Mortgage Affordability Calculator Springfield, MA
How much house can you afford in Springfield? See your maximum price, monthly payment and pre-approval estimate. Free, instant, no credit check.
Updated · current rates and lending limits
Add your partner's income if you're buying together.
Car loans, credit cards, lines of credit, student loans. Not rent.
Enter your yearly household income.
Savings and gifts from family count. Many first-time buyer loans need just 3% down; under 20% you pay mortgage insurance.
7.40% (Freddie Mac 30-year average, October 2026). Change it if you've been quoted a rate.
Enter your down payment.
| After | Paid in total | Still owed |
|---|
Polaris Home Loans, LLC
4.8 · 127 reviews · Free pre-approval
Get pre-approved →
Brad Salerno at Rate (NMLS #41041)
5.0 · 108 reviews · Free pre-approval
Get pre-approved →
TMD Capital
4.7 · 56 reviews · Free pre-approval
Get pre-approved →
An estimate, not a mortgage approval or pre-approval. A mortgage broker confirms your real number.
Top-rated mortgage brokers in Springfield
Ranked by TrustAnalytica from verified reviews · see the full Top 10 list →
Polaris Home Loans, LLC
Polaris Home Loans, LLC focuses on guiding clients through home loan and refinancing processes with a hands-on approach. The team assists with loan applications, appraisals, and inspections, often helping customers navigate challenges along the way. While some have found delays frustrating, others appreciate the clear communication and support throughout.
Brad Salerno at Rate (NMLS #41041)
Licensed under NMLS #41041, this mortgage team specializes in guiding first-time homebuyers through the loan process with clear communication and personalized support. They assist with various financing options, including down payment assistance programs, and are noted for their responsiveness and flexibility during closing.
TMD Capital
TMD Capital specializes in fast, investor-focused real estate loans, often closing deals within seven business days through in-house approvals. They offer a variety of loan programs including Fix & Flip, Long-Term Rental, and New Construction Loans, serving clients across 46 states. Customers appreciate the team’s clear communication and smooth, reliable process.
USA Mortgage Network Inc
Licensed across multiple states, USA Mortgage Network Inc. connects clients with a variety of loan programs including Conventional, FHA, USDA, VA, and Commercial loans. The team is known for clear communication and guiding borrowers smoothly through the mortgage process, though some may find the range of options requires careful consideration.
James DaRosa, NMLS 2027004, USA Mortgage Network
Licensed under NMLS 2027004, this mortgage team guides first-time homebuyers through each step with clear explanations and prompt responses. They focus on making the process smooth and accessible, providing detailed advice and support. Customers appreciate their availability and thoroughness throughout the home-buying journey.
Springfield Mortgage Statistics
Home-purchase lending in Hampden County and home costs in Springfield, MA (latest HMDA and Census data)Lenders made 4,563 home-purchase loans in Hampden County in 2025 (average about $300,000) and denied 484 — 10% of decided applications, compared with 9% across Massachusetts, according to federal mortgage data (HMDA, CFPB). In Springfield, the median home is worth $245,000 and 69% of owners have a mortgage, paying a median $1,804 a month (Census ACS 2020–2024).
- Home-purchase loans, 2025
- 4,563▲ 1%4,533 in 2024
- Denial rate
- 10%MA 9%
- Median home value
- $245,000MA $562,100
- Monthly cost with a mortgage
- $1,804median · MA $2,726
- Refinance loans made (Hampden County, 2025)
- 2,553 · 1,907 in 2024
- Home-improvement loans made (2025)
- 1,036
- Average home-purchase loan
- $300,000 (MA $604,000)
- Owners with a mortgage
- 69% · 42% of them spend 30%+ of income on housing
- Median household income
- $52,656 (MA $103,960)
Source: CFPB / FFIEC Home Mortgage Disclosure Act (HMDA) data, 2024–2025 loan applications in Hampden County (originated vs denied); home values and costs: U.S. Census Bureau ACS 2020–2024. Compiled by TrustAnalytica.
| # | Business | Rating | Reviews | Starting price | Phone | Website |
|---|---|---|---|---|---|---|
| 1 | Polaris Home Loans, LLC | 4.8 | 127 | — | (888) 301-9210 | Visit |
| 2 | Brad Salerno at Rate (NMLS #41041) | 5.0 | 108 | — | (413) 221-1110 | Visit |
| 3 | TMD Capital | 4.7 | 56 | — | (800) 571-7405 | Visit |
| 4 | USA Mortgage Network Inc | 5.0 | 32 | — | (413) 737-1100 | Visit |
| 5 | James DaRosa, NMLS 2027004, USA Mortgage Network | 5.0 | 13 | $100 | (413) 272-8586 | Visit |
How this Springfield mortgage affordability calculator works
Lenders look at your debt-to-income ratio. Housing costs (principal and interest, property tax, homeowners insurance and mortgage insurance) should stay under about 31% of your gross monthly income, and housing plus your other monthly debts under 43%. The calculator finds the highest home price that passes both tests with your down payment, on a 30-year fixed loan.
Massachusetts rules and numbers this calculator uses
- Debt-to-income
- 31% for housing and 43% total, the FHA standard and the long-time Qualified Mortgage limit. Some conventional loans go higher with strong credit and savings.
- Down payment
- At least 3% on a conventional first-time buyer loan (3.5% on FHA). Under 20% down, private mortgage insurance of about 0.6% of the loan a year is added to the payment.
- Property tax
- About 0.95% of the home's value a year, the Massachusetts average for owner-occupied homes (2024 Census ACS).
- Insurance
- Homeowners insurance assumed at $150 a month; it varies a lot by home and location.
- Rate
- Starts at 7.40% (Freddie Mac 30-year average, October 2026). Change it to the rate you have been quoted.
An estimate, not a mortgage approval or pre-approval. Your credit, income type, the property and the lender all change the answer; a mortgage broker confirms your real number. Sources: Freddie Mac Primary Mortgage Market Survey (October 2026), U.S. Census Bureau American Community Survey 2024 property tax data, FHA and CFPB debt-to-income guidance.
Frequently asked questions
10 questionsHow does the mortgage affordability calculator work?
What is the debt-to-income ratio for mortgages in Massachusetts?
How much house can I afford on a 100k salary in Springfield?
What is the minimum down payment for a mortgage in Massachusetts?
How does PMI affect my mortgage in Springfield?
How do interest rates affect what I can afford?
What are property taxes like in Massachusetts?
What is the difference between pre-approval and pre-qualification?
How do debts impact my mortgage affordability?
What role does a mortgage broker play in Springfield?
General information, not financial advice — consult a qualified professional.