I write educational posts on buying your home for the first time. I even posted my homebuying book at r/NewbHomebuyer if you want to check it out

Wanted to share what a $400k home looks like across all 50 states at today's rates.

Assumptions: 5% down, 6.52% on a 30 year fixed, 0.25% mortgage insurance factor, and no other debt.

The table below includes estimates on property taxes and homeowners insurance, so the spread between states is mostly driven by those two (plus a tiny PMI difference based on the loan amount).

State Monthly Payment
TX $3,421
NJ $3,416
IL $3,384
NE $3,338
CT $3,324
KS $3,248
NH $3,221
VT $3,211
NY $3,188
IA $3,168
WI $3,148
FL $3,139
OK $3,136
SD $3,124
RI $3,121
OH $3,114
MI $3,108
PA $3,074
ME $3,023
MN $3,021
MA $3,018
AK $2,971
MO $2,971
MD $2,958
ND $2,954
GA $2,951
AR $2,941
MS $2,941
KY $2,931
IN $2,911
LA $2,911
NM $2,911
MT $2,908
NC $2,891
OR $2,888
WA $2,874
CO $2,869
VA $2,868
CA $2,861
TN $2,851
AZ $2,841
SC $2,818
ID $2,809
WY $2,804
WV $2,788
DE $2,781
AL $2,778
NV $2,778
UT $2,771
HI $2,691

Texas comes in the highest at $3,421/month and Hawaii is the lowest at $2,691/month. Property taxes and insurance do a lot of the heavy lifting here.

People will also point out that you can get a bigger house for $400k in TX than Hawaii. and that's true. But this is just meant to show you what an estimated payment might be.

I write educational posts on buying your home for the first time. I even posted my homebuying book at r/NewbHomebuyer if you want to check it out

Originally shared by u/SamTMortgageBroker in r/NewbHomebuyer — view the original thread.