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Mortgage Calculator /With Taxes and PMI /Kentucky

Kentucky Mortgage Calculator

Set to Kentucky’s own property tax rate of 0.71% and its median home price, so the payment below reflects what owning here actually costs — not a national average.

$
% ($45,200)
years
%
$/year
$/year
$/month
%
$/month
Amortization schedule
$1,352
Monthly payment
$1,152
Principal & interest
$134
Taxes
$66
Insurance
$0
HOA fees

Loan balance over time

Balance Principal paid $180,800 Interest paid $234,031
20262056
Total of 360 payments$486,711
Principal$180,800
Interest$234,031
Taxes$48,150
Insurance$23,730
HOA fees$0
P&I 85.2% Taxes 9.9% Insurance 4.9%
15- vs 30-year term at 6.58%
15-year
$1,583/mo P&I
$104,126 total interest
30-year · current
$1,152/mo P&I
$234,031 total interest
The 15-year term saves $129,904 in interest. Which term is right for you?

What these numbers come from

Median home value
$226,000
Median tax bill
$1,611
Effective tax rate
0.71%
Rank of 51
31st highest

Kentucky taxes property at about 0.71% of value against 0.89% nationally. On a $226,000 home that is $34 a month less than the same house would cost in taxes at the national rate. Rates are set by counties, cities and school districts, so your own bill will differ from the state median — put your actual figure in the property tax field and the payment updates.

Tax and home value figures: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Insurance is estimated at 0.35% of home value per year — there is no comparable public per-state dataset, so treat it as a placeholder and replace it with your own quote. The interest rate is the national Freddie Mac 30-year average of 6.58%; this site does not publish state-level rate quotes.

Monthly cost across Kentucky home prices

20% down, 30-year fixed at 6.58%, with Kentucky property tax of 0.71% and estimated insurance.

Home price Loan P&I Tax/mo Full payment
$136,000 $108,800 $693 $80 $814
$181,000 $144,800 $923 $107 $1,083
$226,000 median $180,800 $1,152 $134 $1,352
$283,000 $226,400 $1,443 $167 $1,693
$339,000 $271,200 $1,728 $201 $2,028

The gap between the P&I column and the last one is what a mortgage quote leaves out. In Kentucky taxes alone add $134 a month on a median-priced home.

Amortization schedule

Date Principal Interest Tax, Ins. & HOA Balance
Aug $161 $991 $200 $180,639
Sep $162 $991 $200 $180,477
Oct $163 $990 $200 $180,315
Nov $164 $989 $200 $180,151
Dec $164 $988 $200 $179,987
2026 $813 $4,948 $998 $179,987
Jan $165 $987 $200 $179,821
Feb $166 $986 $200 $179,655
Mar $167 $985 $200 $179,488
Apr $168 $984 $200 $179,320
May $169 $983 $200 $179,150
Jun $170 $982 $200 $178,981

Refinancing in Kentucky

The arithmetic is the same everywhere: refinancing pays off when the monthly saving clears the closing costs before you sell or refinance again. What differs by state is the cost of getting there — recording fees, transfer and mortgage taxes, and whether an existing tax assessment survives the new loan.

Work the break-even with the refinance calculator, or check this week’s national average rates.

Kentucky home loans in detail

Kentucky Mortgage Overview

Known for the Kentucky Derby and all things horse racing, Kentucky is known as the 'Bluegrass State.' The scenery is gorgeous and there are homes for all price ranges, but Kentucky is a great place for first-time homebuyers because the median home price is around $275,000 — well below the national average.

If you're thinking about moving to Kentucky, here are your mortgage options:

Kentucky FHA loans

FHA loans offer flexible underwriting guidelines for first-time and subsequent homebuyers. Borrowers need just a 580 credit score and a 45 percent debt ratio. With just 3.5 percent down, you can buy a home, but you'll have mortgage insurance for the life of the loan, so include it in your budget.

Kentucky VA loans

Veterans of the military or even current military members have access to 100% financing if they have at least a 620 credit score. VA loans have the most flexible guidelines and VA lenders focus mostly on a borrower's disposable income to make sure you can cover the cost of daily living. VA loans don't require mortgage insurance but do have an upfront funding fee.

Kentucky USDA loans

Borrowers who love the wide open or living in areas of lower population may be eligible for a Kentucky USDA loan. Your household income must be less than 115% of the area's median income to be eligible and you must buy an owner-occupied home. USDA loans don't require a down payment but do have mortgage insurance for the life of the loan.

Kentucky conventional loans

Borrowers with great credit and low debt ratios get the best interest rates and terms with conventional loans. You need just 3 percent down, but with less than a 20 percent down payment, you'll pay Private Mortgage Insurance until you owe less than 80 percent of the home's value.

First-Time Homebuyer Programs in Kentucky

Down Payment Assistance

Receive down payment assistance up to $6,000 that's repayable over 10 years at 1 percent interest. To qualify, you must meet the income limits.

Borrowers with at least a 660 credit score may qualify for the Conventional Preferred program which requires a 3 percent down payment, allows down payment assistance and doesn't require borrower contribution.

Borrowers with a 620 credit score may qualify for the FHA program through the Kentucky Housing Corporation. You'll need a 3.5 percent down payment but can use down payment assistance for it.

Veterans with at least a 620 credit score can use the VA program with no down payment requirements. You can use the DAP funds for closing costs or to earn some equity in the home right away.

Tax credit

First-time homebuyers may be eligible for a tax credit equal to 25 percent of the interest paid for the year, up to $2,000 but only if you buy a home that's worth $294,600 or less.

Kentucky mortgage FAQ

How much is property tax on a home in Kentucky?
Kentucky homeowners pay an effective property tax rate of about 0.71 percent of home value — the 31st highest of the 50 states and DC. On the state's median home value of $226,000 that works out to roughly $1,605 a year, or $134 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.
What is the monthly payment on a median-priced Kentucky home?
At $226,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $1,152 a month. Adding Kentucky property tax of roughly $134 a month and an estimated $66 of homeowner insurance brings the full payment to around $1,352.
What loan options do Kentucky homebuyers have?
Kentucky buyers can use FHA loans with a 580 credit score, a 45 percent debt ratio, and 3.5 percent down, VA loans with 100 percent financing and a 620 score for military borrowers, USDA loans with no down payment for households earning under 115 percent of area median income, and conventional loans with 3 percent down and PMI until you owe less than 80 percent of the home value.
What first-time homebuyer help is available in Kentucky?
Kentucky offers down payment assistance repayable over 10 years at 1 percent interest for buyers within income limits. Through the Kentucky Housing Corporation, the Conventional Preferred program serves 660 plus credit scores with 3 percent down, while FHA and VA options work with 620 scores. First-time buyers may also claim a tax credit worth 25 percent of the yearly mortgage interest.
What credit score is required to buy a house in Kentucky?
It depends on the program. FHA loans accept a 580 credit score with 3.5 percent down, VA loans and the Kentucky Housing Corporation FHA program both work with a 620 score, and the Conventional Preferred program requires at least 660. Conventional loans in general reward strong credit and low debt ratios with the best interest rates and terms.

Property tax in every state

Effective rate on owner-occupied value, highest bills first in each column.