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A mortgage calculator is a powerful tool for prospective homebuyers in Buffalo. It estimates monthly payments, total interest, and the overall cost of a home loan. You’ll type in a few simple facts, and soon you’ll better understand your financial obligations. The calculator can also help you determine the right combination of down payment, interest rate, and loan term for your monthly budget. Learn how to use the mortgage calculator to maximum benefit here.
Key Points
• A Buffalo mortgage calculator helps estimate monthly payments, total interest, and overall loan costs, providing valuable insights for homebuyers.
• The down payment is a significant factor in determining your monthly mortgage payment.
• Down payment assistance programs can help reduce upfront costs and make homeownership more accessible.
• A shorter loan term results in higher monthly payments but less interest paid over the life of the loan.
• This mortgage calculator factors in property taxes.
Buffalo Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. Along with the down payment, it directly affects the amount of your home loan.
• Down payment: The down payment is what you will pay upfront, typically from 3% to 20% of the purchase price. A minimum down payment of 20% allows most buyers to avoid paying for private mortgage insurance (PMI). A 10% minimum is usually required for jumbo loans.
• Loan term: The loan term is the length of time you have to repay the mortgage. A shorter term results in higher monthly payments but less interest paid over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Your interest rate will be determined by the type of mortgage loan you choose and your credit score, among other factors. A lower rate can significantly reduce monthly payments and the total interest paid.
• Annual property tax: The annual property tax is a recurring cost that’s often added to a monthly mortgage payment. In Erie county, where Buffalo is located, property taxes are typically around 2.081% of the home’s value. But you can search by ZIP code or county name and find your specific rate.
• Total monthly payment: The total monthly payment includes the principal, interest, and property taxes. It helps you understand the financial commitment of homeownership.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure is influenced by the interest rate, loan term, and loan amount.
• Total loan cost: The total loan cost is the all-in amount you will pay for the loan, including both principal and interest.
How to Use the Buffalo Mortgage Calculator
Step 1: Enter Your Home Price
Input the negotiated price of the property to help create accurate home loan payment estimates.
Step 2: Select a Down Payment Amount
Choose the amount of the home’s purchase price you plan to pay upfront. A down payment calculator can help see how to reach 20%.
Step 3: Choose a Loan Term
Select a 15-year or 30-year term. A longer term means lower monthly payments but higher total interest paid.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point for precise estimates.
Step 5: Add Your Annual Property Tax Rate
Enter the effective property tax rate for your chosen property or use the Erie County average of 2.081%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments and helps homebuyers understand how different loan scenarios might affect costs. It may be especially helpful if you are buying your first home and haven’t been through the mortgage process before. Use the calculator to explore various options. Try changing the amount of your down payment, if you have some flexibility, to see how that affects monthly costs. Examine the impact of different loan terms, such as 15 years versus 30 years. You’ll soon arrive at the combination of home price, down payment amount, and loan term that yield a monthly payment that you think you can live with.
Deciding How Much House You Can Afford in Buffalo
In Buffalo, the median home sale price in mid-2025 was $231,000. The market there is competitive and prices are on the upswing, but this is still significantly lower than the U.S. average home price.
Lenders advise owners to keep housing costs below 28% of gross monthly income. Using a mortgage calculator and factoring in Buffalo property taxes, you can see that with a 20% down payment, a 30-year term, and a 7.00% interest rate, your monthly payment in Buffalo would be $1,630. It would require a gross income of $84,000 to make this payment and stay below the 28% threshold. This assumes you don’t have other debts. If you are paying off a car loan or student loan, for example, you would need to earn more.
Maybe you’d like to determine your home budget based on your gross income. In that case, use a home affordability calculator. This tool takes into account your debts (car payment, student loan payment, etc.) to arrive at your purchase price estimate.
You can also go through the mortgage preapproval process with a lender, providing detailed financial information and seeking conditional approval for a loan. The lender will tell you if you qualify and, if so, how much you can borrow and with what loan terms.
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
A mortgage payment always includes principal and interest. Many lenders also include property taxes in the payment to help ensure your taxes are paid. Some mortgage lenders also like you to pay for homeowners insurance and homeowners association fees through your monthly bill. They want to ensure anything that might affect the collateral on the loan (your house) is paid on time. If you need to pay for PMI, that will be included in the payment as well.
If you’re thinking about a home loan guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums. A VA mortgage calculator is helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
The Cost of Living in Buffalo
The cost of living in a city significantly impacts home affordability, but fortunately Buffalo is relatively affordable, especially by New York State standards. In Buffalo, the cost of living index is 95.7 on a scale where the average U.S. cost is 100. Williamsville, a suburb of Buffalo, landed on a list of the best affordable places in the U.S. for its historic architecture, charming cafes, and access to great health care.
Here you can see how subcategories of costs stack up in Buffalo, according to data from the Council for Community and Economic Research (C2ER). The average cost of living in the U.S. equals 100 on this scale.
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.
If you’re considering buying your first home in Buffalo, you’ll be pleased to know that there are down payment assistance programs available to help buyers cover the initial costs associated with purchasing property. To qualify as a first-time homebuyer, you typically must not have owned a primary residence within the past three years.
These New York State first-time homebuyer programs provide financial aid for the down payment, closing costs, or even both, ultimately making it significantly easier to enter the housing market. Most are administered by the State of New York Mortgage Agency (SONYMA), but sometimes local markets offer programs. Search online for a town’s name and “first-time homebuyer program.”
Once you’ve settled into your home, you may still have options to shrink your monthly mortgage payments. Consider these ideas:
• Request that your lender drop PMI as soon as you reach 20% equity.
• Consider mortgage recasting if you receive a bonus or other windfall. You’ll make a lump sum payment toward your principal and ask your lender to recompute your payments.
• Do a mortgage refinance if interest rates are lower than when you purchased, or if you’ve seen a nice uptick in your credit score.
• Appeal your property taxes if you believe they are excessively high. A successful appeal can significantly reduce your monthly mortgage payment. (Use caution, though, as an unsuccessful appeal may result in a tax increase.)
• Ask your lender to modify your loan if you face financial hardship. This can reduce short-term costs to get you through a rough patch, though it can sometimes increase long-term interest costs.
• Shop for a lower homeowners insurance rate. Comparing quotes from different insurance providers can help you find a more affordable policy.
The Takeaway
A mortgage calculator is a useful tool for anyone exploring a home loan. It helps with estimating your monthly payments and understanding the financial implications of different mortgage scenarios. Whether you’re a first-time homebuyer or looking to refinance, the Buffalo mortgage calculator can provide personalized insights and ensure you’re prepared for the true cost of homeownership.
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 monthly mortgage payment on a median-priced home in Buffalo is $1,640, according to the National Association of Realtors®. How much each homeowner will pay can vary, of course, depending on the size of the down payment, the loan term they choose, and the interest rate they qualify for. Using a mortgage calculator can help you land on the right combination for you.
How does my credit score affect my mortgage loan interest rate?
A higher credit score generally leads to a lower interest rate, which can save you thousands of dollars in interest over the life of the loan. Lenders use your credit score to assess how risky you might be as a borrower, so improving your score (aim for 700 plus) can help you secure better loan terms.
Should I choose a 30-year or 15-year mortgage term?
Use a mortgage calculator to compute the monthly payments associated with a 15-year versus a 30-year term, and choose the number that won’t leave you scraping by to make your payments each month. It can seem appealing to pay off a loan in a shorter period of time, and you will save on interest if you choose that route. But the 30-year term is most popular, likely because it fits in most owners’ budgets.
Can I afford a $500K house on a $100K salary?
It would be hard to afford a $500,000 house on earnings of $100,000 a year unless you have a lot of money on hand for a down payment or you have another income source besides your salary. A better home budget for you would be around $360,000.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*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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