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A Boise, Idaho, mortgage calculator helps potential homebuyers estimate monthly payments, total interest paid, and the overall cost of a Boise mortgage. By inputting the home price, down payment, loan term, interest rate, and property tax rate, you can get a clear picture of your financial obligations and make informed decisions about homeownership. Keep reading to learn more on how to use the Boise mortgage calculator.
Key Points
• Boise’s median home sale price was $525,000 in 2025.
• A Boise mortgage calculator helps estimate monthly payments, total interest paid, and overall loan costs.
• To use the calculator, enter in the purchase price, down payment amount, interest rate, loan term, and property tax rate.
• The loan term, typically 15 or 30 years, significantly affects monthly payments and total interest paid, with shorter terms offering faster equity buildup.
• A higher credit score can secure a lower interest rate, reducing monthly payments and total interest paid over the life of a Boise mortgage.
• Lenders recommend keeping housing costs under 28% of gross monthly income to ensure affordability.
Boise 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. Accurately inputting this value helps you get a realistic estimate of your monthly payments and overall home loan costs.
• Down payment: The down payment is the upfront amount the homebuyer pays, typically expressed as a percentage of the total purchase price. A larger down payment reduces the principal amount of your mortgage, which can lower your monthly payments and total interest paid over the life of the loan.
• Loan term: The loan term is the length of time you have to repay the mortgage. A 15-year mortgage can save you on interest over the life of the loan, but it comes with higher monthly payments. A 30-year mortgage offers lower monthly payments but results in more interest paid over time.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. A lower interest rate can significantly reduce your monthly payments and the total interest paid over the life of the loan.
• Annual property tax: The annual property tax represents a recurring expense, one that is typically added to your monthly mortgage payment. Property taxes are based on the assessed value of your property and are administered and collected by the local government.
• Total monthly payment: The total monthly payment includes the principal and interest. It may also include property taxes, private mortgage insurance, homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure can be substantial, especially for longer loan terms like a 30-year mortgage. A larger down payment or a shorter loan term can significantly reduce the total interest paid.
• Total loan cost: The total loan cost is the all-in amount you will pay for the loan, including both the principal and the interest. This figure assesses the affordability of a home. By comparing different scenarios, you can find the most cost-effective option for your budget.
How to Use the Boise, ID Mortgage Calculator
Using the Boise mortgage calculator can greatly assist you in planning your home loan. Follow these steps to get started:
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property, which will directly impact your home loan amount and monthly payment.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home, typically between 3% and 20%. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point. A lower interest rate can significantly reduce your monthly payments and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to look at rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Property taxes are what you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. The Ada County (Boise) property tax rate is 0.56% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
The main benefit of a mortgage calculator is that it helps you understand the financial implications of different loan scenarios. It helps you assess how much house you can afford before you start house hunting, based on factors like the loan amount, interest rate, and loan term. You can then see how these factors affect your monthly mortgage payment and total loan cost.
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.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
The median home sale price in Boise was $525,000 in 2025. Lenders advise keeping housing costs under 28% of gross monthly income to ensure affordability. For a $525,000 home, a 20% down payment would be $105,000, resulting in a monthly mortgage payment of $2,794. This assumes a 30-year loan term and a 7.00% interest rate. To afford this home, your gross monthly income should be $120,000.
However, total debt should be below 36% of income. This means other debts — such as auto loans, student loans, and credit cards — should not exceed $800 monthly. Use a home affordability calculator for a rough estimate based on income and debt obligations.
It can be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. The principal is the amount you borrowed to purchase the home, and the interest is the cost of borrowing that money. Additionally, your monthly payment may include property tax. Other components of a mortgage payment may include:
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value.
• HOA fees: Monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
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 Boise, ID
Boise’s cost of living is roughly 2% higher than the national average, according to COLI 2024 Annual Average Data. For many, Boise is a desirable place to live thanks to its high quality of life, strong job market, and access to outdoor recreation, despite expenses being higher.
Cost of living is benchmarked at 100. It measures the relative price of goods and services in different locations to help compare how expensive it is to live in one area versus another. In Boise, the cost of living index is 102.0. Here’s how Boise compares to the national average in other areas:
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.
Boise’s First-Time Homebuyer Assistance Programs
If you’re a first-time homebuyer in Boise, there are several Idaho first-time home-buying assistance programs that can provide financial assistance. To qualify, you typically must not have owned a primary residence within the past three years. These programs often include down payment assistance programs that offer grants or low-interest loans to help cover the initial costs of purchasing a home, including the down payment and closing costs.
Reducing your mortgage payment can make homeownership more manageable over time. Here are several ways to lower your monthly mortgage costs:
• Drop private mortgage insurance (PMI) once you have 20% equity in your home. This can be achieved through regular payments or home appreciation.
• Shop for a lower homeowners insurance rate. By comparing different insurance providers, you can find a policy that offers better coverage at a more affordable price.
• Appeal your property taxes. While rare, if you believe your assessment is too high, gather evidence and contact your local tax assessor’s office to learn about the appeal process.
• Modify your loan. Financial hardships can make it difficult to keep up with mortgage payments. A loan modification might involve extending the loan term, reducing the interest rate, or lowering the principal balance.
• Extend the term of your loan.Refinancing your mortgage to a longer loan term can significantly reduce your monthly payments, offering immediate financial relief. However, this also means you’ll end up paying more in interest over the entire life of the loan.
The Takeaway
A Boise mortgage calculator helps you estimate your monthly payments and total cost of the loan. By carefully considering factors like down payment amount, interest rate, and loan term length, you can better plan your budget and achieve your homeownership goals faster.
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.
The average mortgage payment in Boise was $3,400 in 2025. However, mortgage payments for the same size loan vary based on the down payment and the interest rate. A mortgage calculator can help you determine what your monthly mortgage payment would be.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate for a mortgage loan. A higher credit score can secure a lower interest rate, reducing your monthly payments and the total interest paid over the life of the loan. Conversely, a lower credit score may result in a higher interest rate, increasing your costs.
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 is often recommended to avoid private mortgage insurance (PMI), but FHA loans allow for down payments as little as 3.5%. Carefully consider your current budget, total savings, and long-term financial goals to decide on the best down payment for you.
Should I choose a 30-year or 15-year mortgage term?
When choosing between a 30-year and 15-year mortgage, weigh your finances. A 30-year mortgage offers lower payments, easing cash flow, but accrues more interest. A 15-year mortgage has higher payments but saves on interest and builds equity faster. If you can manage larger payments, a 15-year term is better for savings. If you need budget flexibility, a 30-year term offers financial breathing room while achieving homeownership.
Can I afford a $500K house on a $100K salary?
Lenders recommend keeping housing costs under 28% of gross monthly income to ensure affordability. For a $500,000 home, a 20% down payment would be $100,000, resulting in a monthly mortgage payment of $2,661. This assumes a 30-year loan term and a 7.00% interest rate. To afford this home, your gross monthly income should be $114,000. Since this is more than $100,000, lenders would not advise purchasing a home for $500,000.
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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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