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 Missouri
Missouri offers solid housing value at an average home price of $225,000, with two major metropolitan markets serving very different buyer profiles. Kansas City, on the western edge of the state, has emerged as one of the Midwest's most dynamic cities, with a booming tech sector, world-class barbecue culture, and neighborhoods like Brookside, Waldo, and the Crossroads Arts District attracting young professionals. Suburbs like Lee's Summit, Overland Park (Kansas side), and Lenexa round out the metro with newer construction and strong schools.
St. Louis, on the eastern border with Illinois, offers a different flavor — a city of distinct neighborhoods, from the historic elegance of Clayton and Ladue to the urban character of Tower Grove and Cherokee Street. St. Louis County suburbs including Chesterfield, Ballwin, and Wildwood are among Missouri's most sought-after family communities. The presence of major universities, healthcare systems, and a growing biotech sector supports steady demand in the metro.
Columbia (University of Missouri), Springfield, and Jefferson City offer additional affordable markets for buyers outside the two major metros. Missouri's flat state income tax of 4.95% and absence of a transfer tax make it a straightforward state in which to purchase a home. The MHDC's First Place Loan program with 4% cash assistance is one of the better down payment programs in the region.
Key Housing Facts for Missouri
Average home price: $225,000
Average effective property tax rate: 0.91%
Average homeowners insurance: $1,500/year
No state real estate transfer tax
Most active markets: Kansas City metro, St. Louis metro
Other markets: Columbia, Springfield, Jefferson City
Frequently Asked Questions
Missouri's average effective property tax rate is approximately 0.91%, near the national average. On a $225,000 home, you'd pay roughly $2,048 per year in property taxes. Missouri property taxes are levied at the county and municipal level, so rates vary significantly. St. Louis County and Jackson County (Kansas City) tend to have higher effective rates than rural counties.
Missouri Housing Development Commission (MHDC) offers the First Place Loan with below-market interest rates and cash assistance of 4% of the loan amount for down payment and closing costs. The Next Step program assists non-first-time buyers in targeted areas. The MO07 (Cash Assistance) program provides 4% of the loan amount as a grant. Income and purchase price limits apply.
Missouri sits favorably compared to most neighbors. With an average home price of $225,000 and a moderate 0.91% property tax rate, it offers more value than Illinois (2.07% tax rate) and better home prices than Colorado or Kansas. The Kansas City metro straddles the Missouri-Kansas border, with the Missouri side (including Lee's Summit, Blue Springs, and Independence) generally offering more land and slightly lower prices than the Johnson County Kansas side.
Closing costs in Missouri typically range from 2–3% of the loan amount. On a $225,000 home, expect approximately $4,500–$6,750 in closing costs. Missouri does not have a state transfer tax but charges a small deed recording fee. Title insurance is typically split between buyer and seller. The MHDC's 4% cash assistance can significantly offset these costs.