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If you want to own a home in the Show Me State, it’s time to take essential steps to prepare. These include not only finding a dream house, but figuring out if you can handle the mortgage payments, and knowing exactly how you’ll pay them each month. This Missouri mortgage calculator can help you see how your monthly expenses might look in homeownership, and can assist you in making informed decisions about your down payment, loan term, and more. Keep reading to learn how to get the most out of this mortgage calculator as you look for your future home in Missouri.
Key Points
• To use the mortgage calculator, you’ll need to input the home’s purchase price, down payment, interest rate, and loan term.
• The home’s property tax rate in Missouri will impact the monthly payment amount. The statewide property tax rate is 0.82%.
• A loan’s term will have a huge impact on monthly and overall costs, and ranges from 10 to 30 years.
• Programs for first-time homebuyers can help resourceful buyers afford their down payment, or cover the closing costs when purchasing a property.
• The mortgage calculator can help you figure out what home price, down payment, and interest rate are going to make the best sense for your financial situation.
Missouri Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you and the property’s seller have agreed on. This number may not be the same as the listing price or the initial offer you made on the house.
• Down payment: The down payment is the amount you, as homebuyer, pay upfront. It’s often expressed as a percentage of the home price, and buyers commonly put down between 3% and 20%. You can use a down payment calculator to see how a certain percentage translates into a dollar amount.
• Loan term: Most homebuyers pay off their mortgages over a 15-year or 30-year term, but 10- and 20-year terms are also commonly available. Choose a longer term and you’ll have lower payments but also pay more interest over the life of the home loan. A shorter term means you’ll have higher monthly payments but earn equity faster and pay significantly less interest in the end.
• Interest rate: The interest rate is the cost of borrowing the money to buy a home, expressed as a percentage of the loan amount. Interest rates will vary based on your qualifications as a borrower, market trends, and the type of mortgage loan you apply for.
• Annual property tax: Property tax is expressed as a percentage of a home’s assessed value, and is levied by the local government on land and buildings. In Missouri, you’ll pay an annual property tax rate of 0.82%.
• Monthly payment: The monthly payment the Missouri calculator comes up with will include the loan principal, interest, and property taxes. You may also need to add some additional budget for private mortgage insurance (PMI), homeowners insurance, and/or homeowners association (HOA) fees.
• Total interest paid: This is how much the loan will accrue in interest over its entire life. This figure is larger if you choose a longer loan term, and either way it can be substantial. The Missouri mortgage calculator can show you how different down payment amounts, interest rates, and loan terms affect the interest you will pay on the money you borrow.
• Total loan cost: The total loan cost is the all-in amount you’ll pay, including principal and interest. This figure gives you a clear understanding of the long-term financial commitment you make when you buy a home.
How to Use the Missouri Mortgage Calculator
Step 1: Enter Your Home Price
Type in the final, negotiated amount you have agreed to pay the seller for the home. The calculator will use this as a basis to create an estimate of your monthly mortgage payment.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you’ll pay upfront as a down payment. A larger payment will make your future monthly mortgage payments more manageable. It might also potentially eliminate a need for PMI, usually required if you put down less than 20%.
Step 3: Choose a Loan Term
Select the amount of time you think you’ll need to repay your mortgage loan, typically 15 or 30 years. The longer the term, the lower the monthly payment but the higher the total interest paid.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This rate will significantly impact your monthly mortgage payment as well as the total loan cost.
Step 5: Add Your Property Tax
Enter the percentage of your home’s value the state or municipality will require you to pay each year as property tax. If your property tax rate is 0.82%, for instance, enter 0.82. Expect it to increase your total monthly mortgage payment.
A mortgage calculator helps a hopeful homebuyer estimate the affordability of various loan scenarios. You can calculate monthly payments and long-term costs by entering different loan amounts, interest rates, and terms. The calculator factors in funds to pay property taxes, which are often held in escrow by the mortgage company — this lets you pay it a little bit at a time, and not get socked with large annual tax payments. (It’s also in your lender’s best interest, since it ensures that your property stays out of tax arrears.)
If you’re buying your first home and mortgage rates and other variables like terms are new to you, you can easily get up to speed by using this calculator. It is particularly good at showing how different interest rates or down payment amounts can impact short- and long-term costs.
If you’re considering a Federal Housing Administration (FHA)-guaranteed home loan, you can use a tool called an FHA mortgage calculator, which factors in both upfront and ongoing mortgage insurance premiums that are specific to this option.
A VA mortgage calculator will be useful if you’re weighing the benefits of a loan backed by the U.S. Department of Veterans Affairs.
Deciding How Much House You Can Afford
The median sale price of a Missouri home in mid-2025 was around $283,000, very close to the U.S. average, according to Redfin data. Since lenders advise keeping mortgage payments below 28% of gross monthly income, to afford a home this price, you’ll need about $78,000 in annual income. This assumes a 20% down payment (that’s $56,600) on a 30-year loan with a 7.00% interest rate. The monthly payment, including home insurance and property tax, would be about $1,825. This calculation assumes you don’t have other sizable debts, so if you’re paying off a car or student loan, or credit card debt you’ve been carrying, you’d need to earn more.
Many buyers find it daunting to put down 20% on a pricier property, and decide to opt for a smaller down payment. Keep in mind that if you do this, it increases the loan size and in turn your monthly costs. It also triggers PMI, which adds to your monthly payment. But it can make sense if a smaller down payment is the feasible option for you.
A home affordability calculator can be another tool to check out as you explore loan options and your home-buying budget. You can also assess what you can cover with your income and in the context of your other debts by completing the mortgage preapproval process with one or more lenders.
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 parts of a mortgage payment are the principal and the interest. As mentioned previously, the Missouri calculator also factors in property tax, which will likely end up being part of your monthly payment. Lenders like to roll property taxes into homeowners’ monthly tabs. If your down payment is less than 20%, you’ll probably also pay for PMI as part of your monthly bill, as well as homeowners association (HOA) fees and other charges.
Cost of Living in Missouri
Local cost of living has a big impact on what you can afford as you house hunt. Costs are comparatively reasonable in Missouri. The state has a cost-of-living index of 89%, 11 points below the national average. Higher cost of living areas have higher average home prices and costs for utilities, home maintenance, transportation, and other necessities.
Some of the best affordable places in the U.S. can be found in Missouri, if you’re interested in exploring the housing markets in St. Louis, Kansas City, or Joplin, to name a few. Most buyers probably won’t need a jumbo loan in these locations.
Here’s how some of the larger cities in Missouri stack up on the Cost of Living Index compiled by C2ER, a nonprofit economic-development organization. It’s helpful to compare the cost of living in cities you’re considering to the general cost of living in the U.S. For comparison, 100 is the U.S. 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.
Tips on Reducing Your Mortgage Payment
If you find your monthly mortgage bill too steep at some point, here are some avenues to explore that might help you lower it.
• Drop PMI once you’ve reached 20% home equity.
• Recast your mortgage. You can do this by making a lump-sum payment toward the principal balance, and then requesting that your lender recompute your payments.
• You might consider appealing your property taxes if you feel your assessment is too high. Tread carefully here, though. Sometimes inviting scrutiny of your home’s worth can result in a higher tax bill.
• Undertake a mortgage refinance if you believe you can get a lower interest rate in the current market, or if you’d like to extend your loan term. If you do the latter, it will, as we’ve noted, lower your monthly payments but raise your total costs.
• Shop for cheaper homeowners insurance, or get your costs down by increasing your deductible, bundling home and auto policies together, or making home improvements that will lower your rate. These might include adding a security system or putting a new roof on the house.
If you are buying your very first home, there is definitely help available to you in Missouri. To qualify as a first-time homebuyer, you must not have owned a primary residence in the last three years. Down payment assistance programs like those of the Missouri Home Development Corporation provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. There are three such first-time homebuyer programs in Missouri, and some cities such as Columbia and Springfield also have local programs.
The Takeaway
A Missouri mortgage calculator is an impressive tool for aspiring homeowners, and can also help you navigate the home-buying process by estimating monthly payments, ensuring you understand the impact of different down payment amounts and interest rates, and assessing the total cost of a home loan. Use the calculator to make informed decisions about your financial future and you’ll know that the home you choose — and the mortgage that accompanies it — will fit within your budget.
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.
A monthly mortgage payment includes your home loan’s principal and interest you are paying on it. If your down payment is less than 20%, your payment will also include PMI, or private mortgage insurance. Lenders often roll property tax, homeowners insurance, and/or homeowners association dues into the amount. Understanding what your loan payment includes can help you budget effectively.
How does my credit score affect my mortgage loan interest rate?
Your credit score is a big determiner of your mortgage interest rate. A higher score will reliably lead lenders to offer you a more favorable rate. A lower score may be a factor in your having to pay a higher rate. Either way, your score is also going to impact your home loan’s total cost.
What are the principal and interest on a mortgage loan?
Principal is the amount you borrow to pay the price of your home. Interest is the cost of borrowing that principal, and is expressed as a percentage. Your early mortgage payments will go in large part towards covering the interest, but as you continue to make monthly payments, you’ll gradually pay more and more to the principal. You also build more equity as you go.
Can I afford a $300K house on a $70K salary?
You are close to being able to do it, but would be wise to choose a home with a smaller price tag. Paying off a $300,000 property when you’re making $70,000 annually is likely to feel like a strain unless you can make a big down payment, which will bring down the loan principal. Advisors say you shouldn’t buy a home at a price higher than three times your total salary. You can try using a home affordability calculator to figure out just how much that down payment would need to be to be to make a $300,000 home doable.
SoFi Mortgages
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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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