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Getting a mortgage in Hawaii is possible — and easier if you do your homework in advance. Just put a few basic bits of information into this Hawaii mortgage calculator to learn the monthly payment amount and total interest you’ll pay on your home purchase. You can also try out different scenarios using the calculator, to find the home price, down payment, and interest rate that create the most accessible combination for you.
Key Points
• A mortgage loan calculator will help you, as a homebuyer, to quickly estimate your monthly and total costs when you borrow money to buy a home.
• Your monthly mortgage payments should not, as a general guideline, exceed 28% of your gross income.
• The calculator includes loan principal, interest, and estimated property taxes.
• By extending the loan term, you can reduce your monthly payments and make home buying a little more affordable.
• First-time homebuyer programs, available in many states, offer down payment and closing cost assistance.
Hawaii Mortgage Calculator
Calculator Definitions
• Home price: The purchase price you’ve negotiated with the seller is your home price. This number may differ from the price in the initial listing, as well as from your first offer.
• Down payment: The amount you pay upfront is your down payment. It’s often mentioned as a percentage of the total price of the home you’re purchasing. A homebuyer usually puts down anywhere from 3% to 20%. Some of them apply to down payment assistance programs for help pulling together the funds they need.
• Loan term: The loan term is the amount of time you have to repay the home loan in full. The most prevalent terms are 15 or 30 years. A shorter term should reduce the total interest you’ll pay, but increase monthly payments. A longer term gives you a lower monthly payment, but you’ll pay more interest overall.
• Interest rate: The interest rate determines what you’ll pay to borrow the money. It’s always expressed as a percentage of the loan amount. Interest rates vary because they’re based on different factors, including the borrower’s qualifications, trends in the market, and the loan type.
• Annual property tax: An annual property tax is levied by the local government on land and buildings within their jurisdiction. It’s expressed as a percentage of a property’s assessed value. Hawaii has the lowest property tax rate in the nation at 0.27%.
• Monthly payment: What you pay toward the loan’s principal and interest each month, plus a portion of your property taxes, add up to your monthly payment amount. This calculator does not include home insurance, private mortgage insurance (PMI), or homeowners association (HOA) fees.
• Total interest paid: The amount of interest you will pay over the whole life of your home loan is referred to as total interest paid. A larger down payment, lower interest rate, or shorter loan term can reduce the amount.
• Total loan cost: This represents the all-in amount you’ll pay for the loan, or the total loan cost. It includes both the principal borrowed and the accumulated interest.
How to Use the Hawaii Mortgage Calculator
Step 1: Enter Your Home Price
Type in the purchase price that you and the home’s seller negotiate. The calculator uses this figure to estimate both your monthly mortgage payment and your total interest cost.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you plan to pay upfront. Remember that with a larger down payment you can reduce your monthly mortgage payment, as well as what you will pay in total interest. Use a down payment calculator to help you decide the ideal amount to put down.
Step 3: Choose a Loan Term
Select the least amount of time you think you’ll need to pay off the mortgage, usually ranging from 10 to 30 years. A longer loan term means lower monthly payments, but more interest paid over time.
Step 4: Enter an Interest Rate
Add your estimated loan interest rate, to the second or third decimal point. Remember that a lower rate may reduce monthly payments and the total interest you pay. If you’re purchasing a pricey property, look at rates for a jumbo loan, which might be an option.
Step 5: Add Your Annual Property Tax Rate
Enter the property tax rate for the new home. Input the rate as a percentage — for example, if the rate is 1.2%, the entry should be 1.2.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator can help you easily determine how much house you can afford, and is a particularly helpful tool if you’re buying your first home. You’ll be able to see an estimate of your monthly payment based on your loan amount, interest rate, and term. You can also compare different loan amounts and rates to see how they would influence your budget.
If the type of mortgage loan you choose comes with a variable interest rate, you can still estimate your costs using the calculator. But keep in mind that the estimates it gives you may be less precise due to rate fluctuations.
The median home sale price in Hawaii in late 2025 was around $738,500. Lenders generally prefer borrowers to have a mortgage payment that’s no more than 28% of their gross monthly income. The payment in this 28% equation would include not only the principal and interest, but property taxes and homeowner’s insurance, or PITI.
To afford a $700,000 home following this formula, you’d need to have an annual income of roughly $167,000, assuming you could make a 20% down payment ($140,000) and qualify for a 30-year mortgage at 7.00%. Your estimated monthly mortgage payment would be around $3,900. This equation does not account for other significant debts you may have responsibility for, though. If you have a student loan or car payment, or you’re trying to pay off credit card debt, you may not be able to afford this mortgage until you’ve increased your income.
With a home affordability calculator, you can create an estimate of how much house you can afford on your current income. You can participate in the mortgage preapproval process with a lender, too. Taking that step will give you a clear picture of the loan type and size 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’s two primary parts are the loan principal and the interest. In addition to those two line items, our mortgage calculator factors in property taxes that are often included in monthly loan payments — in the case of Hawaii, a low 0.27%. (It is in a lender’s interest to prevent lapses on borrowers’ tax payments.) Your monthly payment may also include private mortgage insurance (PMI) if your down payment is under 20%, or homeowners association (HOA) fees, depending on your situation.
If you’re considering a home loan guaranteed by the Federal Housing Administration (FHA), try out an FHA mortgage calculator, which will automatically factor in the agency’s upfront mortgage insurance premiums. You may also be looking at a U.S. Department of Veterans Affairs-backed loan. In this case, a VA mortgage calculator will be your best bet.
Your area’s cost of living affects how much you can afford when you buy a home. A high-priced state like Hawaii — with housing costs more than three times the national average and utilities twice the price of the average elsewhere — tend to have above-average home prices and higher-than-normal costs for utilities, maintenance, transportation, or all of the above. Hawaii had the highest composite cost of living index in the U.S. in late 2025.
Hawaii’s biggest city, Honolulu, ranks at the top of the Cost of Living Index (COLI) at 186.9. Perhaps needless to say, you won’t find many Hawaiian paradises on a list of the best affordable places in the U.S.
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
Hawaii homebuyers understandably make a point of doing whatever they need to do to lower their mortgage payments. Here are some ways you may be able to reduce the amount you pay monthly:
• Drop PMI the minute you reach 20% home equity. (Lenders expect you to inform them when you’re ready to do this.)
• Recast your mortgage by making the biggest lump-sum payment toward the principal you can afford, and then asking the lender to recalculate your payment.
• Ponder appealing your property taxes — but only if you can determine definitively that what you’re being charged is too high. If you invite scrutiny of your property’s worth, it can also result in a tax increase, which will increase your payment. Exercise caution!
• Ask your lender to modify your loan if you find yourself facing financial hardship.
• Try extending your loan term, stretching it out more so you can lower monthly payments.
• Shop around and see if you can find a homeowners insurance policy that costs even less than what you are paying.
• If mortgage rates have dropped since you bought your home, consider a mortgage refinance.
The Takeaway
Using a Hawaii mortgage loan calculator is a smart first step to understanding the financial commitment you make when you take on a home loan. By considering factors like down payment, loan term, and interest rate, the calculator can show you how to make an informed decision about how much house you can afford. Whether you’re a newbie to homebuying or a seasoned homeowner, you’ll gain valuable insights and feel well-prepared.
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.
Typically a monthly bill for borrowers, the mortgage payment includes principal and interest on your loan. It may also include a charge for property taxes and homeowners insurance. If a borrower is required to have PMI, that may be included as well. The payment to the principal reduces the outstanding loan balance, while the interest portion pays the cost of borrowing back to the lender. Including property taxes and insurance in the monthly payment helps to ensure that these expenses are consistently covered through the life of the loan (and that the home is insured).
How does my credit score affect my mortgage loan interest rate?
Your credit score impacts your mortgage interest rate significantly. With a higher score, you can possibly persuade a lender to offer the most attractive interest rate available, reducing your mortgage’s total cost. A lower score may draw you a higher interest rate and stricter lending conditions — if you’re approved.
What are principal and interest on a mortgage loan?
Principal and interest are key mortgage payment components. The principal is the original loan amount. Interest is the money you pay to the lender for the privilege of taking out that loan. Over time, more and more of your payment goes toward the principal, which reduces the loan balance, and in turn the amount of interest you have to pay. An amortization schedule, which you’ll find among your loan documents, will show you how much of your monthly payment goes into each bucket.
How much should I put down on a mortgage?
You should put down as much money as you comfortably can. The down payment on a home is a good thing to scrimp and save for. Emptying your emergency fund or stopping payments on other debt, for example, is not the thing to do. If you qualify as a first-time homebuyer, you can often put down as little as 3% toward a home’s purchase price. Repeat buyers may be able to put in just 5%. Pay less than 20% and you’ll likely have to pay for private mortgage insurance in your monthly bill. Look at the entire financial picture to determine what makes sense for you.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term will offer lower monthly payments and make homeownership feel more accessible. A 15-year term could save you thousands of dollars in interest but will require you to come up with more for your payment each month. If you can make a 15-year or 20-year term work, do it. But if this is your first home purchase or you just have a really tight budget, you can feel fine about locking in 30 years. It’s the most sought-after mortgage term in the U.S.
How can I get a lower mortgage interest rate?
To have access to the lowest rates, work on cultivating a strong credit score (aim for 700 or more, although you only need 620 to qualify for a home loan). Go through the online prequalification process with several lenders so you can see how low a rate you can obtain. A higher down payment may help if you can afford one. If you own a home already, you can explore a mortgage refinance by comparing the costs of your old loan to those you’d have to pay on a new one (add closing costs, too) with a new, lower rate.
How much income do you need for a $400,000 mortgage?
You’ll probably need to earn around $130,000 a year to qualify for a $400,000 mortgage, assuming it’s a 30-year loan at an interest rate of 7.00%, and you aren’t burdened by other significant debts. Need a mortgage closer to $600,000? You’ll need to make more like $180,000 to be approved. One rule of thumb to follow is that your home price should not be more than three times your gross income, assuming you don’t have other significant debts.
Can I afford a $300K house on a $70K salary?
It would be a stretch to think you could easily make the payments on a $300,000 property on a salary of $70,000, unless you’re able to make a significant down payment. One easy equation is, your house price should be around or less than your salary times three. Using a home affordability calculator, you can assess whether $300,000 will be workable — maybe if you can make a large down payment.
How much is the payment on a $600,000, 30-year mortgage?
Exactly how much a $600,000 mortgage with a 30-year term will cost you monthly depends on the interest rate. At a rate of 6.00%, for example, you’d need to pay $3,597.30 a month. At 8.00%, the payment would jump to $4,402.59. This estimate includes principal and interest but not property taxes, insurance, or other fees.
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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