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.
Getting a mortgage in Delaware is easier when you’ve done your homework in advance. Put a few basic facts into this Delaware mortgage calculator and you’ll learn the monthly payment amount and total interest cost for your home purchase. You can also use the calculator to try out different scenarios to find the home price, down payment, and interest rate that are the best combo for you.
Key Points
• A Delaware mortgage calculator will help you estimate your monthly payments and the total costs of taking on a home loan.
• Key factors that influence your mortgage payment include the home price, your down payment amount, the interest rate, and loan term.
• The calculator can help you as a buyer determine a home’s affordability, and assess the impact of various loan terms and interest rates.
• Many lenders recommend that you choose a property that lets you keep mortgage payments under 28% of your gross monthly income.
• Tips to reduce your mortgage payment once you own a home include stopping private mortgage insurance, refinancing, and appealing the property taxes.
Delaware Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price that you and the home seller mutually agree upon. The amount might differ from the real estate listing price and the initial offer you make as a buyer.
• Down payment: This is the amount you pay upfront as a homebuyer. Down payment amounts are often expressed as a percentage of the home price. Some first-time buyers might put down as little as 3%. You can use a down payment calculator to explore different amounts that might work for you.
• Loan term: The loan term represents the length of time you will have to repay your home loan — usually between 10 and 30 years. A shorter term can lead to higher monthly payments, but also requires you to pay less interest overall. A longer term means lower monthly payments but more total interest paid.
• Interest rate: The interest rate is what you pay to borrow the money to buy a home, expressed as a percentage of the total loan amount. Interest rates can vary based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Property taxes are levied by the local government on land and buildings within their jurisdictions. This type of tax is usually expressed as a percentage of the assessed value of the property.
• Monthly payment: This is the payment you must make on your home loan monthly. It always includes a portion of the principal loan amount, with accrued interest added in. This calculator also factors in property tax. Other costs that might increase your monthly payment are private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: This is the cumulative interest that a borrower pays over a home loan’s duration. It is influenced by both the interest rate and the loan term.
• Total loan cost: This amount includes the principal amount borrowed and all accrued interest, added up to arrive at the loan cost over the entire life of the loan.
How to Use the Delaware Mortgage Calculator
Step 1: Enter the Home Price
Input the agreed-upon purchase price. This figure will help the calculator estimate your potential home loan payments and overall costs.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you’ll pay upfront. The larger the down payment you make, the lower your monthly payments and total interest paid will be.
Step 3: Choose a Loan Term
Most borrowers select a 15- or 30-year term. A 30-year term generally gives you lower monthly payments to make, while a 15-year term reduces the amount of total interest you’ll pay.
Step 4: Enter an Interest Rate
Type in your desired interest rate to the second or third decimal. This number impacts both your monthly payment and the total cost of the loan.
Step 5: Add Your Property Tax Rate
Enter the property tax as a percentage to help estimate your monthly mortgage payment including property taxes. You can find your effective tax rate by searching for your county, city, or ZIP code and “effective property tax rate.” Or use the average for Delaware of 0.48%.
A mortgage calculator helps you to estimate monthly payments on a home loan based on home price, loan amount, interest rate, and loan term. When you factor in the local property tax rate, it can give you a rather clear picture of total homeownership costs.
If you are working on buying your first home, it’s helpful if you put different scenarios into a mortgage calculator. This can help you see how choices you make may influence your expenses, both from month to month and in the long run. You will obtain a helpful understanding of the downstream effects of different down payment amounts.
If you choose a type of mortgage loan that has a variable interest rate, you can estimate your costs using this calculator, too. But be aware that the estimate will be less precise, thanks to the fluctuations of that variable rate.
Deciding How Much House You Can Afford
The median home sale price in Delaware in mid-2025 was a fairly affordable $366,100, below the U.S. average of more than $440,000, as reported by Redfin. So you may be able to find more for your money in Delaware.
Lenders recommend that you make efforts to keep your home loan payment at 28% or less of your gross monthly income. To buy a $350,000 home with a 20% down payment ($70,000) and a 30-year mortgage at 7.00%, you’d need a minimum income around $90,000. And you’d have to earn more income if your down payment was smaller, or if you were carrying other debt. Your monthly mortgage payment would be just under $2,100.
Another way to zoom in on how much house you can afford is to embark with a lender on the mortgage preapproval process. You’ll need to submit detailed financial information and follow the steps. If you qualify, the lender will inform you of the approved amount of your loan and an estimated interest rate.
Components of a Mortgage Payment
The two main parts of almost any mortgage payment are your principal — the lump sum you borrowed to buy the home — and the interest, which amounts to what the lender charges to lend you that principal amount. A Delaware mortgage calculator factors in property taxes as well. If you begin with a down payment under 20% of the home price, you’ll also have to pay for PMI. Some buyers need to fork over homeowners association (HOA) fees, too. You may be able to tack these on to your monthly payment.
A home purchase funded by a Federal Housing Administration (FHA) loan will have both upfront and annual costs for mortgage insurance premiums — if you’re exploring one of these programs, use an FHA mortgage calculator. And if you’re thinking about applying for a U.S. Department of Veterans Affairs (VA) mortgage, you’ll also find a custom VA mortgage calculator that you can try.
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 Delaware
Delaware’s cost of living may significantly influence how much house you’ll be able to afford there. Fortunately, the state has a fairly average cost of living, weighing in at 101.9% of the U.S. average, Missouri Economic Research and Information Center data shows. Health-related costs run a little higher than average for the country, while housing expenses are below average. Some properties here will require the borrower to obtain a jumbo loan, though.
Of the three major metro areas, Dover is the least expensive at 95.9% of the U.S. composite index. Salisbury, another larger city, scores 102.2%, and Wilmington 104.3%. But for bargain living, you’ll want to put down roots in Smyrna, Middletown, Pike Creek, or one of the other best affordable places in the U.S. located here.
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
When you own a home, you aren’t necessarily stuck with the same monthly payment for the duration — you have some power to drive down the amount. Check out this list of options:
• Ask your lender to drop private mortgage insurance (PMI) once you’ve attained 20% equity.
• Recast your mortgage. You can do this by making a lump sum payment to reduce the principal, and then asking the lender to recompute your payments.
• A mortgage refinance can get you down to a lower interest rate, which will save you money. Before arriving at a decision about doing this, make sure you compare all-in expenses, including closing costs.
• Consider appealing your property tax assessment with a goal of lowering your tax bill. If you do this, exercise caution — especially if you have made significant improvements to the property, a reassessment could actually result in you owing more tax.
• If you face financial hardship, request that the lender modify your loan, which may reduce your monthly payments.
• Extending the loan term can also help you lower your monthly expenses and get you out of a budget crunch, although it will increase the total interest you’ll pay.
Some programs are accessible only to those who are first-time homebuyers, though you might still qualify if you haven’t owned a primary residence in the last three years.
A Delaware mortgage calculator is a useful tool that will help you estimate your monthly mortgage payments and understand what homeownership truly costs. It will help you determine if you’re within your budget with a prospective home by factoring in principal, interest rate, repayment term, and property taxes. After exploring with the calculator, you can investigate prequalification and preapproval processes with lenders and get a clearer idea of the potential loan amount you’ll qualify for.
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.
It’s typically a monthly payment that includes your home loan’s principal and interest, but it may also include amounts for property taxes and homeowners insurance, ensuring that these expenses are covered throughout the loan term. If mortgage insurance is required, that may also be added into the total.
How does my credit score affect my mortgage loan interest rate?
Your credit score has a huge impact on your mortgage interest rate. Lenders may offer their most attractive interest rates to borrowers with a higher score, reducing the mortgage’s total cost in the end. Having a lower score may mean you’ll end up with a higher interest rate and stricter lending conditions, if you get approval at all.
Should I choose a 30-year or 15-year term for my mortgage?
A 30-year term will mean you’ll have lower monthly payments, and that will make homeownership more accessible. A 15-year term will necessitate a higher monthly payment — but it could save you thousands of dollars in interest over the life of the loan. If your budget can accommodate a shorter term of 15 or even 20 years, it’s a smart way to go.
How can I score a lower mortgage interest rate?
To qualify for the most desirable mortgage interest rates, you can work to cultivate a strong credit score (700 or higher, well beyond the 620 needed to qualify for a home loan). Get prequalified online with multiple lenders and you can see how low a rate might be possible. Saving for a higher down payment may help you out, too. If you own a home already, look at mortgage refinancing — a decent option if your old loan’s costs and rate are higher than those on a new one. Be sure to factor in the closing costs.
How much income do you need to get a $400,000 mortgage?
You’ll likely have to earn around $130,000 annually if you want to qualify for a $400,000 mortgage (with a 30-year term and a 7.00% interest rate). And this assumes you aren’t trying to pay down other significant debts. The general rule is that your home price shouldn’t exceed three times your gross income.
Can I afford a $300K house on a $70K salary?
It would be a strain for sure. Buying a $300,000 property on a $70,000 salary is tough, unless you have a windfall that lets you make a pretty big down payment. Since advisors say the price of your house shouldn’t exceed three times your salary, you’ll have an easier time if you can find something around $210,000. Crunch the numbers using a home affordability calculator to see how much down payment you’ll need to make a $300,000 home price doable.
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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*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.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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.
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.
