Free Maine Mortgage Refinance Calculator
Maine Mortgage Refinance Calculator
By SoFi Editors | Updated November 10, 2025
Refinancing your mortgage can be a useful tool to improve your finances, but it’s important to understand the process and the potential benefits and drawbacks. Whether you’re looking to secure a lower interest rate, change the type of mortgage loan you have, or tap into your home’s equity, this mortgage refinance calculator can provide valuable insights to guide your decision-making process and help you make informed choices.
Key Points
• Using a mortgage refinance calculator can help you assess whether refinancing your current home loan is a smart move, considering potential costs and savings.
• Mortgage refinancing costs in Maine typically range from 2% to 5% of the loan amount and should be considered when making a decision.
• Even a reduction of 0.25% in your interest rate can result in savings over the life of the loan, especially for larger mortgages.
• Purchasing mortgage points can lower your interest rate, but it’s important to consider the upfront cost and the time it will take to recoup this expense.
• Extending your home loan term can reduce your monthly payments but increase the total interest paid over the life of the loan.
• The Maine refi mortgage calculator can help you estimate the break-even point, which is important for determining if refinancing aligns with your financial goals.
Maine Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your current mortgage, excluding interest charges. This number affects how soon you can refinance your mortgage.
• Current/New interest rate: The current interest rate is the percentage charged by the lender on your existing mortgage. The new interest rate is the rate you would receive with the refinanced loan.
• Remaining/New loan term: The remaining loan term is the number of months left on your current mortgage. The new loan term is the total duration of the refinanced loan. Shorter terms reduce the total interest but increase your monthly payments.
• Points: Mortgage points are optional upfront fees paid to secure a lower interest rate. Each point costs 1% of the loan amount and reduces the interest rate by 0.25%.
• Other costs and fees: Other costs and fees associated with refinancing include origination, appraisal, and attorney fees. These typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly mortgage payment includes the principal and interest. Use a refi calculator to compare your current and estimated new monthly payments.
• Total interest: Total interest is the amount you pay the lender over the life of the loan, excluding the principal. A home refi calculator can help you identify potential savings by comparing the total interest paid on your current mortgage and the total interest paid after refinancing.
How to Use the Maine Mortgage Refinance Calculator
To use the Maine mortgage refinance calculator, enter your current mortgage details and potential new loan terms. This will help you estimate monthly savings, total interest paid, and the break-even point.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining loan balance, which is the principal amount you still owe on your current mortgage.
Step 2: Add Your Current Interest Rate
Input your current interest rate, which is the percentage charged on your existing mortgage. You can find this on your latest mortgage statement or by contacting your lender.
Step 3: Estimate Your New Interest Rate
Estimate the new interest rate you anticipate for the refinanced loan. Find rates by comparing offers from different lenders or searching online for current mortgage rates. A lower rate can reduce your monthly payments and total interest paid.
Step 4: Select Your Remaining Loan Term
Input the number of years left on your current mortgage. This allows the calculator to compare your existing loan with the proposed refinance.
Step 5: Choose a New Loan Term
Select a new loan term, which can be shorter or longer than your current term. A shorter term reduces total interest but increases monthly payments, while a longer term does the opposite.
Step 6: Enter Any Points You Intend to Purchase
Input the number of points you plan to buy. Each point costs 1% of the loan amount and lowers your interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as origination, appraisal, and attorney fees. These typically range from 2% to 5% of the new loan amount.
Step 8: Calculate Your Break-Even Point
Calculate the break-even point to determine how long it will take for your savings from refinancing to cover the closing costs. If you plan to stay in your home beyond this point, refinancing may be financially beneficial.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a mortgage refinance calculator can help you evaluate whether refinancing could lower your monthly payment or interest rate. The calculator provides a thorough comparison of your current and proposed loans, showing how different interest rates and loan terms could affect your monthly payment and total interest. Even a reduction of 0.25% in your interest rate can lead to considerable savings, especially for larger home loans. By experimenting with different interest rates and loan terms, the calculator can help you determine how to refinance your mortgage.
What Is the Break-Even Point in Refinancing?
The break-even point is the time it will take for the savings from your new home loan to cover the closing costs. To find this, subtract your estimated monthly payment after refinancing from your current mortgage payment, then divide the closing costs by this number.
For example, if refinancing saves you $100 a month and your closing costs are $2,500, it will take 25 months to recoup the costs. If you plan to sell your house within two years, refinancing may not be the right strategy.
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:
Typical Closing Costs for a Refinance in Maine
Mortgage refinancing costs in Maine are typically 2% to 5% of the new loan. Fixed costs include application fees, credit reports, appraisals, recording fees, and attorney fees.
Percentage-based costs include loan origination and title services. Some refinance fees, like title insurance, may be negotiable. Shop around, negotiate with lenders, and maintain a strong credit score to lower costs. Watch for prepayment penalties. Skipping an appraisal is possible in some cases.
Some lenders offer a no-closing-cost refinance, but these often come with increased interest rates and are not always more cost-effective. Refinancing a jumbo loan may also come with higher associated costs.
Tips on Reducing Your Mortgage Refinance Payment
There are ways to minimize your monthly mortgage payment. Try to do this before beginning the refinancing process:
• Maintain a good credit score to qualify for more favorable loan conditions.
• Shop around for the best rates and terms.
• Negotiate with lenders to minimize fees.
• Extend the term of your home loan to lower your monthly payments, but be aware that this could increase the total interest you’ll pay.
• Mortgage payments often include homeowners premiums, so look around for a lower homeowners insurance rate by increasing your deductible or bundling your policies.
The Takeaway
Using a mortgage refinance calculator helps you assess the financial benefits and drawbacks of refinancing. By inputting your current mortgage details and potential new loan terms, you can estimate your monthly savings, total interest paid, and the break-even point. Consider your credit score, home equity, and financial goals before applying. Weigh the long-term impact, and explore alternatives such as recasting your existing loan or making extra payments toward the principal before committing to a refinance.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does it cost to refinance your mortgage in Maine?
Mortgage refinancing in Maine typically involves closing costs ranging from 2% to 5% of the new loan amount. These costs include application, credit report, appraisal, title search, and insurance fees. Use a Maine mortgage refinance calculator to estimate your potential savings and determine if the costs are worth it.
How much does it cost to refinance a $400,000 mortgage?
Refinancing a $400,000 home loan can cost $8,000 to $20,000, or 2% to 5% of the loan amount. Use a refinance calculator to estimate your potential savings and break-even point.
Do you have to put 20% down to refinance?
You don’t need to make a 20% down payment when refinancing, but lenders typically require at least 20% equity in your home to avoid private mortgage insurance. To calculate your equity percentage, subtract the balance you owe on your principal from your home’s estimated value, then divide this amount by your home’s value.
At what point is it not worth it to refinance?
Refinancing may not be worth it if the break-even point is too far in the future. For example, if the upfront costs are $5,000 and you save $100 per month, it would take 50 months to break even. If you plan to move or sell your home before this point, the savings might not justify the costs.
What month is best to refinance?
The best month to refinance depends on current mortgage rates and your financial objectives. You should monitor rates throughout the year and use a mortgage refinance calculator to estimate savings and break-even points.
Which bank is best for refinancing?
The best bank depends on your financial situation and refinancing needs. Compare offers from different banks, and consider factors such as reputation, customer service, and available refinancing options. Gather loan estimates, and use a mortgage refinance calculator to compare total costs and potential savings.
What credit score do you need for refinancing?
To qualify for a home loan refinance, you typically need a minimum credit score of 620 for conventional loans. A score above 700 can help you secure better rates and terms. Check your credit score, and take steps to improve it before refinancing.
What are the advantages of refinancing your home?
Refinancing can offer several advantages, including securing a lower interest rate or accessing home equity through a cash-out refinance. However, these should be weighed against potential costs, such as closing fees.
Does refinancing hurt your credit?
Refinancing can temporarily impact your credit score due to a hard credit inquiry, but this effect is usually minimal and short-lived. Multiple inquiries within a short period (14-45 days) are often treated as a single inquiry. Managing your new payments responsibly can improve your credit score over time.
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.
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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Free Dayton, OH Home Mortgage Loan Calculator
Dayton, OH Mortgage Calculator
By SoFi Editors | Updated October 28, 2025
A Dayton, Ohio, mortgage calculator can help you navigate the complex process of buying a home in Dayton. By showing you what your monthly mortgage payments would be and your overall cost of the loan, you can better understand the financial implications of buying a home and how much you can afford to spend. Below is an in-depth look at how to use our Dayton mortgage calculator.
Key Points
• The Dayton mortgage calculator can provide a clear estimate of your monthly mortgage payments, total interest paid, and total loan cost based on the home price, down payment, loan term, and interest rate.
• A 15-year mortgage term offers lower total interest paid over the life of the loan but comes with higher monthly payments compared to a 30-year term.
• Down payment assistance programs can help first-time homebuyers and those with limited savings reduce the initial financial burden of homeownership.
• Property taxes, which are included in our calculator, are another component of your total monthly mortgage payment and are based on the assessed value of your home.
• Building your credit score, shopping around for the best rates, and making a larger down payment can help you secure a lower mortgage interest rate, reducing your monthly payments and total loan cost.
Dayton 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 and your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%.
• Loan term: The loan term represents the length of time you will have to repay your home loan — usually 15 or 30 years. Longer loan terms offer lower monthly payments but increase the overall amount of interest you’ll pay.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. A lower interest rate can significantly reduce your monthly payments and the total cost of the loan.
• Annual property tax: In Dayton, property taxes are typically around 1.78% of the home’s assessed value. This tax is administered by the local government and can vary based on the home’s location and value.
• Total monthly payment: The total monthly payment includes the principal, interest, and property tax. It may also include private mortgage insurance, 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 is influenced by the interest rate, loan term, and the amount you borrow.
• Total loan cost: The total loan cost is the all-in amount you will repay for the loan, including the principal and interest. A longer loan term means more interest paid over time, while a shorter term can reduce the total cost but increase monthly payments.
How to Use the Dayton, OH Mortgage Calculator
To use the Dayton mortgage calculator effectively, follow these five steps:
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property, which will directly impact your home loan amount and monthly payment.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point. A lower interest rate can significantly reduce your monthly payments and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to look at rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Property taxes are what you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. The Montgomery County (Dayton) property tax rate is 1.78% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates how much house you can afford by projecting monthly payments based on loan amount, interest rate, and term. This aids in comparing costs, like interest rate impacts and choosing between a shorter or longer loan term. It also shows how your down payment will affect your monthly mortgage payments.
Mortgage calculators are also particularly useful for first-time homebuyers who may not be aware of all that goes into a mortgage payment and how that payment is determined. Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
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Deciding How Much House You Can Afford in Dayton
The median home sale price in Dayton in 2025 was $150,000. Lenders advise keeping housing costs under 28% of gross monthly income. A $150,000 home would require an annual income of $35,000, assuming a 20% down payment ($30,000) and a 7.00%, 30-year mortgage. The monthly mortgage payment would be about $798.
Total debt should stay within 36% of income, leaving potentially $230 for other debts (auto loans, student loans, and credit cards). Use a home affordability calculator to estimate what you can afford.
It can be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are the principal and interest. The mortgage principal is the amount you borrow, while the interest is the cost of borrowing that money. Our Dayton mortgage calculator also factors in property tax.
Other components of a mortgage payment may include:
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value.
• HOA fees: Monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Dayton, OH
The cost of living in Dayton is 3-4% below the national average, according to COLI 2024 Annual Average Data. On an index where 100 is the U.S. average cost of living, Dayton weighs in at 96.5, making it one of the more affordable cities in the country.
Housing is particularly budget-friendly, falling nearly 18% below the national average. This affordability extends to groceries and transportation, allowing residents to enjoy a comfortable lifestyle without stretching their budgets.
Here’s how Dayton compares to the national average in other areas:
| Ohio Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 96.5 |
| Groceries | 97.9 |
| Housing | 82.2 |
| Utilities | 110.8 |
| Transportation | 98.2 |
| Health Care | 107.1 |
| Miscellaneous Goods/Services | 102.2 |
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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.
Dayton’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Dayton, there are several Ohio down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both. To qualify, you typically must not have owned a primary residence within the past three years. Research local programs and consult with a lender to find the best options for your situation.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
If you find your mortgage payment seems too high, there are some strategies you can try to lower it. Your options may include the following:
• Once you have 20% equity in your home, you can request to have private mortgage insurance (PMI) removed, which can significantly lower your monthly mortgage expenses.
• If you receive a bonus or other windfall, mortgage recasting can be a smart financial move. By making a lump sum payment toward your mortgage principal, you can reduce your monthly payments without changing the interest rate or loan term.
• You can extend the loan term by refinancing your mortgage. For instance, if you originally had a 15-year mortgage, refinancing your mortgage to a 30-year loan term can significantly lower your monthly payments. However, this strategy comes with a trade-off: you’ll pay more in interest over the life of the loan.
• If you believe your annual property tax is too high, you can appeal your property taxes. Start by reviewing your home’s assessment and comparing it to similar properties in your area.
• If you’re facing financial hardship, you might consider modifying your loan to improve your overall situation. This often involves changing the terms of your mortgage to make payments more manageable on a monthly basis.
• Consider shopping for a lower homeowners insurance rate. You can lower your premium by increasing your deductible or bundling homeowners and auto insurance.
The Takeaway
Using a Dayton mortgage calculator can help you estimate your monthly payments and provide valuable insights into your financial readiness for homeownership. To use the calculator, simply input the purchase price, your down payment amount, the interest rate, the loan term, and the property tax 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
How much is the average mortgage in Dayton?
The average mortgage payment in Dayton in 2025 was $1,250. However, payments for the same priced home can vary based on the down payment and interest rate.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate for a mortgage loan. A higher credit score can secure you a lower interest rate, reducing your monthly payments and the total cost of the loan.
What are principal and interest on a mortgage loan?
The mortgage principal is the amount you borrow, while the interest is the cost of borrowing that money. In the early years of your mortgage, a larger portion of your payment goes toward interest, but over time, more of it pays down the principal.
How much should I put down on a mortgage?
Deciding on a down payment is a critical step in the home-buying process. A larger down payment can reduce your monthly payments and eliminate the need for private mortgage insurance (PMI). However, the amount you should put down depends on your financial situation. For example, a 20% down payment on a $300,000 home would be $60,000, while a 3.5% down payment would be $10,500. You can use a down payment calculator to help decide how much is right for your financial situation.
How can I get a lower mortgage interest rate?
To get a mortgage interest rate that is more favorable, build your credit score. Lenders often provide better rates to borrowers with higher scores. You can build your score by paying all of your bills on time, keeping your credit utilization ratio low, and disputing any errors you see on your credit report.
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.
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Free Collins, MS Mortgage Loan Calculator
Collins, MS Mortgage Calculator
By SoFi Editors | Updated November 5, 2025
A mortgage calculator is an important tool for anyone considering a home purchase in Collins. Put in a few basic facts, and you’ll learn the monthly payment amount and total interest cost for your home purchase. You can also use the calculator to try out different scenarios to find the home price, down payment, and interest rate that are right for you.
Key Points
• A Collins mortgage loan calculator helps homebuyers quickly estimate the monthly and total costs of borrowing money to buy a home.
• One rule of thumb recommends that monthly mortgage payments not exceed 28% of gross income.
• Before using the calculator, learn key terms like total interest paid, and how that figure can help you compare scenarios and mortgage offers.
• A longer loan term typically means lower monthly payments but higher overall interest costs.
• First-time homebuyer programs offer down payment and closing cost assistance.
Collins Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price that you have agreed upon with the home seller. This is a key figure when it comes to determining your home loan amount.
• Down payment: The down payment is the amount you plan to pay upfront. It’s often expressed as a percentage of the total home price, typically anywhere from 3% to 20%. A larger down payment can lower your monthly mortgage payments and eliminate the need for private mortgage insurance (PMI). Down payment assistance programs can help cover this cost.
• Loan term: The loan term is the length of time you have to repay the loan. Common terms are 15 and 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money. It’s expressed as a percentage of the loan amount and varies based on your credit score, market trends, and the type of mortgage loan.
• Annual property tax: The annual property tax is levied by local governments on land and buildings within their jurisdiction, and is expressed as a percentage of a property’s assessed value.
• Monthly payment: The monthly payment includes the loan’s principal and interest. Our calculator also factors in property taxes. Some lenders include homeowners insurance and homeowners association (HOA) fees in payments.
• Total interest paid: The total interest paid represents the entire amount of interest you will pay over the life of the loan. By making a larger down payment, securing a lower interest rate, or choosing a shorter loan term, you can reduce your total interest paid.
• Total loan cost: The total loan cost is the global price you will pay for the loan, including the principal that you repay and the interest.
How to Use the Collins Mortgage Calculator
Step 1: Enter Your Home Price
Enter the purchase price into the calculator.
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. Use a down payment calculator to help you determine what percentage makes sense for you.
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 Annual Property Tax
Enter the property tax rate as a percentage. The average effective property tax rate for Covington County is 0.76%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and term. Use this tool to compare costs, like how interest rates affect payments. Check out different loan terms to see their impact on expenses and total interest. The calculator can also help you see how your down payment figures in.
Deciding How Much House You Can Afford in Collins
When you’re buying your first home, it’s good to research average home prices. In Covington County, where Collins is located, the median home sale price in late 2025 was $110,521 — highly affordable compared to the national median of around $439,000, according to Redfin.
Lenders suggest a mortgage payment shouldn’t exceed 28% of your gross monthly income. You’d need to earn an annual income of about $31,000 to afford the monthly payment on a $110,000 home, which comes to about $724. That payment amount assumes a 20% down payment ($22,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 0.76%.
Lenders also recommend total debt payments stay under 36% of gross monthly income; other debts shouldn’t exceed $207 monthly in this case. If you want to factor in other debts, you can use a home affordability calculator.
A more reliable method to help you determine affordability is to go through the mortgage preapproval process with a lender, where you provide detailed financial information. The lender will let you know whether you qualify for a loan and, if so, in what amount and under what terms.
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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
A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). But your monthly payment might also include property tax, which is based on your home’s value. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
If you’re considering 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.
A VA mortgage calculator can be helpful too if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Finally, if you are purchasing a pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA).
Cost of Living in Collins
Collins, about 60 miles southeast of Jackson, has a relatively low cost of living, which reflects how much you can afford in a certain area. For a family of two working adults (working full-time) and two children, MIT’s Living Wage Institute estimates that you would need an hourly wage of $37.44 to support your household in Collins.
A cost of living index number (COLI) higher than 100 means the region is more expensive than the national average, and a COLI below 100 indicates it is less expensive, according to the Council for Community and Economic Research’s Cost of Living Index. Jackson’s 2024 COLI was 89.6, and nearby Baton Rouge was 92.8. Mississippi’s COLI was 87.3, in the same ballpark as Louisiana (92.3) and Alabama (88.6).
If you have a desire to pursue a home in Mississippi, also look at Greenville, Meridian, and Yazoo City, which all landed on the best affordable places in the U.S. list.
Recommended: The Cost of Living 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
As you explore your monthly bills, you may wonder how you can reduce your mortgage payment. Here are some ways borrowers can lower their payments:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• If you think your property taxes are too high, the Covington County Tax Assessor’s office can inform you about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
Collins First-Time Homebuyer Assistance Programs
If you’re buying your first home in Collins, there are down payment assistance programs available to help you cover the initial costs. To qualify, you must not have owned a primary residence within the past three years.
You can pursue different types of mortgage loans and financial assistance programs as a first time homebuyer in Mississippi. For example, the Mississippi Home Corporation (MHC) offers the Smart6 Mortgage Program to help first-time homebuyers with down payment assistance. The borrower must meet credit score and income requirements.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
A Collins mortgage calculator is a powerful tool for anyone considering a home loan, and it’s extra useful for first-time homebuyers. This tool helps you estimate monthly payments, understand the impact of different down payment amounts, and explore various loan scenarios. By using this calculator, you can better prepare for the financial commitment of homeownership.
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?
Your credit score significantly affects your mortgage interest rate. A higher score often leads to better loan terms and lower interest rates, while a lower score may result in higher rates and more stringent lending requirements.
Should I choose a 30-year or 15-year mortgage term?
When choosing a mortgage term, consider that a 30-year term offers lower monthly payments but more interest over time, while a 15-year term has higher monthly payments but less interest paid overall. Assess your financial goals and budget when opting for a certain term.
How much should I put down on a mortgage?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t pinching your finances to the bone. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home, while repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance to your monthly bill. Look at the entire financial picture to determine what makes sense for your budget.
How much is the payment on a $100,000 mortgage with a 30-year term?
The cost of a $100,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For example, if you have an interest rate of 6.00%, and a down payment of 20% ($20,000), your monthly payment would be $480. 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.
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-Q425-029
Get prequalified in minutes for a SoFi Home Loan.
Free Anchorage, AK Mortgage Loan Calculator
Anchorage Mortgage Calculator
By SoFi Editors | Updated October 28, 2025
When you’re considering purchasing a home in Anchorage, understanding your potential mortgage payments is a big first step. An Anchorage mortgage calculator can provide clarity on what your monthly expenses might look like and assist you in making informed decisions about your down payment, loan term, and more. This article will guide you through using a mortgage calculator and help you get the most out of this tool.
Key Points
• Using a mortgage calculator involves inputting your estimated purchase price, down payment, interest rate, loan term, and property tax rate.
• A loan term is typically 10 to 30 years and helps govern overall costs.
• First-time homebuyer programs can help buyers afford a down payment, closing costs, or both.
• A mortgage calculator can help you determine what home price, down payment, and interest rate you can afford.
• There are ways to lower your monthly mortgage costs even after you make your home purchase.
Anchorage Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price that you have agreed upon with the home seller. This is a key figure when it comes to determining your home loan amount.
• Down payment: The down payment is the amount you pay upfront. Buyers typically put down between 3% and 20%. A down payment calculator can show you how much you would need to put down to reach 20%, which would likely eliminate the need to pay for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the loan. Common terms are 15 and 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the total loan amount. Interest rates vary based on factors such as your credit score and the type of mortgage loan you choose.
• Annual property tax: Property tax helps determine your total monthly housing payment.
• Monthly payment: The monthly payment represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property tax. This calculator does not include home insurance, private mortgage insurance, or homeowners association (HOA) fees.
• Total interest paid: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the Anchorage Mortgage Calculator
Step 1: Enter Your Home Price
Type the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget.
Step 3: Choose a Loan Term
Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the home’s property tax rate. The average effective property tax rate for Anchorage is 1.31%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and repayment term. Use this tool to compare costs, like how the interest rate affects your monthly payments. Check out different loan terms to see their impact on expenses and total interest.
An Anchorage mortgage calculator is particularly helpful if you’re buying your first home, as it allows you to play with different scenarios (raising and lowering the down payment amount, for example).
Deciding How Much House You Can Afford in Anchorage
In Anchorage, the median home sale price in late 2025 was $443,000 — about the same as the national median of $439,000, according to Redfin.
Lenders suggest housing costs shouldn’t exceed 28% of your gross monthly income. You’d need to earn an annual income of about $102,000 to afford the monthly payment on a $445,000 home, which comes to about $2,379. That payment amount assumes a 20% down payment ($89,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 1.31%.
Lenders also recommend total debt payments stay under 36% of gross monthly income; other debts shouldn’t exceed $680 monthly in this case. If you want to factor in other debts, such as a car loan or student loan for example, you can use a home affordability calculator.
A more reliable method to help you determine affordability is to go through the mortgage preapproval process with a lender, where you provide detailed financial information. The lender will let you know whether you qualify for a loan and, if so, in what amount and under what terms.
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
A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). Your monthly payment might also include property tax, which is based on your home’s assessed value. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
Homebuyers who are considering purchasing with the help of a Federal Housing Administration (FHA) loan will have an upfront and ongoing mortgage insurance premium to pay. These loans are still very affordable and are popular with first-time buyers. If you are considering an FHA loan, use an FHA mortgage calculator.
Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.
Finally, if you are purchasing a pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA). For 2025, the FHFA conforming loan limit for a single-unit property in Anchorage is $1,209,750.
Recommended: Average Monthly Expenses for One Person
Cost of Living in Anchorage
Anchorage is a pricey city compared to the national average, according to its cost of living. Like Hawaii, Alaska prices are inflated largely due to its far-flung location and the extra transportation costs incurred for everything from construction supplies to groceries. Anchorage’s 2024 Cost of Living Index (COLI) was 122.8, in line with Fairbanks (121.5) and slightly more affordable than Juneau (127.2), according to the Council for Community and Economic Research.
The COLI sets the national average at 100. Anything higher is relatively expensive, and anything below indicates it’s a relative bargain. The chart highlights cost of living numbers for major expenses in Anchorage:
| Alaska Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 122.8 |
| Groceries | 126.4 |
| Housing | 133.1 |
| Utilities | 112.6 |
| Transportation | 113.3 |
| Health Care | 147.5 |
| Miscellaneous Goods/Services | 114.2 |
Source: Council for Community and Economic Research’s Cost of Living Index.
While Anchorage did not land on the best affordable places in the U.S. list, it is considered a best place to live in Alaska for young adults.
Recommended:The Cost of Living 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 for Reducing Your Mortgage Payment
As you explore your monthly bills, you may wonder how you can reduce your mortgage payment. Here are some ways borrowers can lower their payments:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• If you think your property taxes are too high, the Municipality of Anchorage Board of Equalization (BOE) can inform you about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
Anchorage First-Time Homebuyer Assistance Programs
If you’re buying your first home in Anchorage, there are down payment assistance programs that can provide financial aid so you can make purchasing a home a reality. To qualify, you must not have owned a primary residence within the past three years.
The Alaska Housing Finance Corporation can give first-time homebuyers access to lower-interest-rate mortgages, or assistance with down payments, closing costs, or both.
Recommended:Do You Qualify as a First-Time Homebuyer?
The Takeaway
Using an Anchorage mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand the impact of different down payment amounts, and compare various loan terms and interest rates. This tool can help provide a clearer picture of your financial obligations and lead you to making informed decisions about your home loan, especially if you are a first-time homebuyer.
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?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t stretching your finances too much. A first-time homebuyer can sometimes put down as little as 3%, and repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill.
How much is the payment on a $450,000 mortgage with a 30-year term?
The cost of a $450,000 mortgage with a 30-year term will depend on your interest rate and down payment. For example, with an interest rate of 6.00% and down payment of 20% ($90,000), your monthly payment would be $2,158. This estimate includes principal and interest but not property taxes, insurance, or other fees.
Should I choose a 30-year or 15-year mortgage term?
A 30-year mortgage offers lower monthly payments, but you will pay more interest over time. A 15-year mortgage has higher monthly payments but saves on interest. Consider your financial goals and budget, and choose the shortest term that you feel you can comfortably afford.
How can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work to cultivate a strong credit score (aim for 700 or more). Go through the online prequalification process with multiple lenders to see how low a rate you might be able to obtain. A higher down payment may help, too, if you can afford to make one. If you already own a home, you can explore a mortgage refinance and compare the costs of your old loan versus a new one (plus closing costs) at a new, lower rate.
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-Q425-028
Get prequalified in minutes for a SoFi Home Loan.
Free Orange County, CA Mortgage Loan Calculator
Orange County Mortgage Calculator
By SoFi Editors | Updated October 28, 2025
A mortgage calculator is an important tool for anyone considering a home purchase in Orange County. Put in a few basic facts, and you’ll learn the monthly payment amount and total interest cost for your home purchase. You can also use the calculator to try out different scenarios to find the home price, down payment, and loan term that are right for you.
Key Points
• An Orange County mortgage loan calculator helps homebuyers quickly estimate the monthly and total costs of borrowing money to buy a home.
• One rule of thumb recommends that monthly housing payments not exceed 28% of gross income.
• Before using the calculator, learn key terms like total interest paid, and how that figure can help you compare scenarios and mortgage offers.
• A 30-year mortgage term typically offers lower monthly payments but results in more interest paid over the life of the loan compared to a shorter term.
• First-time homebuyer programs offer down payment and closing cost assistance.
Orange County Mortgage Calculator
Calculator Definitions
• Home price: The home price is the agreed-upon purchase price with the home seller. This may differ from the listing price or your initial offer.
• Down payment: The down payment is the amount you plan to pay upfront. It’s often expressed as a percentage of the total home price, typically anywhere from 3% to 20%. A larger down payment can lower your monthly mortgage payments and eliminate the need for private mortgage insurance (PMI). Down payment assistance programs can help cover this cost.
• Loan term: The loan term is the length of time you have to repay the home loan, usually from 10 to 30 years. A longer term results in lower monthly payments but higher total interest paid over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money. It’s expressed as a percentage of the loan amount and varies based on your credit score, market trends, and the type of mortgage loan.
• Annual property tax: Property tax is levied by local governments on land and buildings within their jurisdiction, and is expressed as a percentage of a property’s assessed value.
• Monthly payment: The monthly payment includes the loan’s principal and interest. It may also factor in property taxes. Some lenders also include homeowners insurance and homeowners association (HOA) fees in payments.
• Total interest paid: The total interest paid represents the entire amount of interest you will pay over the life of the loan. By making a larger down payment, securing a lower interest rate, or choosing a shorter loan term, you can reduce your total interest paid.
• Total loan cost: The total loan cost is the global price you will pay for the loan, including the principal that you repay and the interest.
How to Use the Orange County Mortgage Calculator
Step 1: Enter Your Home Price
Enter the purchase price into the calculator.
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. Use a down payment calculator to help you determine what percentage makes sense for you.
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 Annual Property Tax
Enter the property tax rate as a percentage. The average effective property tax rate for Orange County is 0.67%.
Benefits of Using a Mortgage Payment Calculator
An Orange County mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and term. Use this tool to compare costs, like how interest rates affect payments. Check out different loan terms to see their impact on expenses and total interest. The calculator can also help you see how your down payment figures in.
Deciding How Much House You Can Afford in Orange County
When you’re buying your first home, it’s good to research average home prices in the city you’re eyeing. In Orange County, the median home sale price in late 2025 was $1.2 million — making it quite pricey compared to the national median of around $439,000, according to Redfin.
Lenders suggest housing costs shouldn’t exceed 28% of your gross monthly income. You’d need to earn an annual income of about $274,000 if you were looking to afford a $1.2 million home with a monthly payment of $6,392. That assumes a down payment of 20% ($240,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 0.67%.
Because lenders recommend total debt payments stay under 36% of your gross monthly income, your other monthly debts shouldn’t exceed about $1,826 in this case.
For further help in making estimates, going through the mortgage preapproval process with a lender can help you figure out the appropriate loan size for your budget.
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:
Components of a Mortgage Payment
A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). But your monthly payment might also include property tax, which is based on your home’s assessed value. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
If you’re considering 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.
A VA mortgage calculator can be helpful too if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Finally, if you are purchasing a pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA). The 2025 FHFA conforming loan limit for a single-unit property in Orange County is $1,209,750.
Cost of Living in Orange County
As you consider purchasing a home in Orange County, look at the cost of living to see how far your dollar goes to pay for necessities like housing, utilities, transportation, healthcare, and groceries.
Orange County gets a cost of living score of 164.9, according to BestPlaces.net, which means the total cost for necessities is 64.9% higher than the U.S. average. For comparison, nearby San Diego County, with a cost of living score of 154.9, is slightly less expensive.
California happens to be one of the most expensive states, with a 2024 cost of living index (COLI) of 142.3, according to the Council for Community and Economic Research.
For more help factoring in income, debts, and local property costs, try a home affordability calculator.
Recommended: The Cost of Living 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 are a homebuyer in Orange County, you may be looking to reduce your mortgage payment so you can allocate funds to other expenses or continue to build an emergency fund. Here are some things you can do to lower your monthly mortgage payment:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• If you think your property taxes are too high, the Orange County Clerk of the Board can inform you about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
• Look into loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate. Be prepared to show bank statements or tax returns to demonstrate your financial situation.
Orange County First-Time Homebuyer Assistance Programs
If you’re considering buying your first home in Orange County, there are down payment assistance programs available to help you cover the initial costs associated with purchasing property. Anyone who hasn’t owned a primary residence in the past three years is considered a first-time homebuyer.
Orange County homebuyers can contact the California Housing Finance Agency (CalHFA), which offers both conventional and government-backed first mortgages to help with a down payment and/or closing costs.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
An Orange County mortgage calculator is a powerful tool for anyone considering a home loan in Southern California, and it’s extra useful for first-time homebuyers. This tool helps you estimate monthly payments, understand the impact of different down payment amounts, and explore various loan scenarios. By using this calculator, you can better prepare for the financial commitment of homeownership.
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?
Your credit score significantly affects your mortgage interest rate. A higher score often leads to better loan terms and lower interest rates, while a lower score may result in higher rates and more stringent lending requirements.
How much is the payment on a $900,000 mortgage with a 30-year term?
The cost of a $900,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For example, at an interest rate of 6.00%, and a down payment of 20% ($180,000), your monthly payment would be $4,317. This estimate includes principal and interest but not property taxes, insurance, or other fees.
Should I choose a 30-year or 15-year mortgage term?
When choosing a mortgage term, consider that a 30-year term offers lower monthly payments but more interest over time, while a 15-year term has higher monthly payments but less interest paid overall. Assess your financial goals and budget when opting for a certain term.
How much should I put down on a mortgage?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t pinching your finances to the bone. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home, while repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance to your monthly bill. Look at the entire financial picture to determine what makes sense for your budget.
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.
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