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If you’re thinking about buying a home, whether you’re a first-timer or on your second or third purchase, a mortgage calculator is an important tool as you navigate the housing market. Our free Oregon mortgage calculator can help you see how different home prices, interest rates, and loan terms would affect your monthly payments and your overall loan costs so that you can make smart, sustainable home-buying decisions you’ll feel confident about. Let’s explore how it works.
Key Points
• A mortgage calculator can make it easier to understand what impact factors such as your down payment, interest rate, and loan term will have on your monthly payments and overall loan costs.
• It’s a smart move to explore Oregon’s down payment assistance programs, which may help reduce your upfront home-buying costs.
• According to the 28/36 rule, you should spend 28% or less of your gross monthly income on your monthly mortgage payment, and no more than 36% on all debt payments.
• A longer loan term means your monthly payments will be lower, but your overall interest costs will skew higher, while a shorter term involves higher monthly charges but lower costs for total interest.
• You may be able to lower your monthly payments by putting down a larger down payment, opting for a longer loan term, or shopping around to find a lender who will offer you a more favorable interest rate.
Oregon Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price that you and the seller agree upon after negotiating. This figure will probably not be the same as the original listing price or your initial offer.
• Down payment: This is the lump sum you agree to pay upfront for your new home. A down payment is generally expressed as a percentage of your total purchase price, and most buyers put down between 3% and 20%. Down payment assistance programs are often available to first-time homebuyers to help cover this cost.
• Loan term: This is the length of time you will have to repay your home loan, typically 15 or 30 years. A 15-year term will mean you have higher monthly payments but might save you thousands in interest compared to a 30-year term.
• Interest rate: This is what your lender charges you for loaning you your mortgage. Your interest rate is expressed as a percentage of your home loan.
• Annual property tax: Property tax is levied by local governments on land and buildings, and it’s expressed as a percentage of the property’s assessed value. To find the local tax rate where you’re buying a home, search online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: This is the amount you’ll pay your lender every month. The monthly payment shown by the Oregon mortgage calculator includes the loan principal and interest, and if you enter your tax rate, it can incorporate property taxes, too.
• Total interest paid: This is the amount of interest you’ll pay over the entire life of the loan. A larger down payment and a shorter loan term can both reduce this figure.
• Total loan cost: This is the complete amount that you’ll repay for the loan, including both principal (what you borrowed) and interest.
How to Use the Oregon Mortgage Calculator
These simple instructions will guide you through how to use this tool. It’s free, and accessing it won’t affect your credit score.
Step 1: Enter Your Home Price
Input the amount that you and the seller agreed that you will pay for the property.
Step 2: Select a Down Payment Amount
Choose the amount that you will pay upfront for the property. A larger down payment can reduce your monthly mortgage payment and the total interest you’ll pay over the life of the loan. A down payment calculator can help you determine the optimal amount for you.
Step 3: Choose a Loan Term
Select the time period over which you’ll repay your mortgage. The most common options are 30 years and 15 years.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. If the home you want to buy is particularly expensive, you may want to look at the rates that are likely to be available for a jumbo loan.
Step 5: Add Your Annual Property Tax
Enter your local tax rate, which is the percentage of your property’s value that you will pay each year to the local government. If your property tax rate is 0.78%, for instance, you’ll enter 0.78.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator can help you quickly and easily determine how much house you can afford. For starters, entering basic information about a mortgage, like the loan amount, interest rate, and loan term, will provide you with an estimate of your monthly payments and the total cost of the loan. You can also use the calculator to compare scenarios and see how changing different factors can affect your costs. Being able to see almost instantaneously how various loans could play out for your finances can help you make smart decisions — which is important when you’re considering what could be the largest purchase of your life.
Note that this calculator is designed for fixed-rate mortgages. If you choose a type of mortgage loan with a variable interest rate, you can still use this calculator to estimate your costs, but be aware that the results you get will be less precise due to the fluctuations of variable rates.
In Oregon, as of late 2025, the median home sales price is $519,000. If you bought a house for that amount, put down a 20% down payment, and financed the rest with a 30-year mortgage at a 7.00% interest rate, your monthly payment with principal and interest would be about $2,762. (Note that this estimate doesn’t include PMI, property tax, homeowners insurance, or any other fees you may need to pay.)
Lenders often advise using the 28/36 rule to assess home affordability. Per that rule, your mortgage payments shouldn’t exceed 28% of your gross monthly income, and your total debt payments should be no more than 36%. In the scenario above, you’d need to make almost $120,000 per year according to that guideline. You’d also have approximately $789 per month for other debts, like student loans, credit card debt, and car loans, so if your other debts exceed this, a home at this price might still not be affordable.
There are other ways to evaluate affordability, too. One approach is to use a home affordability calculator, which allows you to enter costs like your individual tax rate and homeowners insurance payment to get a detailed estimate of how expensive a home purchase your budget permits. It can also be helpful to go through the mortgage preapproval process with a potential lender to get an idea of how large 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
Your monthly mortgage payment will be split up among several costs. Primarily, it will go toward paying for your principal (the amount you borrowed ) and your interest charges. The payment may also cover property tax, and the Oregon mortgage payment calculator can factor that in if you enter your tax rate in the tool. Additionally, in some cases payments include installments on homeowners insurance, private mortgage insurance (PMI), and/or homeowners association (HOA) fees, if any of those is applicable to your mortgage.
What your mortgage payment covers is also influenced by the type of loan you have, and specialized calculators may be useful when you’re considering these loans. If you’re looking at an FHA loan, which is guaranteed by the Federal Housing Administration (FHA), you might want to use an FHA mortgage calculator that allows for the mortgage insurance premiums those loans require. Likewise, a VA mortgage calculator can take relevant fees into account and are worth a try when you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Oregon
Oregon has a cost of living that’s 11.8% higher than the national average, and that can impact not just home prices, but also other expenses, like utilities and transportation, for instance. But while Oregon’s unlikely to be called one of the best affordable places in the U.S., there are variations within the state, and some areas may be more expensive than others. The Council for Community and Economic Research’s Cost of Living Index (COLI) compares the cost of living in major metro areas against the national average, which is set at 100. The two largest cities in Oregon scored close to 10 points apart, with Eugene receiving a COLI score of 107.3 and Portland scoring 116.6.
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
If you’d like to shave a little money off your mortgage payments, take heart. Depending on your individual circumstances, these strategies may help.
• Improve your credit score. A higher score may let you qualify for a lower interest rate, which can reduce your monthly payments (and your total interest).
• Explore down payment assistance programs. If you haven’t owned a home in the past three years, you may qualify as a first-time homebuyer for one of these programs, which can help you pay for your down payment and lower monthly payment amounts.
• Drop PMI as soon as possible. Once you have 20% equity in your home, you can request that your lender
• cancel your PMI payments.
• Ask your lender to recast your mortgage. If you get a windfall, you can apply it toward principal and see if your lender will reamortize your loan, which can lower payments.
• Appeal high property taxes. If you think your home was assessed for too much, you can appeal your case with your tax authority.
• Pay less for homeowners insurance. Try raising your deductible, bundling policies to get a discount, or shopping around for a less expensive option.
• Consider a mortgage refinance. If you have a home loan and a refi would lower your rate or extend your term, it might be a way to reduce your monthly payments.
If you’re buying your first home, there are multiple assistance programs available to help you manage your costs. (And if it’s not actually your first home, you’ll be glad to hear that you can usually qualify as a first-time homebuyer if you haven’t owned a primary residence within the past three years.)
Oregon Housing and Community Services and local organizations throughout Oregon offer a variety of financial assistance programs for homebuyers, which can help you find low-interest home loans and assistance with down payment and closing costs. If you’re already a resident of Oregon, there’s even a tax-advantaged savings account program to help you save for a house (but you must open the account before 2027).
The Takeaway
When you’re considering how much house you can afford in Oregon, using this Oregon mortgage calculator is a smart first step. This tool helps you estimate your home loan payments and overall interest costs for different loans. By inputting your mortgage specifics, you can get information that will let you see how well a mortgage would fit into your budget so that you can make informed decisions about your home purchase.
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 the amount of money you pay to your lender each month, which covers principal and interest. Other costs such as property taxes and homeowner’s insurance may also be included. If they’re relevant, private mortgage insurance (PMI) and/or homeowners association (HOA) fees may be part of the payment, too.
How does my credit score affect my mortgage loan interest rate?
A higher credit score generally leads lenders to offer you better loan terms and lower interest rates, potentially saving you thousands of dollars over the life of the loan. Conversely, a lower credit score may result in higher interest rates and more stringent lending requirements.
What are principal and interest on a mortgage loan?
Principal is the amount of money you borrow, and interest is the cost for borrowing it. You pay both to your mortgage lender over the term of your loan.
How much should I put down on a mortgage?
Most homebuyers put down between 3% and 20%. Bear in mind that a larger down payment — 20% or more — can help you avoid having to pay private mortgage insurance (PMI) and potentially lead to more favorable loan terms.
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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