How Much Will a 600K Mortgage Cost per Month?

If you’re thinking of applying for a $600K mortgage, here’s the bottom line: The monthly payment on this mortgage at a 7% annual percentage rate (APR) for 30 years works out to be $3,991.81.

If you would rather finance with a 15-year mortgage, the monthly payment would be $5,392.97.

A higher monthly payment on a 15-year mortgage term does cost more every month, but the savings over the life of the loan are huge. Interest costs for a 30-year loan exceed $830,000, while the interest costs on a 15-year loan are closer to $370,000. That’s quite a difference.

And, of course, interest rates are not static. The rates you are offered when you apply for a loan will vary over time. Just a short while ago, many borrowers would have access to an interest rate approximately half the current 7% figure. A 3.5% APR with the same 600K mortgage over 30 years would result in a monthly payment of $2,694.27. That’s the power interest rates have on your mortgage and monthly payment.

Keep reading to learn about all the costs involved on a $600,000 mortgage and how they affect your monthly payment.

Key Points

•   A $600,000 mortgage will have a monthly cost that includes principal, interest, property taxes, and homeowners insurance.

•   The exact monthly cost will depend on factors such as interest rate, loan term, and location.

•   Using a mortgage calculator can help estimate the monthly cost of a $600,000 mortgage.

•   It’s important to consider other expenses, such as maintenance and utilities, when budgeting for homeownership.

•   Working with a lender and getting pre-approved can provide a clearer picture of the monthly cost of a $600,000 mortgage.

Total Cost of a 600K Mortgage

The cost of a 600K mortgage goes beyond the monthly payment. You’ll have upfront costs, like the down payment and closing costs, as well as the long-term interest costs.

Upfront Costs

When you acquire a mortgage, your upfront costs include your down payment and closing costs.

•   Closing costs: Closing costs, or settlement costs, are what you pay to obtain the mortgage and property title. It varies, but you’ll usually pay for an appraisal, origination fee, prepaids, tax service provider fees, government taxes, and title insurance. The average closing cost on a new home is somewhere between 3% and 6%. For a $600,000 mortgage, that’s between $18,000 and $36,000.

•   Down payment: According to the National Association of Realtors, the average down payment on a home is 13%. For a $600,000 home, that’s a $78,000 down payment. Other common down payments include:

•   3%: $18,000

•   3.5%: $21,000

•   5%: $30,000

•   20%: $120,000.

Recommended: Home Loan Help Center

Long-Term Costs

The long-term costs of a 600K mortgage are also important to consider. They’re considerable. If you pay on your 600K mortgage for all 30 years at that 7% APR, you’ll pay over $800,000 in interest costs alone, as mentioned above. For 15 years, that amount comes down to $370,000.

You can play around with our mortgage payment calculator if you’re interested in seeing the difference that APR and loan term make on a monthly payment.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Questions? Call (888)-541-0398.


Estimated Monthly Payments of a 600K Mortgage

The monthly payments on a 600K mortgage can vary widely. How much house can you afford depends not only on the down payment but also the monthly payment you’re able to make. Your interest rate and loan term are important factors to consider.

Monthly Payment Breakdown by APR and Term

It’s helpful to see what your monthly payment would be based on different interest rates and loan terms for a 600K mortgage loan.

This chart can help you understand how mortgage APR works and impacts your costs.

APR

Monthly Payment on a 15-Year Loan

Monthly Payment on a 30-Year Loan

3.5% $4,289.30 $2,694.27
4% $4,438.13 $2,864.49
4.5% $4,589.96 $3,040.11
5% $4,744.76 $3,220.93
5.5% $4,902.50 $3,406.73
6% $5,063.14 $3,597.30
6.5% $5,226.64 $3,792.41
7% $5,392.97 $3,991.81
7.5% $5,562.07 $4,195.29
8% $5,733.91 $4,402.59
8.5% $5,908.44 $4,613.48
9% $6,085.60 $4,827.74
9.5% $6,265.35 $5,045.13
10% $6,447.63 $5,265.43

How Much Interest Is Accrued on a 600K Mortgage?

There’s another factor to consider when choosing a mortgage term for a 600K mortgage: the interest that will accrue.

If you pay the exact amount of your monthly payment on a 600K mortgage for an entire 30-year term with a 7% APR, you will pay $837,053 in interest. Adding in your 600K mortgage brings the total amount you will pay to $1,437,053.

A 15 vs. 30 year mortgage tells a different story when it comes to how much interest you pay. A 15-year loan on a 600K mortgage with a 7% interest rate has a larger monthly payment at $5,392.97, but the interest cost is $370,734.53. Compare that with the $837,053 interest costs of a 30-year loan, or $3,991.81 per month. In terms of total costs, the 15-year loan will add up to $970,734.53, while the 30-year mortgage equals $1,437,053 for principal plus interest.

600K Mortgage Amortization Breakdown

We’ve already discussed how the total cost of a 600K mortgage is over 1.4 million dollars. When you look at how much of your monthly payment is applied to the principal loan amount (this is also called amortization), it’s easy to see how you end up paying so much in interest costs.

Amortization schedules are set so that more of your monthly payment goes toward interest than principal in the beginning. Toward the end of your loan, more of your monthly payment goes toward the principal amount of the loan.

Looking at the amortization schedule can help you see the full picture of what you’re paying on your 600K mortgage payment and perhaps choose which type of mortgage loan is best for you.

The amortization schedule below assumes a 7% interest rate over 30 years. The amount does not include insurance or taxes; it’s principal and interest for informational purposes only.

Year

Mortgage Monthly Payment

Beginning Balance

Total Amount Paid for the Year

Interest Paid During the Year

Principal Paid During the Year

Ending Balance

1 $3,991.81 $600,000.00 $47,901.72 $41,806.92 $6,094.80 $593,905.14
2 $3,991.81 $593,905.14 $47,901.72 $41,366.31 $6,535.41 $587,369.68
3 $3,991.81 $587,369.68 $47,901.72 $40,893.87 $7,007.85 $580,361.78
4 $3,991.81 $580,361.78 $47,901.72 $40,387.28 $7,514.44 $572,847.27
5 $3,991.81 $572,847.27 $47,901.72 $39,844.05 $8,057.67 $564,789.54
6 $3,991.81 $564,789.54 $47,901.72 $39,261.55 $8,640.17 $556,149.31
7 $3,991.81 $556,149.31 $47,901.72 $38,636.95 $9,264.77 $546,884.48
8 $3,991.81 $546,884.48 $47,901.72 $37,967.20 $9,934.52 $536,949.90
9 $3,991.81 $536,949.90 $47,901.72 $37,249.02 $10,652.70 $526,297.14
10 $3,991.81 $526,297.14 $47,901.72 $36,478.93 $11,422.79 $514,874.30
11 $3,991.81 $514,874.30 $47,901.72 $35,653.19 $12,248.53 $502,625.70
12 $3,991.81 $502,625.70 $47,901.72 $34,767.72 $13,134.00 $489,491.64
13 $3,991.81 $489,491.64 $47,901.72 $33,818.26 $14,083.46 $475,408.13
14 $3,991.81 $475,408.13 $47,901.72 $32,800.16 $15,101.56 $460,306.51
15 $3,991.81 $460,306.51 $47,901.72 $31,708.46 $16,193.26 $444,113.20
16 $3,991.81 $444,113.20 $47,901.72 $30,537.86 $17,363.86 $426,749.27
17 $3,991.81 $426,749.27 $47,901.72 $29,282.62 $18,619.10 $408,130.10
18 $3,991.81 $408,130.10 $47,901.72 $27,936.62 $19,965.10 $388,164.95
19 $3,991.81 $388,164.95 $47,901.72 $26,493.36 $21,408.36 $366,756.52
20 $3,991.81 $366,756.52 $47,901.72 $24,945.74 $22,955.98 $343,800.47
21 $3,991.81 $343,800.47 $47,901.72 $23,286.23 $24,615.49 $319,184.93
22 $3,991.81 $319,184.93 $47,901.72 $21,506.78 $26,394.94 $292,789.92
23 $3,991.81 $292,789.92 $47,901.72 $19,598.68 $28,303.04 $264,486.82
24 $3,991.81 $264,486.82 $47,901.72 $17,552.64 $30,349.08 $234,137.69
25 $3,991.81 $234,137.69 $47,901.72 $15,358.69 $32,543.03 $201,594.61
26 $3,991.81 $201,594.61 $47,901.72 $13,006.17 $34,895.55 $166,699.00
27 $3,991.81 $166,699.00 $47,901.72 $10,483.54 $37,418.18 $129,280.77
28 $3,991.81 $129,280.77 $47,901.72 $7,778.60 $40,123.12 $89,157.58
29 $3,991.81 $89,157.58 $47,901.72 $4,878.09 $43,023.63 $46,133.89
30 $3,991.81 $46,133.89 $47,901.72 $1,767.90 $46,133.82 $0

What Is Required to Get a 600K Mortgage?

You need to have an income sufficient to afford the monthly payments on a 600K mortgage.

Lenders generally look for your monthly payment to be no more than 28% of your gross income. For a 600K mortgage with a $3,991.81 payment, you would need to make $14,256 per month, or $171,077 per year (without any debt) to comfortably afford the mortgage payment.

Other factors, such as your credit score, will likely come into play as well in getting approved for a 600K mortgage.

How Much House Can You Afford Quiz

Recommended: First-Time Homebuyer Guide

The Takeaway

A 600k mortgage payment at 7% for 30 years would be $3992 per month. When you’re budgeting for a mortgage, it’s smart to consider all the costs, including the monthly payment and what a smaller monthly payment means for your long-term costs. Deciding whether to pay more each month and less over the life of the loan or vice versa can have a significant impact on your financial outlook and how you grow your personal wealth.

When you’re ready to take the next step toward a mortgage, consider what SoFi has to offer. With competitive interest rates, flexible loan terms, and a simple application process, your 600K mortgage could become a reality.

Check your home loan interest rate with SoFi today.

FAQ

How much would a $600,000 mortgage cost per month?

A monthly payment on a 600K mortgage at 7% APR would be $3,991.81. This is the amount of principal and interest and does not include the escrowed amounts.

What is the average monthly payment on a 500k mortgage?

A monthly payment on a 500K mortgage would be $3,326.51 on a 30-year term with a 7% APR.

How much do you need to make a year to afford a $500,000 home?

A 30-year $500,000 loan with a 7% APR boils down to a $3,326.51 monthly payment. For $3,326.51 to meet the 28% income guideline for lenders, you would need to make $11,880 a month, or about $142,560 per year. And this amount is only possible if you have no other debts.


Photo credit: iStock/FabioBalbi

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.


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.

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How Much Will a $500K Mortgage Cost per Month?

The monthly cost of a $500,000 mortgage is $3,360.16, assuming a 30-year loan term and a 7.1% interest rate. Over the course of a year, you would pay $40,321.92 in combined principal and interest payments.

If you were to opt for a 15-year term instead, a $500,000 mortgage at an interest rate of 6% would cost you $4,219.28 per month, or $50,631.36 per year. (Generally speaking, 15-year terms feature lower interest rates than 30-year terms.)

As you can see, the monthly cost of a mortgage can vary widely depending on your terms; you’ll want to factor this in alongside the other short- and long-term costs of homebuying, like lender fees, property taxes, and maintenance. We’ll guide you through these expenses and how they factor into your budget.

Key Points

•   A $500,000 mortgage can cost over $2,500 per month, depending on the interest rate and loan term.

•   Factors that affect the monthly cost of a mortgage include the loan amount, interest rate, loan term, and property taxes.

•   Private mortgage insurance (PMI) may be required if the down payment is less than 20% of the home’s value.

•   Homeowners insurance and property taxes are additional costs to consider when budgeting for a mortgage.

•   It’s important to carefully consider your budget and financial goals before taking on a mortgage to ensure you can comfortably afford the monthly payments.

Total Cost of a $500K Mortgage

The total cost of a $500K mortgage is $1,209,657.53 over 30 years at a 7.1% APR. Absent any late or pre-payments, this sums up to $709,657.53 worth of accrued lifetime interest.

When calculating your total costs, you’ll want to factor in other expenses like closing costs, as well as property taxes and insurance, which are incurred for as long as you own your home. We’ve categorized these expenses into upfront and long-term costs below.

💡 Quick Tip: Buying a home shouldn’t be aggravating. SoFi’s online mortgage application is quick and simple, with dedicated Mortgage Loan Officers to guide you from start to finish.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Questions? Call (888)-541-0398.


Upfront Costs

Your average upfront closing costs will usually set you back 2% – 5% of the total purchase price on your home. The actual amount varies depending on your local tax rate and third-party fees. Closing costs typically include the following:

•   Abstract and recording fees: $200 to $1,200 and $125, on average, respectively

•   Application fees: up to $500

•   Appraisal fees: $300 to $400

•   Attorney fees: $150 to $400/hour

•   Home inspection fee: $300 to $500, on average

•   Title search and title insurance fees: $75 to $200

The other two major upfront costs include the earnest money deposit and your down payment on the house. Your earnest money deposit shows the seller that you’re serious about buying the home, while the down payment serves as security for your mortgage lender. Average down payments usually range from 3% – 20% of the home’s purchase price, based on most popular mortgage underwriting guidelines. Earnest money and the down payment differ from closing costs as you’ll recoup these, in the form of equity in your home, after closing.

Long-Term Costs

Long term costs on a home purchase include property taxes, homeowner’s insurance, and upkeep. Many lenders will simplify your annual payments by rolling taxes into escrow alongside your monthly mortgage payments. Homeowners who opt out of escrow will be responsible for making their own payments.

Property taxes can range from 0.5% – 3% or more of your home’s assessed value. Keep in mind that the assessed value isn’t the same thing as your home’s market value; instead, it is the value local tax assessors use for calculating property taxes.

Average homeowners insurance rates vary widely depending on your state of residence, policy terms, and the condition of your home. Policy rates are usually between $999 and $1,655, according to a study on home insurance policies conducted by Progressive.

Maintenance and upkeep costs are some of the most variable expenses you’ll face on your home. You may have to repair your roof or replace your water heater in some years, but in others, you may get lucky and avoid big expenses. It’s a good idea to set aside 1% – 2% of your home value annually to cover these projects if they pop up.

Estimated Monthly Payments on a $500K Mortgage

As noted above, your estimated monthly payment for a $500K mortgage will be $3,360.16, assuming a 30-year loan term and an interest rate of 7.1%. But this payment could range between $2,600 and $4,900 depending on your term and interest rate. It’s helpful to take a closer look at how these factors impact the monthly charge, as we have in the chart below.

Monthly Payment Breakdown by APR and Term

Assuming both 30-year and 15-year loan terms, we’ve broken down the monthly payment estimates for interest rates ranging from 5% – 8.5%. If you don’t see your rate below, try using our mortgage payment calculator to estimate your required monthly payment.

Interest rate

30-year term

15-year term

5% $2,684 $3,953
5.5% $2,838 $4,085
6% $2,997 $4,219
6.5% $3,160 $4,355
7% $3,326 $4,494
7.5% $3,496 $4,635
8% $3,668 $4,778
8.5% $3,844 $4,923

Recommended: The Cost of Living by State

How Much Interest Is Accrued on a $500K Mortgage?

A $500K mortgage with a 7.1% APR will accrue $709,657.53 worth of total interest over 30 years. A 15-year mortgage with the same loan balance and interest rate will accrue $313,985.44 in interest over the lifetime of the loan.

Interest accrues directly in relation to your outstanding loan balance, APR, and rate of repayment. The faster you repay your home loan, the less time interest has to accrue.

Additionally, larger loan balances will accrue more interest at any given rate, as larger balances mean a larger principal base on which interest is calculated. Similarly, higher interest rates accrue interest faster, as the APR multiple used to calculate your interest expense is greater for all loan balances.

💡 Quick Tip: Not to be confused with prequalification, preapproval involves a longer application, documentation, and hard credit pulls.

Ideally, you want to keep your applications for preapproval to within the same 14- to 45-day period, since many hard credit pulls outside the given time period can adversely affect your credit score, which in turn affects the mortgage terms you’ll be offered.

$500K Mortgage Amortization Breakdown

It’s helpful to put monthly payments on a $500K mortgage in context by looking at an amortization schedule, which breaks down payments by interest and principal. In the example below of a 15-year, $500,000 mortgage at 6%, you can see that only $21,208.34 worth of principal was paid off after the first year, despite having made more than $50,000 worth of total payments. This is due to the front-weighted nature of amortizing loans.

Interest is calculated off the total principal amount of the loan outstanding. This means that your interest expense will be greater during the early years of home loan, when the remaining loan balance is greatest.

As time passes and principal is paid off, your interest expense will gradually decrease over time. This is why many homebuyers choose to contribute a larger down payment upfront to avoid having to pay more interest.

Year

Beginning balance

Principal paid

Interest paid

Remaining balance

1 $500,000 $21,208.34 $29,423.07 $478,791.66
2 $478,791.66 $22,516.42 $28,114.99 $456,275.24
3 $456,275.24 $23,905.18 $26,726.23 $432,370.06
4 $432,370.06 $25,379.60 $25,251.81 $406,990.46
5 $406,990.46 $26,944.96 $23,686.45 $380,045.49
6 $380,045.49 $28,606.87 $22,024.54 $351,438.62
7 $351,438.62 $30,371.28 $20,260.13 $321,067.35
8 $321,067.35 $32,244.51 $18,386.90 $288,822.84
9 $288,822.84 $34,233.28 $16,398.13 $254,589.55
10 $254,589.55 $36,344.72 $14,286.69 $218,244.84
11 $218,244.84 $38,586.38 $12,045.03 $179,658.46
12 $179,658.46 $40,966.30 $9,665.11 $138,692.16
13 $138,692.16 $43,493.01 $7,138.40 $95,199.14
14 $95,199.14 $46,175.57 $4,455.84 $49,023.58
15 $49,023.58 $49,023.58 $1,607.83 $0

What Is Required to Get a $500K Mortgage?

To qualify for a $500K mortgage, you’ll need to ensure that you meet the income, credit, and down payment requirements, while still having enough leftover to cover additional long-term costs like taxes and home insurance.

While income requirements can vary by lender, a good rule of thumb to follow is the 28% rule, which states that your total housing costs should make up no more than 28% of your monthly gross income. This isn’t a hard and fast rule, but serves as a good indicator of whether you can afford your mortgage.

For example, if your $500K mortgage carried a 6% APR and a monthly payment of $2,997, and you had another $300 in monthly housing costs, you’d need a minimum gross monthly income of $12,000, or annual income of $144,000, to fall within the 28% rule.

You’ll also need a minimum credit score of 620 or higher to meet the lender’s credit guidelines. 620 is only the minimum bar to qualify according to mortgage lending guidelines, and your likelihood of approval may still be tenuous at this level.

In most cases you’ll want your credit score to be much higher; preferably 740 or more, to ensure you can qualify for the most competitive interest rates.

Finally, depending on the type of mortgage loan you obtain, you’ll need to provide a minimum down payment on the home. In many cases, this is 20% of the overall home value. For a $625,000 home with a $500,000 mortgage, a 20% down payment would be $125,000.

How Much House Can You Afford Quiz

The Takeaway

Committing to pay off a $500,000 mortgage loan is a significant decision. You’ll be on the hook for thousands of dollars a month in mortgage payments. Even slight variations in your interest rate can increase the lifetime cost of the loan by tens of thousands of dollars, so looking carefully at your mortgage’s total cost is important.

“Really look at your budget and work your way backwards,” explains Brian Walsh, CFP® at SoFi, on planning for a home mortgage.

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.


SoFi Mortgages: simple, smart, and so affordable.

FAQ

How much does a $500,000 mortgage cost per month?

The monthly cost of a $500,000 mortgage can vary widely based on your quoted interest rate and loan term. Assuming a 6% APR and 30-year term, a $500,000 mortgage would cost you a $2,997 monthly payment, without factoring in any taxes or insurance.

What credit score is required for a $500K mortgage?

A $500,000 mortgage would fall within the standard guidelines for conventional home loans in most cases. For a standard fixed rate mortgage, Fannie Mae requires a minimum credit score of 620.


Photo credit: iStock/andresr

*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.

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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.


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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Buying a Multifamily Property With No Money Down

Buying a Multifamily Property With No Money Down: What You Should Know First

Real estate investments make money through appreciation and rental income. Real estate can diversify a portfolio and act as a hedge against inflation, since landlords can pass rising costs to tenants. But the down payment on multifamily investment properties? At least 20%, or 25% to get a better rate.

It’s true that eligible borrowers may use a 0% down U.S. Department of Veterans Affairs (VA) loan for a property with up to four units as long as they live there. But those loans serve a relative few and are considered residential financing. Properties with more than four units are considered commercial.

So how can a cash-poor but curiosity-rich person tap the potential of multifamily properties? By not footing the entire bill themselves.

Key Points

•   Real estate investments offer potential income through appreciation and rental income, providing a hedge against inflation.

•   Eligible borrowers can use a 0% down VA loan for properties with up to four units.

•   Various financing strategies enable purchasing multifamily properties with little to no personal money upfront.

•   Options like finding a co-borrower, securing hard money loans, or obtaining seller financing can facilitate the acquisition.

•   Indirect investment methods include crowdfunding and real estate investment trusts (REITs), allowing participation without direct landlord responsibilities.

Can You Buy a Multifamily Property With No Money?

When you buy real estate, you typically have two options: Buy with cash or finance your purchase with a mortgage loan.

There are various types of mortgages. If you take out a home loan, you’ll likely need to pay a portion of the purchase price in cash in the form of a down payment. The minimum down payment you make will depend on the type of mortgage you choose — the average down payment on a house is well under 20% — and it will help determine what terms and interest rates you’ll be offered by lenders.

This money needs to come from somewhere, but it doesn’t necessarily need to come from your own savings account. When investors buy multifamily properties with “no money down,” it just means they are using little to no personal money to cover the upfront costs.

If you don’t have much cash of your own, there are several ways that you can fund the purchase of a multifamily investment property.


💡 Quick Tip: Jumbo mortgage loans are the answer for borrowers who need to borrow more than the conforming loan limit values set by the Federal Housing Finance Agency ($806,500 in most places, or $1,209,750 in many high-cost areas). If you have your eye on a pricier property, a jumbo loan could be a good solution.

6 Ways to Pay for a Multifamily Property

Find a Co-Borrower

If you don’t have the money to front the costs of a property yourself, you may be able to partner with a family member, friend, or business partner. They may have the money to cover the down payment, and you might pull your weight by researching properties or managing them.

When you co-borrow with someone, you’ll each be responsible for the monthly mortgage payments. You’ll also share profits in the form of rents or capital gains if you sell the property.

Give an Equity Share

You may give an equity investor a share in the property to cover the down payment. Say a multifamily property costs $750,000, and you need a 20% down payment. An equity investor could give you $150,000 in exchange for 20% of the monthly rental income and 20% of the profit when the property is sold.

Borrow From a Hard Money Lender

Hard money loans are offered by private lenders or investors, not banks. The mortgage underwriting process tends to be less strict than that of traditional mortgages. Depending on the property you want to buy, no down payment may be required.

These loans (also called bridge loans) have high interest rates and short terms — one to three years is typical — with interest-only payments the norm. For this reason, they may be used by investors who may be looking to flip the property in short order, allowing them to make a profit and pay off the loan quickly.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Questions? Call (888)-541-0398.


House Hack

House hacking refers to leveraging property you already own to generate income. For example, you might rent out an in-law suite or list your property on Airbnb.

Another option: You could rent out your primary residence and move into one of the units in a multifamily property you buy. This way, you’d probably generate more income than if you had rented out the unit to a tenant.

Finally, you could hop on the ADU bandwagon if you own a single-family home. Accessory dwelling units can take the form of a converted garage, an attached or detached unit, or an interior conversion. The rental income can be sizable. To fund a new ADU, homeowners may tap home equity, look into cash-out refinancing, or even use a personal loan.

Seek Seller Financing

If you don’t have the cash for a down payment on a property, you may be able to forgo financing from a lending institution and get help instead from the seller.

With owner financing, there are no minimum down payment requirements. Several types of seller financing arrangements exist:

•   All-inclusive mortgage: The seller extends credit for the entire purchase price of the home, less any down payment.

•   Junior mortgage: The buyer finances a portion of the sales price through a lending institution, while the seller finances the difference.

•   Land contracts: The buyer and seller share ownership until the buyer makes the final payment on the property and receives the deed.

•   Lease purchase: The buyer leases the property from the seller for a set period of time, after which the owner agrees to sell the property at previously agreed-upon terms. Lease payments may count toward the purchase price.

•   Assumable mortgage: A buyer may be able to take over a seller’s mortgage if the lender approves and the buyer qualifies. FHA, VA, and USDA loans are assumable mortgages.

Invest Indirectly

Not everyone wants to become a landlord in order to add real estate to their portfolio. Luckily, they can invest indirectly, including through crowdfunding sites and real estate investment trusts (REITs).

The Jumpstart Our Business Startups Act of 2013 allows real estate investors to pool their money through online real estate crowdfunding platforms to buy multifamily and other types of properties. The platforms give average investors access to real estate options that were once only available to the very wealthy.

REITs are companies that own various types of real estate, including apartment buildings. Investors can buy shares on the open market, and the company passes along the profits generated by rent. To qualify as a REIT, the company must pass along at least 90% of its taxable income to shareholders each year.

As investment opportunities go, REITs can be a good choice for passive-income investors.


💡 Quick Tip: To see a house in person, particularly in a tight or expensive market, you may need to show the real estate agent proof that you’re preapproved for a mortgage. SoFi’s online application makes the process simple.

The Takeaway

Buying a multifamily property with no money down is possible if you take the roads less traveled, including leveraging other people’s money. And if you have the means to make a down payment on a property, your first step is to research possible home mortgage loans.

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.


SoFi Mortgages: simple, smart, and so affordable.

FAQ

Can I buy a multifamily home with an FHA loan?

It is possible to buy a property with up to four units with a standard mortgage backed by the Federal Housing Administration (FHA) if the buyer plans to live in one of the units for at least a year. The FHA considers homes with up to four units single-family housing. The down payment could be as low as 3.5%. There are loan limits.

A rarer product, an FHA multifamily loan, may be used to buy a property with five or more units. The down payment is higher. You’ll pay mortgage insurance premiums upfront and annually for any FHA loan.

Is a multifamily property considered a commercial property?

Properties with five or more units are generally considered commercial real estate. Commercial real estate loans usually have shorter terms, and higher interest rates and down payment requirements than residential loans. They almost always include a prepayment penalty.


Photo credit: iStock/jsmith

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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.


*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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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.

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What Are the Conforming Loan Limits for 2022?

What Are the Conforming Loan Limits for 2025?

A 5.2% increase in the conforming loan limits for 2025 raised the baseline loan limit for a single unit to $806,500 in most counties in the United States.

The adjustment is a result of a change in the average price of a home nationwide from the third quarter of 2023 to the third quarter of 2024. Home prices increased an average of 5.21%, and the baseline conforming loan limit kept pace.

Conforming loans may be cheaper than nonconforming loans like jumbo mortgages, but jumbo loans have their place.

Key Points

•   For 2025, the conforming loan limit for one-unit properties in most of the U.S. is set at $806,500.

•   In high-cost areas, the limit for a one-unit property reaches $1,209,750.

•   Staying within these limits enables buyers to secure lower-cost mortgages.

•   Loans within these limits can be acquired by Fannie Mae and Freddie Mac.

•   This arrangement reduces risk for lenders and lowers costs for consumers.

Conforming Loan Limits for 2025

The conforming loan limits set by the Federal Housing Finance Agency can vary based on area and the number of units in the property.

In most counties, that number increased to $806,500 in 2025 for a one-unit property. In high-cost areas, the limit is $1,209,750 for a one-unit property.

In general, here’s how the baseline conforming loan limits break down for 2025.

Maximum baseline loan limit for 2025

Units

Many counties in the contiguous states, District of Columbia, and Puerto Rico

Alaska, Hawaii, Guam, and the U.S. Virgin Islands

1 $806,500 $1,209,750
2 $1,032,60 $1,548,975
3 $1,248,150 $1,872,225
4 $1,551,250 $2,326,875

Recommended: The Cost of Living by State

Why Care About Conforming Loan Limits?

Staying under a conforming loan limit means you’ll most likely obtain a lower-cost mortgage. Mortgages that “conform” to the limits can be acquired by Fannie Mae and Freddie Mac, government-sponsored enterprises.

Because these mortgages can be bought by the agencies and then sold to investors on the secondary mortgage market, they represent a lower risk to the lender and a lower cost to the consumer.

If you need to finance more than the conforming limit, you’ll need to look at jumbo mortgage loans.

Getting a jumbo loan involves clearing more hurdles than a conforming loan. The rate will usually be similar to conforming loan rates, but sometimes it can be lower. How jumbo can a loan be for a primary residence, second home, or investment property? It’s up to each lender.

Government-backed mortgages are also nonconforming loans, and although they serve certain homebuyers, they also may be more expensive than conforming conventional loans because they usually come with additional fees.

Recommended: How to Get a Mortgage Loan

Notable Counties Above the Standard Loan Limits

Loan limits are higher in counties where the average home price is above 115% of the local median home value. The loan ceiling is 150% of the baseline value.

For 2025, the high-cost-area loan limit increased from $1,209,750 to $1,209,750 on a one-unit property. Alaska, Hawaii, Guam, and the U.S. Virgin Islands also have a baseline loan limit of $1,209,750.

The following is a chart of counties (and some cities) in high-cost areas with an increased baseline loan limit. The increased amount for high-cost areas maxes out at $1,209,750 in select areas.

State

County

2024 limit for a single unit

2025 limit for a single unit % change year over year
Alaska All $1,209,750 $1,209,750 5.21%
California Los Angeles County, San Benito, Santa Clara, Alameda, Contra Costa, Marin, Orange, San Francisco, San Mateo, Santa Cruz $1,209,750 $1,209,750 5.21%
California Napa $1,017,750 $1,017,750 0%
California Monterey $920,000 $970.600 5.50%
California San Diego $1,006,250 $1,077,550 7.09%
California Santa Barbara $838,350/td>

$913,100 8.92%
California San Luis Obispo $929,200 $967,150 4.08%
California Sonoma $877,450 $897,000 2.23%
California Ventura $954,500 $1,017,750 6.63%
California Yolo $806,500 $806,550 5.21%
Colorado Eagle, Garfield, Pitkin $1,209,750 $1,209.750 5.21%
Colorado San Miguel $994,750 $994,750 0%
Colorado Boulder $856,750 $862,500 .07%
Florida Monroe $929,200 $967,150 4.08%
Guam All $1,209,750 $1,209,750 5.21%
Hawaii All $1,209,750 $1,209,750 5.21%
Idaho Teton $1,209,750 $1,209,750 5.21%
Maryland Calvert, Charles, Frederick, Montgomery, Prince George’s County $1,209,750 $1,209,750 5.21%
Massachusetts Dukes, Nantucket $1,209,750 $1,209,750 5.21%
Massachusetts Essex, Middlesex, Norfolk, Plymouth, Suffolk $862,500 $914,250 6.00%
New Hampshire Rockingham, Strafford $862,500 $914,250 6.00%
New Jersey Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union $1,209,750 $1,209,750 5.21%
New York Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk, Westchester $1,209,750 $1,209,750 5.21%
Pennsylvania Pike $1,209,750 $1,209,750 5.21%
Utah Summit, Wasatch $1,209,750 $1,209,750 0%
Utah Wayne $997,050 $997,050 0%
Virgin Islands All $1,209,750 $1,209,750 5.21%
Virginia Arlington, Clarke, Culpeper, Fairfax, Fauquier, Loudoun, Madison, Prince William, Rappahannock, Spotsylvania, Stafford, Warren, Alexandria City, Fairfax City, Falls Church City, Fredericksburg City, Manassas City, Manassas Park City $1,209,750 $1,209,750 5.21%
Washington King, Pierce, Snohomish $997,500 $1,037,300 6.11%
Washington D.C. District of Columbia $1,209,750 $1,209,750 5.21%
West Virginia Jefferson County $1,209,750 $1,209,750 5.21%
Wyoming Teton $1,209,750 $1,209,750 5.21%

Will Conforming Loan Limits Rise or Fall?

The baseline conforming loan limit is adjusted each year to reflect the change in the average home value in the United States.

The conforming loan limit has increased steadily for the past 10 years and has never declined. From 2006 to 2016, for example, the conforming loan limit remained at $417,000, despite declining home values across the country. If home values continue to rise, the conforming loan limit will also rise.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Questions? Call (888)-541-0398.


Conforming Loan Limits Over the Past 10 Years

The 5.2% increase in loan limits for 2025 is lower than the previous year’s increase of 5.5% and far lower than the 18% increase of 2022, which was the largest jump in the past 40 years. But it still represents an increase of $39,950 over the past year alone.

Conforming loan limit

Year

Amount

2025 $806,500
2024 $806,500
2023 $726,200
2022 $647,200
2021 $548,250
2020 $510,400
2019 $484,350
2018 $453,100
2017 $424,100
2016 $417,000
2015 $417,000
2014 $417,000

The Takeaway

Conforming loan limits are intended to keep costs low for homebuyers. This means competitive pricing on mortgages, no matter what the housing market looks like each year.

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.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

Is a conforming loan a good thing?

Yes, generally speaking, staying under a conforming loan limit means you’ll most likely obtain a lower-cost mortgage.

Is a conforming loan the same as a conventional loan?

No, a conventional loan is one that is not backed by a government agency — it might come from a private lender such as a bank. A conforming loan is one in which the underlying terms and conditions adhere to the funding criteria, including loan amount limits, spelled out by Freddie Mac and Fannie Mae. Conventional loans can be conforming. Those that do not follow the conforming loan limits are considered “jumbo” loans.


Photo credit: iStock/marchmeena29

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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.


*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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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How Much Will a $350,000 Mortgage Cost per Month?

Considering taking out a $350K mortgage to purchase a home? It’s important to understand the upfront cost associated with a mortgage and to factor the monthly payments associated with it into your budget.

So how much will a $350K mortgage cost per month? This will vary based on factors such as interest rate, the terms of the loan, and more.

Key Points

•   The monthly cost of a $350,000 mortgage depends on factors like interest rate, loan term, and down payment.

•   Using a mortgage calculator can help estimate monthly payments and determine affordability.

•   Factors like property taxes, homeowners insurance, and private mortgage insurance (PMI) can also affect the overall cost.

•   It’s important to consider your budget and financial goals when determining the affordability of a mortgage.

•   Working with a lender or mortgage professional can provide personalized guidance and help you understand the costs involved.

Total Cost of a $350K Mortgage

Monthly mortgage payments are a recurring expense homebuyers should include in their budget, but there are also some one-time and long-term costs they should keep in mind when determining how much home they can afford.

Upfront Costs

The largest upfront cost associated with a mortgage is likely the downpayment on the property. The median downpayment on a home is 13%, but if a buyer wants to avoid fees, including private mortgage insurance, they may have to put at least 20% down.

If a buyer puts 20% down and takes out a $350K mortgage, they’re likely putting down around $87,500.

On top of a down payment, buyers are expected to pay for some or all of the following before closing, including:

•   Abstract and recording fees: $200 to $1,200 and $125, on average, respectively

•   Application fees: up to $500

•   Appraisal fees: $300 to $400

•   Attorney fees: $150 to $400/hour

•   Home inspection fee: $300 to $500, on average

•   Title search and title insurance fees: $75 to $200

These may all be non-negotiable costs, but it’s also worth keeping in mind your wants for a new home, including furnishings and the cost for professional movers.


💡 Quick Tip: Buying a home shouldn’t be aggravating. SoFi’s online mortgage application is quick and simple, with dedicated Mortgage Loan Officers to guide you from start to finish.

Long-Term Costs

Payments on a $350K mortgage are due every month, but there are also long-term costs on the horizon for homeowners. It’s important to factor in the costs of maintenance and repair to a property over time.

In general, it’s good to follow the 1% savings rule. That means a homeowner should aim to set aside 1% of the home’s purchase price annually and earmark it for repairs or maintenance.

Saving this upfront can keep homeowners from dipping into emergency funds for repairing the HVAC or fixing a leaky roof.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Questions? Call (888)-541-0398.


Recommended: First-Time Homebuyer Guide

Estimated Monthly Payments on a $350K Mortgage

The cost of monthly payments on a $350K mortgage will come down to a few factors:

•   Downpayment: How much the buyer puts down initially

•   Loan term: Including the length of the loan (15- vs. 30-year) and the structure of the payoff schedule (fixed-rate or adjustable-rate mortgage)

•   APR: The annual percentage rate of the mortgage

Monthly Payment Breakdown by APR and Term

The APR a homebuyer gets when applying for a $350K mortgage will vary based on market rates as well as the borrower’s financial history.

APR and the mortgage term will impact the total mortgage paid each month. As you can see, the monthly payments for a 15-year loan can be much higher than the payments for a 30-year loan. Remember, though, that over its lifetime, the 30-year mortgage is typically more costly because interest costs are higher.

Interest rate

15-year term

30-year term

3% $2,417 $1,475
3.5% $2,502 $1,571
4% $2,588 $1,670
4.5% $2,677 $1,773
5% $2,767 $1,878
5.5% $2,860 $1,987
6% $2,953 $2,098
6.5% $3,049 $2,212
7% $3,146 $2,329

Keep in mind these estimates do not include insurance or property tax estimates, which may be rolled into monthly payments.

Consider using a mortgage calculator to determine monthly mortgage estimates based on APR and loan terms.

Recommended: The Cost of Living by State

How Much Interest Is Accrued on a $350K Mortgage?

The total interest a homeowner will accrue on a $350K mortgage depends on the interest rate and loan length. An owner will pay more in interest the higher the rate and the longer the loan length.

On a $350K mortgage at 4.5% interest and 30-year loan term, you would accrue around $288,423.49 in interest over the life of the loan. Borrow the same amount at the same rate for a 15-year loan term, and you would accrue $131,945.77 in interest.


💡 Quick Tip: To see a house in person, particularly in a tight or expensive market, you may need to show the real estate agent proof that you’re preapproved for a mortgage. SoFi’s online application makes the process simple.

$350K Mortgage Amortization Breakdown

Another helpful way to contextualize monthly payments on a $350K mortgage is through an amortization schedule, which breaks down payments by interest and principal.

For example, if a buyer secures a $350K mortgage with a 4.5% APR over a 15-year loan, their monthly payment will be roughly $2,677. With a longer loan term, an owner has lower monthly payments. However, it takes longer for a homeowner to pay down the principal, and over the life of the loan, the borrower with a 30-year term will pay more interest. Here’s an amortization scenario for a $350K mortgage with a 4.5% APR and a 30-year loan term, showing how the payment breaks down between interest and principal each year:

Year

Beginning balance

Interest paid

Principal paid

Ending balance

1 $350,000.00 $15,634.49 $5,646.31 $344,353.71
2 $344,353.71 $15,375.09 $5,905.71 $338,448.02
3 $338,448.02 $15,103.79 $6,177.01 $332,271.03
4 $332,271.03 $14,820.03 $6,460.77 $325,810.28
5 $325,810.28 $14,523.21 $6,757.59 $319,052.71
6 $319,052.71 $14,212.76 $7,068.04 $311,984.70
7 $311,984.70 $13,888.08 $7,392.72 $304,591.99
8 $304,591.99 $13,548.45 $7,732.35 $296,859.66
9 $296,859.66 $13,193.25 $8,087.55 $288,772.11
10 $288,772.11 $12,821.70 $8,459.10 $280,313.02
11 $280,313.02 $12,433.09 $8,847.71 $271,465.32
12 $271,465.32 $12,026.59 $9,254.21 $262,211.16
13 $262,211.16 $11,601.49 $9,679.31 $252,531.86
14 $252,531.86 $11,156.82 $10,123.98 $242,407.90
15 $242,407.90 $10,691.73 $10,589.07 $231,818.84
16 $231,818.84 $10,205.27 $11,075.53 $220,743.33
17 $220,743.33 $9,696.44 $11,584.36 $209,159.00
18 $209,159.00 $9,164.27 $12,116.53 $197,042.50
19 $197,042.50 $8,607.65 $12,673.15 $184,369.37
20 $184,369.37 $8,025.45 $13,255.35 $171,114.03
21 $171,114.03 $7,416.49 $13,864.31 $157,249.75
22 $157,249.75 $6,779.57 $14,501.23 $142,748.54
23 $142,748.54 $6,113.40 $15,167.40 $127,581.15
24 $127,581.15 $5,416.62 $15,864.18 $111,716.98
25 $111,716.98 $4,687.81 $16,592.99 $95,124.00
26 $95,124.00 $3,925.53 $17,355.27 $77,768.75
27 $77,768.75 $3,128.24 $18,152.56 $59,616.20
28 $59,616.20 $2,294.31 $18,986.49 $40,629.73
29 $40,629.73 $1,422.08 $19,858.72 $20,771.02
30 $20,771.02 $509.77 $20,771.03 $0.00

These monthly payments do not take into account additional costs, like taxes and insurance, that may be bundled into the monthly payment.

What Is Required to Get a $350K Mortgage?

The mortgage process can be confusing, but here are a few requirements to expect during the process:

•   Your credit score will impact your APR. Borrowers need a score of at least 500 for some mortgages, but most lenders require a score of 620 or more.

“If you have multiple debts, you want to make your minimum payments so you don’t hurt your credit score,” Kendall Meade, a Certified Financial Planner at SoFi said. “If you have cash left over after that, you should develop a strategy for which debts to pay off first,” she suggested.

•   Prequalification can be an important tool in the buying process. You will provide some basic information and the lender will do a soft credit inquiry. You’ll emerge with a sense of what rate the lender might offer.

•   Once you know how much money you need to borrow, getting preapproved for a mortgage is an important step. You’ll fill out a mortgage application and provide documents, such as proof of income, tax returns, and bank account statements. If you’re preapproved, you’ll receive a letter granting conditional approval to borrow the amount within a certain window, typically 60 to 90 days. SoFi’s Home Loan Help Center offers more information on this process.

How Much House Can You Afford Quiz

The Takeaway

A home is a serious purchase, and creating a budget beforehand is important. Understanding monthly payments on a $350K mortgage could help you determine if you can afford the home in the long run and help you budget for future expenses.

Factors like the loan length and APR will impact the monthly mortgage payment, and it’s worth considering different types of loans to determine which is the best fit for your finances.

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.


SoFi Mortgages: simple, smart, and so affordable.

FAQ

What’s the monthly payment on a $350,000 mortgage?

The monthly payment on a $350K mortgage could range from $1,500 to $3,200, depending on the loan’s interest rate and term. And that’s not including some fees that may be incorporated in the loan payment, such as insurance payments.

How much down payment do I need for $350,000 mortgage?

To make a 20% down payment on a property with a $350,000 mortgage, you would need $87,500. Many buyers make lower down payments, however. Some as low as 3%.

Can I afford a $350,000 mortgage on a $95,000 salary?

It would be difficult to cover the monthly payments for a $350,000 mortgage on a $95,000 salary — you would be better off borrowing less. Use an online mortgage calculator to zero in on the amount you can truly afford to comfortably borrow.


Photo credit: iStock/Joe Hendrickson

*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.

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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.


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.

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