Free Maine Home Mortgage Loan Calculator
Maine Mortgage Calculator
By SoFi Editors | Updated October 7, 2025
House hunting can be stressful, but online tools can make the process go much more smoothly. All you have to do is input a few numbers — your home price, down payment, loan term, interest rate, and property tax rate —- and this Maine mortgage calculator can tell you what your monthly payment and total interest cost would be for that home loan. Whether you’re a first-time homebuyer or a seasoned homeowner, this free online tool can provide valuable insights to guide your financial decisions. Let’s take a closer look at how it works and how it can help you.
Key Points
• The Maine mortgage calculator can show you what your monthly payment and total interest costs would be for different loan amounts, rates, and terms.
• You can explore down payment assistance programs in Maine to reduce your upfront home-buying expenses.
• Making a down payment of 20% or more can help you avoid paying private mortgage insurance (PMI) and lower your monthly payments.
• A longer loan term will result in lower monthly payments, but you’ll pay more in interest over the life of the loan, while a shorter term means higher payments but lower interest costs overall.
• In addition to principal and interest, your mortgage payment may cover installments on your property tax and homeowners insurance. It could also include private mortgage insurance (PMI) and homeowners association fees, if relevant.
Maine Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price that you and the home seller agree upon. This figure is likely to differ from the listing price and from the first offer you made.
• Down payment: This is the amount that you’ll pay upfront for your house. It’s generally expressed as a percentage of your total purchase price, and most buyers put down between 3% and 20%. You may be able to find down payment assistance programs that can help you pay for this expense.
• Loan term: This is the length of time you have in which to repay your home loan, usually 15 or 30 years. A shorter term can reduce the amount of total interest you’ll pay but will increase the amount of your monthly payments.
• Interest rate: This is the cost of borrowing money, expressed as a percentage of your loan amount. A lower interest rate can significantly reduce the size of your monthly payments and the total interest that you’ll have to pay over the life of the loan.
• Annual property tax: Property tax is levied by local governments on land and buildings, and it’s usually expressed as a percentage of the property’s assessed value. To figure out your property tax rate, search online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: This is a major feature of your mortgage. It’s what you will pay toward the principal and interest each month. It may also include property tax if you’ve entered your rate.
• Total interest paid: This is the accumulated amount of interest that you will have to pay over the life of the loan. This figure is influenced by your interest rate, loan term, and principal amount.
• Total loan cost: The total loan cost is the full amount that you will need to pay back on the loan, including principal and interest. The exact amount will be influenced by factors like your loan principal, interest rate, and loan term.
How to Use the Maine Mortgage Calculator
This free online calculator is quick and easy to use. These step-by-step instructions can guide you through the process.
Step 1: Enter Your Home Price
Enter the price that you and the seller have agreed on as the purchase price for the property.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you want to pay upfront. A larger down payment can reduce your monthly payments and lower how much total interest you’ll pay. A down payment calculator can help you decide what amount will work for you.
Step 3: Choose a Loan Term
Select the period of time over which you’ll repay your mortgage, which is typically 15 or 30 years. A longer term means lower monthly payments but higher total interest costs.
Step 4: Enter an interest rate
Input your desired interest rate to the second or third decimal point. A lower rate can reduce monthly payments and total interest paid. Bear in mind that if you are purchasing a very expensive property, it can be a good idea to look at rates available specifically for a jumbo loan.
Step 5: Add your annual property tax
Enter the percentage of your home’s value that you will pay each year to the local government. If your rate is 0.94%, for instance, you’ll enter 0.94. Including your tax rate helps you get a more comprehensive view of your mortgage costs.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator can help you estimate the affordability of different home loan options by calculating monthly payments and total loan costs based on the numbers you enter for your home price, down payment, interest rate, loan term, and property tax rate. The tool can also be useful when it comes to loan comparisons, allowing you to quickly assess the impact of different interest rates or terms as you search for the option that will work best for you. Whether you’re buying your first home or contemplating a refinance, the Maine mortgage calculator is an essential tool.
The Maine mortgage calculator is designed for fixed-rate mortgages. If you choose a type of mortgage loan with a variable interest rate, it’s still possible to estimate your costs with this tool, but your results will be less precise due to the variable rate’s unpredictability.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford
As of late 2025, the median sale price of a home in Maine is $417,000. If you buy a house at this price with a 20% down payment and a 30-year term at a 7.00% interest rate, you can expect to pay about $2,219 per month toward principal and interest.
Lenders often use the 28/36 rule for affordability as a guideline. This means that they want to see that a borrower will pay no more than 28% of their gross monthly income on their mortgage payment (and no more than 36% on all debt). In this case, that would require an annual income of about $95,000. It would also mean that, per the rule, you’d have about $634 per month to spend on other debt obligations, like car loans and student loans.
Another way you can estimate how much you can afford to pay for a home is to use a home affordability calculator. And going through the mortgage preapproval process with one or more potential lenders can also give you an idea of how large a loan you’ll be able to 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
When you send in your monthly mortgage payment, your money actually pays for several different costs. The primary ones are the loan principal (the money you borrowed) and the interest on your loan. In addition, your payment may also cover installments on your property tax and homeowners insurance. If your down payment was less than 20%, private mortgage insurance (PMI) may also be included, and if you belong to a homeowners association (HOA), those fees might be part of your mortgage payment as well.
The type of mortgage loan you choose may also influence what exactly your mortgage payment covers, and specialized calculators may be helpful here. If you’re thinking about applying for an FHA loan — one that’s guaranteed by the Federal Housing Administration (FHA) — you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums. Similarly, a VA mortgage calculator can incorporate relevant fees when you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Maine
Overall, the cost of living in Maine is 13.0% above the national average, which means that it’s not the cheapest state — but it’s far from the most expensive one, either. As you’re deciding where exactly you’d like to reside in the state, it’s worth remembering that different areas can be more or less expensive to live in. The Council for Community and Economic Research’s Cost of Living Index (COLI) ranks the cost of living in major metropolitan areas in the U.S., according to a scale on which the national average is 100. Portland, as Maine’s largest city, is rated at 112.2, but more rural areas farther north may be less expensive.
Recommended: Best Affordable Places to Live in the U.S.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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’re in a housing market that’s a little pricey for your taste and you’d like to whittle down your mortgage payments as much as possible, there are steps you can take.
• Explore down payment assistance programs. A larger down payment can mean lower monthly payments and help you avoid paying mortgage insurance. While many of these programs are specific to first-time homebuyers, that category often includes prior homeowners who haven’t owned a primary residence in the last three years.
• Drop private mortgage insurance payments. Once you have 20% home equity, you can request that your lender cancel your PMI.
• Recast your loan with a lump sum payment. If you receive a windfall and put it toward your loan principal, you can ask your lender to reamortize your loan, which can reduce your payment amount without changing your interest rate and loan term.
• Appeal high property taxes. If you believe your home was overvalued, you can take your case to your tax authority for redress.
• Cut homeowners insurance costs. You can raise your deductible, bundle policies to get a discount, or shop around for a cheaper policy.
• Consider a mortgage refinance. If you have a home loan already and rates drop or your credit improves, you might be able to get a more favorable interest rate.
Recommended: Average Monthly Expenses for One Person
Maine First-Time Homebuyer Assistance Programs
If you’re buying your first home in Maine, it’s a good idea to look into some of the available low-interest mortgage and down payment assistance programs. Maine Housing’s programs, for instance, can provide low- or no-down payment loans and financial help for your down payment and closing costs, making it easier to enter the housing market.
Keep in mind that while programs like these are often meant for people making their initial foray into the housing market, many others can qualify as first-time homebuyers, too — including repeat buyers who haven’t owned a primary residence within the past three years.
The Takeaway
A Maine mortgage calculator helps you estimate home loan costs like monthly payments and total interest. By entering the home price, down payment, loan term, interest rate, and local property tax rate, you can evaluate how affordable a mortgage will be for you. The calculator shows how different down payments and loan terms affect mortgage costs, helping you make informed decisions. Whether you’re buying your first home or your fifth, the Maine mortgage calculator can guide you through many of the financial complexities of the homebuying process.
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.
FAQ
What is a mortgage payment?
A mortgage payment is the amount you pay your mortgage servicer each month. Typically, it includes money toward your loan principal and interest, and it may include property taxes and homeowners insurance as well. If they’re relevant, it can sometimes cover private mortgage insurance (PMI) and/or homeowners association (HOA) fees as well.
How does my credit score affect my mortgage loan interest rate?
Your credit score has a significant influence on the mortgage interest rate you’re likely to be offered by lenders. Higher scores lead to more competitive interest rates, while lower scores may result in higher rates.
What are principal and interest on a mortgage loan?
Principal is the amount you borrow for your mortgage, and interest is the amount you pay for being able to borrow it.
How much should I put down on a mortgage?
Paying 20% or more of the home value with your down payment can eliminate the need for private mortgage insurance (PMI) and lower the amount of your monthly payments. However, for a conventional loan, you may be able to put as little as 3% down.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
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.
SOHL-Q325-091
Get prequalified in minutes for a SoFi Home Loan.
A Potential ‘Second Spring’ for Homebuyers
This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.
It’s no secret that buying a house is expensive these days, especially for first-time buyers who don’t own any real estate to trade up with. Between high mortgage rates and steep property prices, prospective homeowners often can’t afford the monthly payments for the houses they want.
At the same time, it’s not the seller’s market it was during the pandemic buying boom of 2020 and 2021: There are more and more houses for sale, median list prices have started to level off (and even fall in some areas) and U.S. homes are now sitting on the market for longer than they were before COVID, according to Realtor.com data.
With neither buyers nor sellers feeling great about the prospects, the market has been pretty comatose all around. This spring was the slowest April and May since 2009, and monthly sales continue to run at about two-thirds of what they were four years ago, according to data from the National Association of Realtors® (NAR).
But since the biggest remaining sticking point seems to be the high borrowing costs, there could be a shift this fall, according to economists. The average 30-year mortgage rate was 6.34% last week — still much higher than the sub-3% record it hit in 2020, but lower than it was for most of the spring and summer. Depending on where rates go from here, that could help unlock a “second spring market,” according to NAR.
“Mortgage rates are declining, and more inventory is coming to the market, which should boost sales in the coming months,” NAR Chief Economist Lawrence Yun told NAR’s Realtor magazine.
To be sure, it’s hard to say where mortgage rates will go, given uncertainty about the trajectory of the economy. Mortgage rates really started falling in August, when it became clear the Federal Reserve was more focused on cutting its benchmark interest rate, but they don’t always move in the same direction as the Fed’s benchmark.
In fact, although Fannie Mae is projecting 30-year mortgage rates will continue to edge down — averaging under 6% by the end of 2026 — they’ve ticked up a bit over the past two weeks.
So what? If you’ve been sidelined by high mortgage rates, things may be looking up. Rates aren’t as low as they were in 2020 or 2021, but they’re close to their lowest point of 2025.
Plus, the fall could be “a sweet spot” because it’s not traditionally as competitive a time of year, according to Zillow Senior Economist Kara Ng. Prices dropped on nearly 20% of U.S. listings in September, with sellers of homes listed between $350,000 and $500,000 the most likely to cut, according to Realtor.com data.
“House hunters are still on the fence, hoping mortgage rates come down more before they buy,” Crystal Zschirnt, a Redfin Premier agent in Dallas, said in a Redfin statement last week. “But the buyers who are jumping in now are the ones who are getting a good deal.”
Related Reading
What the Government Shutdown Means for Mortgage Rates as Financial Markets React (Realtor.com)
Will Mortgage Interest Rates Drop Further This Fall? Lending Experts Weigh In (CBS News)
A Top Economist Has a Simple Fix for America’s Housing Crisis (AOL)
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
OTM20251008SW
Read moreFree West Virginia Home Mortgage Loan Calculator
West Virginia Mortgage Calculator
By SoFi Editors | Updated September 26, 2025
Finding the right home for you is a challenge, but fitting it into your budget can be even more difficult. Fortunately, the West Virginia mortgage calculator can make the process simpler and less stressful. This valuable resource for prospective homebuyers gives you estimates of the monthly payments and total costs for a given home loan once you enter a few relevant details. Having this information at your fingertips helps you get a clear picture of how different options will fit into your budget now and for years to come. Let’s explore how it works.
Key Points
• New and experienced homebuyers can use the West Virginia mortgage calculator to estimate what different mortgages would cost in monthly payments and over the entire lifetime of the loan.
• So that your mortgage is affordable, lenders typically prefer that your monthly mortgage payment be 28% or less of your gross monthly income.
• If you put down a down payment of 20% or more, you may be able to avoid the need to pay private mortgage insurance (PMI).
• A 15-year loan term usually means higher monthly payments but lower interest costs overall than you’d get with a 30-year term.
• There are homebuyer assistance programs in West Virginia that can make homeownership more affordable for first-time buyers and others.
West Virginia Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price that you and the home seller agree upon after negotiations. Chances are it will not be the same as the original listing price or your first offer.
• Down payment: This is the lump sum you’ll pay upfront. It’s usually expressed as a percentage of the total purchase price, and most buyers put down between 3% and 20%. If you can afford the latter amount, you may be able to avoid private mortgage insurance (PMI). Down payment assistance programs for first-time homebuyers (and sometimes others) may be able to provide some financial help.
• Loan term: This is the period of time over which you’ll repay your home loan. Most home loans have either 30-year or 15-year terms.
• Interest rate: This is the cost of borrowing your loan money, expressed as a percentage of the loan amount.
• Annual property tax: This is the tax local governments levy on land and buildings. It’s usually 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 will pay back to your lender each month. The monthly payment shown by the West Virginia mortgage calculator includes what you would pay toward the principal and interest each month, with property tax added in if you input your tax rate. Other costs, such as homeowners insurance, private mortgage insurance (PMI), and homeowners association (HOA) fees, might also be included in your payment in some cases.
• Total interest paid: This is the sum of all the interest you will pay over the life of the loan.
• Total loan cost: This is the complete amount you’ll repay for the loan, including both principal (the amount you originally borrowed) and total interest paid.
How to Use the West Virginia Mortgage Calculator
This mortgage calculator is free, won’t affect your credit score, and couldn’t be simpler to use. Here are step-by-step directions.
Step 1: Enter Your Home Price
Input the final home price that you and the seller have decided upon together.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price that you will pay upfront in a lump sum. A down payment calculator can help you figure out how large a percentage will work for you.
Step 3: Choose a Loan Term
Select the timeframe in which you’ll repay your mortgage. The most common loan terms are 30 years and 15 years.
Step 4: Enter an Interest Rate
Enter your desired interest rate to the second or third decimal point. If you’re looking at particularly expensive properties, it’s a good idea to check the rates likely to be available for a jumbo loan so that you can arrive at a more realistic estimate.
Step 5: Add Your Annual State Property Tax
Enter the percentage of your home’s value that you will pay each year to the local government. If your tax rate is 0.48%, for example, input 0.48.
Benefits of Using a Mortgage Payment Calculator
The West Virginia mortgage loan calculator can help you determine how affordable a home loan would be for you. When you enter basic information about a loan you’re considering, like the amount, interest rate, and loan term, this online tool can estimate the monthly payments and total interest costs. If you’ve provided information about your tax rate, it will incorporate taxes into its calculations, too. You can also use it to adjust factors like your loan term or interest rate, for example, to see how those changes would influence affordability. Being able to access this information quickly and simply is essential when you’re looking for the right loan for you.
The West Virginia mortgage calculator is designed for fixed-rate mortgages. If you decide on a type of mortgage loan that comes with a variable interest rate, you can still use this calculator to estimate your mortgage costs, but be aware that the results will be less precise due to the fluctuations of variable rates.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford
In West Virginia, the median sale price of a home is about $248,200 as of late 2025. If you buy a house at that price, putting 20% down and financing the rest with a 30-year mortgage at 7.00% interest, your monthly payment for principal and interest would be about $1,321.
How affordable is that? Lenders usually advise that homebuyers pay no more than 28% of their monthly income on mortgage payments and spend 36% or less on all debt. Following that rule, you’d need an annual income of at least $56,614 to afford this house. Bear in mind we haven’t factored in tax or homeowners insurance, and that, per the rule, you’d have just about $377 a month to spend on nonmortgage debt, which could include those costs as well as car loans, credit card bills, and student loans, for instance.
There are other ways you can evaluate affordability, too. You can use a home affordability calculator, which will allow you to enter a variety of costs that might be bundled with your principal and interest in your monthly payment, to get a more individualized estimate of how expensive a home purchase your budget allows. It can also be useful to go through the mortgage preapproval process with your potential lender to get an idea of how large a loan you can afford.
Components of a Mortgage Payment
Your monthly mortgage payment goes mainly to pay back principal (the amount you borrowed) and interest. Additionally, your monthly payment may include funds toward your property tax, which the West Virginia mortgage calculator will factor in if you enter your tax rate. In some cases the payment may cover homeowners insurance, depending on the terms of your loan. If HOA fees or PMI payments are relevant, they may be added in as well.
What precisely your mortgage payment will cover also depends on the type of mortgage loan you choose, and specialized calculators may be helpful. If you’re taking out an FHA loan — guaranteed by the Federal Housing Administration (FHA) — consider using an FHA mortgage calculator, which allows for that loan’s mortgage insurance premiums. And a VA mortgage calculator can take into account relevant fees when you’re exploring a loan backed by the U.S. Department of Veterans Affairs.
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 West Virginia
Your area’s cost of living greatly impacts its affordability, affecting not just housing but also other costs such as transportation, utilities, and groceries, to name just a few. Fortunately, West Virginia’s is almost 12% below the national average, making it one of the best affordable places in the U.S. It’s true that the cost of living can vary in different parts of the state. However, the Council for Community and Economic Research’s Cost of Living Index (COLI), which compares the cost of living in major metro areas against a national average of 100, rated Charleson at 84.1, meaning that even the state’s capital is quite affordable.
Recommended: Average Monthly Expenses for One Person
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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
As you explore your choices with the West Virginia mortgage calculator, you may wonder if there are ways to whittle down your monthly payments a bit more. These tips may help.
• Pull together a larger down payment. If you can pay more upfront, you may be able to bypass PMI costs and possibly even secure better loan terms.
• Improve your credit score. The higher your score, the more likely you are to qualify for favorable interest rates, which translate to lower payments.
• Shop around for the best rates. Lenders’ offers often vary, so casting a wide net to find the most competitive interest rates can pay off.
• Research 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 with down payment costs and lower monthly payments.
• Appeal your property tax assessment. If you believe your assessed house value is too high, you can appeal to your tax authority.
• Lower your insurance costs. Try raising your deductible, bundling policies for a discount, or checking around to see if other insurers will offer lower premiums.
• Consider a mortgage refinance. If you have a mortgage now and a refi would lower your rate or extend your term, you might be able to lower your monthly payments.
West Virginia First-Time Homebuyer Assistance Programs
If you’re buying your first home, you may qualify for assistance programs covering initial home-buying costs. The good news, if you’re not a first-timer, is that as long as you haven’t owned a primary residence in the last three years, you’re still likely to be eligible. Homebuyer assistance programs from the West Virginia Housing Development Fund and local organizations offer low-interest loans and help with down payments and closing costs. Take advantage of these programs if you qualify to ease the initial financial strain of homeownership.
The Takeaway
The West Virginia mortgage calculator is an indispensable tool for anyone considering a home loan in this state. It helps you estimate monthly payments, assess the total cost of a mortgage, and understand how alterations in factors like your down payment, interest rate, and loan term can impact your financial obligations. Whether you’re a first-time homebuyer or an experienced homeowner, this calculator can provide you with valuable insights as you navigate the complexities of buying a home.
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.
FAQ
How does my credit score affect my mortgage loan interest rate?
Lenders use your score to assess how risky it might be to extend a loan to you. A higher credit score generally indicates creditworthiness and means that you’ll be offered a lower interest rate, which has the potential to save you thousands over the life of the loan.
What are principal and interest on a mortgage loan?
The principal on a mortgage is the original amount you borrowed. The interest is the cost of borrowing and is generally expressed as a percentage of the loan amount.
How much should I put down on a mortgage?
Down payment amounts can vary. On the higher end, conventional loans often require 20% if you want to avoid paying private mortgage insurance (PMI), though you may be able to put down as little as 3% if you are willing to pay PMI. On the lower end, FHA loans may allow 3.5% down payments, and VA loans sometimes require no down payment.
Should I choose a 30-year or 15-year mortgage term?
The loan term you should choose depends on your finances and your priorities. A 30-year mortgage offers lower monthly payments but costs you more in interest over time. A 15-year mortgage has higher payments but saves you money on total interest and builds equity faster.
SoFi Loan Products
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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*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.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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.
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.
SOHL-Q325-120
Get prequalified in minutes for a SoFi Home Loan.
Free Vermont Home Mortgage Loan Calculator
Vermont Mortgage Calculator
By SoFi Editors | Updated September 24, 2025
Buying a home is one of life’s major milestones, and online tools can make the process much smoother. Just input a few numbers into a Vermont mortgage calculator, and you’ll get an estimate of your monthly mortgage payment and the total interest you’ll pay over the life of the loan. This tool can help you determine a comfortable budget, ensuring you’re well-prepared for the financial commitment of homeownership. Let’s get started.
Key Points
Key Points
• Use a mortgage calculator to estimate monthly payments and total interest.
• A calculator can help you compare different loan scenarios and make informed decisions.
• Going through the mortgage preapproval process can streamline house hunting by helping you arrive at your budget.
• Explore down payment assistance programs if you are a first-time buyer or haven’t owned a home in three years.
• Consider a jumbo loan for more expensive properties.
Vermont Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the purchase price you have agreed to with the home seller during negotiations. This figure directly affects the amount of your home loan.
• Down payment: The down payment is what the homebuyer pays upfront. Most buyers put down between 3% and 20% of the purchase price. Down payments below 20% usually trigger a need for private mortgage insurance (PMI). Jumbo loans may have their own minimum down payment amounts.
• Loan term: The loan term represents the length of time you have to repay the mortgage, anywhere from 10 to 30 years. A shorter term means higher monthly payments but less total interest paid.
• Interest rate: The interest rate represents the cost of borrowing money, expressed as a percentage of the total loan amount. The type of mortgage loan you choose will affect your rate. Market trends and your credit score will also play a role in the rate you are offered.
• Annual property tax: Property tax is levied by local governments on land and buildings within their jurisdiction and is typically expressed as a percentage of the property’s assessed value.
• Monthly payment: The monthly payment is what you pay toward the principal and interest. This calculator also includes property taxes. Some lenders will include homeowners insurance and homeowner’s association (HOA) dues in the payment. And if you pay for PMI, it will be included as well.
• Total interest paid: The total interest paid is the total amount of interest you will pay over the life of the loan, according to the mortgage calculator.
• Total loan cost: The total loan cost represents the all-in amount you will pay for the loan, including the principal and accrued interest.
How to Use the Vermont Mortgage Calculator
Step 1: Enter Your Home Price
Enter the amount you would pay the seller for the property.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you will pay upfront. A down payment calculator can show you what’s necessary to hit the 20% mark if you wish to avoid PMI.
Step 3: Choose a Loan Term
Select the duration over which you will repay your home loan. Consider your financial goals and budget when choosing the term.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This significantly impacts your monthly payment and total loan cost.
Step 5: Add Your Annual Property Tax
Enter the percentage that you will pay annually in property taxes. Use the average for Vermont (1.42%) or look up your specific number by searching the ZIP code or county name and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps estimate how much house you can afford by allowing you to see how purchase price, down payment amount, interest rate, loan term, and property taxes impact your monthly payment amount. This can be especially helpful if you are buying your first home. You can change various numbers in the calculator — trying a lower versus higher down payment amount, say — to see how that affects your monthly and long-term costs.
If you’re exploring a home loan guaranteed by the Federal Housing Administration (FHA), you can use an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator is the tool to use if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Deciding How Much House You Can Afford
In mid-2025, Vermont’s median home sale price was $431,500, according to Redfin. Lenders advise keeping mortgage payments below 28% of gross monthly income. To afford a $431,500 home and stay within that guideline, you would need an annual income of around $110,000.
This assumes a 30-year loan at 7.00% with a 20% down payment ($86,300) and includes property tax and home insurance. The monthly payment would be about $2,300. This also assumes you don’t have any other significant debts.
If you want to compute your housing budget based on your annual income and with your debts (car payment, student loan payment, etc.) factored in, use a home affordability calculator. Or go right to the gold standard: Go through the mortgage preapproval process with a lender. You’ll provide detailed financial information and will learn if you can qualify for a mortgage and, if so, how much you can borrow and what the terms would be.
Components of a Mortgage Payment
A mortgage payment’s main parts are principal (borrowed amount) and interest (borrowing cost, as a percentage). Payments may also include property tax, set by the local government and variable. If your down payment is below 20%, private mortgage insurance (PMI) might be needed. Other costs can include HOA fees and homeowners insurance.
Recommended: Average Monthly Expenses for One Person
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 Vermont
Vermont’s high cost of living impacts home affordability and reflects high prices for utilities, transportation, health care, and other essentials. The state measures 113.6 on an index where 100 is the average cost of living in the U.S. Think about this when deciding where to live and how much house you can afford in Vermont. You could consider moving to one of Vermont’s best affordable places in the U.S., such as Northfield, Waterbury, or Montpelier.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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’re not satisfied with your interest rate or monthly housing costs once you have purchased a home, there are ways to lower your payments. Here are your options:
• Reach out to your lender to make sure it drops PMI after reaching 20% equity.
• Recast your loan by making a lump sum payment toward the principal and requesting that the lender recompute your payments.
• Undertake a mortgage refinance if current rates are more favorable than when you made your purchase.
• Appeal property taxes if you feel your assessment is too high.
• Extend your loan term to lower your payments. Remember that this could cost you more in interest over the long term, however.
• Shop for cheaper homeowners insurance. Raise your deductible or bundle home and auto policies.
Vermont First-Time Homebuyer Assistance Programs
First-time homebuyers, including those who haven’t owned a primary residence in three years, may qualify for down payment assistance programs covering initial costs. Down payment assistance aids with down payments and/or closing costs, making homeownership more accessible by reducing upfront expenses.
Most Vermont first-time homebuyer programs are run by the Vermont Housing Finance Agency, though sometimes local governments have programs as well.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
When considering how much house you can afford in Vermont, it’s important to use a Vermont mortgage calculator to estimate your monthly mortgage payments. The calculator will factor in your home price, down payment, interest rate, loan term, and property taxes. By examining different scenarios, you can make an informed decision about your down payment, loan term, and interest rate.
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.
FAQ
What is a mortgage payment?
A mortgage payment includes principal and interest on a mortgage loan used to purchase a home or other property. If you put down less than 20% on the property, the payment will likely also include private mortgage insurance (PMI). Some lenders also roll property taxes, homeowners insurance costs, and even homeowners association dues into the monthly payment. Understanding which of these components are part of your loan can help you budget more effectively.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly influences your mortgage interest rate. A higher score generally leads to more favorable rates, while a lower score may result in higher rates, increasing the total cost of your loan.
What are principal and interest on a mortgage loan?
Principal is the amount you borrow, and interest is the cost of borrowing that principal, expressed as a percentage. When you start a mortgage, your early payments will go mostly toward interest; as you make more monthly payments, the amount that goes toward the principal gradually shifts and you build more equity in your property.
How much is a $600,000 mortgage payment for 30 years?
The cost of a $600,000 mortgage with a 30-year term will depend on your interest rate. At an interest rate of 8.00%, the payment would be about $4,400. If you obtained a rate of 6.00%, you would pay less: $3,600 per month. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi Loan Products
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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*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.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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.
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.
SOHL-Q325-117
Get prequalified in minutes for a SoFi Home Loan.
Free Utah Home Mortgage Loan Calculator
Utah Mortgage Calculator
By SoFi Editors | Updated September 24, 2025
House hunting is a significant step forward in your financial life, and online tools like a mortgage calculator can make the process much easier. By inputting a few numbers, you can get an estimate of your monthly mortgage payment, helping you determine a comfortable budget. Learn how to take best advantage of a Utah home mortgage calculator here.
Key Points
• A mortgage calculator helps homebuyers understand how key factors such as down payment, loan term, and interest rate affect monthly payments.
• Down payments range from 3% to 20% of a home’s purchase price.
• Down payment assistance programs can reduce upfront costs.
• Mortgage preapproval also helps determine affordability.
• Explore different loan terms to find the best fit.
Utah 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.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the purchase price. Most buyers put down between 3% and 20%; a down payment below 20% usually results in an additional charge for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the mortgage, from 10 to 30 years. A long term offers lower monthly payments but results in more interest paid over the life of the loan. Consider your financial goals and budget when choosing the loan term.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the principal borrowed. Interest rates can vary based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Property tax is levied by local governments on land and buildings and expressed as a percentage of the property’s assessed value. Utah’s average effective property tax rate is .47%. For your rate, search for the ZIP code or county name and “effective property tax rate.”
• Monthly payment: The monthly payment includes principal and interest; this mortgage calculator also factors in property taxes. Some lenders also wrap home insurance and even homeowners association (HOA) fees into the monthly bill. And if you pay for PMI, it will be included as well.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This can be a significant portion of your overall mortgage cost, especially with a longer loan term.
• Total loan cost: The total loan cost represents the all-in amount you will ultimately repay for the home loan, including both the principal and the accumulated interest.
How to Use the Utah Mortgage Calculator
Step 1: Enter Your Home Price
Enter the purchase price into the calculator. This figure is an important one for an accurate estimate of your monthly mortgage payment and overall loan costs.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you plan to pay upfront. A larger down payment can reduce your monthly payments and eliminate the need for PMI.
Step 3: Choose a Loan Term
Select the duration of your mortgage, typically 15 or 30 years. This choice impacts your monthly payments and total interest paid.
Step 4: Enter an Interest Rate
Input your expected interest rate to the second or third decimal point. A lower rate can significantly decrease your mortgage costs.
Step 5: Add Your Property Tax
Enter the property tax percentage. Use the average for Utah (.48%), or look up your specific number by searching the ZIP code or county name and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a powerful tool for prospective homebuyers, helping you assess how much house you can afford before you start house hunting, or aiding you in fine-tuning your decision about down payment and loan term once you’ve found a property you love. By inputting the home price, down payment amount, interest rate, loan term, and property tax rate, you can estimate your monthly payments and understand how different factors, such as a higher down payment or a longer loan term, impact your budget. Running different calculations can be especially helpful if you are buying your first home and haven’t been down this path before.
Recommended: Do You Qualify as a First-Time Homebuyer?
Deciding How Much House You Can Afford
In mid-2025, Utah’s median home sale price was $576,300. Lenders advise keeping mortgage payments below 28% of gross monthly income. To achieve this when buying a $576,300 home, you would need an annual income of around $155,000. This assumes you put down 20% ($115,260) and have a 30-year, 7.00% mortgage. The monthly payment would be $3,067. If you have other significant debts besides a mortgage, you would need to earn more. Using a mortgage calculator can help you determine whether the monthly payment on a home fits in your budget.
You can also work backward from your income, using a home affordability calculator to compute how much house you can afford. That calculator takes into consideration other debts you may have, such as a car payment or student loan payment.
Another way to zero in on your budget is to go through the mortgage preapproval process with a lender. You’ll provide detailed financial information and the lender will tell you if you qualify for a mortgage and, if so, how much and on what terms you might borrow.
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. Additionally, your monthly payment may include property tax, which is often escrowed and paid as part of your mortgage. This Utah home mortgage calculator includes taxes. If your down payment is less than 20%, you may also have to pay for private mortgage insurance (PMI). Other potential costs include home insurance and homeowners association (HOA) fees.
If you’re thinking about a home loan guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator is helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
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 Utah
The cost of living in Utah can significantly impact your ability to afford a home in the area. On average, Utah’s cost is slightly above the cost of living in the U.S. as a whole, weighing in at 102.1 on a scale where the U.S. average equals 100.
There are places in Utah that will require a jumbo loan, but the state is also home to some of the best affordable places in the U.S., including Kaysville (a suburb of Salt Lake City), Orem, and Spanish Fork. The chart shows the cost-of-living index in major cities.
| Utah Cities’ Cost-of-Living Stats | |
|---|---|
| Ogden | 100.4 |
| Provo-Orem | 102.5 |
| Salt Lake City | 109.0 |
| St. George | 107.5 |
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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 ways borrowers can lower their payments.
• Drop PMI once you have reached 20% equity.
• Recast your mortgage by making a lump sum payment toward the principal and asking the lender to recompute your payments.
• Appeal property taxes for potential savings. Use caution if you have made improvements to your property, as your assessment might be higher.
• Undertake a mortgage refinance.
• If you have financial hardship, you can request that your lender modify your loan.
• Shop for cheaper homeowners insurance by raising your deductible or bundling policies.
Utah First-Time Homebuyer Assistance Programs
If you’re buying your first home, down payment assistance programs may help you cover initial costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years.
Utah first-time homebuyer programs are relatively abundant, and the state also boasts special programs in specific cities as well as a state-sponsored grant for Utah service members or veterans. These programs often have specific eligibility criteria, so it’s important to research and apply early to maximize your chances of receiving support.
Recommended: Average Monthly Expenses for One Person
The Takeaway
Our Utah mortgage calculator is a powerful tool for anyone considering a home loan. It helps you estimate monthly payments, and shows you how the down payment, interest rate, term, and property taxes will affect your monthly budget. By understanding these components, you can make informed decisions and find the best mortgage options for your budget and financial goals.
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.
FAQ
How much should I put down on a mortgage?
The down payment typically ranges from 3% to 20% of the home’s purchase price. A 20% down payment can help you avoid PMI, or private mortgage insurance. But it can be a stretch for many homebuyers, especially those purchasing for the first time. Make the down payment you can afford without jeopardizing your ability to pay other bills.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term offers lower monthly payments and is the most popular choice, while a 15-year term saves on interest. If you can afford to make the monthly payments on a 15-year loan without compromising your overall budget, do so.
How can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work to improve your credit score. Go through the online prequalification process with multiple lenders to see how low a rate you might be able to obtain, then look carefully at the difference between the offers, factoring in closing costs as well as interest. A higher down payment may also help, if you can make one.
How much income do you need for a $400,000 mortgage?
You’ll need to earn around $130,000 a year to qualify for a $400,000 mortgage, assuming it’s a 30-year loan at an interest rate of 7.00%, and you aren’t burdened by other significant debts. One general rule of thumb is that your home price shouldn’t be more than three times your gross income, assuming you don’t have other significant debts.
SoFi Loan Products
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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*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.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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.
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.
SOHL-Q325-116
Get prequalified in minutes for a SoFi Home Loan.
Stay up to date on the latest business news and stock market happenings.