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Whether you are buying your first home or looking to upgrade, an Idaho Falls, Idaho, mortgage calculator can help you determine your potential monthly payment, total interest paid, and total loan cost. Simply input your purchase price, down payment amount, loan term, interest rate, and property tax rate. Here’s a detailed guide on how to use the Idaho Falls calculator during your home search.
Key Points
• Using an Idaho Falls mortgage calculator can help you estimate the monthly payments and total loan cost to make a financially sound decision.
• The calculator allows you to see how different down payment amounts, interest rates, and loan terms affect your monthly payment.
• Building your credit score can help you secure a lower mortgage interest rate, leading to lower monthly payments and less interest paid over the life of the loan.
• Down payment assistance programs in Idaho can significantly reduce the initial financial burden for first-time homebuyers and those with limited savings.
• Strategies to reduce your housing expenses include dropping PMI once you have 20% equity, shopping for lower homeowners insurance rates, and refinancing after you’ve built your credit score.
Idaho Falls Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. A higher home price will generally result in a larger loan amount and higher monthly payments, so it’s important to consider your budget and the local market conditions when determining the right price for your new home.
• 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 larger down payment can reduce your monthly mortgage payments and potentially eliminate the need for 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 can help you build equity faster and pay less interest over the life of the loan, but it comes with higher monthly payments. Conversely, a 30-year term offers lower monthly payments, making it more manageable for many homebuyers.
• 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 your credit score, market trends, and the type of mortgage loan you choose. A lower interest rate can significantly reduce your monthly payments and the total interest you pay over the life of the loan.
• Annual property tax: Property tax is administered by the local government and is usually expressed as a percentage of the home’s assessed value. In Idaho Falls, property taxes are 0.55%.
• Total monthly payment: The total monthly payment includes the principal and interest you will pay each month. This calculator also includes property tax. Additionally, your payment may incorporate homeowners insurance, homeowners association (HOA) fees, and private mortgage insurance (PMI).
• Total interest paid: This is the amount of interest you will pay over the life of the loan. This figure is influenced by the interest rate, the loan term, and the loan amount. A lower interest rate or a shorter loan term can significantly reduce this amount.
• Total loan cost: The total loan cost represents the all-in amount you will ultimately repay for the loan, encompassing both the principal amount and the accumulated interest.
How to Use the Idaho Falls, ID Mortgage Calculator
Using the Idaho Falls mortgage calculator is a straightforward process that can provide an estimate of your monthly payments, total interest paid, and total loan cost. You can also adjust additional costs like property taxes to get a more accurate picture of your financial commitment. Here is a step-by-step guide on how to use the calculator.
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. The home price determines the size of the home loan you will need.
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 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. 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
Enter the property tax percentage, not the dollar amount. The Bonneville County (Idaho Falls) property tax rate is 0.55%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps calculate monthly payments based on loan amount, interest rate, and term. You can compare scenarios and see how these factors impact payments.
The calculator also shows how down payments affect your loan. Larger down payments can help you avoid private mortgage insurance and lower your monthly payments. Depending on your financial situation, it may make sense to save up for a larger down payment prior to purchasing a home.
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 Idaho Falls
Idaho Falls’ median home sale price in 2025 was $369,000. Lenders suggest housing costs be under 28% of gross monthly income. Under that rule, affording a $369,000 home would require roughly $84,000 in annual income, assuming 20% down ($73,800), 7.00% interest, and a 30-year mortgage. Monthly payments would be $1,964.
Total debt should be within 36% of income, limiting other debts (student loans, auto loans, credit card payments) to $560 monthly, based on this example. To make a well-informed decision, consider your budget, income, and financial goals. 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
The main components of a mortgage payment are the principal and interest. This calculator also factors in property taxes, which may be part of your monthly payment. In Idaho Falls, the baseline property tax rate is around 0.55% of the home’s assessed value, but additional local taxes and assessments can increase this.
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 Idaho Falls, ID
Cost of living significantly impacts affordability. Areas with higher costs of living usually have higher home prices, utilities, and transportation expenses. Idaho Falls’ cost of living index is about 17% below the national average, primarily due to its lower housing costs.
According to Payscale, housing in Idaho Falls is 41% lower than the national average, groceries are 4% lower, and utilities are 17% lower. Transportation costs are 2% higher than 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.
If you’re buying your first home in Idaho Falls, there are several Idaho 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.
If you’re looking to reduce your monthly mortgage payment, the following strategies can help you save money and manage your home loan more efficiently:
• Drop private mortgage insurance (PMI) if your down payment was less than 20%. Once you reach 20% equity in your home, either through payments or home appreciation, you can request to remove PMI, further reducing your monthly expenses.
• 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, resulting in a new, smaller balance and lower monthly payments.
• Appeal your property taxes if you believe they are too high. Property taxes are based on an assessment of both your home and the land it sits on, and if you think this assessment is inaccurate or unfair, you are entitled to challenge it.
• Explore options to modify your loan if you face financial hardship. This might involve extending the loan term, reducing the interest rate, or lowering the principal balance.
• Refinance your mortgage if rates have dropped or you’ve built your credit score. A mortgage refinance 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 around for a more affordable homeowners insurance rate. Comparing quotes from different providers can result in considerable savings. You may also reduce your premium by increasing your deductible amount, bundling your homeowners and auto insurance policies with the same provider, or making upgrades to your home that enhance its security features or storm resistance.
The Takeaway
Using an Idaho Falls mortgage calculator provides valuable insights into your estimated monthly payment and total loan cost. By considering all relevant factors — such as your down payment amount, interest rate, and loan term — the calculator can help you find a home that comfortably fits within your budget and aligns with your long-term financial goals.
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 payment in Idaho Falls in 2025 was $2,300 per month. However, payments vary based on the price of the home, the size of the down payment, and the interest rates at the time of purchase.
How much should I put down on a mortgage?
The amount you should put down on a mortgage depends on your financial situation and the type of loan you choose. A down payment calculator can help you estimate the required amount based on the home price and loan type, but most buyers put down between 3% and 20% of the purchase price of the home.
How can I get a lower mortgage interest rate?
To secure a lower mortgage interest rate, focus on building your credit score. A higher credit score can significantly reduce the interest rate you qualify for, leading to lower monthly payments and less interest paid over the life of the loan. You can build your credit score by paying all of your bills on time, keeping your credit utilization ratio low, and disputing any errors on your credit report.
How much is a $600,000 mortgage payment for 30 years?
For a 30-year fixed mortgage at a 7.00% interest rate, the monthly payment would be approximately $3,992. This assumes no down payment and does not take into account property taxes, private mortgage insurance, or homeowners insurance. If you put down 20%, or $120,000, the payment would be $3,193 (assuming all other variables remain the same).
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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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