Lexington, KY Mortgage Calculator
Calculate your estimated mortgage payment for a home in Lexington, KY. Pre-filled with Lexington's average home price of $275,000, local property tax rate of 0.84%, and typical insurance costs.
$275,000
Avg. Home Price
0.84%
Property Tax Rate
$1,850
Avg. Annual Insurance
-
? Monthly payment PITI with taxes & insurance included
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? Bi-weekly payment PITI if paid every other week
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? The date of the last payment
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? The date of the last bi-weekly payment
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? Total interest paid
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? Total interest paid if bi-weekly payments made
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? Monthly property tax paid (included in above PITI payment)
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? Monthly Home Insurance paid (included in above PITI payment)
Lexington, KY Mortgage Overview
The average home in Lexington costs around $275,000. With a 20% down payment of $55,000, you would need a loan of $220,000.
Lexington homeowners pay a property tax rate of approximately 0.84%, which translates to about $2,310 per year on the average home. Annual homeowners insurance in Lexington averages around $1,850.
What Affects Your Lexington Mortgage Payment?
Your monthly PITI payment in Lexington includes four components:
- Principal — the portion that reduces your loan balance
- Interest — the cost of borrowing, based on your rate and remaining balance
- Taxes — Lexington’s property taxes average 0.84%, lower than the Kentucky state average of 0.86%
- Insurance — homeowners insurance in Lexington averages $1,850/year
Tips for Lexington Home Buyers
- Compare rates from multiple Lexington lenders — even a 0.25% rate difference can save tens of thousands over the life of your loan
- Check your credit score before applying — a higher score means better rates
- Consider bi-weekly payments — paying every two weeks instead of monthly can shave years off your mortgage
- Factor in PMI — if your down payment is less than 20%, you’ll pay Private Mortgage Insurance until you reach 80% loan-to-value
- Look at Lexington first-time buyer programs — many Kentucky cities offer down payment assistance or reduced rates for first-time buyers
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