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A Murfreesboro, Tennessee, mortgage calculator can help you navigate the home-buying process by providing estimates of your monthly payments and total costs. Simply input the home price, down payment, loan term, interest rate, and property tax rate to view your monthly mortgage payment, total interest paid, and total loan cost. Here’s how to use the Murfreesboro calculator to your advantage during your home search.
Key Points
• A Murfreesboro mortgage calculator can help you determine your monthly mortgage payment and total loan costs.
• The down payment, typically between 3% and 20% of the home price, can significantly affect your mortgage payment and the need for private mortgage insurance (PMI).
• The loan term, usually 15 or 30 years, impacts your monthly payments and the total interest paid over the life of the loan.
• Your credit score and debt-to-income ratio are two of the factors determining the interest rate you qualify for on your home loan.
• Down payment assistance programs in Tennessee can significantly reduce upfront costs, making homeownership more accessible, especially for first-time buyers.
Murfreesboro Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer. It directly affects the amount of your home loan you might qualify for.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%, with a higher down payment potentially leading to better loan terms.
• Loan term: The loan term is the length of time you have to repay the mortgage. A 30-year fixed mortgage offers lower monthly payments but higher total interest over the life of the loan, while a 15-year fixed mortgage has higher monthly payments but less total interest.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. A lower interest rate can significantly reduce your monthly payments and the total cost of the loan.
• Annual property tax: The annual property tax is a component of your monthly mortgage payment, typically calculated as a percentage of the home’s value. This tax is based on the assessed value of your home and is administered by the local government.
• Total monthly payment: The total monthly payment includes the principal and interest you pay each month. It may also include property taxes, homeowners insurance, private mortgage insurance, and HOA fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. A higher interest rate or a longer loan term will result in more interest paid. Conversely, a lower interest rate or a shorter loan term can significantly reduce this cost.
• Total loan cost: The total loan cost is the all-in amount you will repay for the loan, including both the principal and the interest. This figure provides a more complete view of your overall financial commitment and greatly assists you in comparing different types of mortgage loans.
How to Use the Murfreesboro, TN Mortgage Calculator
To use a Murfreesboro mortgage calculator, start by entering the home price, select a down payment amount, choose a loan term, and input the expected interest rate. The calculator will then provide an estimate of your monthly payment, total interest paid, and total loan cost. Here is a step-by-step guide on how to use the calculator.
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property. This figure might differ from the listing price and your initial bid.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home. A larger down payment can reduce your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI). A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point. A lower interest rate can significantly reduce your monthly payments and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to look at rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Property taxes are what you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. The Rutherford County (Murfreesboro) property tax rate is 0.51% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a powerful tool for estimating your monthly mortgage payments and understanding the true cost of homeownership. It helps you assess how much house you can afford by factoring in the loan amount, interest rate, and loan term. It allows you to compare scenarios, such as different down payments or interest rates, to see how they affect your budget.
Mortgage calculators are also particularly useful for first-time homebuyers who may not be aware of all that goes into a mortgage payment and how that payment is determined. Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
Deciding How Much House You Can Afford in Murfreesboro
In 2025, the median Murfreesboro home sale price was $450,000. Lenders advise keeping housing costs below 28% of gross monthly income. To afford a $450,000 home, you’d need about $102,000 in annual income, assuming a 20% down payment ($90,000) and a 7.00%, 30-year mortgage. This results in a monthly mortgage payment of about $2,395.
Total debt should be within 36% of gross monthly income; that means other debts (student loans, auto loans, credit cards) should not exceed $680 monthly. If other debts do exceed $680 per month, you’ll need a higher income to afford a home at this price. Use a home affordability calculator for a rough estimate based on income and debt obligations.
It can be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of 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.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment include:
• Principal: The mortgage principal is the portion of your payment that goes toward paying down the original loan amount.
• Interest: The interest is the cost of borrowing money, calculated as a percentage of the remaining loan balance.
• Property taxes: Property taxes are local government taxes based on the value of your property. In Murfreesboro, the property tax rate is around 0.51% of the home’s assessed value.
• Homeowners insurance: Homeowners insurance provides protection against damage to your home and personal property.
• Private mortgage insurance (PMI): PMI is required if your down payment is less than 20% of the home’s value, to protect the lender.
• HOA fees: These are monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Murfreesboro, TN
Murfreesboro, Tennessee, has an overall cost of living that is slightly below the national average. Housing is slightly higher, but all other areas (groceries, transportation, health care) are below. The national average cost of living is benchmarked at 100. In Murfreesboro, the cost of living index is 98.7. Here’s how Murfreesboro compares to the national average in other areas:
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 Murfreesboro, you can take advantage of Tennessee down payment assistance programs to help cover initial costs. These programs are designed for first-time homebuyers who have not owned a primary residence within the past three years. They can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible.
The following tips can help you reduce your mortgage payment:
• Drop private mortgage insurance (PMI). Once you reach 20% equity in your home, you can request the cancellation of PMI, further lowering your monthly expenses.
• Consider mortgage recasting if you receive a bonus or other windfall. Making a lump sum payment toward your mortgage principal can result in lower monthly payments without changing the loan’s structure.
• Modify your loan if you face financial hardship. Loan modifications can include extending the loan term, reducing the interest rate, or even forgiving a portion of the principal, providing immediate relief and helping you avoid defaulting on your mortgage.
• Refinance your mortgage if rates have dropped or you’ve built your credit score. A mortgage refinance allows you to potentially qualify for a lower rate or extend your loan term, both of which could lower your monthly payment. Keep in mind, though, that by extending your term, you’ll pay more in interest over the life of the loan.
• Shop for a lower homeowners insurance rate. You can lower your premium by increasing your deductible, bundling homeowners and auto insurance, or making upgrades that enhance your home’s security or storm resistance.
The Takeaway
Using a Murfreesboro mortgage calculator can help you estimate your monthly mortgage payments and total loan costs. This gives you insight into how much house you can afford and how interest rates, down payments, and loan terms affect payments. With just a little advance work, you can enter the house hunt armed with the knowledge you need to strike a great deal.
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 average mortgage payment in Murfreesboro in 2025 was $2,580 per month. Mortgage payments vary based on several factors, including the price of the home, the down payment amount, and the prevailing interest rate. To get an estimate tailored to your situation, consider using a Murfreesboro mortgage calculator.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate for a mortgage loan. A higher credit score can secure a lower interest rate, reducing your monthly payments and the total cost of the loan. Conversely, a lower credit score may result in higher interest rates, making the mortgage more expensive. Building your credit score before applying for a mortgage can lead to better loan terms and savings.
How much should I put down on a mortgage?
The amount you should put down on a mortgage depends on your financial situation and the type of mortgage loan you choose. A larger down payment can reduce your monthly payments and the total cost of the loan. However, a smaller down payment may be more feasible if you have limited savings. Most buyers put down between 3% and 20% of the purchase price of the home.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, focus on building your credit score. A higher credit score can lead to more favorable loan terms. You can build your credit score by paying all of your bills on time, keeping your credit utilization ratio low, and disputing any inaccuracies on your credit report.
How much is a $600,000 mortgage payment for 30 years?
For a 30-year fixed mortgage at a 7.00% interest rate, the monthly payment on a $600,000 home loan would be approximately $3,992. For a $600,000 home with 20% down ($120,000), the payment would be $3,193, assuming other variables remain the same.
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*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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