Direct Answer
On a $350,000 home with 20% down ($70,000) and a $280,000 loan at 6.5% for 30 years, the principal-and-interest payment is $1,770 per month. Adding property tax pushes the total from $1,930/month in the lowest-tax states to $2,412/month in the highest — a gap of $5,784 per year driven almost entirely by local property tax rates.
Use the Mortgage Calculator to model your specific home price, down payment, and location.
Last verified on: June 4, 2026
Editorial note: This comparison uses state-level property tax rates configured in the Daily Calcs mortgage calculator, sourced from official state and local tax authorities. It models a $350,000 home with 20% down to isolate property tax impact. Insurance, PMI (private mortgage insurance), HOA (homeowners association) dues, and state-specific exemptions are excluded to keep the comparison clean. Actual payments will vary by exact address, loan terms, and buyer profile.
Research method: Daily Calcs extracted configured property tax rates from 18 state-level mortgage data files, each sourced from official state and county tax authority websites. The principal-and-interest calculation uses the standard fixed-rate amortization formula with a 6.5% rate and 30-year term. Tax rates reflect combined county, municipal, and school levies where applicable per state configuration. All sources verified on June 4, 2026.
State-by-State Monthly Payment Comparison
All scenarios: $350,000 home, 20% down, 6.5% rate, 30-year fixed, P&I = $1,770/month.
| State | Property tax rate | Monthly property tax | Total monthly payment | vs. lowest |
|---|---|---|---|---|
| Colorado | 0.55% | $160 | $1,930 | — |
| North Carolina | 0.55% | $160 | $1,930 | $0 |
| South Carolina | 0.60% | $175 | $1,945 | +$15 |
| Arizona | 0.63% | $184 | $1,954 | +$24 |
| Virginia | 0.95% | $277 | $2,047 | +$117 |
| Washington | 0.95% | $277 | $2,047 | +$117 |
| California | 1.00% | $292 | $2,062 | +$132 |
| New York | 1.24% | $361 | $2,131 | +$201 |
| Ohio | 1.57% | $458 | $2,228 | +$298 |
| Texas | 1.54% | $449 | $2,219 | +$289 |
| Florida | 1.70% | $496 | $2,266 | +$336 |
| Illinois | 2.10% | $613 | $2,383 | +$453 |
| New Jersey | 2.20% | $642 | $2,412 | +$482 |
Tax rates are combined effective rates from configured state data. Actual county and city rates may differ. Insurance and PMI excluded.
Three Things This Comparison Reveals
1. Property tax is the dominant geographic variable
Mortgage interest rates in mid-2026 are relatively uniform across the US — typically within 0.25-0.50% between states. Property tax rates, by contrast, span a 4x range (0.55% to 2.2%).
That means a buyer comparing homes in Colorado and New Jersey sees a property tax delta of roughly $5,800 per year on a $350,000 home. For the same home price, that is more impactful than rate shopping by 0.5%.
2. The highest-tax states cluster in the Northeast and Midwest
New Jersey, Illinois, Ohio, and New York all have property tax rates above 1.2%. These states rely more heavily on property tax for local revenue, and homeowners there see higher total monthly payments as a result.
3. “High-tax” states can still be affordable with the right home price
Florida’s 1.70% rate and Texas’s 1.54% rate are above the national median, but both states have no state income tax. The net tax burden comparison is more complex than property tax alone. Use the Mortgage Calculator with your target home price and down payment to see how your specific state’s property tax affects your monthly obligation.
How Property Tax Enters Your Monthly Payment
Most mortgage lenders require an escrow account that collects property taxes and homeowners insurance as part of your monthly payment. Each month, your lender adds roughly one-twelfth of the annual tax bill to your principal-and-interest payment.
This is why state property tax differences appear directly in your monthly statement — not as a separate bill that arrives once a year. For a full breakdown of how PITI (principal, interest, taxes, and insurance) works in practice, see the Texas property tax escrow example.
What This Comparison Does Not Include
- Homeowners insurance — Varies by state (Texas and Florida typically have higher premiums due to weather risk)
- PMI (private mortgage insurance) — Excluded because the model uses 20% down. For lower down payments, PMI adds $100-$300/month depending on credit and LTV (loan-to-value ratio). Read the PMI removal guide for more
- State-specific homestead exemptions — Some states reduce taxable value for primary residences, which would lower the effective tax
- HOA dues and special assessments — These vary by neighborhood, not state
Calculator Methodology
The state-level comparison uses:
- home price: $350,000
- down payment: 20% ($70,000)
- loan amount: $280,000
- interest rate: 6.5% (fixed 30-year)
- P&I payment: $1,770/month
- property tax: state rate applied to full home price, divided by 12
- no exemptions, insurance, or PMI applied
The fixed-rate amortization formula:
Payment = P * r(1 + r)^n / ((1 + r)^n − 1)Where P is principal, r is the monthly interest rate, and n is the number of monthly payments (360 for a 30-year loan).
Each state’s property tax rate comes from the Daily Calcs mortgage calculator state-level configuration, which sources official tax authority data. The specific source for each state is listed in the calculator’s data source references.
Official and Supporting Sources
- Daily Calcs Mortgage Calculator — national with state, county, and city data
- Daily Calcs Texas state mortgage data — property tax source references
- Daily Calcs California state mortgage data — property tax source references
- CFPB (Consumer Financial Protection Bureau): What is a Loan Estimate and what costs does it show?
- CFPB (Consumer Financial Protection Bureau): What is escrow and how does it work?
- Refinancing vs. extra payments: Which saves more on your mortgage?
Next Step
Use the Mortgage Calculator to enter a specific state, county, or city and see your exact monthly payment. The calculator includes configured property tax rates, exemptions, and assistance programs for 18 states and their local jurisdictions.
Frequently Asked Questions
Based on configured property tax data for a $350,000 home with 20% down at 6.5%, Colorado and North Carolina have the lowest monthly payment at $1,930, driven by their 0.55% property tax rate. New Jersey has the highest at $2,412, driven by its 2.2% rate. The $482 per month gap equals $5,784 per year.
The primary driver is property tax, which varies from 0.55% of home value in Colorado and North Carolina to more than 2% in Illinois and New Jersey. Mortgage interest rates on conventional loans also vary slightly by state but typically within 0.25-0.50%, while property tax rates can differ by 4x or more between states.
Yes, most lenders include property taxes in your monthly payment through an escrow account. The lender collects roughly one-twelfth of the annual tax bill each month, holds it in escrow, and pays the tax authority when due. This is why state property tax differences show up directly in your monthly payment.
Property taxes have a larger geographic spread. Mortgage rates typically vary by 0.25-0.50% between states, changing a $350k payment by $50-$100/month. Property tax rates vary by 0.55% to 2.2%+, changing the same payment by $160 to $640/month. For interstate comparisons, property tax is the bigger factor.
Yes, for cross-state moves. A buyer choosing between Colorado (0.55% property tax) and New Jersey (2.2% property tax) sees a property tax difference of $5,784 per year on a $350,000 home. That can outweigh rate differences of 0.5-1.0% on the same loan amount.
New Jersey (2.2%) and Illinois (2.1%) have the highest effective property tax rates among states with configured data in the Daily Calcs mortgage calculator. Florida (1.70%), Texas (1.54%), and Ohio (1.57%) form the next tier. Colorado (0.55%), North Carolina (0.55%), and South Carolina (0.60%) are the lowest.
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- What Is PITI? 2026 Mortgage Payment by State Compare PITI (Principal, Interest, Taxes, Insurance) for a $300k home across all 50 states. See how much tax and insurance add to your payment.
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