Our mortgage calculator makes it easy to see how much you can save
on your mortgage with different down payments.


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Buyer Guide

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Our guide has the answer.

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The SoFi Guide to First Time Home Buying

How to Use the Mortgage Calculator

Welcome to the SoFi mortgage payment calculator. Let the number crunching begin.

Property Value

Enter the value or listed price of your desired home.

Down Payment

Enter a down payment of at least 3%.

Percent Down

Entering a down payment amount will give you the percentage down, and vice versa. Putting 20% down on a property will allow you to escape paying private mortgage insurance (PMI), but there are other ways to avoid PMI.

Interest Rate

Plug in the day’s average fixed rate for a 15- or 30-year mortgage.

Loan Term

The term is the number of years the loan will last. The lower the term, the higher the monthly payment but the greater the savings in total interest paid.

Understanding the Results

•  Loan amount: the amount borrowed.

•  Monthly payment: the principal and interest. Add estimated taxes and insurance.

•  Total interest paid: the amount of interest paid over the life of the loan.

•  Payoff date: the day you’d pay off your mortgage unless you refinanced or paid it off early.

•  Amortization chart: shows interest paid, principal paid, and the remaining amount of the loan with each mortgage payment. Move your cursor to the right to see how payments are amortized over time.

Benefits of Using a Mortgage Payment Calculator

Understanding mortgage basics is important, but so is getting an idea of how much house you can afford and what any given mortgage loan may cost in total.

Components of a Mortgage Payment

Maybe you’ve heard of PITI — principal, interest, taxes, and insurance. It’s the foundation of a mortgage payment. Add any PMI.

Tips on Reducing Your Mortgage Payment

Once you’ve had your home loan for a while, you might be interested in lowering your mortgage payments. One way is to apply any bonus or windfall to the principal.

What’s Next: Get Preapproved for a Mortgage Loan

A mortgage calculator can give you an idea of what you can afford. Getting prequalified will give you a clearer idea. Preapproval will tell you exactly how much you qualify to borrow from a lender.


What is a mortgage payment?

A borrower makes monthly payments made up of principal, interest, taxes, insurance, and any PMI toward the mortgage. With a fixed-rate mortgage, payments toward principal and interest stay the same, but the amounts put toward each are divvied up differently over time.

How does my credit score affect my mortgage loan interest rate?

Those with the highest scores get the lowest rates. Even a small increase in rate can make a big difference over the life of a loan.

What is principal and interest on a mortgage loan?

The principal is the amount borrowed. The interest is the price paid for borrowing.

How much should I put down on a mortgage?

Twenty percent down on a conventional loan is ideal, but most people are not able to come up with that much. Some conventional and government-backed loans allow for low down payments or none at all.

Should I choose a 30-year or 15-year mortgage term?

The payments on a 15-year mortgage will be much higher than on a 30-year loan, but the total savings in interest will be substantial. The interest rate for 15-year mortgages is also lower. If you can comfortably swing the payments on a 15-year mortgage and you have emergency and retirement savings, that could be a smart choice.

How can I get a lower mortgage interest rate?

Advertised rates are often misleading, so shopper beware. Many house hunters ask for loan estimates from several lenders after applying for a mortgage. Be sure to examine the details and compare apples to apples. There may be room to negotiate with a chosen lender. FHA, VA, and USDA loans may have lower rates than conventional loans (but they require either mortgage insurance or fees).

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SoFi loans are originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), and through SoFi Lending Corp. NMLS #1121636, a lender licensed by states. SoFi Lending Corp. or an affiliate is licensed to originate mortgages in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Jersey, New Hampshire, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington, D.C., West Virginia, Wisconsin, and Wyoming. For information on SoFi Lending Corp. licenses, see Licenses.

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