Quick answer
The median home in Philadelphia costs $280K. With 20% down ($56K) at 7% for 30 years, the monthly payment is $1,490/month. Total interest paid over 30 years: $312,500.
Calculator · PA · 2026
Mortgage Calculator for Philadelphia, PA (2026)
Pre-filled with Philadelphia's median home price of $280K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Philadelphia Mortgage Payment Scenarios
Median home price: $280K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $14,000 | $266,000 | $1,770 | $2,391 | $371,094 |
| 10% | $28,000 | $252,000 | $1,677 | $2,265 | $351,562 |
| 20% | $56,000 | $224,000 | $1,490 | $2,013 | $312,500 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Philadelphia
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $280K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$280K home · 20% down ($224K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Philadelphia?
The median home price in Philadelphia is $280K. With 20% down and a 30-year loan at 7%, the monthly payment is $1,490. Adding estimated property taxes and insurance brings total monthly costs to approximately $1,770.
Is it cheaper to rent or buy in Philadelphia?
A 2-bedroom rental in Philadelphia averages $2,350/month. Buying the median $280K home with 20% down costs approximately $1,770/month (mortgage + taxes + insurance) — $580 less than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Philadelphia?
Using the 28% housing rule, you need at least $64K–76K in annual gross income to comfortably afford the median $280K home in Philadelphia with 20% down. You also need $56K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Philadelphia?
PA has a state income tax rate of 3.07%. Property taxes vary by county but on a $280K home, expect $233–$467/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.