Philadelphia, PA variant. This is a Philadelphia, PA-specific version of the Mortgage Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Mortgage Calculator.
Philadelphia's $235,000 median home and 0.95% property tax make for a distinctive mortgage payment. High-cost metros front-load the principal-and-interest portion.
Mortgage payment in Philadelphia
On the $235,000 median home with 20% down ($47,000), you'd finance $188,000. At 6.5% over 30 years, P&I ≈ $1,188/month.
Add Philadelphia's 0.95% property tax (≈ $186/month) plus insurance for the all-in payment.
About Philadelphia, PA
Philadelphia imposes a city wage tax on residents and on people who work within the city, adding to the Pennsylvania state income tax.
Philadelphia offers relatively affordable home prices compared with other large East Coast cities, making homeownership more accessible.
Philadelphia's economy is built around education, healthcare, and professional services, with major universities and hospital systems as anchors.
Worked example: $235,000 Philadelphia home
Loan $188,000 at 6.5% for 30 years → $1,188/mo P&I. Property tax ≈ $186/mo. Total before insurance ≈ $1,374/mo.
Quick reference
- Median home value: $235,000
- Median rent: $1,750/mo
- Median household income: $60,302
- Local sales tax: 8%
- City income tax: 3.75%
- Effective property tax rate: 0.95%
- Cost of living index: 105 (US avg = 100)
Frequently Asked Questions
How much is a mortgage in Philadelphia?
About $1,188/month P&I on the $235,000 median home with 20% down at 6.5%.
What is the property tax rate in Philadelphia?
About 0.95% of home value per year.