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A mortgage calculator is a powerful tool for prospective homebuyers, providing a clear estimate of your monthly payment, total interest, and the overall cost of a home loan. You’ll input a few figures and soon will better understand the financial implications of a home purchase. This calculator also includes property taxes for those looking to buy in Modesto. Read on to understand how to use a mortgage calculator for maximum benefit.
Key Points
• A Modesto mortgage calculator helps prospective homebuyers estimate monthly payments, total interest, and overall loan costs, making it easier to plan finances.
• A 20% down payment can help you avoid private mortgage insurance (PMI) and significantly reduce the total cost of the loan.
• Down payment assistance programs are available to help qualifying buyers in Modesto meet the required down payment, making homeownership more accessible.
• The loan term, whether 15 or 30 years, impacts monthly payments and total interest paid, with a 30-year term offering lower payments but higher interest over the life of the loan.
• A higher credit score can lead to a lower mortgage interest rate, reducing monthly payments and total interest paid.
Modesto Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you and the home seller have agreed upon. It might be different from the listing price or your initial offer.
• Down payment: The down payment is the amount a homebuyer pays upfront, typically between 3% and 20%. If you make a 20% down payment, you usually won’t need to also pay for private mortgage insurance (PMI). A jumbo loan for a pricier property may require at least 10% down.
• Loan term: The loan term is the length of time you have to repay the loan, typically 15 or 30 years. A 30-year term offers lower monthly payments, while a 15-year term can save you a significant amount in interest over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the home loan amount. A lower interest rate can significantly reduce your monthly payments and the total interest paid over the life of the loan.
• Annual property tax: The annual property tax can be part of your monthly mortgage payment. In California, property tax is capped at 1%; in Stanislaus County, where Modesto is located, the rate is .7091%. Find your specific rate by searching for the ZIP code or county and “effective property tax rate.”
• Total monthly payment: The total monthly payment includes the principal, interest, and property tax.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the home loan. This figure can be substantial, especially for longer loan terms. A lower interest rate can reduce your monthly payments and the overall cost of the mortgage.
• Total loan cost: The total loan cost is the all-in amount you will pay for the home loan, including both principal and interest.
How to Use the Modesto, CA Mortgage Calculator
Step 1: Enter your home price.
This figure is an important one for the mortgage calculator, as it determines the size of the home loan you will need.
Step 2: Select a down payment amount.
The down payment represents the portion of the home price that you agree to pay upfront. A down payment calculator can show you what’s needed to reach the 20% payment necessary to avoid PMI.
Step 3: Choose a loan term.
The loan term is the length of time you have to repay the loan, typically 15 or 30 years. A 30-year term offers lower monthly payments, while a 15-year term can save you a significant amount in interest over the life of the loan.
Step 4: Enter an interest rate.
Enter your hoped-for interest rate to the second or third decimal point, such as 6.74%. Your credit score and the type of mortgage loan you choose will ultimately affect the rate you obtain.
Step 5: Enter the home’s property tax rate
Enter the percentage of your property’s market value that’s used to compute property tax. For the specific percentage in your area, search online for the property’s town or ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments and helps would-be homeowners understand loan scenarios. It assesses affordability based on loan amount, interest rate, and term.
If you’re buying your first home, you can quickly see how different down payment amounts or loan terms might impact your loan costs. It’s important to understand your financial situation when house hunting, and this free mortgage payment calculator can help you make informed decisions.
Deciding How Much House You Can Afford in Modesto
In 2025, Modesto’s median home price was $438,000. Let’s use that price to see what it might cost to purchase a home in the city, factoring in Modesto property taxes and assuming a 30-year loan at a 6.50% interest rate. If you made a 20% down payment ($87,600), the calculator shows your monthly payment would be $2,474. Lenders advise keeping housing costs below 28% of gross monthly income. To afford that monthly payment and follow the 28% guideline, you would need an annual income of around $100,000 per year. This assumes your other debts are fairly minimal. If you have a car payment, student loan payments, or credit card debt, you would likely need to earn more.
Another way to examine your budget and determine how much house you can afford is to use a home affordability calculator. This calculator will start with your income, factor in your regular debt payments, and quickly show you an estimated home budget. If you have already embarked on the home search process, you may want to proceed straight to the mortgage preapproval process, particularly if you are shopping in a competitive market like Modesto. The lender will examine your financial details and tell you how much you might be able to borrow.
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 include the principal and interest. Additionally, your monthly payment may cover property tax, as shown in this calculator. Some lenders also like you to pay for your homeowners insurance as part of your monthly payment. (After all, given that your home is the collateral for the loan, it is in your lender’s interest to make sure your taxes and insurance premiums are paid on time.) When your down payment requires that you purchase PMI, the cost of that will be added to your monthly payment as well. And some lenders even let you pay your homeowners association (HOA) dues through the mortgage servicer as well.
If you’re thinking about getting a home loan guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which takes into consideration the loan’s upfront and ongoing mortgage insurance premiums. A VA mortgage calculator is your best bet if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
California’s overall cost of living is high, at 142% of the U.S. average. So although Modesto’s cost of living is significantly higher than the cost of living in the U.S. as a whole, the fact that it is 20 points below the California average means it’s a veritable bargain by West Coast standards. Food, transportation, and housing are all below average in Modesto, which will be good news to potential homeowners. In fact, Modesto was named one of the best affordable places in the U.S. thanks to its quality of life. The small city offers rich farmer’s markets, art galleries, and miles of biking and hiking trails.
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 Modesto, down payment assistance programs are available to help qualified buyers cover the initial costs involved. These programs can provide financial aid specifically allocated for the down payment, closing costs, or a combination of both. To qualify for these helpful programs, you typically must not have owned a primary residence within the past three years.
The California Housing Finance Agency is the primary program provider, offering below-market-interest-rate loans and down payment help for eligible low- and middle-income buyers. Consult a guide to first-time home-buying programs in California for advice.
After you purchase your place in Modesto, there are still ways to lower your monthly mortgage payment. Consider these options.
• Drop private mortgage insurance (PMI) once you reach 20% equity in your home, which can happen through payments and appreciation. This can significantly lower your monthly mortgage payment.
• Shop for a lower homeowners insurance rate. Comparing different insurance providers can help you find a more affordable policy, reducing your overall monthly payment.
• Consider mortgage recasting if you receive a bonus or other windfall. This involves making a lump sum payment toward your mortgage principal, then asking your lender to re-amortize the loan.
• Explore a mortgage refinance if interest rates have dropped significantly since your purchase, or if your credit score has risen noticeably.
• Appeal your property taxes if you believe your assessment is too high. Property taxes are based on an assessment of your home and land, and if you think the assessment is inaccurate, you can challenge it.
• Request that your lender modify your loan if you face financial hardship. Loan modifications can include extending the loan term or reducing the interest rate.
The Takeaway
A mortgage calculator is a powerful tool for estimating monthly payments and understanding the financial aspects of homeownership. It helps you assess the impact of different down payment amounts, interest rates, and loan terms on your budget. By leveraging these tools, you can make informed decisions and plan for a secure financial future in Modesto.
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 median monthly mortgage payment in Modesto’s county of Stanislaus in the first quarter of 2025 was $2,920, according to the National Association of Realtors®. But as a mortgage calculator shows, the average payment can rise or fall based on several factors, including the price of the home, the prevailing interest rate, and the term length of the loan.
Should I choose a 30-year or 15-year mortgage term?
Use a mortgage calculator to see how different mortgage term lengths affect your monthly costs, then choose the term that renders the monthly bill you can afford. Make sure you aren’t compromising other areas of your finances to pay your mortgage.
How can I get a lower mortgage interest rate?
To obtain a lower mortgage interest rate, start by improving your credit score. Lenders often offer better rates to borrowers with scores over 700. Shop around for different lenders to compare their interest rate offers. Prepaying mortgage points, which are upfront fees paid to the lender, can also lower your interest rate. Look carefully at adjustable-rate vs. fixed-rate loan offers to determine whether going with an adjustable rate might provide a lower introductory rate without too much risk of rates rising later on.
Can I afford a $500K house on a $100K salary?
It would be difficult to afford a $500,000 house on a $100,000 salary unless you have another income source besides your salary. A better purchase budget for you would be in the neighborhood of $360,000.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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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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