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When you’re considering purchasing a home in Columbus, Ohio, understanding your potential mortgage payments is a big first step. A Columbus mortgage calculator can provide clarity on what your monthly expenses might look like and assist you in making informed decisions about your down payment, loan term, and more. This article will guide you through using a mortgage calculator and help you get the most out of this tool.
Key Points
• Use our Columbus mortgage calculator to help you estimate the monthly payment and total cost of borrowing money to buy a home.
• The cost of living in Columbus is slightly more affordable than the national average.
• In general, your monthly mortgage payment should not exceed 28% of your gross monthly income.
• Columbus first-time homebuyer programs offer down payment and closing cost assistance.
• There are ways to reduce your mortgage payments, such as bundling insurance policies with your homeowners insurance provider to get a discount.
Columbus 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. A mortgage calculator can help you compare how different loan terms affect your monthly payments.
• 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 type of loan.
• 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 tax. 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 Columbus Mortgage Calculator
Step 1: Enter Your Home Price
Type the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget.
Step 3: Choose a Loan Term
Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax
Enter the property tax rate as a percentage.
Benefits of Using a Mortgage Payment Calculator
A Columbus mortgage calculator helps you estimate how much house you can afford and provides a clear picture of what your monthly costs would be. It estimates these payments based on loan amount, interest rate, and repayment term, and factors in the property tax you’ll pay as well. A Columbus mortgage calculator is particularly helpful if you’re buying your first home, as it allows you to play with different scenarios (raising and lowering the down payment amount, for example). Considering multiple scenarios helps homebuyers avoid surprises.
Deciding How Much House You Can Afford in Columbus
Affording a home in Columbus is much easier than in most places around the county. The median home sale price in late 2025 was $298,000 — well below the national median of around $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 $57,600 if you were looking to afford a $300,000 home, factoring in a 20% down payment ($60,000), an interest rate of 7.00% on a 30-year mortgage. This calculation also factors in the annual property tax rate, which is 1.64% in Franklin County, Ohio.
Because lenders typically recommend total debt payments stay under 36% of your gross monthly income, your other monthly debts shouldn’t exceed about $460 in this case. Going through the mortgage preapproval process with a lender can help you figure out the appropriate loan size for your budget.
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 mainly covers the principal (borrowed amount) and interest (borrowing cost). But your monthly payment might also include property tax, which is based on your home’s assessed value. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
Homebuyers who are considering purchasing with the help of a Federal Housing Administration (FHA) loan will have an upfront and ongoing mortgage insurance premium to pay. These loans are still very affordable and are popular with first-time buyers. If you are considering an FHA loan, use an FHA mortgage calculator. Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.
If you are purchasing a pricey property, you’ll want to learn about jumbo loans. 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). For 2025, the FHFA conforming loan limit for a single-family home in Franklin County, Ohio is $806,500, the same as most areas in the country.
The Cost of Living in Columbus
As you consider purchasing a home in Columbus, 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 95.4, Columbus isn’t considered one of the best affordable places in the U.S, but it did rank as one of the best places to live in Ohio for young adults. Your dollar’s power in Columbus would probably be comparable to that in Pittsburgh, which had a 2024 COLI of 98.2. Columbus is a little more expensive than Indianapolis, which has a 2024 COLI of 88.8, but is still way more affordable than major U.S. cities like San Francisco (166.8) and Boston (145.9).
Here’s how your basic expenses in Columbus stack up:
Columbus’ Cost-of-Living Stats
Overall Cost of Living
95.4
Groceries
100.6
Housing
96.5
Utilities
104.4
Transportation
87.3
Health Care
82.5
Miscellaneous Goods/Services
93.7
Source: Council for Community and Economic Research’s Cost of Living Index.
A home affordability calculator can help you with your planning by factoring 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. Here are some tips:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• Review your property tax regularly. If you think your property tax is too high, contact the Franklin County Auditor’s office and ask about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• Look into 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. Be prepared to show bank statements or tax returns to demonstrate your financial situation.
If you’re buying your first home in Columbus, seek out down payment assistance programs to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. One statewide entity to pursue is the Ohio Housing Finance Agency (OHFA), which offers a variety of programs to assist low- and moderate-income first-time and repeat homebuyers.
Using a Columbus mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand the impact of different down payment amounts, and compare various loan terms and interest rates. This tool can provide a clearer picture of your financial obligations and help you make informed decisions about your home loan. Whether you’re a first-time homebuyer in Columbus or looking to refinance, the mortgage calculator can be a helpful resource in planning your homeownership journey.
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.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly affects your mortgage interest rate. A higher score often leads to better loan terms and lower interest rates, while a lower score may result in higher rates and more stringent lending requirements.
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.
How can I secure a lower interest rate?
Improve your credit score to 700 or higher for the most competitive rates. 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 $300,000, 30-year mortgage?
The cost of a $300,000 mortgage with a 30-year term will depend on your interest rate and down payment. At an interest rate of 6.00% and a 20% down payment ($60,000), your monthly payment would be $1,439. This estimate includes principal and interest but not property taxes, insurance, or other fees.
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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