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A Franklin, Tennessee, mortgage calculator can help you navigate the home-buying process by estimating your monthly mortgage payments, total interest paid, and total cost of the loan. By understanding the components of your mortgage payment and the total cost of homeownership, you can make informed decisions and avoid financial strain. Here’s an in-depth look at how to use the Franklin mortgage calculator.
Key Points
• A Franklin mortgage calculator can provide a realistic estimate of your monthly mortgage payment.
• To use the calculator, input your purchase price, down payment amount, loan term, interest rate, and property tax rate.
• The loan term affects your monthly payments and total interest paid; a longer term offers lower monthly payments but more interest over the life of the loan.
• Building your credit score can lead to more favorable interest rates, reducing both your monthly mortgage payments and the total interest paid over the life of the loan.
• Down payment assistance programs can significantly reduce the initial financial burden of homeownership, making it more accessible for first-time homebuyers and those with limited savings.
Franklin Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the agreed-upon purchase price between you and the home seller. It determines the home loan amount and your monthly payment obligation.
• Down payment: The down payment is the initial amount a homebuyer pays upfront when purchasing a property. It is often expressed as a percentage of the total purchase price, typically between 3% and 20%.
• Loan term: The loan term is the duration over which you will repay your mortgage. A longer term typically results in lower monthly payments but higher total 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 total mortgage loan amount. It can fluctuate based on borrower qualifications and market trends.
• Annual property tax: The annual property tax is a key component of your monthly mortgage payment, administered by the local government. It is typically expressed as a percentage of the home’s assessed value.
• Total monthly payment: The total monthly payment for a home includes the principal loan amount and the accruing interest. It helps you understand the complete financial commitment associated with homeownership.
How to Use the Franklin, TN Mortgage Calculator
The Franklin mortgage calculator will provide an estimate of your monthly payment, total interest paid, and total loan cost. Here’s how to use it:
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property. This figure might differ from the listing price and your initial bid.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home. A larger down payment can reduce your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI). A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the length of time over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point. A lower interest rate can significantly reduce your monthly payments and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to look at rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Property taxes are what you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. The Williamson County (Franklin) property tax rate is 0.43% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments and aids in understanding homeownership finances. It allows you to see how different down payment amounts, interest rates, and loan terms affect your monthly payments and overall cost of the loan.
If you’re refinancing your mortgage, the calculator allows you to compare your current mortgage with potential offers to find savings. Keep in mind, though, that if you lengthen your loan term, your payment may go down but your overall interest will increase.
Mortgage calculators are also particularly useful for first-time homebuyers who may not be aware of all that goes into a mortgage payment and how that payment is determined. 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.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
Deciding How Much House You Can Afford in Franklin
In Franklin, the median home sale price in 2025 was $778,000. Lenders advise keeping housing costs (mortgage, taxes, insurance, fees) below 28% of your gross monthly income. For a $778,000 home, you’d need about a $177,000 annual income with a 20% down payment ($155,600), for a 30-year mortgage at 7.00%. The monthly mortgage would be $4,141, not including property tax, HOA fees, or homeowners insurance.
Total debt shouldn’t exceed 36% of your income. That means other debts, such as student loans, auto loans, and credit cards, should not exceed $1,183 monthly. If other debts do exceed $1,183 per month, you’ll need a higher income to afford a home at this price. Use a home affordability calculator for a rough estimate based on income and debt obligations.
It can 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
A mortgage payment mainly includes principal and interest. Principal is the borrowed amount, while interest is the cost of borrowing. Different types of mortgage loans have varying interest rates and terms, which can affect how much of your monthly payment goes toward each component.
This calculator also factors in property taxes, which may be part of your monthly payment. In Franklin, the property tax rate is 0.43% of the home’s assessed value. Other components of a mortgage payment may include:
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value.
• HOA fees: Monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
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 Franklin, TN
According to BestPlaces, Franklin has a high cost of living, around 39.4% above the national average. Housing is a major factor, costing around 32% more than average. Expect high expenses for utilities, maintenance, and transportation, as well.
For a single person to live in Franklin, BestPlaces suggests a monthly income of $5,467 ($65,600 per year). For a family, that number increases to $12,510 per month, or $150,120 per year.
If you find Franklin to be out of your budget, consider surrounding cities, such as Thompson’s Station or Spring Hill. These cities sit further south than Franklin, but are full of family-friendly activities, restaurants, and schools.
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 Franklin, Tennessee, there are several Tennessee down payment assistance programs available to help you cover 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.
If you’re looking to lower your mortgage payment, consider the following strategies:
• Drop private mortgage insurance (PMI) once you reach 20% equity in your home. Dropping PMI, either through payments or home appreciation, can significantly lower your monthly mortgage payment and reduce your overall expenses.
• Consider mortgage recasting if you receive a bonus or other windfall. This involves making a lump sum payment toward your loan amount, which your lender will then re-amortize. The result is a new, lower monthly payment based on the reduced principal, providing immediate financial relief and long-term savings.
• Appeal your property taxes if you believe they are excessively high. Start by reviewing the assessment to ensure it accurately reflects your home’s current market value. Gather supporting evidence, such as records of recent comparable sales, and present it to your local tax assessor for consideration.
• Modify your loan if you face financial hardships. This process involves negotiating with your lender to change the loan term, adjust the interest rate, or alter other terms of the agreement. Loan modifications can provide financial relief and help you stay in your home during tough times, but they often require proof of financial distress and a good faith effort to repay the loan.
• Refinance to a longer loan term to reduce your monthly payments. For example, switching from a 15-year to a 30-year mortgage can lower your payments, making the loan more affordable in the short term. However, extending the term means you’ll pay more in interest over the life of the loan.
• Shop for a lower homeowners insurance rate. Increasing your deductible can lower your premium, and bundling policies can provide discounts. Compare quotes from different insurance providers to find the best deal.
The Takeaway
Using a Franklin mortgage calculator can provide valuable insights into your financial readiness for homeownership. The calculator estimates your monthly mortgage payments based on purchase price, down payment amount, interest rate, loan term, and property tax rate. Knowing your monthly payment will ensure that buying a home in Franklin aligns well with your financial goals and overall financial well-being.
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 amount in Franklin was $4,930 in 2025. However, payments for the same priced home can vary based on down payment and interest rate. A Franklin mortgage calculator can help you get a more accurate estimate based on current local conditions and your specific financial situation.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly influences your mortgage loan interest rate. A higher credit score generally leads to more favorable interest rates, reducing the total cost of the loan. Conversely, a lower credit score may result in higher interest rates, increasing your monthly payments and the overall amount you pay over the life of the loan. Building your credit score before applying can help you secure better terms.
What are principal and interest on a mortgage loan?
Your mortgage payment consists of two main components: principal and interest. The principal is the portion of the payment that reduces the loan balance, while the interest is the cost of borrowing the money. In the early years of your mortgage, a larger portion of your payment goes toward interest, but over time, more of it pays down the principal.
How much should I put down on a mortgage?
Deciding on a down payment is a crucial step in the homebuying process. A larger down payment can reduce your monthly payments and potentially eliminate the need for private mortgage insurance (PMI). However, the minimum down payment varies by loan type. Conventional loans may require as little as 3%, while FHA loans need a minimum of 3.5%. Use a down payment calculator to explore different scenarios and find the best balance between affordability and financial security.
Should I choose a 30-year or 15-year mortgage term?
When choosing between a 30-year and 15-year mortgage, consider your finances. A 30-year loan offers lower payments but more interest. A 15-year loan saves on interest but has higher payments. Use a mortgage calculator to compare costs and payments for each term to make an informed decision.
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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