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When considering a home purchase in Hampton, Virginia, a Hampton mortgage calculator can help potential homebuyers estimate their monthly payments, total costs, and the impact of factors like down payments and interest rates. Here’s how to use the calculator to your advantage during your home search.
Key Points
• The Hampton mortgage calculator helps estimate monthly mortgage payments and total loan costs, providing a clear picture of financial obligations for homebuyers.
• A higher credit score and 20% down payment can lead to a lower interest rate, reducing monthly payments and total interest paid over the life of the loan.
• Property tax can be included in your monthly home loan payment. They’re administered by the local government and are typically a percentage of the home’s value.
• The loan term, whether 15 or 30 years, affects monthly payments and total interest paid, with shorter terms offering more interest savings but higher payments.
• Exploring down payment assistance programs can help first-time homebuyers and those with limited savings afford a home, making homeownership more accessible.
Hampton, VA 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. It directly affects your monthly payments, total interest paid, and the overall cost of the home loan.
• 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%. A 20% down payment can help you avoid private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the mortgage. A 15-year mortgage term offers greater savings on interest but higher monthly payments, while a 30-year mortgage term provides lower monthly payments but costs more in interest over the life of the loan. Borrowers should consider their financial goals and budget when choosing a term.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and the type of mortgage loan. A higher credit score can lead to a lower interest rate, reducing your monthly payments and the total interest paid over the life of the loan.
• Annual property tax: The annual property tax can be included in your monthly home loan payment. Property taxes are administered by the local government and are typically a percentage of the home’s value. In Hampton, property taxes are 0.97%.
• Total monthly payment: The total monthly payment typically includes the principal home loan amount and the interest accrued. It may also include property taxes, homeowners insurance, private mortgage insurance, and HOA fees.
• Total interest paid: The total interest paid represents the cumulative amount of interest you will pay over the entire life of the loan. This figure can be surprisingly substantial, particularly for loans with longer repayment terms.
• Total loan cost: The total loan cost represents the all-in amount you will be required to pay for the loan. This encompasses both the principal amount borrowed and the accrued interest over the life of the loan.
How to Use the Hampton, VA Mortgage Calculator
To use the Hampton mortgage calculator effectively, enter the home’s purchase price, your down payment amount, the loan term, and the expected interest rate. The calculator will then provide you with an estimate of your monthly payment, total interest paid, and the total loan cost. Here is a step-by-step guide on how to use the calculator:
Step 1: Enter Your Home Price
Enter the agreed-upon amount you will pay the seller for the property. This figure might differ from the listing price or your initial bid.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you agree to pay upfront. A down payment calculator can help you see how much you’ll need to hit the 20% mark that eliminates the need for PMI.
Step 3: Choose a Loan Term
Select the duration 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, you’ll want to research rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage of your home’s value that you will pay each year to the local government. Property taxes vary by location, but are 0.97% in Hampton.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments based on loan amount, interest rate, and term. Use it before house hunting to assess affordability and understand your financial obligations. You can see how a higher down payment or a lower interest rate can significantly reduce your monthly payments and total interest costs. The calculator can also help you see the impact of different loan terms, such as a 15-year versus a 30-year mortgage, on your budget and long-term financial health.
Mortgage calculators are 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.
In Hampton, the median home sale price in August 2025 was $295,000. Lenders advise keeping housing costs (mortgage, taxes, insurance, HOA) below 28% of gross monthly income. To afford a $295,000 home, you’d need about $67,000 yearly income, assuming 20% down ($59,000) and a 7.00%, 30-year mortgage. The monthly payment would be $1,570.
Factors like your credit score, down payment, and interest rate can significantly influence your ability to afford a home. Using a home affordability calculator can help you estimate what you can afford based on your income, expenses, down payment, and current mortgage rates.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
The main components of a mortgage payment are the principal and interest. The mortgage principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that money. In the early years of your mortgage, more of your payment goes toward interest, but over time, more of it pays down the principal.
This calculator also factors in property tax, which may be part of your monthly payment. Property tax varies by location and is typically a percentage of the home’s value. In Hampton, the property tax rate is 0.97%. Your monthly payment may also include private mortgage insurance (PMI), homeowners insurance, 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 Hampton, VA
The cost of living impacts affordability, with higher costs for homes, utilities, and transportation in some areas. The national average cost of living is benchmarked at 100. In Hampton, the cost of living index is 94.1, about 6% lower than average, and housing is 18% lower. Here’s how Hampton compares to the national average in other areas:
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 Hampton, 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. To qualify, you typically must not have owned a primary residence within the past three years. Check with local government agencies and nonprofits to find the right program for you and make your home purchase more affordable.
Whether you’re looking to lower your interest rate, decrease your principal, or adjust your payment schedule, there are several strategies to make your monthly payments more manageable, including:
• Drop private mortgage insurance (PMI) if your down payment was below 20%. Reaching 20% equity in your home, either through payments or home appreciation, lets you eliminate PMI, which can significantly lower your monthly mortgage payment.
• Consider mortgage recasting if you receive a bonus or other windfall. This involves making a lump-sum payment toward your mortgage principal, which your lender will then re-amortize with the same interest rate and term. The result is a new, smaller balance that translates to lower monthly payments.
• Appeal your property taxes if you believe they are too high. Start by researching recent comparable property assessments in your area. Gather evidence to support your case, such as photos of property conditions or recent sales data.
• Modify your loan if you’re facing financial hardships. Loan modifications can include lowering the interest rate, extending the loan term, or reducing the principal balance. Contact your lender without delay to discuss your options and provide any necessary documentation.
• Refinance your mortgage. If rates drop or you’ve built your credit score, consider a mortgage refinance. This allows you to potentially qualify for a lower rate or extend your loan term, both of which could lower your monthly payment. Keep in mind, though, that by extending your term, you’ll pay more in interest over the life of the loan.
• Shop for a lower homeowners insurance rate. Increasing your deductible amount, bundling your homeowners and auto insurance policies, or making upgrades to enhance your home’s security features or storm resistance capabilities can all potentially help lower your premium costs.
The Takeaway
Estimating your monthly mortgage payments and understanding the full cost of homeownership is important when it comes to buying a home in Hampton. By inputting your home price, down payment, loan term, and interest rate into our Hampton mortgage calculator, you can get a clear picture of your financial obligations.
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?
Your credit score plays a large role in determining your interest rate for a mortgage loan. A higher credit score generally leads to a lower interest rate, which can save you thousands of dollars over the life of the loan. For conventional loans, a minimum score of 620 is typically required, while jumbo loans may require a score of 700 or higher.
What are principal and interest on a mortgage loan?
The principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that 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?
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) and secure better loan terms. However, most people put down much less. It all depends on your financial situation and the lender’s requirements.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, build your credit score and shop around for lenders to get the best available deal. You should also consider a shorter loan term, a larger down payment, or an adjustable-rate mortgage or government-backed loan — any of those options could lower your rate.
What income do you need for an $800,000 mortgage with a 6.50% interest rate?
To determine the income needed for an $800,000 mortgage with a 6.50% interest rate, use the 28/36 rule as a guideline. This rule suggests that your monthly mortgage payment should not exceed 28% of your gross monthly income, and your total debt payments should not exceed 36%. For a 30-year fixed mortgage at 6.50%, the monthly payment would be approximately $5,000. Therefore, you would need a gross annual income of about $214,284 to comfortably afford this mortgage while staying within the 28/36 rule.
SoFi Mortgages
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*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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