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SoFi Home Equity Loans versus SoFi Personal Loans, head-to-head.
Get to know a SoFi Home Equity Loan.
Home equity rates are often lower than those of other loan types. For big purchases like home improvements or consolidating high-interest debt, using your home equity is an affordable option.
• No in-person appraisal for most3
• Keep your current mortgage rate
• $0 origination fee options4
• No prepayment penalties
• Access $50K-$350K or 85% of your home’s equity
Our personal loan rates are typically lower than high-interest credit cards. And for those unforeseen or emergency situations, you could receive personal loan funds as soon as the same day you sign.
• No fees required
• As-soon-as-the-same-day funding2
• No prepayment penalties
• Borrow $5K-$100K
*Fixed rates from 7.74% APR to 35.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 9/18/25 and are subject to change without notice. The average of SoFi Personal Loans funded in 2024 was around $33K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
By Al Lewis |
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Comments Off on With Higher Grocery Prices, Is Eating at Home Still Cheaper?
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We all have first-hand knowledge of how expensive groceries have gotten. But if you’re trying to save money, is it still more budget-friendly to eat at home?
It’s an interesting question, given that grocery prices have actually gone up twice as fast as menu prices the past two months, according to the Consumer Price Index. That’s a flip on the usual script, since restaurant prices tend to rise faster than grocery prices, reflecting the labor costs that go into food preparation and service. At the moment, however, the impact of new tariffs on imports seems to be most visible in the supermarket data.
But, yes, preparing your own food is still the more affordable option — and can save you a lot.
The cost of an average meal for one adult male eating at home runs $3.40 to $5.19, according to the latest USDA food-cost tables. The average restaurant meal, on the other hand, probably costs at least twice that if you go the fast-food route, and could easily run you $30 to $50, depending on where you go and what you order.
Think of a family of four who eats out twice a week. If they’re spending $5 per person to eat at home, that’s $20 per meal. But if they’re spending $20 per person to eat out, that’s $80 a meal — a $60 difference. That means forgoing one dinner out a week could save about $260 a month, or over $3,100 a year.
So what? Food overall — at home and out — is Americans’ third largest expense, behind only housing and transportation. But in an economy where so many costs feel out of our control, where we eat can have a big impact on our bottom line.
At the end of the day, regardless of whether grocery inflation is outpacing restaurant inflation, there’s a big cost difference. (And it’s worth noting that taking a longer view, grocery prices rose 2.7% in the 12 months through September, less than the 3.7% increase in restaurant prices.)
Preparing your own meals remains one of the best ways to cut costs month in and month out. To help ease your burden at the supermarket, shop store brands, explore vegetarian options to avoid pricey meat (we’re looking at you, beef,) and look for new ways to stretch leftovers and reduce food waste.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
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• A home equity loan calculator estimates the amount a homeowner might be able to borrow based on available home equity and shows what the monthly payments would be.
• Users will need to input estimated home value, current mortgage balance, preferred loan amount, preferred repayment term for the home equity loan, and potential interest rate.
• Home equity loans typically offer fixed interest rates and predictable monthly payments over five to 30 years.
• Before obtaining a home equity loan, it’s important to think about how payment will fit into your budget, how the loan might impact a home sale, and possible tax benefits.
Home Equity Loan Calculator
Calculator Definitions
• Home Value: Find the estimated market value of your home by searching your address on a real estate website such as Redfin or Zillow. For best results, use the current estimated value, not what you paid for your home originally.
• Current Mortgage Balance: This is the amount you still owe on your home loan. It’s also known as the principal.
• Repayment Term: This is the number of years you’ll require to repay your home equity loan. The longer the term, the lower the monthly payments will be, but the more interest you’ll pay over the life of the loan.
• Interest Rate: Interest is what you’ll pay the lender for the privilege of borrowing. The rate is usually expressed as a percentage of the amount you borrow. This calculator serves as a home equity loan rates calculator, because it bases your payment information on your interest rate. Your credit score will play a big role in the rates you’re offered.
• Equity: Your equity is your ownership stake in your home. Lenders typically like home equity loan borrowers to have at least 20% equity in their home. To see your equity percentage, subtract your mortgage balance from your estimated home value, then divide by your estimated home value.
How to Use the Home Equity Loan Calculator
Putting this free home equity loan calculator to work for you is easy, and results are ready in seconds.
Step 1: Enter Your Home Value
Research the estimated value on a real estate site, and type in the middle range of the amount.
Step 2: Enter Your Desired Loan Amount
Home equity loans pay you a lump sum, so add up all the things you might need to borrow for over the next few years and enter that amount. This calculator has a loan limit of $350,000.
Step 3: Enter Your Current Mortgage Balance
Find your current balance on your latest mortgage statement or on your loan servicer’s site.
Step 4: Enter Your Home Equity Loan Repayment Term
Choose the number of years you want to have to repay the home equity loan, from five to 30. The shorter the term, the higher your monthly payment will be.
The calculator will show you the maximum home equity loan you might qualify for, based on your home equity level, and what the monthly payment would be. You’ll also see your desired loan amount and its monthly payment. Apply for a loan amount that suits your needs and that has a monthly payment you can handle. The calculator will also show your equity percentage in the home. If your equity is less than 20% you likely won’t qualify for a home equity loan, but knowing the equity percentage will show you how close you are to the 20% mark.
Benefits of Using a Home Equity Loan Calculator
This home equity loan payment calculator will quickly show you how much you might be able to borrow based on the amount of equity you have in your home, as well as what the monthly payments on your desired home equity loan might look like. You can also use the calculator to experiment with different loan amounts and interest rates to find the monthly payment that best fits your budget.
How to Use the Home Equity Loan Calculator Data to Your Advantage
The home equity loan calculator will show you your available equity amount. It’s helpful to have this number, because this is the amount of the home’s value that you have actually paid off, based on your mortgage principal balance.
It will also show you the estimated monthly payment on a home equity loan. You can use this information to have a close look at your monthly budget and decide whether you’ll be able to afford this payment while still paying off your mortgage and covering your other bills.
With a home equity loan, you’ll start making payments soon after you receive the lump-sum loan. If you determine the monthly payment is affordable, you can apply for a home equity loan. Completing the application will be similar to the mortgage preapproval process you might have gone through when you bought your house.
You’ll provide detailed financial information and information about your property, and the lender evaluating the mortgage preapproval or home equity loan application decides whether or not you qualify for the loan.
What Is a Home Equity Loan?
Before you decide to apply for a home equity loan, it’s important to make sure you understand what it is, and how it differs from other borrowing methods. With the cost of living being what it is these days, you might find you need a loan to accomplish your goals. Maybe you have a kitchen renovation planned, or perhaps you would like to use a lower-interest home equity loan to pay off higher-interest credit-card debt.
A home equity loan uses your home as collateral, providing you with a lump sum of money to use for pretty much any purpose you can think of. If you are still paying off your mortgage, the home equity loan is technically a second mortgage. The funds are disbursed all at once and you immediately begin repaying what you borrowed, plus interest, in equal monthly installments over a period of five to 30 years.
As with the mortgage rate on your home loan, your home equity loan interest rate is driven by market forces and by your personal creditworthiness. Because you’re using your home as collateral, interest rates are typically lower than those of unsecured personal loans. And the home equity loan’s fixed interest rate lets you enjoy the predictability of consistent monthly payments. To qualify, you’ll need at least 20% equity in your primary residence.
Current home equity loan rates by state.
Compare current home interest rates by state and find a home equity loan rate that suits your financial goals.
Select a state to view current rates:
Types of Home Equity Loans
You might hear that there are different kinds of home equity loans, just as there are different types of mortgage loans. It’s really more accurate to say that there are different ways to borrow against your equity. If you pursue a home equity loan, you get a lump sum and repayment starts immediately. Or you can consider one of these alternatives:
Home Equity Line of Credit (HELOC)
A home equity line of credit is like having a credit card but with a lower interest rate. You can borrow money as you need it, up to a certain limit, and pay interest only on the amount of the credit line you actually use.
Unlike a home equity loan, a HELOC has a “draw” period of up to 10 years, during which you can draw against the credit line but only pay interest. After the draw period, you’ll be in the repayment period where you pay back principal plus interest.
One big difference between a home equity loan and a HELOC is that HELOCs usually have a variable interest rate, so the amount you pay in interest will depend on your current balance and your changing rate. Another difference is that your credit line on a HELOC might be slightly larger than the amount you could borrow with a home equity loan. A HELOC could allow you to borrow up to 90% of your equity, while a home equity loan usually tops out at 85%.
Cash-Out Refinance
In a cash-out mortgage refinance, you replace your mortgage with a new, larger one and pocket the difference to use as you wish. The amount you can cash out is determined by your home equity, with most lenders allowing you to borrow up to 80%. The beauty of a cash-out refi is that you can choose between fixed or variable rates, and you’ll wind up with one monthly payment instead of paying for both a mortgage and a home equity loan or HELOC. Here’s a quick guide to a home equity loan vs. a cash-out refinance vs. a home equity line of credit:
Home Equity Loan
HELOC
Cash-Out Refinance
Borrowing Limit
Up to 85% of borrower’s equity
Up to 90% of borrower’s equity
80% of borrower’s equity for most loans
Interest Rate
Fixed
Generally variable
May be fixed or variable
Type of Credit
Installment loan: Borrowers get a specific amount of money all at once that they then immediately begin repaying, with interest, in regular installments.
Revolving credit: Borrowers receive a line of credit. They have a draw period (5-10 years) during which they borrow and can only pay interest, followed by a repayment period (10-20 years) to repay the principal plus interest.
Installment loan: Borrowers receive a lump sum payment from the excess funds of their new mortgage, which has a new rate and repayment terms.
Repayment Term
Generally 5-30 years
A draw period of 5-10 years, followed by a repayment period of 10-20 years
Generally 15-30 years
Fees
Closing costs (typically 2%-5% of the loan amount)
Closing costs (typically 2%-5% of the loan amount), plus other possible costs, depending on the lender (annual fees, transaction fees, inactivity fees, early termination fees)
Closing costs (typically 2%-5% of the loan amount)
Home Equity Loan Scenarios
As you are thinking about how to get equity out of your home, consider these examples of how things play out when you run the numbers with a free home equity loan calculator.
Scenario One: Homeowner Harris
Harriet Harris purchased a home in 2014 and has made steady mortgage loan payments over the last decade. She still owes about $120,000 on her original mortgage. Her home, located in one of the best affordable places in the U.S., has appreciated nicely, and real estate sites estimate it’s worth about $470,000.
She puts the price estimate and mortgage balance into the home equity loan payment calculator and it shows her that her home equity is $350,000. If her credit score is solid, she could borrow as much as 85% of her equity, or $297,500.
Homeowner Harris only wants to borrow $50,000, and the interest rate right now is 6.90%. She’d like to repay the loan in 10 years, before she retires. The home equity loan monthly payment calculator shows that her monthly payment would be about $600.
Scenario Two: John and Jane Newlywed
The Newlyweds were able to qualify as a first-time homebuyer and purchased their home just last year for $350,000, making a 10% down payment on the property and obtaining a 30-year loan at 7.00% interest. They have been making their mortgage payments steadily.
The home hasn’t appreciated much in value in such a short time, so the home value for the mortgage calculator is $350,000. Their current mortgage balance is $310,500. Using the home equity loan calculator, they learn that they have $39,500 in equity, which equates to about 11% equity in their home. Right now the Newlyweds would probably find it difficult to obtain a home equity loan, as they haven’t yet reached 20% ownership of their home.
Before you move forward and apply for a home equity loan, take our advice on how to get the most out of the experience:
• Build a strong credit score Check in on your credit score before applying for a home equity loan. You’ll want to have a score of 680 or 700 to qualify and get a great rate. Keep up with your payments and don’t max out your credit cards, and you can ensure your score is sterling.
• Know how much you need to borrow With a home equity loan, you’ll ask to borrow a certain amount and, if you qualify, you’ll receive the funds all at once. If you are unsure about how much you need to borrow, a HELOC might be a better choice for you, because you can borrow as you need money.
• Have a payment plan Payments on your home equity loan will begin immediately, so make sure you’ll be able to pay the necessary amount each month. If you can’t make your payments, you risk losing your home to foreclosure.
• Make sure your home is well insured Lenders like to see that a home is well protected before they make a loan against it. If you have any uncertainty about your coverage, you can ask a prospective lender to share its requirements.
• Think about the future If you might be moving before the repayment term on your home equity loan is finished, you’ll need to pay off the home equity loan when closing on the sale of your home, which can affect your profits from the sale. Owing money on both a mortgage and a home equity loan might also affect your ability to qualify for a mortgage if you are buying a new home while selling your old one.
• Understand the potential tax benefits If you use a home equity loan to make significant improvements to your residence, the interest you pay on the loan may be deductible on your 2025 federal taxes. Work with your tax preparer to make sure you document everything properly. Your tax preparer can also keep tabs on how this rule might change in future tax years. Keep receipts and good records of any home-related expenses you pay with funds from the loan.
The Takeaway
A home equity loan can be a huge help if you need to cover the cost of a renovation or education expenses, and the interest rate you can get by using your home as collateral makes this a very appealing way to borrow. But it’s important to understand that your home is at risk if you fail to make your payments. Use a free home equity loan calculator to help ensure your monthly home equity loan payments fit into your budget. Then reach out to lenders to find the best available rate on a home equity loan to keep your expenses to a minimum.
What is a home equity loan calculator and how does it work?
A home equity loan calculator tells you how large a home equity loan you might qualify for, based on your home’s value and your mortgage balance, and estimates your monthly payments for the loan. You’ll type in a few numbers and almost instantly learn your maximum loan amount, equity amount, and monthly payment amounts for both your max loan amount and your desired loan amount. Choose the loan size that works for you and that has a monthly payment you can handle.
What information do I need to input to get an accurate estimate?
To get an accurate estimate from a home equity loan calculator, you’ll need to put in your home’s approximate value (from a real estate site), your mortgage principal balance (from your lender’s site or your mortgage bill), your ideal repayment term (5 to 30 years), and the interest rate you think you might be able to obtain. You’ll also input your desired loan amount.
How does the calculator determine my home equity?
A home equity calculator determines the amount of equity you have in your home by dividing your mortgage principal balance by your home’s estimated value. If your home value changes, your equity level could change too.
Does the calculator consider my credit score or debt-to-income ratio?
This calculator does not evaluate your credit score or examine your debts. If you have a low credit score or high debts, it might be difficult to obtain a home equity loan. A prospective lender will look at your equity level, credit score, and debts when determining whether or not you qualify for a home equity loan and, if so, how much you might borrow.
Is the estimated monthly payment from the calculator the exact amount I will be required to pay?
The free home equity loan calculator provides an estimate of what you’ll be able to pay, but for the exact amount you would owe, you’ll need to check with a lender.
Does the calculator account for closing costs or other fees associated with the loan?
The calculator does not take into consideration the upfront costs or fees associated with a home equity loan. Some lenders offer to waive origination fees on home equity loans.
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.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945. All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
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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Our Minneapolis, Minnesota mortgage calculator helps potential homebuyers determine their monthly mortgage payments and total loan cost. By inputting the purchase price of the home, down payment amount, interest rate, loan term, and property tax rate, you can see exactly what your monthly mortgage payment will be, in addition to the total interest paid and total loan cost. Here’s our complete guide on how to use the calculator.
Key Points
• A Minneapolis mortgage calculator estimates monthly payments, total interest paid, and total cost of the loan.
• The calculator can help you estimate the impact of different down payments, interest rates, and loan terms on your monthly payments and overall loan cost.
• The loan term, typically 15 or 30 years, significantly impacts your monthly payments and total interest paid, with shorter terms leading to higher payments but less interest over time.
• The 28/36 rule, a guideline for mortgage affordability, suggests that your mortgage payment should not exceed 28% of your gross monthly income, and your total debt payments should not exceed 36%.
• Down payment assistance programs in Minneapolis can help first-time homebuyers and those with limited savings reduce the initial financial burden and secure better loan terms.
Minneapolis Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. This figure directly affects your down payment, home loan amount, and monthly mortgage payments.
• 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%, with a 20% down payment typically avoiding the need for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the mortgage. A shorter term, such as 15 years, can result in higher monthly payments but significantly less interest paid over the life of the loan. A longer term, like 30 years, offers lower monthly payments but higher total interest costs.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates can vary based on market trends, borrower qualifications, and the type of mortgage loan. A higher credit score and a larger down payment can often secure a lower interest rate, reducing your monthly payments and the total interest paid over the life of the loan.
• Annual property tax: The annual property tax is a component of your monthly mortgage payment. In Minneapolis, property taxes are typically around 1.15% of the home’s assessed value.
• Total monthly payment: The total monthly payment includes the principal and interest you will pay each month. This calculator also includes property tax. Other costs that may be rolled into a housing payment include homeowners insurance, private mortgage insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure can be substantial, especially for 30-year loan terms. A lower interest rate or a shorter loan term can significantly reduce the total interest, making homeownership more affordable in the long run.
• Total loan cost: The total loan cost is the all-in amount you will pay for the loan, including principal and interest. This figure helps homebuyers understand the true cost of homeownership.
How to Use the Minneapolis, MN Mortgage Calculator
Using the Minneapolis mortgage calculator is straightforward and can provide valuable insights into your home-buying budget. Here’s a step-by-step guide on how to use it:
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 Hennepin County (Minneapolis) property tax rate is 1.15% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator has many benefits, including helping you assess affordability before house hunting. It estimates monthly payments based on loan amount, interest rate, and term. You can compare scenarios like interest rate changes and the impact of different down payments to help you realistically decide what you can afford.
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.
Deciding How Much House You Can Afford in Minneapolis
In 2025, Minneapolis’ median home sale price was $353,000. Lenders advise keeping housing costs (mortgage, taxes, insurance, fees) below 28% of gross monthly income. Affording a $353,000 home requires approximately $80,000 in annual income with a 20% down payment, or $70,600, assuming a 7.00%, 30-year mortgage. The monthly mortgage would be $1,879.
Total debt should be within 36% of income, allowing for $530 in other monthly debts (student loans, auto loans, and credit cards). Use a home affordability calculator for a rough estimate based on income and debt obligations.
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 include the principal and interest. Our Minneapolis mortgage calculator also factors in property tax, which is typically a percentage of the home’s assessed value.
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 Minneapolis, MN
Minneapolis’ cost of living is just under 6% of the national average, with housing being nearly 18% below the national average. The only area that is above the national average, according to COLI 2024 Annual Average Data, is groceries.
Cost of living is benchmarked at 100. It measures the relative price of goods and services in different locations to help compare how expensive it is to live in one area versus another. In Minneapolis, the cost of living index is 93.6. Here’s how Minneapolis compares to the national average in other areas:
Minneapolis’ Cost-of-Living Stats
Overall Cost of Living
93.6
Groceries
102.6
Housing
82.8
Utilities
96.8
Transportation
96.2
Health Care
96.3
Miscellaneous Goods/Services
96.6
Overall, Minneapolis is an affordable area to live as a single adult or if you’re raising a family. There are plenty of areas and neighborhoods that should fit your lifestyle and budget.
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.
If you’re considering buying your first home in Minneapolis, there are several Minnesota down payment assistance programs available to help you cover the initial costs associated with homeownership. These programs can provide financial aid specifically designated for the down payment, closing costs, or potentially both. To qualify for these valuable resources, you typically must not have owned a primary residence within the past three years.
Reducing your mortgage payment can make homeownership more manageable over time. Here are several ways to lower your monthly mortgage costs:
• Drop private mortgage insurance (PMI) once you reach 20% equity in your home. This can be achieved through making regular mortgage payments over time or through home appreciation, which increases your equity. Once you achieve this level of equity, you can formally request to remove the PMI from your loan, which can significantly lower your monthly mortgage payment.
• If you receive a bonus or other windfall, consider mortgage recasting. This involves making a lump sum payment toward your mortgage principal, which your lender will then re-amortize with the same interest rate and term. The result is a new, smaller balance that translates to lower monthly payments and can help you save on interest over the life of the loan.
• Extend the term of your loan to reduce monthly payments. 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.
• Appeal your property taxes if you believe your assessment is too high. Start by reviewing your annual property tax assessment to identify any discrepancies. While rare, a successful appeal can reduce your property tax bill, lowering your overall monthly mortgage payment.
• Shop for a lower homeowners insurance rate. By comparing quotes from different insurers, you can potentially save hundreds of dollars each year. A lower homeowners insurance rate can make a noticeable difference in your overall monthly costs.
The Takeaway
A Minneapolis mortgage calculator can offer valuable insights into determining your home-buying budget. It helps you estimate your monthly payments, understand total costs involved, and see the impact of different down payments and loan terms on your overall financial picture. Simply enter in the purchase price, down payment amount, interest rate, loan term, and property tax rate to view your results.
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.
In 2025, the average mortgage in Minneapolis was $2,460. Mortgage payments for the same priced home can vary based on down payment and interest rate. Using a Minneapolis mortgage calculator can help you estimate your specific monthly payment.
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 a lower interest rate, reducing your monthly payments and the total cost of the loan. A lower credit score may result in a higher interest rate, making the mortgage more expensive. Lenders use your credit score to assess your risk, so building your score can lead to better loan terms and savings over the life of the mortgage.
What are principal and interest on a mortgage loan?
The principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal. 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. Understanding this breakdown can help you make informed decisions about prepayments and refinancing to optimize your financial strategy.
Should I choose a 30-year or 15-year mortgage term?
When choosing between a 30-year and 15-year mortgage, weigh your finances. A 30-year term offers lower payments but higher overall interest. A 15-year term has higher payments but saves on interest and builds equity faster. If you can afford it, a 15-year mortgage is better for long-term savings. If you need budget flexibility, a 30-year mortgage provides breathing room while achieving homeownership.
How much is a $600,000 mortgage payment for 30 years?
For a 30-year fixed mortgage at a 7.00% interest rate, the monthly payment on a $600,000 home loan would be approximately $3,992. For a $600,000 home with 20% down ($120,000), the payment would be $3,193, assuming other variables remain the same.
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.
A Bend, Oregon, mortgage calculator is a powerful tool for anyone considering buying a home in Bend. It helps estimate monthly payments, total interest paid, and the overall cost of the mortgage. By inputting the home price, down payment, loan term, interest rate, and property tax rate, you can gain a clearer picture of your financial obligations and ensure a smooth and successful home purchase.
Key Points
• A Bend mortgage calculator helps estimate monthly payments, total interest, and overall mortgage cost.
• The calculator factors in home price, down payment, loan term, interest rate, and property tax rate to estimate your monthly mortgage payment.
• A 20% down payment can eliminate the need for private mortgage insurance (PMI), potentially saving you money on your monthly mortgage payment.
• Choosing a 15-year mortgage term over a 30-year term can significantly reduce the total interest paid, though it results in higher monthly payments.
• First-time homebuyer assistance programs in Bend can provide financial aid for down payments and closing costs, making homeownership more accessible.
Bend Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the purchase price you have agreed to with the home seller. Accurately inputting this value helps you get a realistic estimate of your monthly payments and overall home loan costs.
• Down payment: The down payment represents the initial amount the homebuyer provides upfront, often articulated as a percentage of the total purchase price. Most buyers contribute a down payment between 3% and 20% of the home’s value.
• Loan term: The loan term represents the length of time you have to repay the mortgage. Opting for a shorter term can lead to higher monthly payments but less interest paid overall.
• 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 interest paid over the life of the loan.
• Annual property tax: The annual property tax is a yearly tax levied based on the home’s assessed value and location. In Bend, Oregon, property taxes are typically around 0.62% of the home’s value.
• Total monthly payment: The total monthly payment includes the principal, interest, and property tax. It may also include private mortgage insurance, homeowners insurances, and homeowners association (HOA) fees.
• \ Total interest paid: The total interest paid represents the cumulative amount of interest you will pay over the entire life of the loan. A higher interest rate or a longer loan term will result in a greater total amount of interest paid.
•\ \ Total loan cost: The total loan cost is the all-in amount you will pay for the loan, including both the principal and the interest. By comparing different scenarios, you can find the most cost-effective option for your budget.
How to Use the Bend, OR Mortgage Calculator
The Bend mortgage calculator is a user-friendly tool designed to help you estimate your monthly payments and understand the financial implications of different home loan scenarios. Here’s a step-by-step guide on exactly how to use the calculator:
Step 1: Enter Your Home Price
The home price is the amount listed in your contract. This figure helps estimate your monthly payments, total interest, and the overall cost of the mortgage.
Step 2: Select a Down Payment Amount
The down payment is the portion of the home price you agree to pay upfront. A larger down payment can reduce your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI). A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
The loan term is the duration over which you will repay your mortgage. Consider your financial goals and budget when choosing the loan term that best suits your needs. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
The interest rate is a key factor in determining your monthly mortgage payment. Enter your expected interest rate to the second or third decimal point, such as 6.74%. 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
The annual property tax is the amount you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. The Deschutes County (Bend) property tax rate is 0.62% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate your monthly payments and understand the financial implications of different loan scenarios. Before house hunting, you can assess affordability based on the loan amount, interest rate, and term. You can also see how different down payment amounts affect your monthly payment.
Mortgage calculators are 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.
In Bend, the median home sale price in 2025 was $699,000. Lenders generally suggest that housing costs should not exceed 28% of your gross monthly income. For a $699,000 home with a 20% down payment and a 7.00%, 30-year mortgage, you can expect a monthly payment of around $3,720, which would require an annual income of approximately $160,000.
Your total debt, including your mortgage, auto loans, student loans, and credit cards, should be within 36% of your gross monthly income. In this case, debts outside of your mortgage shouldn’t exceed $1,060 per month. Use a home affordability calculator for a rough estimate based on income and debt obligations.
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 principal and interest. The principal is the amount borrowed from a lender, while the interest is the cost of borrowing. The Bend 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 Bend, OR
Bend is known for its stunning scenery and outdoor lifestyle, but those perks come with a higher cost of living than the national average. According to Best Places, the cost of living in Bend is 27% higher than the national average and 11% higher than the Oregon average. This is mostly due to housing expenses, which continue to rise due to high demand and limited inventory.
Other expenses in Bend, such as groceries, health care, and transportation, also tend to be slightly above average, though utilities are roughly 16% below the national average. Despite the higher costs, many residents find the area’s strong sense of community, access to nature, and high quality of life well worth it.
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.
Bend’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Bend, there are several Oregon first-time homebuyer assistance programs available to help you cover the initial costs. These programs often 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. These assistance programs can make homeownership more accessible and affordable, especially for those with limited savings.
Fortunately, you’re not necessarily stuck with the same mortgage payment until it’s paid off. Below are some strategies to reduce your monthly mortgage payments:
• Drop PMI. Once you reach 20% equity in your home, either through payments or home appreciation, you can request to remove private mortgage insurance (PMI), which can significantly lower your monthly mortgage payment.
• Consider mortgage recasting. Mortgage recasting involves making a lump sum payment to reduce your principal balance. Your lender will then re-amortize the loan, potentially lowering your monthly payments without extending the loan term.
• Appeal your property taxes. If you believe your property tax assessment is too high, you can appeal your property taxes. Start by reviewing your annual city property tax bill and comparing it to similar properties in your area.
• Modify your loan. If you encounter financial hardship, you may be able to modify your loan to make your monthly payments more manageable. Contact your lender to discuss your options and see if you qualify for a modification program.
• Extend the term of your loan.Refinancing your mortgage to a longer loan term can significantly reduce your monthly payments, offering immediate financial relief. However, this also means you’ll end up paying more in interest over the entire life of the loan.
• Shop for a lower homeowners insurance rate. By comparing different insurance providers, you can find a policy that offers better coverage at a more affordable price.
The Takeaway
Using our Bend mortgage calculator can help you estimate your monthly mortgage payments and understand the financial implications of different loan scenarios. This allows you to find a home that fits your financial goals and lifestyle.
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.
The average mortgage payment in Bend was $4,150 in 2025. But mortgage payments can vary based on home price, down payment, and interest rate. To get a precise estimate of what your mortgage payment could be, use a Bend mortgage calculator.
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 generally leads to a lower interest rate, which can save you thousands of dollars over the life of the loan. Building your credit score before applying for a mortgage can help you secure better loan terms and reduce your monthly payments.
What are principal and interest on a mortgage loan?
The principal on a mortgage loan is the amount you borrow from the lender, while the interest is the cost of borrowing that amount, expressed as a percentage of the principal. Each monthly payment you make includes a portion that goes toward paying down the principal and another portion that covers the interest. Over time, more of your payment will go toward the principal as the loan balance decreases.
Should I choose a 30-year or 15-year mortgage term?
When choosing between a 15-year and 30-year mortgage, consider your finances. A 15-year mortgage builds equity faster with lower interest rates but higher payments. A 30-year mortgage offers lower payments, improving cash flow, but increases total interest paid. Use a mortgage calculator to compare costs and choose the best loan for your situation.
How much is a $600,000 mortgage payment for 30 years?
To estimate the total monthly payment for a $600,000 mortgage over 30 years, use the Bend mortgage calculator. Assuming a 7.00% interest rate, the monthly payment on a $600,000 home loan would be approximately $3,992. For a $600,000 home with 20% down ($120,000), the payment would be $3,193, assuming other variables remain the same.
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.
