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A mortgage calculator can be a helpful tool for anyone considering a home purchase. If you’re planning to settle down in Erie, the Erie mortgage loan calculator can help you quickly and easily arrive at estimates for how much a given mortgage will cost you on a monthly basis and over the length of the loan. Being able to access information like this lets you make smart, informed decisions about what you can afford so you can feel confident that the mortgage you choose will work within your budget. Here’s everything you need to know about how the Erie mortgage calculator works and what it can do for you.
Key Points
• Using the Erie mortgage calculator can help you estimate monthly mortgage payments and total loan costs based on a home loan’s specific financial details.
• With an affordable home loan, your mortgage payments should not exceed 28% of your gross monthly income.
• Down payment assistance programs can provide valuable financial support for first-time buyers and often repeat buyers who haven’t owned a home in the last three years, too.
• Making a larger down payment can help you secure more favorable interest rates, reduce monthly payments, and avoid private mortgage insurance (PMI), which is typically required for down payments less than 20%.
• A longer loan term will generally mean that your monthly payments are lower, but also that you’ll pay more in total interest over the life of the loan.
Erie, PA Mortgage Calculator
Calculator Definitions
• Home price: The home price is the home purchase price that you and the seller agree on after your negotiations. This final figure is likely to be different from both the initial listing price and your first offer.
• Down payment: The down payment means the amount you’ll pay upfront for a property. It’s often expressed as a percentage of the total purchase price, and in most cases it falls between 3% and 20%. If coming up with a lump sum like that seems daunting, there may be down payment assistance programs that can help.
• Loan term: The loan term is the length of time you have to repay your home loan. Borrowers most often opt for a loan term of 30 or 15 years. The shorter term lets you pay less interest over the life of the loan, but often results in higher monthly payments. The longer term will cost you more in total interest, but its monthly payments are lower.
• Interest rate: The interest rate represents the cost of borrowing money, and it is typically expressed as a percentage of the total loan amount — for example, 6.45%.
• Annual property tax: Annual property tax is levied by local government on land and the buildings on it. It’s generally expressed as a percentage of the assessed value of the property. The average property tax in Erie county as of late 2025 is 1.709%.
• Total monthly payment: Your total monthly payment is the sum that you will pay your lender every month. The result you get from the calculator covers the principal on your loan, the interest, and (if you input your property tax rate in the calculator) property tax.
• Total interest paid: The total interest paid is the complete amount of interest you will pay over the entire life of the loan. A lower interest rate can significantly reduce the total interest paid.
• Total loan cost: The total loan cost includes the principal (the amount you borrowed) and the accrued interest over the life of the loan.
How to Use the Erie, PA Mortgage Calculator
Using the Erie mortgage calculator is easy and straightforward. Here are the steps to follow.
Step 1: Enter Your Home Price
Input the amount that you and the seller have agreed that you will pay for the property.
Step 2: Select a Down Payment Amount
Choose the percentage of your purchase price that you want to put down. A down payment calculator can help you determine the amount that will work for you.
Step 3: Choose a Loan Term
Select the length of time over which you will pay your mortgage. Most homebuyers pick a term of 30 or 15 years.
Step 4: Enter an Interest Rate
Input your interest rate to the second or third decimal point. If you’re interested in a particularly expensive property, consider checking the rates available for a jumbo loan.
Step 5: Enter Your Home’s Annual Property Tax
Input the annual property tax as a percentage of the home’s value, not the dollar amount. For example, if your property tax rate is 1.709%, you’ll enter 1.709.
Benefits of Using a Mortgage Payment Calculator
If you’re planning to buy a home, a mortgage calculator can be a significant asset. When you enter a few basic facts about a potential mortgage in the Erie mortgage calculator, it serves up an estimate of the monthly cost of that mortgage as well as the total costs over the lifetime of the loan. You can also tweak different features of the loan to see what the impact would be, making it easier to compare mortgages and evaluate what terms would work best for you. Using a mortgage calculator like this can help you make informed financial decisions so that your mortgage will fit comfortably within your budget.
Bear in mind that the Erie mortgage calculator is intended for fixed-rate mortgages. However, if you’re interested in a type of mortgage loan that has a variable interest rate, you can still use this calculator to estimate costs, but the results will be less precise due to the fluctuations of variable rates.
Deciding How Much House You Can Afford
The median price for a home in Erie is about $150,500 as of late 2025, according to Redfin. If you buy a house for that amount, paying a 20% down payment and financing the rest with a 30-year fixed-rate mortgage with an interest rate of 7.00%, your monthly payment for principal and interest (but excluding any other costs) would be approximately $800.
To ensure that a mortgage will be affordable, lenders often advise keeping the monthly payment at 28% or less of gross monthly income and total debt at no more than 36%. Using the example above, you’d need to make an annual salary of $34,286. This would allow you only about $230 per month for other debts, which could include not just your property tax and homeowners insurance, but also credit card bills, student loans, and car payments, among other expenses. If you already have a significant debt load, you might need a higher income to make this loan affordable for you.
The 28/36 rule isn’t the only way to assess affordability. For example, a home affordability calculator can provide you with an estimate of how expensive a home purchase your budget allows. Going through the mortgage preapproval process with a potential lender can also give you a good idea of how large a loan you can afford.
Components of a Mortgage Payment
The major components of your mortgage payment are the principal (the amount of money that you borrowed) and the interest on it. Depending on your lender and your loan, other elements might also be included in your payment, such as your property tax and homeowners insurance fees. In addition, if you have less than 20% equity and need to pay private mortgage insurance (PMI) or if you pay homeowners association (HOA) fees, those costs may be bundled in as well.
What your mortgage payment will include also depends on what kind of loan you have, and specialized calculators can be helpful for specific loan types. If you’re applying for a loan guaranteed by the Federal Housing Administration (FHA), try an FHA mortgage calculator, which allows for that loan’s mortgage insurance premiums. And a VA mortgage calculator can take into account relevant fees when you’re considering 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.
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Cost of Living in Erie
Located on the southern shores of Lake Erie, this city of approximately 93,000 offers beautiful water views, outdoor activities galore, and an exciting nightlife. What’s more, it’s got a very comfortable cost of living. Cost of living profoundly affects affordability, influencing not just how much it will cost to buy your home, but also how expensive you’ll find utilities, transportation, groceries, and many other fundamentals.
That said, the median home price in Erie is an impressive 66% below the national average, according to Redfin, which is a good start. And Erie’s overall cost of living is just 88% of the national average, making it easily one of the best affordable places in the U.S.
To give you a sense of how Pennsylvania’s other metro areas stack up, here’s a chart based on The Council for Community and Economic Research’s Cost of Living Index (COLI), on which 100 is the national average.
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.
Erie, PA First-Time Homebuyer Assistance Programs
If you’re buying your first home in Erie, the Pennsylvania Housing Finance Agency offers several homebuyer assistance programs available to homebuyers to help with the costs of purchasing a home. These programs include both home loans and help with down payment and closing costs.
While programs like these sometimes seem to be only for first-timers, in general, you can qualify as a first-time homebuyer even if you’ve owned a home before, as long as it wasn’t within that last three years. While assistance programs may involve requirements in terms of where your home is located or what your income is, they can be a valuable resource and are well worth exploring.
Tips on Reducing Your Mortgage Payment
Once you’ve bought your home, you may find you’d like to lower your monthly payments a bit more. Here are some options to consider.
• Tell your lender you want to drop your PMI as soon as you have 20% equity in your home.
• Ask if your lender can recast your loan if you put a lump sum — such as a work bonus — toward your principal. This reamortizes your mortgage, which lowers your monthly payment while retaining the same interest rate and loan term.
• Appeal your property tax assessment if you think it’s too high. You’ll probably have to show your local tax authority some evidence, like comparable sales nearby. If you succeed, the amount you pay in tax should be lower.
• Consider a mortgage refinance (assuming you can get a lower interest rate). Take closing costs into account when you’re assessing whether a refi will make sense for you.
• See whether your lender is willing to modify your mortgage to lower your monthly payments if you’re undergoing financial hardship.
Understanding all of the factors that affect your mortgage payment is key to making informed financial decisions. When you enter the details of a loan you’re interested in, the Erie mortgage loan calculator can help you determine how much house you can afford by making both the short-term and the long-term costs clear. With this information at your fingertips, it should be much easier to find a mortgage that you’ll be sure will fit 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.
How does my credit score affect my mortgage loan interest rate?
Lenders typically review your credit score to assess how creditworthy you are, so it influences how low an interest rate they’ll offer you. A higher credit score may mean more favorable interest rates, reducing your monthly payments and the total cost of the loan. Conversely, a lower credit score may result in higher interest rates, making your mortgage more expensive.
What are principal and interest on a mortgage loan?
Principal refers to the amount of money you borrowed to purchase your home, while the interest is the cost associated with borrowing that principal.
Should I choose a 30-year or 15-year mortgage term?
To decide between a 30-year or 15-year mortgage, consider your finances. A 30-year mortgage offers lower payments but costs more in interest over the life of the loan. A 15-year mortgage has higher payments but charges less total interest. If you can afford it on a monthly basis, a 15-year term saves money long-term. If you need budget flexibility, a 30-year term may work better for you.
How can I get a lower mortgage interest rate?
To secure a lower interest rate on your mortgage, you can work on improving your credit score, save up to make a larger down payment, and shop around to find a lender who may offer you more favorable terms.
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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