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When purchasing a home in Auburn, MA, a mortgage calculator can help you estimate your monthly payments and total costs, ensuring you make an informed decision. By inputting key details such as the home price, down payment, loan term, and interest rate, you can get a clearer picture of what you can afford and how different scenarios might affect your budget.
Key Points
• The Auburn mortgage calculator helps estimate monthly payments and total costs, making it easier to understand the financial aspects of homeownership.
• Down payment assistance programs, especially for first-time homebuyers, can reduce upfront costs and make homeownership more accessible.
• A shorter loan term, such as 15 years, can result in higher monthly payments but less interest paid over the life of the loan compared to a 30-year term.
• Property taxes, roughly 0.97% of the home’s value in Auburn, are an ongoing cost that new homebuyers should budget for.
• To reduce your mortgage payment, you can refinance to a lower rate, drop PMI once you have 20% equity in your home, and shop for a lower homeowners insurance rate.
Auburn Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer. This figure helps determine the home loan amount and your monthly payments.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%, with a 20% down payment typically allowing you to avoid private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the mortgage, usually 15 or 30 years. A shorter term can result in higher monthly payments but significantly less interest paid over the life of the loan.
• Interest rate: The interest rate is a percentage of the loan, representing the cost to borrow money. Rates vary based on borrower qualifications, market trends, and type of mortgage loan. A lower rate reduces monthly payments and total interest.
• Annual property tax: The annual property tax is an ongoing cost of homeownership, typically administered by the local government and expressed as a percentage of the home’s assessed value. In Massachusetts, property taxes are 0.97% of the home’s value.
• Total monthly payment: The total monthly payment with our calculator includes the principal and interest you pay each month, in addition to the property taxes. Monthly payments may also include homeowners insurance, private mortgage insurance, and homeowners association fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This can be a substantial figure, especially for longer loan terms. To minimize the total interest paid, consider strategies such as making extra payments, refinancing to a lower interest rate, or choosing a shorter loan term.
• Total loan cost: The total loan cost is the all-in amount you will pay for the loan, including principal and interest. This figure will vary based on the loan term and interest rate.
How to Use the Auburn, MA Mortgage Calculator
The Auburn mortgage calculator is designed to help you estimate your monthly mortgage payments and total costs. Below is a step-by-step breakdown of how to use the mortgage calculator and calculate your monthly payment.
Step 1: Enter Your Home Price
The home price is the amount listed in your contract. This figure helps the calculator estimate your monthly mortgage payment, total interest paid, and the overall cost of the loan.
Step 2: Select a Down Payment Amount
The down payment is the portion of the home price you agree to pay upfront. A larger down payment can reduce your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI). A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
The loan term is the length of time you have to repay the mortgage, usually 15 or 30 years. A shorter term can result in higher monthly payments but significantly less interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Enter your desired interest rate to the second or third decimal point. Your interest rate will have a major impact on your monthly payment and total loan cost. If you’re looking at large loan amounts, you’ll want to research rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
This is the amount you will pay each year to the local government. Enter the percentage of the home’s value, not the dollar amount. Auburn’s property tax rate is 0.97%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates your monthly mortgage payments and helps you understand the financial aspects of homeownership. It can help you assess how much house you can afford before you start house hunting, based on factors like loan amount, interest rate, and loan term.
By using a mortgage calculator, you can explore how different down payment sizes impact your loan and potentially avoid private mortgage insurance (PMI). Additionally, it can help you evaluate the cost savings of refinancing or prepaying your mortgage.
Mortgage calculators are also particularly useful for first-time homebuyers, who may not be aware of all that goes into a mortgage payment and how that payment is determined.
Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
In August 2025, Auburn’s median home sale price was $485,000. Lenders suggest housing costs shouldn’t exceed 28% of gross monthly income. To afford a $485,000 home with a 20% down payment ($97,000) and a 7.00%, 30-year mortgage, you’d need around a $110,000 yearly income. Your mortgage would be $2,581 monthly.
Using a home affordability calculator can help you estimate what you can afford. A home affordability calculator estimates your home-buying power based on your income, expenses, down payment, and current mortgage rates.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
A mortgage payment includes principal (the borrowed amount) and interest (borrowing cost). It may also include property tax, which is typically 0.97% of the home’s value in Auburn. Understanding these components helps with budgeting. Your monthly payment may also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Auburn, MA
The cost of living in Auburn is 17% higher than the national average. However, it is 11% lower when compared to the average cost of living in Massachusetts. Housing, health care, and transportation are less affordable than the national average, with food being more affordable. The average salary for those living in Auburn is just over $70,000 per year.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Auburn’s First-Time Homebuyer Assistance Programs
If you’re considering buying your first home, there are several down payment assistance programs available to help you through the process. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Down payment assistance programs provide financial aid to cover the initial costs of purchasing a home, such as the down payment and closing costs that are often required.
Whether you’re looking to lower your interest rate, decrease your principal, or adjust your payment schedule, there are several strategies you can employ to make your monthly payments more manageable.
• Drop private mortgage insurance. You can drop private mortgage insurance once you have 20% equity in your home, either through regular payments or home appreciation. This can significantly reduce your monthly expenses.
• Consider mortgage recasting. If you receive a bonus or other windfall, apply a lump sum to your principal. Your lender can recalculate your monthly payment to a new, smaller balance.
• Appeal your property taxes if you believe the assessment is too high. By gathering supporting evidence and presenting a well-prepared case, you may be able to reduce your property tax bill.
• Modify your loan if you face financial hardship. Your lender may agree to reduce the interest rate, extend the loan term, or forgive a portion of the principal balance.
• Refinance your loan if rates have improved. If rates have improved or you’ve built your credit score, consider refinancing your mortgage to a new loan with a new interest rate.
• Shop for a lower homeowners insurance rate. Increasing your deductible, bundling policies, or making security upgrades can reduce your insurance premium and lower your total monthly mortgage payment.
The Takeaway
Using an Auburn mortgage calculator can help you fully understand your financial readiness and the true cost of homeownership. Simply enter in the purchase price of the home, down payment amount, loan term, interest rate, and property tax percentage. You’ll then calculate your monthly mortgage payment, total interest paid, and total cost of the loan. By being well-prepared, you can make more informed decisions and successfully avoid financial strain down the road.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
As of 2025, the average monthly payment in Auburn was $2,930. However, the average mortgage amount varies considerably based on several factors, including the price of the home, the size of the down payment, and the prevailing interest rate.
What are principal and interest on a mortgage loan?
Principal and interest represent the two major components of a mortgage payment. The principal is the amount borrowed initially to purchase the home, while the interest represents the cost of borrowing that principal amount.
How much should I put down on a mortgage?
The amount you should put down on a mortgage depends on your financial situation and the type of loan you choose. A 20% down payment can help you avoid private mortgage insurance (PMI) and secure a lower interest rate. However, if you’re a first-time homebuyer, you might consider down payment assistance programs that offer financial aid to cover the initial costs.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, focus on building your credit score. A higher score can qualify you for better rates, as lenders see you as less risky. Pay down existing debts, make timely payments, and avoid opening new credit lines before applying for a mortgage.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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