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House hunting is fun, but it’s often stressful, too. Today’s online tools can make the process of purchasing a home smoother and help you be more informed. A mortgage calculator is a useful tool for estimating monthly payments and understanding the components of a home loan, such as principal, interest, and property taxes. Type in a few numbers, and you’ll get a clear picture of your financial commitment and determine if your home is within your budget.
Key Points
• A home affordability calculator can help you make a sound financial decision.
• Input accurate home price, down payment, loan term, interest rate, and property tax rate.
• Try different down payment amounts and loan terms to see how these would affect your budget.
• Consider down payment assistance programs to reduce upfront costs.
• Decide on a loan term that aligns with your financial goals.
New Hampshire 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. This figure helps determine the size of your home loan.
• 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%. A down payment calculator can be helpful if you are unsure about your percentage.
• Loan term: The loan term is the duration over which you will repay your mortgage, usually 15 or 30 years, though it could be as short as 10 years. The shorter the loan term, the larger the monthly payments and the less interest you’ll pay over the life of the loan.
• Interest rate: The interest rate is how your lender computes the price you will pay to borrow money. Rates vary based on your qualifications, market trends, and type of mortgage loan. A better credit score can mean a lower interest rate.
• Property tax: Property tax is levied by local governments on land and buildings, and is expressed as a percentage of a home’s assessed value. In New Hampshire, the effective property tax rate varies depending on the location, but on average, it is 1.41%. To find your precise number, search for the property’s ZIP code or town name and “effective property tax rate.”
• Monthly payment: The monthly payment is what you would pay toward the principal and interest each month, with property tax factored in. Private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees can sometimes be factored into your monthly payment.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure is influenced by the principal amount, interest rate, and loan term. A higher interest rate or longer loan term will result in more interest paid.
• Total loan cost: The total loan cost is the all-in amount you will repay for the home loan, including principal and interest. This figure provides a clear picture of the financial commitment you are making and helps you compare different loan options.
How to Use the New Hampshire Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon amount you will pay the seller for the property. This ensures an accurate estimate of your financial commitment.
Step 2: Select a Down Payment Amount
Choose the portion of the home price you plan to pay upfront, from 3% to 20%. If you are seeking a jumbo loan, your minimum down payment may be 10% or more.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage, between 10 and 30 years. Consider your financial goals and budget.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This significantly affects your monthly payment and total cost.
Step 5: Add Your Property Tax Rate
Enter the percentage of your home’s value that you will pay each year to the local government. This helps estimate your total monthly payment.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a powerful tool for estimating your monthly payments and understanding the financial implications of different mortgage scenarios. Some homebuyers will use it to assess how much house they can afford before beginning the house hunt. Particularly if you are buying your first home, it’s helpful to see how factors like home price, down payment amount, interest rate, and loan term come together to create monthly costs.
If you’re thinking about a home loan guaranteed by the Federal Housing Administration (FHA), there’s a calculator specifically for you: An FHA mortgage calculator takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator is useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Deciding How Much House You Can Afford in New Hampshire
A median-priced New Hampshire house will cost you around $513,000. If you purchased that property with 20% down and obtained a 30-year, 7.00% mortgage, you would need an annual income of around $128,000 to afford your monthly payments of $2,730, assuming you don’t have other significant debts. (Lenders like to see that your monthly housing costs don’t exceed 28% of your monthly income.) This monthly bill would include principal, interest, property taxes, and home insurance. You can play with numbers in the mortgage calculator to see what your costs would be like at different home prices and interest rates.
If you want to work backward from your annual income to determine your housing budget, a home affordability calculator will come in handy. If you run the numbers and decide it’s time to pursue a home loan, consider going through the mortgage preapproval process to get a detailed picture of what loan amount, rate, and terms a lender would offer you based on your credit score and other financial details.
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
Mortgage payments include principal (the borrowed amount) and interest (the borrowing cost). Your monthly payments might also include property tax. Some lenders also wrap in private mortgage insurance (PMI, required if your down payment is less than 20%). Home insurance and homeowners association (HOA) fees, if applicable, can also be included in some mortgage payments.
New Hampshire’s somewhat high cost of living affects home affordability. The state’s cost-of-living index is 111.4, meaning it’s about 11% more expensive than the average cost of living in the U.S. Fortunately there are some towns here that land on a list of the best affordable places in the U.S., including Claremont, Rochester, and Bedford. Understanding these costs is vital for realistic budgeting and ensuring you can comfortably afford your new home.
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
Once you purchase a home, your mortgage payment could still change. Here are some steps borrowers can take to lower payments.
• Reach out to your lender to request that you drop PMI once you have reached 20% equity in your home.
• Make a lump sum payment toward your loan principal, and ask your lender to recompute your payments.
• Appeal your property taxes. Tread carefully here, as requesting that your property be reassessed can sometimes trigger higher taxes.
• If you are experiencing financial hardship, reach out to your lender to request a loan modification.
• Consider a mortgage refinance if interest rates are noticeably better now than when you made your purchase (or if your credit score has increased significantly).
• Shop for cheaper homeowners insurance. Consider raising your deductible or bundling policies.
New Hampshire First-Time Homebuyer Assistance Programs
Coming up with a down payment is often a challenge for today’s first-time homebuyers. But there is good news: Programs are available to help you cover initial property costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Down payment assistance programs can provide financial aid to help with the down payment, closing costs, or both. New Hampshire first-time homebuyer programs are largely run by New Hampshire Housing, a state program, though there are also federal programs such as FHA loans available.
A mortgage calculator can help you quickly estimate monthly home loan payments and understand how your down payment, interest rate, loan term, and property taxes affect your short- and long-term costs. Running different combinations of down payment and loan term can help you get a feel for the range of costs that might be possible for you, helping you move into the conversation with a lender with more confidence.
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 mortgage payment is usually a monthly payment that includes principal and interest. It often also includes a charge for property taxes and homeowners insurance. If a borrower is required to have mortgage insurance, that may also be included. The principal reduces the outstanding loan balance, while interest is the cost of borrowing. Including property taxes and insurance in the monthly bill helps ensure that these expenses are covered throughout the loan term (and that the home remains insured).
How much should I put down on a mortgage?
The down payment can significantly impact your monthly mortgage payment and overall loan costs, so you should put down as much as you can without squeezing your budget tightly, bankrupting your emergency fund — and ideally without jeopardizing contributions to a retirement plan where you receive an employer match. If you put down less than 20% you will likely have to pay private mortgage insurance (PMI) with your monthly mortgage. Weigh the costs of that against other elements in your budget.
Can I afford a $300K house on a $70K salary?
It would be a bit of a stretch to afford a $300,000 property on a salary of $70,000 unless you can make a significant down payment. One general rule is that your house price should be no more than three times your salary. Use a home affordability calculator to assess if you can make a $300,000 home work with a large down payment.
How much is the payment on a $600,000, 30-year mortgage?
The monthly cost of a $600,000 mortgage with a 30-year term will depend on your interest rate. At an interest rate of 6.00%, for example, you would pay $3,597.30. At 8.00%, the payment would rise to $4,402.59. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi Mortgages
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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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