Free South Dakota Home Mortgage Loan Calculator
South Dakota Mortgage Calculator
By SoFi Editors | Updated September 22, 2025
House hunting is fun, but figuring out how to pay for a house can be stressful. That’s where online tools come in handy. Just input a few numbers, and our South Dakota mortgage calculator will tell you your monthly payment and the total interest you’ll pay over the life of a home loan. This tool is particularly useful for those buying their first home, as it helps determine a comfortable budget.
Key Points
• Use a mortgage calculator to compare different scenarios and find the best combination of house price, down payment amount, interest rate, and loan term.
• Down payment assistance programs can help first-time homebuyers reduce initial financial burden.
• Consider the impact of property taxes, which can vary widely by location.
• Shorter mortgage terms have higher monthly payments but cost less in interest overall.
• A lower interest rate can significantly reduce monthly payments and total loan cost.
South Dakota Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. It may differ from the listing price and your initial offer. This figure plus the down payment amount will determine the size of your home loan.
• Down payment: The down payment represents the amount the homebuyer initially pays upfront when purchasing a property. Most buyers put down between 3% and 20% of the home’s value.
• Loan term: The loan term is the duration over which you will repay your mortgage, anywhere from 10 to 30 years. A 15-year fixed loan means higher monthly payments but less interest paid over the life of the loan. A 30-year fixed loan offers lower monthly payments and more financial flexibility. The best choice depends on your financial situation and long-term goals.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and the type of mortgage loan. A higher credit score can lead to a lower interest rate, reducing monthly payments and the total cost of the loan. Shop around for the best rates to ensure favorable terms.
• Annual property tax: Property tax is levied by local governments on both land and buildings; it’s typically expressed as a percentage of the home’s assessed value.
• Monthly payment: The South Dakota calculator helps you determine what you would pay toward the principal and interest each month. This calculator’s payment includes the principal, interest, and property taxes.
• Total interest paid: The total interest paid is the amount of interest you will pay over the entire life of the loan. This figure can be substantial, especially for longer loan terms.
• Total loan cost: The total loan cost is the all-in amount you will repay for the loan, including principal and interest. A longer loan term may result in lower monthly payments but a higher total loan cost due to more interest paid over time.
How to Use the South Dakota Mortgage Calculator
Step 1: Enter Your Home Price
Type in the agreed-upon purchase price of the property.
Step 2: Select a Down Payment Amount
Choose the down payment you plan to pay upfront. A down payment calculator can show you what 20% would be.
Step 3: Choose a Loan Term
Select the time you’ll need to repay the home loan. Common terms are 15 and 30 years.
Step 4: Enter an Interest Rate
Input the interest rate you think you can obtain to the second or third decimal point. This affects your monthly payment and total loan cost.
Step 5: Add Your Property Tax
Enter the percentage of your home’s value that you will pay each year in property taxes. Either search the property’s ZIP code or county and “effective local tax rate” or use the South Dakota average of .99%
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps estimate how much house you can afford. It calculates monthly payments based on loan amount, interest rate, and term. Particularly if you are buying your first home, it can be helpful to compare different down payment amounts, interest rates, and loan terms to see how they affect payments.
If you’re exploring a home loan backed by the Federal Housing Administration, an FHA mortgage calculator will factor in the upfront and ongoing mortgage insurance premium that comes along with this borrowing method. Similarly, a VA mortgage calculator is useful for those considering a loan backed by the U.S. Department of Veterans Affairs.
Recommended: Do You Qualify as a First-Time Homebuyer?
Deciding How Much House You Can Afford in South Dakota
South Dakota had a median home sale price of $345,500 in mid-2025, so let’s take a look at how a monthly payment for a home at that price would shape up. Lenders generally advise mortgage payments not to exceed 28% of gross monthly income. If you bought a $345,500 home with 20% down ($69,100) and a 30 year mortgage with an interest rate of 7.00%, your monthly payment, including property taxes and home insurance, would be around $1,850. To afford this, you would need an annual income of roughly $80,000. This assumes you don’t have other significant debts. If you do, you would need to earn more.
The mortgage calculator will help you assess how much house you can afford based on monthly costs. If you want to work backward to your home budget from your income, try using a home affordability calculator, which will take into account all your debts (car payment, student loan, etc.).
Or if you’re seriously moving toward a home purchase and ready to take the next step, go through the mortgage preapproval process with a lender. You’ll provide detailed financial information and learn whether you might be approved for a loan and, if so, for what amount and at what rate.
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 includes principal (borrowed amount) and interest (borrowing cost, as a percentage of the loan amount). This mortgage calculator includes these elements as well as property tax. A monthly mortgage payment might also include homeowners insurance. If your down payment is under 20%, you’ll likely pay for private mortgage insurance (PMI) through your monthly bill as well. Homeowners association (HOA) fees, for services like landscaping, may also be included.
Cost of Living in South Dakota
The cost of living in your area will significantly affect how much you can afford to spend on a home. South Dakota on the whole is among the best affordable places in the U.S., with a cost of living index of 91.9 (versus a U.S. average of 100). Higher cost of living areas typically have higher average home prices, as well as increased costs for utilities, home maintenance, transportation, and other necessities.
Pierre and Rapid City, two main urban areas, are both below 95% of the average cost of living in the U.S. And Sioux Falls, Vermillion, and Rapid City are among the country’s most affordable places to live. So if you’re shopping for a home in South Dakota, rest assured you’re in a good spot for affordability.
| South Dakota Cities’ Cost-of-Living Stats | |
|---|---|
| Pierre | Below 95% of U.S. average |
| Rapid City | Below 95% of U.S. average |
| Sioux Falls | Among country’s most affordable |
| Vermillion | Among country’s most affordable |
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
Using a mortgage calculator is a smart move, but you may still feel the pinch of high costs once you purchase a home. Fortunately, there are ways to lower your mortgage payment after you purchase. Here are some potential avenues to pursue:
• Request that your lender drop PMI as soon as you reach 20% equity.
• Recast your mortgage by making a lump-sum principal payment and asking your lender to recompute your payments.
• Appeal your property taxes if you feel they are too high. Use caution though: Sometimes requesting the assessor take a closer look can result in increased taxes.
• Undertake a mortgage refinance if current interest rates are lower than the one you have. Make sure you look at closing costs when deciding whether or not to refinance.
• Lower your homeowners insurance by increasing your deductible or bundling policies.
South Dakota First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are several assistance programs available to help cover initial costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Down payment assistance programs provide financial aid for the down payment, closing costs, or both.
Many South Dakota first-time homebuyer programs are run by the state’s housing development authority. They can make homeownership in the Mount Rushmore State more accessible and affordable.
Recommended: Average Monthly Expenses for One Person
The Takeaway
When determining how much house you can afford in South Dakota, use a mortgage calculator to consider how the home price, down payment amount, loan term, interest rate, and property taxes affect your monthly costs. Experiment with different scenarios (a lower down payment? A shorter term?) to see where your monthly bill lands, then take a hard look at your current budget to see if that number is manageable. Seek out quotes from multiple lenders to find the most competitive rate and terms available to you.
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 should I put down on a mortgage?
How much you put down should be what you feel comfortable with, taking into account your financial situation. A 20% down payment can help avoid private mortgage insurance (PMI) and could reduce monthly payments and overall loan cost. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home, while a repeat buyer may be able to contribute just 5%. To determine how much your down payment should be, review your personal financial picture.
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 can I secure a lower interest rate?
Improve your credit score to 700 or higher for the most competitive rates. Go through the prequalification process with a variety of lenders and compare the rates you are offered. If you can afford it, consider putting down a larger down payment. If you already own a home, you can explore a mortgage refinance and compare the cost of your old loan versus a new one (plus closing costs) if a new, lower rate is available.
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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Get prequalified in minutes for a SoFi Home Loan.
Free South Carolina Home Mortgage Loan Calculator
South Carolina Mortgage Calculator
By SoFi Editors | Updated September 22, 2025
House hunting can be fun, but figuring out a mortgage is sometimes stressful. It doesn’t have to be, though: Online tools can make the process smoother by making you more informed. A South Carolina mortgage calculator helps you estimate your monthly home loan payments based on your home price, down payment amount, interest rate, loan term, and property tax rate. You can run the numbers many different ways in mere minutes and emerge with a comprehensive view of your monthly financial commitment and the amount of interest you’ll be paying for the home over the long haul. Let’s get started
Key Points
• A mortgage calculator helps homebuyers understand factors influencing the cost of a mortgage in South Carolina.
• With a mortgage calculator, you can quickly consider the impact of different down payment amounts on your monthly payments.
• A calculator can help you choose a loan term that fits your financial goals and budget.
• Explore down payment assistance programs for first-time homebuyers if you might be eligible.
• This mortgage calculator factors in property taxes.
South Carolina Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer. This figure and your down payment will determine the size of your home loan.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%; a 20% down payment helps to avoid private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the home loan, anywhere from 10 to 30 years. A shorter term can result in higher monthly payments but less interest paid over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the home loan amount. Interest rates can vary based on your credit score, market trends, and the type of mortgage loan you choose.
• Annual property tax: Property tax is levied by local governments on land and buildings, and is expressed as a percentage of the property’s assessed value. In South Carolina, the average property tax rate is a relatively low .47%. Get your precise tax rate by searching the home’s ZIP code or county and “effective property tax rate.”
• Monthly payment: The monthly payment is what you will pay toward the principal and interest. In this calculator, it also includes property taxes. Some lenders wrap homeowners insurance and homeowners association (HOA) fees into the payment. And if you are paying PMI, it will be added on as well.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the home loan. A mortgage calculator can help you estimate this figure, allowing you to compare different loan scenarios and make informed decisions.
• Total loan cost: The total loan cost is the all-in amount you will repay for the home loan, including principal and interest. A mortgage calculator provides an estimate of the total cost, helping you assess the affordability of the home.
How to Use the South Carolina Mortgage Calculator
Step 1: Enter Your Home Price
Type in the agreed-upon home price accurately to ensure precise mortgage estimates.
Step 2: Select a Down Payment Amount
Choose the down payment percentage to see how it affects your monthly mortgage payments. If you’re unsure about how much cash you need to get to a certain percentage of the home price, use a down payment calculator.
Step 3: Choose a Loan Term
Select a term of between 10 and 30 years based on your financial goals and budget constraints.
Step 4: Enter an Interest Rate
Input your interest rate to the second or third decimal point for accurate estimates. If you’re not able to get a rate as low as you would like, a mortgage refinance might be possible down the line.
Step 5: Add Your Property Tax Rate
Enter the property tax rate as a percentage to estimate your total monthly payment.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps prospective homebuyers determine affordability when house hunting. Particularly if you are buying your first home, it can be helpful to test different scenarios using a mortgage calculator so you can see how down payment amounts, rates, and loan terms affect your monthly costs. To use the calculator, you’ll input some key facts: the home price, down payment amount, interest rate, loan term, and property tax rate. The calculator estimates monthly payments and tells you how much interest you’ll pay over the life of the loan.
Deciding How Much House You Can Afford in South Carolina
In South Carolina, the median home price in mid-2025 was $391,000. Lenders generally like to see that housing costs don’t exceed 28% of gross monthly income. Using this formula and assuming you put down 20% ($78,200) and opted for a 30-year loan at 7.00%, you would need an income of at least $90,000 to afford a median-priced home. Your monthly payment would be around $2,100 including principal, interest, property taxes, and home insurance. This assumes you don’t have other significant debts. If you are paying off other loans or credit card debt, you would need to earn more.
Another way to determine how much house you can afford is to work backward from your income, factoring in your debts. You can do this with a home affordability calculator and arrive at your ideal home price in minutes.
If you’re deep into house-hunting or have your eye on a dream property, consider going through the mortgage preapproval process with a lender. You’ll submit detailed financial information and if you qualify for a loan, the lender will provide you with an amount and estimated rate.
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 principal and interest. The principal is the borrowed amount, and the interest is the cost to borrow that money. Additionally, your monthly payment may include property tax, which is determined by the local government and can vary over time. This calculator includes property tax costs.
If your down payment is less than 20%, you may also need to pay PMI. Home insurance and homeowners association (HOA) fees, if applicable, are also sometimes rolled into the mortgage payment.
Homes purchased with a loan backed by the Federal Housing Administration (FHA) will have both upfront and annual mortgage insurance premium costs, so if you’re exploring an FHA loan, use an FHA mortgage calculator. And if you are thinking about a U.S. Department of Veterans Affairs (VA) mortgage, there’s a custom VA mortgage calculator for you.
Recommended: Do You Qualify as a First-Time Homebuyer?
Cost of Living in South Carolina
The cost of living in your area will significantly affect how much you can afford to spend on a home. South Carolina’s cost of living is a fairly reasonable 94.7% of the U.S. average, according to data compiled by the Missouri Economic Research and Information Center. As in any state with a coastal area, life is a bit more expensive at the beach. You may find you need a jumbo loan to afford a higher-priced property there.
On the bright side, some of the best affordable places in the U.S. are located in the Palmetto State. If you’re relocating there, consider Spartanburg, Greenville, or Columbia. Here’s how some of the major South Carolina cities fare on a cost-of-living index where 100 equals the average cost of living in the U.S.
| South Carolina Cities’ Cost-of-Living Stats | |
|---|---|
| Charleston-N Charleston | 101.9 |
| Columbia | 89.1 |
| Greenville | 93.1 |
| Hilton Head Island | 104.2 |
| Spartanburg | 91.1 |
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 own a home, you aren’t always stuck with your monthly payment amount for the duration. There are ways to reduce your payments. Check out these options:
• Request that your lender drop private mortgage insurance (PMI) once you reach 20% equity.
• Recast your mortgage by making a lump sum payment to reduce the principal, then asking the lender to recompute payments.
• Consider a mortgage refinance to a lower interest rate to save money. Make sure you compare all-in costs, including closing costs, when you make this decision.
• Appeal your property tax assessment to lower your tax bill. Use caution when doing this — if you’ve made significant improvements to the property, a reassessment could backfire.
• Request that the lender modify your loan to reduce monthly payments if you face financial hardship.
• Extend the loan term to lower monthly expenses. This can get you out of a monthly budget crunch but it does increase total interest paid.
South Carolina First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are several South Carolina first-time homebuyer assistance programs available to help you cover initial costs. Down payment assistance programs cover some or all of a newbie buyer’s down payment; other programs help with closing fees. To qualify, you must not have owned a primary residence within the past three years. Explore the options to see which program best fits your needs and financial situation, and consider how they can help you achieve your homebuying goals.
Recommended: Average Monthly Expenses for One Person
The Takeaway
A South Carolina mortgage calculator is a powerful tool for anyone considering a home loan. It helps estimate monthly payments, including principal, interest, and property taxes, providing a clearer picture of the financial commitment. By inputting the home price, down payment, loan term, interest rate, and property tax rate, you can better understand the impact of different scenarios on your budget. Whether you’re a first-time buyer or a seasoned homeowner, using a mortgage calculator can guide you in making informed decisions.
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 are principal and interest on a mortgage loan?
Principal is the amount you borrow, and interest is the cost of borrowing that principal. Each monthly payment goes toward both, with the proportion changing over time. Your lender will provide an amortization schedule, which will tell you exactly how much of each payment goes toward each part of the loan.
How can I get a lower mortgage interest rate?
If you’re in the market for a loan, try to improve your credit score, shop around and get quotes from multiple lenders, and pay down debts to the extent possible. If you already have a mortgage, check the latest interest rates. If they are lower than your current rate, consider refinancing.
How much should I put down on a mortgage?
A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home and for many buyers, this is a good idea. Bottom line? You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t bankrupting your emergency fund or stopping payments on other debt. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill. Use a mortgage calculator to run different down payment scenarios and see how they impact costs.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term offers lower monthly payments. A 15-year term could save you thousands of dollars in interest over the life of the loan, but will require a higher monthly payment. If you can make a 15-year or 20-year term work with your budget, go for it. But particularly if this is your first home purchase, don’t feel bad about locking in 30 years — many people choose this option.
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-Q325-112
Get prequalified in minutes for a SoFi Home Loan.
Free Rhode Island Home Mortgage Loan Calculator
Rhode Island Mortgage Calculator
By SoFi Editors | Updated September 22, 2025
Getting a mortgage in Rhode Island is a big step toward your home purchase. Use this mortgage calculator to figure out the monthly payment amount and total interest cost for your home purchase. Try out different purchase prices and down payments to find out how each of these factors affect the total loan price. Whether you’re a first-time homebuyer in Rhode Island or a seasoned property owner, the calculator provides valuable insights to help you come up with figures that are right for your budget and goals.
Key Points
• Use the Rhode Island mortgage calculator to help you estimate the monthly payment and total cost of borrowing money to buy a home.
• Learn key terms like total interest paid, and how that figure can help you compare scenarios and mortgage offers.
• In general, your monthly mortgage payment should not exceed 28% of your gross monthly income.
• Rhode Island first-time homebuyer programs offer down payment and closing cost assistance.
• There are ways to reduce your mortgage payments, such as bundling insurance policies with your homeowner insurance provider to get a discount.
Rhode Island Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price agreed upon 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 mortgage, typically 15 or 30 years. A 15-year fixed mortgage has higher monthly payments but costs less in interest over the loan term, while a 30-year fixed mortgage offers lower monthly payments but more interest paid over time. A Rhode Island mortgage calculator can help you compare how different loan terms affect your monthly payments.
• 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: Local governments charge property tax on your land and buildings within guidelines set by your state. To find your property tax rate, go online and search for the town, county, or ZIP code where the property is located and the phrase “effective property tax rate.”
• Monthly payment: The monthly payment includes the loan’s principal and interest. This calculator also factors 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, having a lower interest rate, or a shorter loan term, you can reduce your total interest paid.
• Total loan cost: The total loan cost is the entire price you will pay for the loan, including the principal that you repay and the interest.
How to Use the Rhode Island Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon cost of the property.
Step 2: Select a Down Payment Amount
Specify your down payment. Refer to a down payment calculator to help you understand the impact of different down payment amounts on your monthly mortgage bills. A larger down payment can reduce your monthly costs by eliminating the need for PMI.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Common terms include 30-year and 15-year fixed-rate mortgages. A 30-year fixed mortgage offers lower monthly payments than a 15-year mortgage at the same rate, but results in more interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point, such as 6.75%. The interest rate significantly affects your monthly payments and the total interest you’ll pay over the life of the loan.
Step 5: Add Your Annual Property Tax
Enter the home’s property tax rate as a percentage. For example, type 1.2 if the rate is 1.2%.
Benefits of Using a Mortgage Payment Calculator
A Rhode Island mortgage calculator helps you estimate how much house you can afford and provides a clearer picture of what your monthly costs would be. It estimates these payments based on loan amount, interest rate, and term, and factors in the property taxes you’ll pay as well. A Rhode Island mortgage calculator is particularly helpful if you’re buying your first home, as it allows you to play with different scenarios (for example by raising or lowering the down payment amount). Using a mortgage calculator allows you to consider multiple scenarios and avoid surprises.
If you’re considering a home loan guaranteed by the Federal Housing Administration (FHA), try using an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator will be useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Deciding How Much House You Can Afford
In Rhode Island, the median home sale price in mid-2025 was $516,000, according to Redfin. That’s almost 17% higher than the national median home sale price of $443,000. Meantime, Rhode Island has some of the highest property taxes in the U.S., so you will want to consider these factors as you decide how much you can afford.
Lenders suggest a mortgage payment not exceed 28% of your gross monthly income. You’d need to earn an annual income of about $114,557 if you were looking to afford a $500,000 home, with a 20% down payment ($103,200), a 30-year mortgage at 7.00%, and an average Rhode Island property tax rate (1.39%).
Because lenders typically recommend that you keep total debt payments under 36% of your gross monthly income, your other monthly debts shouldn’t exceed $764 in this case.
Another way to determine your housing budget in Rhode Island is to work backward from your income, using a home affordability calculator, which will take into consideration other debts you may have, such as a car loan or student loan payment.
You could also go through the mortgage preapproval process with a lender. You would provide detailed financial information and the lender would preapprove you, if you qualify, for a loan amount.
Recommended: Average Monthly Expenses for One Person
Components of a Mortgage Payment
A mortgage payment includes principal (the amount borrowed) and interest (borrowing cost). This Rhode Island mortgage calculator also includes property tax, because many lenders like taxes to be paid as part of the monthly payment. If your down payment is below 20%, you’ll likely also pay PMI. Some lenders also include home insurance and HOA fees in the payment.
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 Rhode Island
The cost of living in Rhode Island is relatively high compared to the average in the U.S., making it important to carefully consider your budget when buying a home. Basically, the cost of living reflects how much you can afford in a certain area, so a dollar spent in Providence would go further than a dollar spent in a major city like New York or Los Angeles. Higher cost of living areas typically have higher average home prices, utilities, home maintenance, transportation, and other necessities.
The cost of living index (COLI) helps you figure out how much money it takes for you to maintain a basic standard of living in a given place. A COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive.
Rhode Island’s 2024 COLI was 110.6, according to the Council for Community and Economic Research’s Cost of Living Index, in line with nearby Connecticut’s COLI, which was 112.7 but more affordable than neighboring Massachusetts, which has one of the highest cost of living figures at 141.2. For context, New York and California have some of the highest 2024 COLIs of 125.1 and 142.3, respectively.
To further help you understand the cost of living in Rhode Island, Providence’s 2024 COLI was 112.2, while nearby Boston’s was 145.9 and Hartford’s was 101.4. Consider the Rhode Island cities of Ashaway, Coventry, and Warwick as you look at some of the best affordable places in the U.S. for homeownership.
| Rhode Island Cities’ Cost-of-Living Stats | |
|---|---|
| Providence | 112.2 |
| Ashaway | N/A |
| Coventry | N/A |
| Warwick | N/A |
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 tips:
• Request that your lender drop PMI once you reach 20% home equity.
• Recast your mortgage by making a lump-sum payment toward the principal and asking your lender to recompute your payments.
• Review your property taxes regularly. If you think your property taxes are too high, go to your city or town assessor’s office (or local Board of Tax Assessment Review), and ask about the appeals process.
• Consider requesting a loan modification if you are experiencing financial hardship.
• Explore a mortgage refinance if interest rates are lower than your current rate. (Don’t forget to factor in closing expenses when you compare overall costs.)
• Extend your loan term to reduce the amount of your monthly payment.
• Shop for cheaper homeowners insurance by adjusting your deductible or bundling policies.
Rhode Island First-Time Homebuyer Assistance Programs
If you’re buying your first home, financial help is available. Pursue Rhode Island first-time homebuying assistance programs. Check with RIHousing, the state agency that administers housing programs, some of which provide low-interest mortgage loans and other financial assistance. Keep in mind, to qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
A Rhode Island mortgage calculator can empower you to make smart home purchasing decisions by showing you the financial implications of different scenarios. Especially for first-time homebuyers, this tool can help you make well-informed choices about your home loan options and ensure that your mortgage fits comfortably within your budget.
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 typically a monthly payment and includes principal and interest. It sometimes includes charges for property taxes and homeowners insurance, too. If a borrower is required to have mortgage insurance, that may also be included. The principal reduces the outstanding loan balance, while interest is the cost of borrowing.
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. You will need a 620 score to qualify for a home loan, and typically 700 and above to qualify for the lowest interest rates.
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 is the payment on a $500,000, 30-year mortgage?
The cost of a $500,000 mortgage with a 30-year term will depend on your interest rate and a down payment. At an interest rate of 6.00%, and a down payment of 20% ($100,000), your monthly payment would be $2,398. 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-Q325-111
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Free Pennsylvania Home Mortgage Loan Calculator
Pennsylvania Mortgage Calculator
By SoFi Editors | Updated September 22, 2025
The process of finding a home and getting a mortgage in Pennsylvania can be smoother when you use online tools such as this mortgage calculator. The calculator uses your chosen home price, down payment amount, interest rate, loan term, and property tax percentage to provide you with an estimate of your monthly payment amount, total interest paid, and total loan cost. Playing with different combinations of down payment amount, rate, and term can help you get a feel for how these choices impact your payments. Here, get tips on how to use a mortgage calculator for maximum benefit.
Key Points
• A mortgage calculator can estimate monthly payments, total interest, and overall loan costs.
• Input home price, down payment amount, loan term, interest rate, and property tax rate.
• First-time buyers may want to consider down payment assistance programs.
• The calculator is useful in planning your budget for a home purchase.
• Explore different loan scenarios to find the best fit.
Pennsylvania Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the purchase price agreed upon with the home seller. Input this figure to estimate monthly payments, including principal, interest, and other costs.
• Down payment: The down payment is the upfront amount you’ll pay. A larger down payment can reduce your home loan amount. If you hit 20%, you may avoid private mortgage insurance (PMI).
• Loan term: The loan term is the time period you have to repay the mortgage — buyers often choose 15 or 30 years. A shorter term means higher monthly payments but less total interest paid.
• Interest rate: The interest rate is the cost of borrowing, expressed as a percentage of the loan amount. A higher credit score can help secure a lower interest rate. The type of mortgage loan also has an impact on rates.
• Annual property tax: Property tax is a percentage of your home’s value levied each year by local governments.
• Monthly payment: The monthly payment includes principal, interest, and property tax. Some buyers will also pay for home insurance, PMI, and even homeowners association (HOA) fees as part of their monthly bill.
• Total interest paid: Total interest paid is the amount of interest over the loan’s lifetime. Reduce it by making a larger down payment, prepaying, or refinancing to a lower rate.
• Total loan cost: Total loan cost includes the principal and all accrued interest. Use the calculator to estimate this cost and align it with your financial plan.
How to Use the Pennsylvania Mortgage Calculator
Step 1: Enter Your Home Price
Type in the agreed-upon purchase price of the property.
Step 2: Select a Down Payment Amount
Choose how much of the home price you will pay upfront. (A down payment calculator can show you what percentage your payment would be.) A larger down payment lowers your loan amount and reduces your monthly payment and total interest paid.
Step 3: Choose a Loan Term
Select the length of time to repay the mortgage, anywhere from 10 to 30 years. A longer term lowers monthly payments but increases total interest.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. Lower rates reduce monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage of your property’s market value for annual property tax. Pennsylvania’s effective property tax rate averages 1.19%. For the specific percentage in your area, search online for the property’s town, county, or ZIP code 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 allowing you to zero in on the right combination of down payment amount and loan term before committing to a mortgage. If you’re buying your first home, especially, you’ll want to spend some time running different scenarios to see how changing the down payment amount and loan term might affect your costs.
Buyers considering a home loan backed by the Federal Housing Administration will want to use an FHA mortgage calculator, which will factor in the upfront and ongoing mortgage insurance premium that comes along with loan type.
Similarly, a VA mortgage calculator is useful for those considering a loan backed by the U.S. Department of Veterans Affairs.
Deciding How Much House You Can Afford in Pennsylvania
In mid-2025, the median Pennsylvania home price was $325,000, according to Redfin. Lenders advise that mortgage payments should not exceed 28% of gross monthly income. To afford a $325,000 home with a 20% down payment ($65,000), you’d need about $78,000 in annual income. This assumes you obtain a 30-year mortgage at 7.00% interest, resulting in a $1,730 monthly payment, including property tax and home insurance. It also assumes you aren’t already making payments on debts such as a car loan or student loan, in which case you would need to earn more. You can use the mortgage calculator to run different scenarios, typing in various home prices, down payment amounts, and loan terms to see how these factors affect your costs.
You can also work backward from your income, using a home affordability calculator to compute your budget. This calculator takes into account other debts you may have. If you’re getting serious about a home purchase, you might want to proceed to the mortgage preapproval process, which can give you a fairly precise estimate of how much borrowing power you have. You’ll provide detailed financial information to a lender and learn what loan size you might qualify for.
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 principal and interest. The principal is the amount borrowed, and interest is the cost of borrowing. The calculator also factors in property tax, determined by the local government as a percentage of your home’s value. Your monthly payment may include home insurance premiums, PMI if your down payment is less than 20%, and homeowners association (HOA) fees if applicable.
Recommended: Do You Qualify as a First-Time Homebuyer?
Cost of Living in Pennsylvania
The cost of living in Pennsylvania can vary widely depending on the area, but the state’s overall cost of living index is 97.2, putting it below the cost of living in the U.S. as a whole.
Higher cost of living regions typically have higher average home prices — some properties in Pennsylvania will require a jumbo loan. These areas also tend to have increased costs for utilities, home maintenance, transportation, and other necessities.
Fortunately, some of the best affordable places in the U.S. are located in Pennsylvania: York, Scranton, and Bethlehem all make the list. The chart shows how different cities in the state stack up on a cost-of-living index where 100 is the national average, according to data from the Council for Community and Economic Research.
| Pennsylvania Cities’ Cost-of-Living Stats | |
|---|---|
| Allentown | 102.2 |
| Philadelphia | 103.3 |
| Pittsburgh | 98.2 |
| Scranton | 90.9 |
| Wayne County | 87.0 |
| Wilkes-Barre | 89.2 |
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
Homebuyers in Pennsylvania want to do whatever they can to lower their mortgage payment — even after purchasing. Here are some things you can do to lower the payment after you have a mortgage:
• Request that your lender drop PMI once you reach 20% equity.
• Recast the mortgage by paying a lump sum toward the principal and asking the lender to recompute your payments.
• Consider a mortgage refinance if loan rates have dropped significantly or your credit score has taken a big step up. Make sure you factor in closing costs when determining whether or not to refi.
• Appeal your property taxes to lower them. If you’ve made significant home improvements, use caution: Sometimes requesting a new evaluation can result in higher taxes.
• If you’re experiencing financial hardship, reach out to your lender to modify the loan.
• Extend the loan term to reduce monthly payments.
• Lower your homeowners insurance premiums by taking a higher deductible or bundling policies.
Pennsylvania First-Time Homebuyer Assistance Programs
If you’re buying your first home, down payment assistance programs can help cover initial costs such as the down payment and closing fees. To qualify, you must not have owned a primary residence within the past three years.
Pennsylvania first-time homebuyer programs are run by the Pennsylvania Housing Finance Agency and can include grants or low-interest loans. Exploring these options can help you find the support you need to make your first home purchase a reality.
Recommended: Average Monthly Expenses for One Person
The Takeaway
A Pennsylvania mortgage calculator is an indispensable tool for anyone considering homeownership. It helps estimate monthly payments, including principal, interest, and property taxes, and provides a comprehensive view of the financial commitment you would be making with your home purchase. Using the calculator can help you align your purchase budget with your financial goals, ensuring that you make a sound decision. Whether you’re a first-time buyer or trading up to your next property, these calculators offer valuable insights into the costs and savings associated with different mortgage scenarios.
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 typically includes a portion of the loan principal, plus interest and is usually made monthly. It often also includes property taxes, homeowners insurance, and sometimes mortgage insurance. If this is the case, the mortgage company places the funds paid for taxes and insurance into an escrow account and makes the tax and insurance payments when they are due. This will all be detailed in your mortgage agreement, so read that document carefully.
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 putting yourself in a difficult financial position. Don’t empty your emergency fund or stop making payments on other debt, for example. A qualified first-time homebuyer can sometimes put down just 3% toward the purchase price of a home. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill.
How can I get a lower mortgage interest rate?
If you’re obtaining the mortgage for the first time, try to improve your credit score, shop around and get rate quotes from multiple lenders, and consider government-backed loans. If you already have a mortgage, refinancing is the primary way to lower your rate.
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 6.00%, for example, you would pay $3,597.30 per month. At 8.00%, the payment would rise to $4,402.59. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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-Q325-110
Get prequalified in minutes for a SoFi Home Loan.
Free Oregon Home Mortgage Loan Calculator
Oregon Mortgage Calculator
By SoFi Editors | Updated September 22, 2025
If you’re thinking about buying a home, whether you’re a first-timer or on your second or third purchase, a mortgage calculator is an important tool as you navigate the housing market. Our free Oregon mortgage calculator can help you see how different home prices, interest rates, and loan terms would affect your monthly payments and your overall loan costs so that you can make smart, sustainable home-buying decisions you’ll feel confident about. Let’s explore how it works.
Key Points
• A mortgage calculator can make it easier to understand what impact factors such as your down payment, interest rate, and loan term will have on your monthly payments and overall loan costs.
• It’s a smart move to explore Oregon’s down payment assistance programs, which may help reduce your upfront home-buying costs.
• According to the 28/36 rule, you should spend 28% or less of your gross monthly income on your monthly mortgage payment, and no more than 36% on all debt payments.
• A longer loan term means your monthly payments will be lower, but your overall interest costs will skew higher, while a shorter term involves higher monthly charges but lower costs for total interest.
• You may be able to lower your monthly payments by putting down a larger down payment, opting for a longer loan term, or shopping around to find a lender who will offer you a more favorable interest rate.
Oregon Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price that you and the seller agree upon after negotiating. This figure will probably not be the same as the original listing price or your initial offer.
• Down payment: This is the lump sum you agree to pay upfront for your new home. A down payment is generally expressed as a percentage of your total purchase price, and most buyers put down between 3% and 20%. Down payment assistance programs are often available to first-time homebuyers to help cover this cost.
• Loan term: This is the length of time you will have to repay your home loan, typically 15 or 30 years. A 15-year term will mean you have higher monthly payments but might save you thousands in interest compared to a 30-year term.
• Interest rate: This is what your lender charges you for loaning you your mortgage. Your interest rate is expressed as a percentage of your home loan.
• Annual property tax: Property tax is levied by local governments on land and buildings, and it’s expressed as a percentage of the property’s assessed value. To find the local tax rate where you’re buying a home, search online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: This is the amount you’ll pay your lender every month. The monthly payment shown by the Oregon mortgage calculator includes the loan principal and interest, and if you enter your tax rate, it can incorporate property taxes, too.
• Total interest paid: This is the amount of interest you’ll pay over the entire life of the loan. A larger down payment and a shorter loan term can both reduce this figure.
• Total loan cost: This is the complete amount that you’ll repay for the loan, including both principal (what you borrowed) and interest.
How to Use the Oregon Mortgage Calculator
These simple instructions will guide you through how to use this tool. It’s free, and accessing it won’t affect your credit score.
Step 1: Enter Your Home Price
Input the amount that you and the seller agreed that you will pay for the property.
Step 2: Select a Down Payment Amount
Choose the amount that you will pay upfront for the property. A larger down payment can reduce your monthly mortgage payment and the total interest you’ll pay over the life of the loan. A down payment calculator can help you determine the optimal amount for you.
Step 3: Choose a Loan Term
Select the time period over which you’ll repay your mortgage. The most common options are 30 years and 15 years.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. If the home you want to buy is particularly expensive, you may want to look at the rates that are likely to be available for a jumbo loan.
Step 5: Add Your Annual Property Tax
Enter your local tax rate, which is the percentage of your property’s value that you will pay each year to the local government. If your property tax rate is 0.78%, for instance, you’ll enter 0.78.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator can help you quickly and easily determine how much house you can afford. For starters, entering basic information about a mortgage, like the loan amount, interest rate, and loan term, will provide you with an estimate of your monthly payments and the total cost of the loan. You can also use the calculator to compare scenarios and see how changing different factors can affect your costs. Being able to see almost instantaneously how various loans could play out for your finances can help you make smart decisions — which is important when you’re considering what could be the largest purchase of your life.
Note that this calculator is designed for fixed-rate mortgages. If you choose a type of mortgage loan with a variable interest rate, you can still use this calculator to estimate your costs, but be aware that the results you get will be less precise due to the fluctuations of variable rates.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford in Oregon
In Oregon, as of late 2025, the median home sales price is $519,000. If you bought a house for that amount, put down a 20% down payment, and financed the rest with a 30-year mortgage at a 7.00% interest rate, your monthly payment with principal and interest would be about $2,762. (Note that this estimate doesn’t include PMI, property tax, homeowners insurance, or any other fees you may need to pay.)
Lenders often advise using the 28/36 rule to assess home affordability. Per that rule, your mortgage payments shouldn’t exceed 28% of your gross monthly income, and your total debt payments should be no more than 36%. In the scenario above, you’d need to make almost $120,000 per year according to that guideline. You’d also have approximately $789 per month for other debts, like student loans, credit card debt, and car loans, so if your other debts exceed this, a home at this price might still not be affordable.
There are other ways to evaluate affordability, too. One approach is to use a home affordability calculator, which allows you to enter costs like your individual tax rate and homeowners insurance payment to get a detailed estimate of how expensive a home purchase your budget permits. It can also be helpful to go through the mortgage preapproval process with a potential lender to get an idea of how large a loan you can afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
Your monthly mortgage payment will be split up among several costs. Primarily, it will go toward paying for your principal (the amount you borrowed ) and your interest charges. The payment may also cover property tax, and the Oregon mortgage payment calculator can factor that in if you enter your tax rate in the tool. Additionally, in some cases payments include installments on homeowners insurance, private mortgage insurance (PMI), and/or homeowners association (HOA) fees, if any of those is applicable to your mortgage.
What your mortgage payment covers is also influenced by the type of loan you have, and specialized calculators may be useful when you’re considering these loans. If you’re looking at an FHA loan, which is guaranteed by the Federal Housing Administration (FHA), you might want to use an FHA mortgage calculator that allows for the mortgage insurance premiums those loans require. Likewise, a VA mortgage calculator can take relevant fees into account and are worth a try when you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Oregon
Oregon has a cost of living that’s 11.8% higher than the national average, and that can impact not just home prices, but also other expenses, like utilities and transportation, for instance. But while Oregon’s unlikely to be called one of the best affordable places in the U.S., there are variations within the state, and some areas may be more expensive than others. The Council for Community and Economic Research’s Cost of Living Index (COLI) compares the cost of living in major metro areas against the national average, which is set at 100. The two largest cities in Oregon scored close to 10 points apart, with Eugene receiving a COLI score of 107.3 and Portland scoring 116.6.
| Oregon Cities’ Cost-of-Living Stats | |
|---|---|
| Eugene | 107.3 |
| Portland | 116.6 |
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’d like to shave a little money off your mortgage payments, take heart. Depending on your individual circumstances, these strategies may help.
• Improve your credit score. A higher score may let you qualify for a lower interest rate, which can reduce your monthly payments (and your total interest).
• Explore down payment assistance programs. If you haven’t owned a home in the past three years, you may qualify as a first-time homebuyer for one of these programs, which can help you pay for your down payment and lower monthly payment amounts.
• Drop PMI as soon as possible. Once you have 20% equity in your home, you can request that your lender
• cancel your PMI payments.
• Ask your lender to recast your mortgage. If you get a windfall, you can apply it toward principal and see if your lender will reamortize your loan, which can lower payments.
• Appeal high property taxes. If you think your home was assessed for too much, you can appeal your case with your tax authority.
• Pay less for homeowners insurance. Try raising your deductible, bundling policies to get a discount, or shopping around for a less expensive option.
• Consider a mortgage refinance. If you have a home loan and a refi would lower your rate or extend your term, it might be a way to reduce your monthly payments.
Recommended: Average Monthly Expenses for One Person
Oregon First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are multiple assistance programs available to help you manage your costs. (And if it’s not actually your first home, you’ll be glad to hear that you can usually qualify as a first-time homebuyer if you haven’t owned a primary residence within the past three years.)
Oregon Housing and Community Services and local organizations throughout Oregon offer a variety of financial assistance programs for homebuyers, which can help you find low-interest home loans and assistance with down payment and closing costs. If you’re already a resident of Oregon, there’s even a tax-advantaged savings account program to help you save for a house (but you must open the account before 2027).
The Takeaway
When you’re considering how much house you can afford in Oregon, using this Oregon mortgage calculator is a smart first step. This tool helps you estimate your home loan payments and overall interest costs for different loans. By inputting your mortgage specifics, you can get information that will let you see how well a mortgage would fit into your budget so that you can make informed decisions about your home purchase.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What is a mortgage payment?
A mortgage payment is the amount of money you pay to your lender each month, which covers principal and interest. Other costs such as property taxes and homeowner’s insurance may also be included. If they’re relevant, private mortgage insurance (PMI) and/or homeowners association (HOA) fees may be part of the payment, too.
How does my credit score affect my mortgage loan interest rate?
A higher credit score generally leads lenders to offer you better loan terms and lower interest rates, potentially saving you thousands of dollars over the life of the loan. Conversely, a lower credit score may result in higher interest rates and more stringent lending requirements.
What are principal and interest on a mortgage loan?
Principal is the amount of money you borrow, and interest is the cost for borrowing it. You pay both to your mortgage lender over the term of your loan.
How much should I put down on a mortgage?
Most homebuyers put down between 3% and 20%. Bear in mind that a larger down payment — 20% or more — can help you avoid having to pay private mortgage insurance (PMI) and potentially lead to more favorable loan terms.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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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