Quick answer
The median home in Lexington costs $285K. With 20% down ($57K) at 7% for 30 years, the monthly payment is $1,517/month. Total interest paid over 30 years: $318,080.
Calculator · KY · 2026
Mortgage Calculator for Lexington, KY (2026)
Pre-filled with Lexington's median home price of $285K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Lexington Mortgage Payment Scenarios
Median home price: $285K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $14,250 | $270,750 | $1,801 | $2,434 | $377,720 |
| 10% | $28,500 | $256,500 | $1,707 | $2,305 | $357,840 |
| 20% | $57,000 | $228,000 | $1,517 | $2,049 | $318,080 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Lexington
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $285K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$285K home · 20% down ($228K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Lexington?
The median home price in Lexington is $285K. With 20% down and a 30-year loan at 7%, the monthly payment is $1,517. Adding estimated property taxes and insurance brings total monthly costs to approximately $1,802.
Is it cheaper to rent or buy in Lexington?
A 2-bedroom rental in Lexington averages $1,350/month. Buying the median $285K home with 20% down costs approximately $1,802/month (mortgage + taxes + insurance) — $452 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Lexington?
Using the 28% housing rule, you need at least $65K–77K in annual gross income to comfortably afford the median $285K home in Lexington with 20% down. You also need $57K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Lexington?
KY has a state income tax rate of 4%. Property taxes vary by county but on a $285K home, expect $238–$475/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.