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When considering a home purchase in Evansville, Indiana, using our Evansville mortgage calculator helps potential homebuyers determine how much house they can afford. By inputting variables like home price, down payment, loan term, and interest rate, you can get a clear picture of your monthly payments and overall financial commitment.
Key Points
• With the Evansville mortgage calculator, you can estimate monthly payments and the total cost of the loan.
• The loan term, typically 15 or 30 years, significantly affects monthly payments and total interest paid, with 15-year terms offering greater interest savings but higher monthly payments.
• The calculator can estimate the impact of different interest rates, down payments, and loan terms.
• A larger down payment, such as 20%, can help avoid private mortgage insurance (PMI) and potentially secure better interest rates, making the mortgage more affordable.
• Down payment assistance programs in Evansville can help low-income buyers, veterans, and first-time homebuyers by offering grants or low-interest loans to cover part of the down payment.
Evansville Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price and your initial offer. This figure helps determine the size of your home loan and the overall cost of homeownership.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%, with a 20% down payment helping to avoid private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the home loan. A 15-year term offers greater interest savings but higher monthly payments, while a 30-year term provides lower monthly payments but more interest paid over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates can vary based on borrower qualifications, market trends, and the type of mortgage loan. To secure a more favorable rate, consider building your credit score, shopping around for lenders, and exploring different loan programs.
• Annual city property tax: The annual city property tax is a significant component of your monthly mortgage payment, typically a percentage of your home’s value. If you find the property tax to be too high, you can appeal your property taxes to potentially lower your annual bill.
• Total monthly payment: The total monthly payment includes the principal, interest, homeowners insurance, and property tax. Understanding these components helps you budget more effectively and make informed decisions about your mortgage options.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure can be substantial and is influenced by the interest rate, loan term, and the amount borrowed. A lower rate can make a major difference in your monthly payments and overall costs.
How to Use the Evansville, IN Mortgage Calculator
The Evansville home mortgage calculator estimates monthly payments and helps borrowers understand the financial impact of buying a home there. Follow these step-by-step instructions to get an estimate of your total monthly payment and overall cost of borrowing.
Step 1: Enter Your Home Price
The first step is to enter the agreed-upon purchase price of the home. This is not your loan amount, but rather the amount you intend to pay for the home.
Step 2: Select a Down Payment Amount
Next, enter in the amount you will put down on the purchase price of the home. The more you put down, the less the loan will cost you and the lower your monthly payments will be. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Common loan terms for mortgages are 15 years and 30 years. A longer term lowers your monthly payments but increases total interest over time, while a shorter term raises monthly payments yet significantly reduces the overall interest you’ll pay during the life of the loan.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. If you’re looking at large loan amounts, you’ll want to research rates for jumbo loans. Your interest rate will affect your monthly payment and total loan cost.
Step 5: Add Your Property Tax
Enter the percentage representing the rate of the property’s annual property taxes. Indiana’s average effective property tax rate is 0.77%.
Benefits of Using a Mortgage Payment Calculator
A mortgage payment calculator helps potential homebuyers estimate their monthly payments based on the loan amount, interest rate, and term. By comparing loan terms, you can see how the duration of the loan affects your monthly payments and total interest paid. This can be particularly helpful for those buying their first home. The calculator also shows how down payments impact your loan, helping you avoid private mortgage insurance (PMI) and potentially securing better interest rates.
Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
In August 2025, the median sale price in Evansville was $178,450. Lenders suggest that housing costs should not exceed 28% of your gross monthly income. Let’s assume you want to purchase a home for $175,000 and have a 20% down payment ($35,000). With a 7.00% interest rate and a 30-year loan term, your monthly payment would be $931. In order to afford this house, your yearly income should be close to $40,000.
Another approach to figure out how much house you can afford is to use a home affordability calculator. A home affordability calculator estimates how much house you can afford based on your income, expenses, down payment, and current mortgage rates.
It can also be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
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, which are the core parts of your loan repayment. The principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal.
Property taxes, typically a percentage of your home’s value, are another important component. In Evansville, property taxes can vary, but they are an essential part of your total monthly payment. Your mortgage payment may also include homeowners insurance, private mortgage insurance (PMI), and homeowners association (HOA) fees.
If you’re considering an FHA loan, 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.
Cost of Living in Evansville
Evansville has a relatively low cost of living, being 15% lower than the national average and 3% lower than the average city in Indiana. The cost of living index in Indiana is 91.0, and the state ranks #11 in the U.S. To help you compare the cost of living in Evansville to the U.S. average, here are the cost of living index numbers:
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 Evansville, there are several down payment assistance programs available 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. To qualify, you typically must not have owned a primary residence within the past three years.
Reducing your mortgage payment can free up cash flow and make homeownership in Evansville more affordable. By exploring strategies such as refinancing, adjusting your loan terms, or cutting costs tied to your mortgage, you can potentially lower your monthly payments and relieve financial stress.
• Drop private mortgage insurance (PMI). Once you have 20% equity in your home, either through regular payments or home appreciation, you can drop PMI. This can significantly lower your monthly mortgage payment and reduce your overall housing costs.
• Appeal your property taxes. If you believe your property taxes are too high, you can appeal them. Property taxes are based on an assessment of your home and land, and if you think the assessment is inaccurate, you can challenge it to potentially lower your annual bill.
• Modify your loan. If you face financial hardship, explore options to modify or refinance your loan. Your lender may agree to change the terms of your mortgage to make monthly payments more manageable, such as extending the loan term or reducing the interest rate.
• Consider shopping around for a lower homeowners insurance rate. Taking the time to compare different insurance options can potentially lead to savings. You may be able to lower your premium by increasing your deductible, bundling homeowners insurance with auto insurance policies, or making upgrades that enhance your home’s security features or storm resistance.
The Takeaway
Using an Evansville mortgage calculator can provide you with a clearer understanding of the financial commitments involved in homeownership. You’ll be able to estimate monthly payments, understand total costs, and see the impact of different down payments and interest rates on your financial situation. By leveraging these helpful resources, you can make more informed decisions and ensure that your mortgage fits comfortably within your overall financial plan.
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.
The average mortgage in Evansville can vary based on factors like home price, down payment, and interest rate. Using an Evansville mortgage calculator can help you estimate the typical monthly payment and total cost of a mortgage in the area. For example, a $200,000 home with a 20% down payment and a 30-year fixed-rate mortgage might have an average monthly payment of around $1,100.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate for a mortgage loan. A higher credit score can secure you 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 the mortgage more expensive. Lenders use your credit score to assess your risk, so building your score can lead to better loan terms and more savings over the life of the mortgage.
How much should I put down on a mortgage?
The ideal down payment on a mortgage varies, but a common recommendation is 20% of the home’s purchase price to avoid private mortgage insurance (PMI). However, some lenders accept as little as 3% to 5%. Consider your financial situation and the loan terms to determine the best amount for you.
Should I choose a 30-year or 15-year mortgage term?
When choosing between 30-year and 15-year mortgages, consider your finances. A 30-year term offers lower payments but higher overall interest. A 15-year term has higher payments but saves on interest and builds equity faster. If you can afford it, a 15-year mortgage saves money long-term. If you need budget flexibility, a 30-year term works better. Use a mortgage calculator to compare costs and payments for both terms to make a good choice.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, build your credit score. A higher score qualifies you for better rates, as lenders see you as a lower risk. Reduce debt, pay on time, and limit new credit inquiries. Shop around for lenders and compare rates.
SoFi Mortgages
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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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