Not financial advice. Mortgage FV Calculator is a software calculator, not a personal-finance product or advisory service. It computes standard financial functions and displays the results for your convenience. Nothing here constitutes, or is intended to constitute, financial, investment, tax, legal, mortgage, credit, or insurance advice. Always consult a qualified professional before making any financial decision.
Erie mortgage calculator
A median-priced Erie, PA home at 6.75% over 30 years, with Pennsylvania property tax of 1.49% and $1,300 a year of homeowners insurance. Every figure below is computed on our amortising engine — nothing is estimated in the browser.
$1,200 a month, all in
Principal and interest are $851; escrow and PMI add the rest. Over the full term the loan costs $175,112 in interest. Discounted at 5%, buying here has a net present value of $123,311 ($262,469 in today’s dollars).
Within Pennsylvania, Erie is the cheapest of the 5 Pennsylvania markets covered here — Philadelphia runs about 1.64x these prices. Buyers priced out of the expensive end of the state often end up comparing exactly this pair.
Erie is cheaper than Pennsylvania as a whole — $145,750 against a state median of $265,000, roughly 45% below. On a 20% deposit that is $23,850 less to find up front.
At $145,750 to buy and $1,125 a month to rent, the price-to-rent ratio is 10.8 — low. Ownership tends to pull ahead quickly at that level, and the binding question is transaction costs rather than the monthly comparison.
Monthly cost in Erie vs comparable rent
Owning is stacked by component; renting is the local median asking rent.
The monthly breakdown
| Median home price | $145,750 |
|---|---|
| Down payment (10%) | $14,575 |
| Loan amount | $131,175 |
| Principal & interest | $851/mo |
| Property tax (1.49%) | $181/mo |
| Homeowners insurance | $108/mo |
| PMI while above 80% LTV | $60/mo |
| Total monthly payment | $1,200/mo |
| Comparable rent | $1,125/mo |
What a rate move does to the Erie payment
| Rate | Principal & interest |
|---|---|
| 5.5% | $745/mo |
| 6% | $786/mo |
| 6.5% | $829/mo |
| 7% | $873/mo |
| 7.5% | $917/mo |
| 8% | $963/mo |
Rent or buy in Erie?
Against $1,125 a month in rent, over 7 years buying leaves you about $16,851 better off — $14,176 once 2.5% inflation is stripped out. See the Pennsylvania rent-vs-buy page.
Where these numbers come from
Pennsylvania medians come from editorial and are refreshed weekly. The Erie figures index those state medians to the local market, so they track the same feed rather than going stale. Insurance and the state income tax rate are editorial. Treat everything here as a planning estimate, not a quote.