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 as a mortgage property tax calculator and property tax loan calculator — a mortgage calculator with taxes and insurance — to model your specific home price, down payment, and state.
Last verified on: June 21, 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. For full PITI (Principal, Interest, Taxes, and Insurance) by state — including insurance — see What Is PITI? Mortgage Payment by State.
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 21, 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.
Using a Mortgage Property Tax Calculator
If you searched for a mortgage property tax calculator, property tax loan calculator, or mortgage calculator with taxes and insurance, you need the same workflow: start with principal and interest from the amortization formula, then add monthly property tax escrow and insurance for your state and down payment level. The Mortgage Calculator applies configured state tax rates so you can compare Colorado, Texas, New Jersey, and other states on one screen — then add PMI if your down payment is below 20%.
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.
Related Reading
- PITI Breakdown by State — principal, interest, taxes, and insurance by state
- How Property Tax Is Calculated — assessment and mill rate breakdown
- Property Tax Rate by County — county-level rate comparison
- Mortgage Calculator — monthly payment with state tax and insurance
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?
- Colorado Mortgage Calculator with Taxes and PMI
- North Carolina Mortgage Calculator with Taxes and PMI
- Arizona and Phoenix Mortgage Calculator with Taxes and PMI
- What Is PITI? Mortgage Payment by State
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
Which US states have the lowest and highest mortgage payments in 2026?
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.
Why do mortgage payments vary so much by state?
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.
Are property taxes included in my monthly mortgage payment?
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 vs. interest rates: Which affects your monthly payment more?
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.
Does where I buy affect my monthly payment more than the loan terms?
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.
Which states have the highest property tax rates in 2026?
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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