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.
When you’re preparing to buy a home, whether it’s your first house or your forever home, a mortgage calculator can be an invaluable asset as you navigate the housing market. This free tool can show you how different home prices, interest rates, and loan terms would affect your monthly mortgage payments and your overall loan cost so that you can develop a realistic budget for homeownership.
Key Points
• A mortgage calculator is a valuable tool for navigating the Connecticut housing market and developing a viable plan for homeownership.
• The calculator uses inputs such as home price, down payment, loan term, interest rate, and annual property tax to estimate monthly mortgage payments.
• Lenders often prefer that monthly mortgage payments total no more than 28% of a homebuyer’s gross monthly income.
• To reduce mortgage payments, consider making a larger down payment, strengthening your credit score, and shopping with multiple lenders for the best rates.
• First-time homebuyer assistance programs are available in Connecticut to help cover down payment and closing costs, making homeownership more accessible.
Connecticut Mortgage Calculator
Calculator Definitions
• Home price: This is the home purchase price that you and the seller both agree upon. This final price may differ from both the initial listing price and the amount of your first offer.
• Down payment: This is the amount of money that you pay upfront when you get your loan. The amount is often expressed as a percentage of your total purchase price. Most buyers put down between 3% and 20% of the home’s value for a conventional loan. Down payment assistance programs may be available in Connecticut to help you cover this cost.
• Loan term: This is the length of time you have to repay your home loan. Terms are usually structured as either 15 or 30 years. The shorter term can significantly lower the total interest you’ll pay over the loan’s duration, but it typically comes with higher monthly payments. Carefully consider your financial situation and goals when you’re choosing your mortgage term.
• Interest rate: This is the cost of borrowing money and is typically expressed as a percentage of the total loan amount. The rates you’ll be offered will depend on market conditions and on potential lenders’ assessment of your financial situation and creditworthiness.
• Annual property tax: Local governments levy these taxes on both land and buildings within their jurisdiction. These taxes are typically expressed as a percentage of the property’s assessed value. Find your property tax rate by searching online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: This is the amount that you’ll be charged each month toward the principal loan amount and accruing interest. Usually, it will also include payments toward your property tax as well, and may also include money for homeowners insurance and homeowners association (HOA) fees or private mortgage insurance (PMI) if your down payment was less than 20%.
• Total interest paid: This is the cumulative amount of interest that you will be required to pay over the entire duration of your loan. This total can be substantial, especially for longer loan terms. Choosing a larger down payment or a shorter loan term can reduce the total interest you pay over time.
• Total loan cost: This is the entire amount of money you will repay for the loan, including both the principal and the accumulated interest over the loan’s term. Elements like the length of your loan term, your interest rate, and your down payment amount play into the total cost of your loan.
How to Use the Connecticut Mortgage Calculator
Using the Connecticut mortgage calculator is simple to do: Just follow these step-by-step instructions. And don’t worry — the calculator is free, and accessing it won’t affect your credit rating.
Step 1: Enter your home price
Input the agreed-upon amount you will pay the seller for the property. This step is important for getting an accurate estimate of your anticipated monthly mortgage payment and associated costs.
Step 2: Select a down payment amount
Choose the appropriate percentage for a down payment to see how it affects your monthly mortgage payment and total interest cost. A down payment calculator can help you decide on your number.
Step 3: Choose a loan term
Select either a 30-year or 15-year mortgage term. Opting for the longer term can lower your monthly payments, but increase the total interest paid. The shorter term will result in higher monthly payments, but cost less in overall interest.
Step 4: Enter an interest rate
Input the interest rate you want to the second or third decimal point to view its effect on your monthly payment and total loan cost. If you’re trying to buy an expensive property, you may want to look specifically at the rates that are likely to be available for a jumbo loan.
Step 5: Input your annual property tax
Add in the annual property tax rate percentage for the property’s area to get a more accurate estimate of your monthly mortgage costs. For example, if your rate is 1.8%, input 1.8.
Benefits of Using a Mortgage Payment Calculator
Utilizing a mortgage calculator can be a smart move when you’re trying to assess just how much you can afford to pay for a new home. It can be particularly helpful when you’re buying your first home. With the calculator, you can estimate how much your monthly payments will be for a specific mortgage amount, interest rate, and term. The tool can also help you compare different loan amounts and interest rates and see how much impact they might have on your monthly budget.
Bear in mind that this calculator is designed for fixed-rate mortgages. If you choose a type of mortgage loan with a variable interest rate, you can still estimate your costs with this calculator, but be aware that the results will be less precise due to the fluctuations of a variable rate.
As of late 2025, the median sale price for a Connecticut home is about $492,000. Lenders often follow the 28/36 rule, according to which mortgage payments should be less than 28% of gross monthly income and total debt payments below 36%.
For example, if you’re buying a $492,000 home with a 20% down payment and a 7.00% 30-year mortgage, your monthly payment will be about $2,619, and according to the 28/36 rule, you’ll need a yearly income of about $112,243. Per the 36% part of the rule, you’d have about $748 per month left to cover other monthly debts, like car loans and student loans.
Another approach to figure out how much house you can afford is to use a home affordability calculator to get an estimate of how expensive a home purchase your budget can handle.
It can also be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how large a loan you can afford.
Components of a Mortgage Payment
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 property tax, which is also often included as part of your total monthly payment to the lender. Your monthly payment is also likely to cover homeowners insurance costs and may also include private mortgage insurance (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.
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 Connecticut
The cost of living in your area will affect how much house you can afford. Connecticut is relatively expensive compared to other states in the U.S., but it provides some range of housing options, even if it’s not one of the best affordable places in the U.S. The Council for Community and Economic Research’s Cost of Living Index (COLI) compares the cost of living in major metro areas against the national average, which is 100. The state’s capital, Hartford, scored a 101.4, barely above the average, while New Haven received a 108.2 and Stamford, within commuting distance of expensive New York City, got a 127.3.
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
Once you’ve explored your options with the Connecticut mortgage calculator, if you’re concerned about whether you can afford the payments, don’t worry. These tips may help you figure out ways to lower the payments.
• Consider a larger down payment. Paying more upfront can help you avoid having to pay PMI and let you secure better loan terms.
• Work on strengthening your credit score. A higher score can mean that you qualify for lower interest rates, which can then translate to lower payments.
• Shop around for the best rates. Different lenders may offer you different rates and terms.
• Explore down payment assistance programs. If you haven’t owned a home in the last three years, you may qualify as a first-time homebuyer for one of these programs, which can help you afford your down payment and reduce monthly payment amounts.
• Appeal your property tax assessment. If you believe your assessed house value is too high, you can appeal to your tax authority.
• Consider amortgage refinance. If you already have a mortgage and a refi can lower your rate or extend your term, that may decrease your monthly payments.
If you’re buying your first home, there’s help available to guide you through the process, and often you can qualify as a first-time homebuyer even if you have owned a primary residence before, as long as it has not been within the past three years. In Connecticut, there are a variety of first-time homebuyer assistance programs to provide financial aid to help homebuyers cover the initial costs of purchasing a home, such as the down payment, closing costs, or both, which can be substantial. These programs can make homeownership more accessible and reduce the financial burden of entering the housing market, so they are well worth researching.
The Takeaway
Using a Connecticut mortgage calculator can empower you to make smart home purchasing decisions by showing you the financial implications of different scenarios. Whether you’re a first-time homebuyer or looking to refinance your current mortgage, this tool can help you make well-informed choices about your home loan options and ensure that your mortgage fits comfortably within your budget.
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.
Most buyers put down between 3% and 20% of the home’s value on a conventional mortgage. Bear in mind that a down payment of 20% or more can help you avoid paying private mortgage insurance and secure better loan terms.
Should I choose a 30-year or 15-year mortgage term?
The loan term that’s best for you depends on your financial situation and preferences. A 30-year term offers lower monthly payments, but will cost you more in interest over the life of the loan. A 15-year term will mean higher monthly payments but will be less expensive in terms of overall interest.
How much income do you need for a $400,000 mortgage?
In general, you’ll probably need an income of about $130,000 a year to qualify for a $400,000 mortgage. That assumes that you’re opting for a 30-year loan at an interest rate of 7.00%, and that you don’t have any other major debt obligations.
How much is a $600,000 mortgage payment for 30 years?
The monthly payment for a $600,000 home loan with a 30-year term depends on the interest rate. If the interest rate is 6.50%, for instance, you could expect to pay $3,792.41 per month. At 8.00%, the payment would be $4,402.59. These estimates include both 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.
SOHL-Q325-079
