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Getting a mortgage in Charlotte is a big step toward your home purchase. Use this mortgage calculator to figure out the monthly payment amount and total interest cost for your home purchase. Try out different purchase prices, down payments, and loan amounts to find out how they affect your budget before you commit. Whether you’re a first-time homebuyer in Charlotte or a seasoned property owner, the calculator provides valuable insights to help you come up with a budget that’s right for your goals.
Key Points
• A Charlotte mortgage calculator can help you estimate monthly payments, factoring in principal, interest, and property taxes.
• Before using the calculator, learn key terms like total interest paid, and how that figure can help you compare scenarios and mortgage offers.
• One of the benefits of using the calculator is that it can help you assess how much home you can afford.
• Lenders recommend that your mortgage payment should not exceed 28% of your gross monthly income.
• First-time homebuyers in Iowa may take advantage of assistance programs that help you cover the down payment and closing costs.
Charlotte Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you’ve negotiated with the seller. This price may differ from the initial listing price and your first offer.
• Down payment: The down payment is the amount you plan to pay upfront. It’s often expressed as a percentage of the total home price. Buyers put down anywhere from 3% to 20%. Down payment assistance programs help some buyers pull together the necessary funds.
• Loan term: The loan term is the length of time you have to repay the home loan. Common terms are 15 and 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and loan type.
• Annual property tax: The annual property tax is levied by local governments on land and buildings within their jurisdiction, and is expressed as a percentage of a property’s assessed value.
• Monthly payment: The monthly payment represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property taxes. It does not include home insurance, private mortgage insurance (PMI), or homeowners association (HOA) fees.
• Total interest paid: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the Charlotte Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon cost of the property.
Step 2: Select a Down Payment Amount
Specify your down payment. Refer to a down payment calculator to help you understand the impact of different down payment amounts on your monthly mortgage payments. A larger down payment can reduce your monthly payments and eliminate the need for PMI.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. If you are buying your first home, consider common terms like 30-year and 15-year fixed-rate mortgages. A 30-year fixed mortgage offers lower monthly payments than a 15-year mortgage at the same rate, but results in more interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point, such as 6.75%. This rate significantly affects your monthly payments and the total interest you’ll pay over the life of the loan.
Step 5: Add Your Annual Property Tax
Enter the property tax rate as a percentage.
Benefits of Using a Mortgage Payment Calculator
A Charlotte mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and term. Use this tool to compare costs, like how interest rates affect payments. Check out different loan terms to see their impact on expenses and total interest. The calculator can also help you see how your down payment figures in.
Deciding How Much House You Can Afford
In Charlotte, the median home sale price in mid-2025 was $420,000 — just below the national median of $443,000, according to Redfin. Lenders suggest a mortgage payment shouldn’t exceed 28% of your gross monthly income. You’d need to earn an annual income of about $91,000 if you were looking to afford a $400,000 home, factoring in a 20% down payment ($80,000), an interest rate of 7% on a 30-year term.
Because lenders typically recommend total debt payments stay under 36% of your gross monthly income, your other monthly debts shouldn’t exceed about $598, in this case. Property taxes will play a role. North Carolina’s property tax rates are relatively low compared with other states (the effective property tax rate across North Carolina is 0.73%).
For further help in making estimates, going through the mortgage preapproval process with a lender can help you figure out the appropriate loan size for your budget.
The primary components that a mortgage payment pays for are the principal that the homebuyer borrowed and the interest the lender charges on that principal. This calculator also factors in city property tax. Your monthly payment is also likely to cover homeowners insurance costs and may include PMI or homeowners association (HOA) fees, depending on your loan specifics.
If you’re considering an FHA loan — one that’s guaranteed by the Federal Housing Administration (FHA) — 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.
Lastly, if you are purchasing a pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA).
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:
Cost of Living in Charlotte, NC
As you consider purchasing a home in Charlotte, it’s helpful to get a sense of the cost of living so you can budget correctly. You can refer to the cost of living index (COLI), which reflects how much you can afford in a certain area. A COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive, according to the Council for Community and Economic Research’s Cost of Living Index.
With a 2024 COLI of 91.2, Charlotte is more affordable than the average U.S. city. Your dollar in Charlotte may be comparable to nearby cities like Richmond, Virginia (94.2) and Columbia, South Carolina (89.1) but would not go as far in major cities like San Francisco (166.8) and Chicago (115.1).
To see how some of your major expenses in Charlotte would stack up compared to other cities around the country, review this chart:
Charlotte, NC Cities’ Cost-of-Living Stats
Overall Cost of Living
91.2
Groceries
95.0
Housing
78.1
Utilities
105.3
Transportation
96.5
Health Care
93.6
Miscellaneous Goods/Services
95.3
Source: Council for Community and Economic Research’s Cost of Living Index.
If you have a desire to pursue a home that is in one of the best affordable places in the U.S., check out Greensboro and Southern Pines. They both landed on the list of most economical places to live in North Carolina.
To go further in your planning, use a home affordability calculator to help factor in your income, debts, and local property costs.
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.
Tips on Reducing Your Mortgage Payment
As you explore your monthly bills, you may wonder how you can reduce your mortgage payment to free up cash to dedicate to other expenses. Here are some tips:
• Request that your lender drop PMI once you reach 20% home equity.
• Appeal property taxes if you feel they are overly high. Use caution doing this if you have made improvements on the property — sometimes asking for extra scrutiny of a home’s value can backfire. The process begins by going to the County Office of the Tax Assessor.
• Consider requesting a loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate.
• Explore a mortgage refinance if interest rates are lower than your current rate. (Don’t forget to factor in closing expenses when you compare overall costs).
• Shop for cheaper homeowners insurance by adjusting your deductible or bundling policies.
If you are a first-time homebuyer in North Carolina, you can find state programs that help make homeownership more achievable by reducing the upfront financial burden. Down payment assistance programs can provide financial aid for the down payment, closing costs, or both.
To qualify as a first-time homebuyer, you must have not owned a primary residence within the past three years. Look into the North Carolina Housing Finance Agency (NCHFA), which offers programs designed to help low- to moderate-income buyers who need help coming up with a down payment or closing costs. Some of the NCHFA programs also assist veterans or individuals who are buying in certain areas or regions. Locally, consider the HouseCharlotte Program, which offers down payment assistance and other programs for qualified buyers.
A Charlotte mortgage calculator is a powerful tool for first-time homebuyers. Use it to estimate monthly payments, including principal, interest, and property taxes. And you can test different scenarios to determine the combination of home price, down payment, interest rate, and repayment term that are appropriate for your situation. While a calculator offers valuable insights, you’ll also want to seek out a lender for a personalized assessment and to explore various loan options and down payment scenarios.
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.
Improve your credit score to 700 or higher for the most competitive rates (this is well over the 620 score you’ll need to qualify for a home loan). Go through the prequalification process with a variety of lenders and compare rates. If you can afford it, consider putting down a larger down payment. If you already own a home, you can explore a mortgage refinance and compare the costs of your old loan versus a new one (plus closing costs) at a new, lower rate.
How much is the payment on a $400,000, 30-year mortgage?
The cost of a $400,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For example, at an interest rate of 6.00%, and a down payment of 20% ($80,000), your monthly payment would be $1,919. This estimate includes principal and interest but not property taxes, insurance, or other fees.
How much should my down payment be on a mortgage?
How much you put down should be what you feel comfortable with, taking into account your financial situation. A 20% down payment can help avoid private mortgage insurance, which reduces monthly payments and overall loan cost. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home, while a repeat buyer may be able to contribute just 5%. To determine how much your down payment should be, review your entire financial picture and figure out what makes sense for you.
Should I choose a 30-year or 15-year mortgage term?
A 30-year mortgage offers lower monthly payments, but you will pay more interest over time. A 15-year mortgage has higher monthly payments but saves on interest. Consider your financial goals and budget, and choose the shortest term that you feel you can comfortably afford. A 30-year term is the most popular choice.
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 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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