Mortgage for Missouri (2026)
Missouri (MO) Key Facts
Median Home Price
$240,000
Average Property Tax Rate
0.97%
Average Home Insurance Rate
0.75%
Estimated Monthly Payment
$1,745
First Time Buyer Programs
2
How This Calculator Works in Missouri
This mortgage calculator lets you estimate your monthly payment on a Missouri home by factoring in the purchase price, down payment, interest rate, property taxes, and insurance. It is pre-loaded with Missouri's average property tax rate and insurance costs so you can get a realistic estimate quickly. Adjust the inputs to match your specific situation and see how different scenarios affect your monthly budget.
Missouri Overview
Missouri has a median home price of approximately $230K, with an average property tax rate of 0.97% and homeowners insurance averaging 0.75% annually. Affordable market. MHDC First Place and other state programs can help first-time buyers with down payment assistance and competitive mortgage rates.
How Missouri Compares
Compared to neighboring states, Missouri's median home price of $240,000 is below the national median of about $420,000. Nearby Kansas has a median price of $225,000 with a 1.41% property tax rate. Property tax rates vary significantly among neighboring states, which can substantially impact long-term homeownership costs.
| State | Top Rate | Notes |
|---|---|---|
| Kansas | $225,000 | Median home price is $225,000 with a 1.41% property tax rate. Estimated monthly mortgage payment is about $1,728. |
| Illinois | $270,000 | Median home price is $270,000 with a 2.27% property tax rate. Estimated monthly mortgage payment is about $2,222. |
| Arkansas | $210,000 | Median home price is $210,000 with a 0.62% property tax rate. Estimated monthly mortgage payment is about $1,492. |
The median home price in Missouri is $240,000, compared to the national median of approximately $420,000. With a 0.97% average property tax rate and 0.75% insurance rate, Missouri homeowners can expect an estimated monthly payment of about $1,745 on a median-priced home with 10% down at 6.75% interest.
Tips for Missouri Residents
- 1Missouri has a median home price around $230K. Affordable market. Research local market conditions as prices vary significantly by city and neighborhood.
- 2Property taxes in Missouri average 0.97%. Always verify your specific county's tax rate, as it directly impacts your monthly payment.
- 3Explore MHDC First Place & Next Step for potential down payment assistance and favorable rates. Missouri also offers MHDC Cash Assistance Loan. Check income limits and eligibility early in your home search.
- 4Very affordable; compare Kansas City vs St. Louis metro markets. Budget 2-5% of the purchase price for closing costs including lender fees, title insurance, and prepaid expenses.
- 5Diverse markets from KC to STL. A 0.25% rate difference on a $240K home can save thousands over the life of your loan, so shop at least 3-4 lenders before committing.
Frequently Asked Questions
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