Kentucky Mortgage Calculator
Estimate your monthly mortgage payment in Kentucky with state-specific property tax, insurance, and homestead data pre-loaded. Median home value in Kentucky is $230,000 with an effective property tax rate of 0.86%.
Mortgage Calculator
Estimate your monthly payment including taxes, insurance, and PMI.
Optional
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
Year 1 | $13,956.12 | $2,056.67 | $11,899.45 | $181,943.33 |
| 1 | $1,163.01 | $166.34 | $996.67 | $183,833.66 |
| 2 | $1,163.01 | $167.24 | $995.77 | $183,666.42 |
| 3 | $1,163.01 | $168.15 | $994.86 | $183,498.27 |
| 4 | $1,163.01 | $169.06 | $993.95 | $183,329.21 |
| 5 | $1,163.01 | $169.98 | $993.03 | $183,159.23 |
| 6 | $1,163.01 | $170.90 | $992.11 | $182,988.33 |
| 7 | $1,163.01 | $171.82 | $991.19 | $182,816.51 |
| 8 | $1,163.01 | $172.75 | $990.26 | $182,643.76 |
| 9 | $1,163.01 | $173.69 | $989.32 | $182,470.07 |
| 10 | $1,163.01 | $174.63 | $988.38 | $182,295.44 |
| 11 | $1,163.01 | $175.58 | $987.43 | $182,119.86 |
| 12 | $1,163.01 | $176.53 | $986.48 | $181,943.33 |
Year 2 | $13,956.12 | $2,194.39 | $11,761.73 | $179,748.94 |
Year 3 | $13,956.12 | $2,341.37 | $11,614.75 | $177,407.57 |
Year 4 | $13,956.12 | $2,498.19 | $11,457.93 | $174,909.38 |
Year 5 | $13,956.12 | $2,665.49 | $11,290.63 | $172,243.89 |
What is a Mortgage Calculator?
A mortgage calculator helps you estimate your total monthly housing payment, including principal, interest, property taxes, home insurance, and private mortgage insurance (PMI). This gives you a complete picture of what homeownership will cost each month.
Unlike a simple loan calculator, a mortgage calculator accounts for additional costs that come with buying a home. Property taxes and insurance are typically required by lenders to be included in your monthly payment through an escrow account.
All calculations happen in your browser. No financial data is sent to any server, so your information stays completely private.
Kentucky Housing Snapshot
| Median Home Value | $230,000 |
| Effective Property Tax Rate | 0.86% |
| Estimated Annual Property Tax | $1,978 |
| State Income Tax | Flat 4.0% |
| Homestead Exemption | $49,100 for homeowners 65+ or totally disabled (adjusted biennially) |
| Avg Homeowners Insurance | $1,985/yr |
| Transfer & Recording Taxes | Real estate transfer tax $0.50 per $500 (0.10%) |
What Makes Buying in Kentucky Different
Kentucky offers reliable Southern affordability with home prices well below the national median. The $230,000 statewide median home, with an effective property tax rate of 0.86%, produces an annual property tax bill of around $1,980. State income tax is a flat 4.0%, reduced from previous progressive rates and scheduled for further reductions if revenue triggers are met. The Kentucky homestead exemption is one of the more useful in the South for older homeowners: $49,100 (adjusted biennially) is removed from assessed value for homeowners aged 65 or older or those totally disabled. Insurance averages $1,985, with tornado exposure across central and western Kentucky being the main premium driver. Louisville and Lexington dominate the housing market; smaller cities like Bowling Green and Owensboro offer entry-level pricing under $200,000. Northern Kentucky (Covington, Newport, Florence) functions as part of the Cincinnati metro, with housing patterns and prices reflecting that connection.
Top Cities in Kentucky
| City | Median Home Value |
|---|---|
| Louisville | $230,000 |
| Lexington | $285,000 |
| Bowling Green | $235,000 |
| Owensboro | $175,000 |
| Covington | $215,000 |
Homeowners aged 65 or older, or those who are totally disabled, qualify for a $49,100 property tax exemption on assessed value (the amount is adjusted biennially for inflation). The exemption applies only to the primary residence and must be applied for through the property valuation administrator (PVA) in your county. This is one of the most useful senior tax breaks in the Southeast.
Kentucky simplified to a flat 4.0% state income tax, with a possibility of further reductions if state revenue triggers are met. Like Indiana, Kentucky also has local occupational taxes in cities and counties that can add 0.5% to 2.5% on earned income depending on jurisdiction. Combined effective state-plus-local tax rate ranges roughly 4.5% to 6.5%.
Kentucky law requires property to be assessed at 100% of fair market value as of January 1 of each year. PVAs (Property Valuation Administrators) handle assessments at the county level. Reassessments happen at least every four years, with some counties doing them annually. Homeowners can appeal assessments through a structured process if they disagree with the PVA's value.
Home Affordability Calculator
Find out how much house you can afford based on income, debts, and down payment.
How Much House Can I Afford?
Complete guide with the 28/36 rule, salary-based estimates, and free calculator.
Mortgage Calculator
Estimate monthly mortgage payments including taxes, insurance, and PMI.