Compare different loan terms using your home price of $350,000 with $70,000 down at 6.8%.
15-Year Fixed
$2,401/mo
Total interest: $152,141
Total cost: $432,141
Save $221,646 vs 30-year
20-Year Fixed
$2,088/mo
Total interest: $221,025
Total cost: $501,025
Save $152,762 vs 30-year
30-Year Fixed (Current)
$1,816/mo
Total interest: $373,787
Total cost: $653,787
Lowest monthly payment
Pro
Professional Simulator
Complete financial model: closing costs breakdown, rent vs buy, inflation-adjusted returns, true cost of ownership
years
%
%
%
%
10-Year Net Gain/Loss
-$173,685
After selling in year 10 at $493,710
Total Paid Over Hold Period
$398,929
Down + closing + all payments
Home Value at Sale
$493,710
3.5%/ yr appreciation
Selling Costs
$29,623
6% of sale price
Net Sale Proceeds
$225,244
After mortgage payoff + selling costs
Real Interest Rate
4.25%
Nominal 6.8% - inflation 2.5%
Real Monthly Payment
$1,254
Today's dollars (mid-loan)
State Property Tax
$5,600
TX rate: 1.6%
True Monthly Cost
$2,499
PITI + HOA + maintenance
Buying a Home in Delaware
Delaware is a small but strategically located state that offers a compelling combination of low property taxes, no sales tax, and proximity to major East Coast metros including Philadelphia, Baltimore, and Washington D.C. With an average home price of $345,000, it remains more affordable than neighboring New Jersey and Maryland while offering easy access to urban employment centers.
The northern portion of the state — particularly the Wilmington metro — is Delaware's most densely populated and economically active area. The city of Wilmington has a vibrant financial services industry and is home to many major credit card and banking companies. Suburban communities like Newark, Middletown, and Hockessin offer family-friendly neighborhoods at a range of price points.
Southern Delaware, including the Rehoboth Beach and Lewes areas, has seen significant price appreciation driven by vacation and retirement demand. These coastal communities now command prices well above the state average. One important consideration for buyers: Delaware's realty transfer tax of 4% (typically split 2% each between buyer and seller) is among the higher transfer taxes in the Mid-Atlantic region.
Key Housing Facts for Delaware
Average home price: $345,000
Average effective property tax rate: 0.53%
Average homeowners insurance: $1,100/year
No state sales tax
Realty transfer tax: 4% (split 2/2 buyer/seller)
Most active markets: Wilmington, Newark, Middletown, Rehoboth Beach
Frequently Asked Questions
Delaware's average effective property tax rate is approximately 0.53%, one of the lowest in the Mid-Atlantic region. On a $345,000 home, you'd pay roughly $1,829 per year in property taxes. Delaware also has no state sales tax, which provides additional savings on everyday purchases for homeowners.
Delaware State Housing Authority (DSHA) offers the DSHA Preferred Plus program with below-market interest rates and down payment assistance of 2–5% of the loan amount as a grant (not repayable). The Welcome Home program offers additional assistance for buyers in targeted areas and for buyers with disabilities.
Yes. Delaware has a realty transfer tax of 4% of the sale price, typically split equally between buyer and seller (2% each). This is higher than many states and should be factored into closing cost budgeting. On a $345,000 home, a buyer's share would be approximately $6,900 in transfer taxes alone.
With Delaware's average home price of $345,000, a 20% conventional down payment is $69,000. FHA loans require 3.5% ($12,075). DSHA's Preferred Plus grant provides 2–5% down payment assistance with no repayment required, making it one of the more generous grant programs in the region.