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House hunting is a big job, and online tools can make it easier — even fun. The Ohio mortgage calculator helps you estimate your monthly mortgage payment and total interest over the life of a home loan. By inputting key figures like home price, down payment amount, interest rate, and more, you gain a clearer financial picture of whether a home is affordable for you. Ready to give it a try? Follow these tips.
Key Points
• The type of mortgage loan, credit score, and down payment all influence your mortgage.
• Down payment assistance programs can help reduce upfront costs and make homeownership more accessible.
• Property tax is levied by local governments and can vary widely based on location and home value.
• The monthly mortgage payment includes principal and interest, and may include property tax, insurance, and other costs.
• Ways to lower mortgage payments after purchasing include a recast, refinance, and reducing home insurance costs.
Ohio Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. This figure may differ from the listing price or your initial offer.
• Down payment: The down payment is the amount you pay upfront. Most buyers put down between 3% and 20%. A 20% down payment usually eliminates the need for private mortgage insurance (PMI). If you’re unsure about how much cash you need to get to a certain percentage, use a down payment calculator.
• Loan term: The loan term is the length of time you have to repay the mortgage, between 10 and 30 years. A longer term offers lower monthly payments but results in more interest paid over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and the type of mortgage loan. A higher credit score can lead to a better interest rate, reducing your monthly payments.
• Annual property tax: Property tax is levied by local governments on land and buildings, and is expressed as a percentage of assessed value. When using this mortgage calculator, you can search by ZIP code for the “effective property tax rate” of the home or use the Ohio average of 1.31%.
• Monthly payment: The monthly mortgage payment includes the principal and interest each month and may include property tax, PMI, homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure can be substantial, especially for longer loan terms. The Ohio mortgage calculator helps you understand the impact of different interest rates and loan terms on the interest paid.
• Total loan cost: The total loan cost is the all-in amount you will repay for the loan, including principal and interest.
How to Use the Ohio Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon amount you will pay the seller for the property. This ensures accurate estimates of your monthly mortgage payments, total interest paid, and overall loan costs.
Step 2: Select a Down Payment Amount
Choose the down payment percentage to see how it affects your monthly home loan payments. A jumbo loan may have a minimum down payment requirement of 10% or more.
Step 3: Choose a Loan Term
Select a term of between 10 and 30 years based on your financial goals and budget constraints.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point for accurate estimates.
Step 5: Add Your Property Tax
Enter the property tax rate as a percentage to estimate your total monthly payment.
Benefits of Using a Mortgage Payment Calculator
A mortgage payment calculator helps prospective homebuyers estimate affordability. Particularly if you are buying your first home, it can be helpful to use an Ohio mortgage calculator to see how different aspects of a purchase (home price, down payment amount, loan term, and interest rate) affect your monthly payments. This calculator also includes property taxes, which are often paid as part of the mortgage payment. Some lenders also include home insurance and homeowners association (HOA) fees in the mortgage payment. And if you put down less than 20%, you would pay for PMI in your payment as well.
Ohio’s median home sale price in mid-2025 was $272,000, well below the national average. Lenders advise a mortgage payment of no more than 28% of gross monthly income. To afford a $272,000 home, you would need an income of $67,000. This assumes a 20% down payment ($54,400) on a 30-year, 7.00% interest mortgage. The monthly payment would be $1,445 with property taxes and home insurance factored in.
You can use an Ohio mortgage calculator to play with different numbers for home price, down payment amount, loan term, and interest rate to arrive at the monthly payment amount that suits your budget. Or you can work backward from your annual income, factoring in your debts, with a home affordability calculator.
Another way to decide how much house you can afford in Ohio is to submit your financial details to a lender and go through the mortgage preapproval process. The lender will examine your stats and tell you what size loan you could potentially qualify for.
Components of a Mortgage Payment
The main components of a mortgage payment are the principal and interest. The principal is the borrowed amount, and the interest is the cost to borrow that money. The Ohio mortgage calculator also factors in property tax, which is determined by the local government and based on your home’s assessed value. Your monthly payment may also include home insurance, PMI, and HOA fees, as noted above.
Homes purchased with a loan backed by the Federal Housing Administration (FHA) will have both upfront and annual mortgage insurance premium costs, so if you’re exploring an FHA loan, use an FHA mortgage calculator. And if you are thinking about a U.S. Department of Veterans Affairs (VA) mortgage, there’s a custom VA mortgage calculator for you.
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:
Cost of Living in Ohio
Ohio, fortunately, has a relatively low cost of living. On a scale where the average cost of living in the U.S. equals 100, Ohio measures 94.3. Some of its cities, including Youngstown, Van Wert, and Springfield, landed on a list of the best affordable places in the U.S. When you’re looking for a home in Ohio it’s nice to know that when considering the many factors that contribute to cost of living, including utilities, health care, transportation, and more, Ohio remains a relative bargain. Take a look at how some of its major metropolitan areas compare.
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
Homebuyers in Ohio are looking to do whatever they can to lower their mortgage payment. Here are some things you can do after purchasing a home to curb costs:
• Request that your lender drop PMI as soon as you reach 20% home equity.
• Recast your mortgage by making a lump sum payment toward the principal and requesting the lender recompute your payments.
• Undertake a mortgage refinance if you think you could get a lower interest rate now than when you purchased. Remember to factor in closing costs when comparing costs.
• Appeal a high property tax assessment. Use caution if you have made any home improvements as sometimes inviting an examination of your home’s value results in increased taxes.
• If you are facing financial hardship, consider requesting a loan modification or extending the loan term.
• Shop for cheaper homeowners insurance by opting for an increased deductible or bundling policies.
Ohio First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are down payment assistance programs available to help you cover the initial costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years.
Ohio first-time homebuyer assistance programs offer financial aid for down payments, closing costs, or both. The state also offers a mortgage tax credit, which is an added benefit. These programs can make homeownership more accessible.
Understanding the financial aspects of buying a home in Ohio will help you make informed decisions about the home price, down payment amount, and loan term you will choose. The Ohio mortgage calculator is a powerful tool that can help you estimate your monthly payment, total interest, and overall loan costs. Whether you’re a first-time homebuyer or a seasoned homeowner, use a calculator to obtain valuable insights to guide your home purchase journey.
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.
How does my credit score affect my mortgage loan interest rate?
Your credit score has a major impact on your mortgage interest rate. A higher score can lead a lender to offer its most attractive interest rate, reducing the total cost of your mortgage. A lower score may result in a higher interest rate and stricter lending conditions — if you are approved at all.
How much should I put down on a mortgage?
A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home and for many buyers, this is a good idea. Bottom line? You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t bankrupting your emergency fund or stopping payments on other debt. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill. Use a mortgage calculator to run different down payment scenarios and see how they impact costs.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term offers lower monthly payments. A 15-year term could save you thousands of dollars in interest over the life of the loan, but will require a higher monthly payment. If you can make a 15-year or 20-year term work with your budget, go for it. But particularly if this is your first home purchase, don’t feel bad about locking in 30 years — many people choose this option.
How much is the payment on a $600,000, 30-year mortgage?
The 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 per month. 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
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 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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