If so, you are in the right place! Get started by entering your personal confirmation number below.
Received an offer from us?
If so, you are in the right place! Get started by entering your personal confirmation number below.
Leaving SoFi Website
You are now leaving the SoFi website and entering a third-party website. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. We recommend that you review the privacy policy of the site you are entering. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website.
Buying a home is one of the most significant financial decisions you can make, and understanding your mortgage budget is a major step in the process. A Columbia mortgage calculator can help you estimate your monthly payments and total costs, ensuring you make an informed choice about your loan. Follow these tips to get the most out of a free Columbia mortgage calculator, which will take into account local property taxes for a more accurate estimate.
Key Points
• A Columbia mortgage calculator helps estimate monthly payments and total costs based on information you supply.
• Down payment assistance programs in Columbia can reduce the initial financial burden for many first-time homebuyers.
• The home price, as detailed in your purchase contract, is a primary input for the Columbia mortgage calculator, directly affecting your monthly payments.
• Property taxes in Columbia are typically around .6998% of the home’s value.
• A larger down payment can help you avoid private mortgage insurance (PMI) and significantly reduce your monthly mortgage payments.
Columbia Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you and the seller have agreed upon. This, combined with your mortgage down payment amount, will determine your loan amount.
• Down payment: The down payment is the amount the homebuyer pays upfront. Most buyers put down between 3% and 20% of the purchase price, with a 20% down payment often helping to avoid private mortgage insurance (PMI). A jumbo loan usually has a minimum down payment of 10%.
• Loan term: The loan term is the length of time you have to repay the home loan. A shorter term can result in higher monthly payments but less interest paid over the life of the loan, while a longer term may offer lower monthly payments but increase the total interest paid.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan term. Interest rates can vary based on your credit score, market trends, and the type of mortgage loan that you choose.
• Annual property tax: The annual property tax is a significant component of your housing expenses. In Richland County, where Columbia is located, the property tax rate rate is .6998%. To learn the precise tax rate for a property, search the ZIP code or county name and “effective property tax rate.”
• Total monthly payment: The total monthly payment includes the principal amount, the interest accrued, and the property tax you would pay each month.
• Total interest paid: The total interest paid represents the entire amount of interest you will pay over the life of the loan.
• Total loan cost: The total loan cost represents the all-in amount you will ultimately pay for the loan, including both the principal amount borrowed and the accrued interest.
How to Use the Columbia Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon home price to ensure precise mortgage estimates.
Step 2: Select a Down Payment Amount
Choose the down payment amount, and you’ll see almost immediately how it affects your monthly mortgage payments.
Step 3: Choose a Loan Term
Select a term of between 10 and 30 years based on your financial goals and budget constraints.
Step 4: Enter an Interest Rate
Input your expected interest rate to the second or third decimal point for accurate estimates.
Step 5: Add Your Property Tax
Enter the property tax rate as a percentage to estimate your total monthly payment.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a helpful tool for estimating your monthly mortgage payments and understanding the true cost of homeownership. Particularly if you are buying your first home, it can be helpful to experiment with different scenarios using the mortgage calculator. Try adjusting the down payment amount up or down, if you have any flexibility with your down payment amount. Or test different loan terms to see how a longer or shorter term might affect your monthly payments and overall loan costs. This mortgage calculator includes local property taxes, so you’ll have a more accurate representation of your actual costs in the results.
Deciding How Much House You Can Afford in Columbia
In Columbia, the median home price in mid-2025 was a relatively affordable $250,000, according to Redfin. Let’s use that as an example and run the numbers using the free Columbia mortgage calculator to see what income a buyer would need to be able to afford a home at this price: Factoring in a 20% down payment and an interest rate of 6.50% on a 30-year loan, you can see that your monthly payment amount, including property tax, would be $1,410. Lenders generally recommend that housing costs stay below 28% of your gross monthly income. To make a $1,410 monthly mortgage payment and still be below that 28% threshold, you would need annual earnings of around $65,000. This assumes you don’t have any other debts; if you are paying down other debt, you would need to earn more.
There are other ways to get to the bottom of your questions about your home budget. A home affordability calculator will show you based on your annual income and debts what your home purchase budget should be. Or if you are getting serious about your home search, consider moving to the mortgage preapproval process. You’ll provide detailed financial information and the lender will report whether or not you might qualify for a loan and, if so, how much you could probably borrow.
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 include the principal and interest. The principal is the amount borrowed, while the interest is the cost of borrowing that money. This calculator also factors in property tax, which is typically a percentage of the home’s value. Some lenders will also include your homeowners insurance and homeowners association (HOA) fees in the monthly payment. And if you are paying for PMI because your down payment was below 20%, that will also be factored in.
Mortgages backed by the Federal Housing Administration have a key difference: FHA borrowers will have an upfront and ongoing mortgage insurance premium. Use an FHA mortgage calculator if you’re looking at an FHA loan. And if you’re seeking a loan backed by the U.S. Department of Veterans Affairs, use a VA mortgage calculator.
The cost of living in Columbia is notably lower than the average cost of living in the U.S., according to the Council for Community and Economic Research. Factors influencing the cost of living include lifestyle and family size; the chart shows averages for categories including housing, utilities, and transportation.
As you can see, housing costs are low in Columbia, which helps explain how the city found its way onto a list of the best affordable places in the U.S.
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 buying your first home in Columbia, down payment assistance programs might help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both. Sometimes aid comes in the form of a low- or no-interest loan. At other times, there may be grants available. To qualify, you typically must not have owned a primary residence within the past three years.
Most South Carolina first-time homebuyer programs are run by SC Housing. But it’s always a good idea to search your community name and “first-time homebuyer program,” as some towns have their own programs.
Once you’ve purchased your home, you may still have ways to shrink your monthly mortgage payments. These are your options:
• Consider contacting your lender about mortgage recasting, which involves making a lump-sum payment to reduce the principal and lower your monthly payments. This is a less drastic option than refinancing, as it doesn’t require a new loan application or closing costs.
• If interest rates have fallen or your credit score has increased significantly since you made your home purchase, consider a mortgage refinance.
• Appeal your property taxes if you believe your assessment is too high. Start by reviewing your tax assessment to ensure it accurately reflects your home’s value. A successful appeal can reduce your property tax bill. Use caution if you have made home improvements, however. You could end up with a higher bill.
• Request that your lender modify your loan if you’re facing financial hardship. This could involve extending the loan term, reducing the interest rate, or even forgiving a portion of the principal.
• Shop for a lower homeowners insurance rate. Increase your deductible amount or bundle your homeowners and auto insurance policies.
The Takeaway
Using a Columbia mortgage calculator can provide valuable insights into your financial readiness for homeownership. Estimate monthly mortgage payments and understand the impact of different down payment amounts or loan terms on your payment amount and total interest. By carefully considering these important factors, you can make smart choices about your loan and avoid potential 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.
What you’ll pay for the same size mortgage in Columbia can vary based on the home price, the size of the down payment, and prevailing interest rates. But a median-priced home in Richland County, where Columbia is located, has a monthly mortgage payment of $1,660, according to the National Association of Realtors®.
How much should I put down on a mortgage?
The amount of your down payment depends on your financial situation and loan type. A larger down payment can lower your monthly payments and eliminate the need for private mortgage insurance (PMI). However, if you’re a first-time homebuyer, it can be hard to come up with a 20% down payment. Rest assured, many first-time buyers put down far less.
Should I choose a 30-year or 15-year mortgage term?
A mortgage calculator will help you see how different term lengths affect monthly costs, so you can choose the term that yields the bill you can afford. A 30-year term offers lower payments but higher overall interest. A 15-year term has higher payments but saves significantly on interest.
How can I get a lower mortgage interest rate?
To get a lower mortgage rate when purchasing a home, start by improving your credit score, as lenders often offer better rates to borrowers with scores over 700. Shop around for different lenders to compare their interest rates. Also consider prepaying mortgage points, which are upfront fees paid to the lender to lower your interest rate. Look carefully at adjustable-rate vs. fixed-rate loan offers to determine whether opting for an adjustable rate might provide a lower initial rate without too much risk of rates rising later on.
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.
SOHL-Q425-034
