home, 20% down is $89,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in Montana 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 $10,680–$17,800 on a median Montana purchase.
- 5 Budget for ongoing costs: Montana property taxes average 0.84%/yr ($3,738/yr on the median home), plus homeowner's insurance averaging $1.100/yr.
Monthly Cost Breakdown — Median Montana Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
Montana Mortgage FAQs
What is the average home price in Montana?
The median home price in Montana is $445,000 (2024 estimate). With a typical 20% down payment of $89,000, a buyer would finance $356,000 at a 30-year fixed rate.
What are property taxes like in Montana?
Montana has an average effective property tax rate of 0.84% of assessed home value. On a $445,000 home, that's approximately $3,738 per year ($312/month) — below the national average of 1.07%.
How much income do I need to buy a home in Montana?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced Montana home, you'd need to earn roughly $119,811 per year. The state's median household income is $65,000, meaning the typical household allocates about 52% of gross income to housing — significantly strained.
What is the average mortgage rate in Montana?
The average 30-year fixed mortgage rate in Montana 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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