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A mortgage calculator is an indispensable tool for anyone considering buying a home, whether they’re a first-timer or a veteran homeowner. It can help you estimate monthly payments, the total interest you’ll pay, and the overall cost of a given mortgage, enabling you to make informed decisions about your financial future. By inputting key details like the home price, down payment, loan term, and interest rate, you can get a clear picture of what you can expect and how different scenarios might impact your budget. The Los Angeles mortgage loan calculator is not just invaluable, it’s also free, fast, and easy to use. Read on to get started.
Key Points
• The Los Angeles mortgage calculator can help you estimate monthly payments, total interest, and overall mortgage costs when you input data about a mortgage you’re considering.
• Down payment assistance programs are often available to help first-time homebuyers and others manage the initial costs of buying a home.
• A larger down payment can lead to better interest rates and lower monthly payments, and a 20% down payment can eliminate the need for private mortgage insurance (PMI).
• The loan term you choose, typically 15 or 30 years, significantly affects monthly payments and total interest paid, with shorter terms offering lower interest costs but higher monthly commitments.
• Different ways to estimate the affordability of a mortgage include applying the 28/36 rule, using a home mortgage affordability calculator, and going through the mortgage preapproval process with a lender.
Los Angeles Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed on with the home seller. It will probably not be the same as either the listing price or your initial offer.
• Down payment: The down payment is the amount that you will pay upfront in a lump sum and is often expressed as a percentage of the purchase price of your home. Most buyers put down between 3% and 20% — the latter eliminates the need for private mortgage interest (PMI). If this seems like a heavy lift, down payment assistance programs may be available to help with the cost.
• Loan term: The loan term is the length of time you’ll have to repay the mortgage. The most common are 30 years and 15 years. The shorter term generally results in higher monthly payments but lower total interest paid over the life of the loan, while the longer offers lower monthly payments but higher total interest.
• Interest rate: The interest rate is the cost of borrowing money, typically represented as a percentage of the loan amount.
• Annual property tax: This is the tax levied on land and the buildings on it by local government, typically expressed as a percentage of the assessed value of the property. The annual property tax rate in Los Angeles is typically around 0.70% of the home’s assessed value as of late 2025. Rates vary, so to find your current tax obligation, search online for your ZIP code or city and “effective property tax rate.”
• Total monthly payment: The total monthly payment is the amount that you will repay your lender every month. It covers the principal on your loan, the interest, and (if you enter your property tax rate in the Los Angeles mortgage calculator) property tax.
• Total interest paid: The total interest paid is the sum of all the interest you will pay over the life of your home loan. This figure can vary significantly based on the interest rate, loan term, and down payment.
• Total loan cost: The total loan cost is the complete amount you will repay for the loan, including both principal and total interest.
How to Use the Los Angeles Mortgage Calculator
The Los Angeles mortgage calculator is free and simple to use. Just follow these steps.
Step 1: Enter Your Home Price
Input the amount that you and the seller have agreed you will pay for the home.
Step 2: Select a Down Payment Amount
Pick the percentage of your home price that you want to pay as your down payment. Try a down payment calculator to help you determine what amount will work for you.
Step 3: Choose a Loan Term
Select the period of time over which you’ll repay your mortgage. Most homebuyers pick a term of 30 or 15 years.
Step 4: Enter an Interest Rate
Input your interest rate to the second or third decimal point (6.425%, for instance). If you’re interested in a particularly expensive property, consider looking at the rates available for a jumbo loan.
Step 5: Enter Your Home’s Annual Property Tax
Input the annual property tax as a percentage of the home’s value, not the dollar amount. For example, if your property tax rate is 0.70%, you’ll enter 0.70.
Benefits of Using a Mortgage Payment Calculator
When you’re getting ready to purchase a home, a mortgage calculator can be a major asset. As soon as you enter a few basic facts about a potential mortgage in the Los Angeles mortgage calculator, it will show you an estimate of the monthly cost of that mortgage as well as the total costs over the lifetime of the loan.
You can also see how changing different components of the loan — such as the down payment, the interest rate, or the loan term — will alter the results, making it easier to compare potential mortgages and assess what terms would best fit your finances. With a mortgage calculator like this, you can make informed financial decisions and feel confident that your home loan won’t be too much for your budget.
Note that the Los Angeles mortgage calculator is designed for fixed-rate mortgages. However, if you’re considering a type of mortgage loan with a variable interest rate, you can still use this calculator to estimate costs. Just realize that the results will be less precise due to the fluctuations of variable rates.
Deciding How Much House You Can Afford in Los Angeles
According to Redfin, the median home sales price in Los Angeles as of late 2025 is $1,035,000. Let’s say you purchase a home for that amount, putting down 20% ($207,000) and financing the rest with a 30-year fixed-rate mortgage at a 7.00% interest rate. In this scenario, your monthly payment (covering only principal and interest) would be around $5,509.
To make sure your mortgage is affordable, lenders often recommend the 28/36 rule, according to which your mortgage payments should be 28% or less of your gross monthly income and your total monthly debt should be no more than 36%. Based on this, you’d need an annual income of approximately $236,000 to afford this mortgage. This would leave you $1,574 for other debts, such as student loans, credit card bills, and car payments, among others. If you have a higher debt load, you’d probably need more income to make this loan affordable.
Another way to assess what you can afford is to use a home affordability calculator, which can give you an estimate of how expensive a home purchase your budget allows. Going through the mortgage preapproval process with one of more lenders can also provide you with a sense of how large 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.
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Components of a Mortgage Payment
The core components of your mortgage payment are the principal (the amount you originally borrowed from your lender) and the interest on it. In some cases, depending on your lender and your loan, there may be other elements that are part of your payment as well, such as property tax and homeowners insurance expenses. If you have less than 20% equity in your home and need to pay private mortgage insurance (PMI), or if you pay homeowners association (HOA) fees, those costs may be included, too.
Different kinds of loans may involve different fees, and these could also be part of your mortgage payment. Specialized calculators may be helpful in giving you a more exact estimate in such cases. If you’re applying for a loan guaranteed by the Federal Housing Administration (FHA), you can use an FHA mortgage calculator, which factors in that loan’s mortgage insurance premiums. Likewise, a VA mortgage calculator can take into account fees that are specific to loans backed by the U.S. Department of Veterans Affairs.
Cost of Living in Los Angeles
This second most populous city in the U.S. (after only New York City), this sprawling, sunshine-drenched metropolis is known for being a glamorous center of the entertainment and media industries — and for a cost of living significantly higher than the national average.
Let’s dig a little deeper into Los Angeles costs and see why, though it’s a popular place to live, it’s not among the best affordable places in the U.S. The Council for Community and Economic Research’s Cost of Living Index (COLI) compares the cost of living in major metro areas against the national average, which is 100. The chart below shows the COLI numbers for a variety of common expenses in Los Angeles, and as you’ll see, all the costs listed here exceed the average.
California Cities’ Cost-of-Living Stats
Cost-of-Living Statistics for Los Angeles-Long Beach
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.
Los Angeles’s First-Time Homebuyer Assistance Programs
When you’re thinking about buying your first home in Los Angeles, it’s a good idea to look into the down payment assistance programs that may be available to help you cover the initial costs or purchasing property. While many of these are targeted to first-timers, as long as you haven’t owned a primary residence within the past three years, you may be able to qualify as a first-time homebuyer.
The California Housing Finance Agency offers down payment assistance and loans (both conventional and government-backed). Los Angeles’s housing market is expensive, so programs like these can be a huge help in making homeownership more affordable.
Tips on Reducing Your Mortgage Payment
Once you’ve purchased your home, you may wonder whether there’s anything else you can do to lower your monthly payments. Here are a few options to consider.
• Drop PMI as soon as you have 20% equity in your home. You’ll have to make a request to your lender, though the payments should stop automatically after you reach 22% equity.
• When you get a windfall, ask your lender to recast your mortgage. If you put this large lump sum payment toward your principal, you might be able to get your loan reamortized, lowering your monthly payments.
• Your lender may agree to modify your loan if you suffer a significant financial hardship. Ask whether you can have the terms of your mortgage adjusted, perhaps by lowering your interest rate or extending your loan term.
• Try to lower your homeowners insurance expenses. You could increase your deductible, bundle insurance policies for a discount, or shop around for a less expensive policy.
• If interest rates drop or your credit improves, consider a mortgage refinance. Lowering your rate or extending your term can decrease what you pay on a monthly basis.
It’s important to understand your budget and financial capabilities when you embark on the home-buying process. This Los Angeles mortgage calculator can help you quickly and easily assess just what will be affordable for you. With this kind of detailed information at your fingertips, you can feel secure in the decisions you make, knowing that you’ve been able to thoroughly review and consider the full financial implications of your mortgage to be certain it’s the right choice for you.
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?
Lenders use your credit score to assess your creditworthiness and evaluate how risky it might be to loan you money. A higher credit score may lead them to offer you more favorable interest rates, reducing your monthly payments and the total interest paid over the life of the loan. Conversely, a lower credit score may result in higher interest rates, making the loan more expensive. Improving your credit score before applying for a mortgage can help you save money in the long run.
What are principal and interest on a mortgage loan?
Your mortgage principal is the amount you initially borrowed from a lender to purchase your home, and the interest is the cost associated with borrowing that money, usually expressed as a percentage of the principal.
Should I choose a 30-year or 15-year mortgage term?
When you’re choosing between a 30-year and 15-year mortgage, consider your finances. A 30-year term offers lower monthly payments but higher overall interest. A 15-year term has higher monthly payments but costs you less in total interest. For example, an $800,000 loan (with 20% down and at 7.00% interest) has monthly payments of roughly $5,322 with a 30-year term versus $7,191 with a 15-year term. Your choice depends on your ability to make higher payments and whether you prioritize long-term savings or short-term cash flow.
What income do you need for an $800,000 mortgage with a 6.50% interest rate?
If you buy a house for $1 million and put down 20%, you’ll have an $800,000 mortgage. Assuming that it’s a 30-year fixed-rate loan at a 6.50% interest rate, you’d pay $5,057 per month for principal and interest. According to the 28/32 rule, you should pay no more than 28% of your gross monthly income on housing and 36% or less on all debt. That would mean you’d need to make at least $217,000 annually to make this loan affordable. Note that this would leave you about $1,445 to cover any other debts, such as car payments, credit card bills, or student loans, so if you have a higher level of debt, you’ll need a higher income to afford this mortgage.
SoFi Mortgages
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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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