Cost of Living in Montana
Cost of Living in Montana
(Last Updated – 04/2025)
Montana is a gorgeous state that any nature lover would appreciate calling home.
Before relocating to Big Sky Country, it’s important to have an idea of what the cost of living looks like. That way you can make sure that you can relax and enjoy the skiing, hiking, rock hounding, rafting, and hot-spring soaking the state affords.
What’s the Average Cost of Living in Montana?
Average Cost of Living in Montana: $55,264 per year
Take a good look at your monthly budget if you’re planning a move to Montana.
According to MERIC data in 2024, Montana ranks 22nd when it comes to cost of living. That means Montana is less expensive to live in than over half of the country. But living in Montana isn’t cheap, by any means.
So how much does it cost to live in Montana? Let’s look at some average expenses, according to data from the Bureau of Economic Analysis. The average total personal consumption cost in Montana is $55,264 annually and breaks down to:
|
Category |
Average Annual Per-Capita Cost in Montana |
|
Housing and Utilities |
$9,434 |
|
Health Care |
$9,081 |
|
Food and Beverages (nonrestaurant) |
$4,957 |
|
Gasoline and Energy Goods |
$1,721 |
|
All Other Personal Expenditures |
$30,069 |
In terms of monthly expenses, that’s $4,605, on average.
Housing Costs in Montana
Average Housing Costs in Montana: $809 to $1,736 per month
No matter where you live, housing will be a major recurring expense. Montana has approximately 535,500 housing units, according to census data, so your housing choices may be somewhat limited.
How much should you expect to spend to put a roof over your head? In December 2024, Montana’s typical home value was $451,402, Zillow said.
How much you’ll spend on housing will depend on your specific living arrangements. Let’s look at a few options, according to the census data.
• Median monthly mortgage cost: $1,736
• Median studio rent: $809
• Median one-bedroom rent: $822
• Median two-bedroom rent: $1,105
• Median three-bedroom rent: $1,460
• Median four-bedroom rent: $1,443
• Median gross rent: $1,083
Below are the typical home values for the most populous Montana cities, according to Zillow, in December 2024. These averages give you a general idea of what you should expect to spend on housing in Montana.
|
Montana City |
Typical Home Price |
|
Billings |
$389,155 |
|
Missoula |
$556,801 |
|
Bozeman |
$699,021 |
|
Kalispell |
$628,702 |
|
Helena |
$455,268 |
|
Great Falls |
$320,648 |
|
Butte |
$266,723 |
Utility Costs in Montana
Average Utility Costs in Montana: $302 per month
Utilities are an ongoing expense. This is what you can expect to spend on utilities each month in Montana.
|
Utility |
Average Montana Bill |
|
Electricity |
$110 |
|
Natural Gas |
$37 |
|
Cable & Internet |
$105 |
|
Water |
$50 |
Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price; Statista.com “Average monthly residential utility costs in the United States, by state”; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report; and Rentcafe.com, What Is the Average Water Bill?
Groceries & Food
Average Grocery & Food Costs in Montana: $413 per person, per month
Let’s take a closer look at how much the average resident might spend on food in Montana. The Bureau of Economic Analysis estimates that each Montanan has an average annual nonrestaurant food cost of $4,957, which comes out to about $413 each month.
Where you live in Montana may affect how much you spend on food, so take into consideration the Council for Community and Economic Research rankings for two of Montana’s major cities. These grocery costs are for 2024, ranked from lowest to highest.
|
Montana City |
Grocery Items Index |
|
Great Falls |
98.8 |
|
Billings |
103.5 |
Transportation
Average Transportation Costs in Montana: $10,633 to $19,785 per year
Between commuting to work and making sure the kids get to school on time, most of us spend a lot of money going to and fro. To make budgeting your transportation expenses in Montana easier, take a look at how much MIT’s Living Wage Calculator estimates you’d spend on transportation annually, based on data from 2024.
|
Family Makeup |
Average Annual Transportation Cost |
|
One adult, no children |
$10,633 |
|
Two working adults, no children |
$12,305 |
|
Two working adults, three children |
$19,785 |
Health Care
Average Health Care Costs in Montana: $9,081 per person, per year
How much you’ll spend on health care is often affected by location. The Bureau of Economic Analysis Personal Consumption Expenditures by State report found the average annual per-person cost of health care in Montana to be $9,081.
How much you end up spending on health care may be more or less than that average, as your specific health insurance plan and medical needs influence how much you’ll pay toward health care each year.
Child Care
Average Child-Care Costs in Montana: $775 to $1,075 per child, per month
How much you’d spend on child care in Montana depends on what type of care you’re looking for. If you have an infant who requires care, you would pay more each month than you would for a toddler.
Parents who need help paying for child care can turn to the Montana Early Childhood Services Bureau, which provides resources in an attempt to improve affordability and accessibility of early care and education in Montana.
These are the average child care costs in Montana in 2021, according to costofchildcare.org.
|
Type of Child Care |
Average Cost Per Month, Per Child |
|
Infant Classroom |
$1,075 |
|
Toddler Classroom |
$925 |
|
Preschooler Classroom |
$775 |
|
Home-Based Family Child Care |
$1,049 |
Taxes
Highest Marginal Tax Rate in Montana: 5.9%
In Montana, like most states, residents are required to pay a state income tax. Montana has a graduated rate, which means the rate is determined by income. Residents may pay as little as 0% or as much as 5.9%, according to the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2025.
Want to stick to the Rocky Mountain region but don’t want to be stuck with a state income tax? Wyoming doesn’t charge any state income tax at all. But note that Wyoming does have a state sales tax, which Montana does not.
Miscellaneous Costs
While essential expenses like your rent or mortgage, groceries, and utilities will take top priority in your budget, leave some room for fun. So what can you get up to in Montana?
The Bureau of Economic Analysis estimates personal expenditures at $30,069 per person, per year. These popular activities can give you an idea of how much fun costs in Montana (costs are accurate as of March 2025):
• Check out the can’t-miss views in Glacier National Park: $25 (winter) to $35 per private vehicle for a seven-day permit. For $2, purchase a Going-to-the-Sun Road timed-entry vehicle pass, which is needed for park entry between 7am and 3pm from mid-June to mid-September.
• Snack on a fresh huckleberry pastry in Polebridge: A mile’s drive down a dirt road outside Glacier is the tiny town of Polebridge, known for its 111-year-old general purpose store and its in-house bakery. Grab a famous delicacy, the huckleberry bear claw, for $6.75.
• Hit the slopes all season long at Big Sky Resort: $1,380 – $3,200 (price varies by age and pass privileges) for a Blue, Black, Double Black, or Gold Season Pass, which gives unlimited access to the slopes all season.
• Soak in a thermal pool at Chico Hot Springs: Open since 1900, this hotel north of Yellowstone National Park features a historic dining room and two outdoor hot spring pools for relaxing. Guests soak for free, and visitors can grab a day pass for the pools for $14 (adults) or $8 (for kids 6 and younger, and seniors 65+).
How Much Money Do You Need to Live Comfortably in Montana?
The idea of living “comfortably” is highly subjective and depends greatly on your needs, family size, and lifestyle choices.
That said, Montana does not appear to be one of the more affordable states to live in, and ranks 14th in U.S. News & World Report’s Affordability Rankings. The rankings compare the average cost of living in each state with the average amount of money most households have.
As noted, MERIC views Montana as a bit rougher on the wallet, ranking it the 22nd most affordable state.
What City Has the Lowest Cost of Living in Montana?
The Council for Community and Economic Research’s Cost of Living Index for 2024 gave detailed information on two of Montana’s cities and metro areas to dig deeper into their cost of living.
Great Falls
Great Falls snagged the most affordable spot with a cost-of-living index of 99.3. If you’re a fan of the great outdoors, you’ll appreciate being a stone’s throw from the Missouri River, which provides opportunities for rafting and kayaking. The area appealed to explorers Lewis and Clark so much that they wrote extensively about the 18-mile stretch in their journals, and the shores boast a historic interpretive center. This is hardly a sleepy burg: It’s full of arts and culture and home to Malmstrom Air Force Base, which includes one of three U.S. Missile Wings.
Billings
The most populous city in the Treasure State, Billings sits at the junction of I-90 and I-94 in south central Montana. Framed to the north by prehistoric sandstone cliffs known as The Rims, and the Yellowstone River along the south, the city tallied 121,000 residents per census data. It boasts a walkable Billings Brew Trail loop in its historic downtown, multiple art and history museums, and easy access to nearby trails in the Beartooth Mountains and Yellowstone National Park.
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The Montana cost of living is north of the U.S. middle, but the state’s untamed and natural spirit is alluring to many. If you’re ready to saddle up and head to Montana, it may be time to start house hunting.
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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.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.
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Credit Card Balance Transfer Calculator
Credit Card Balance Transfer Calculator
By SoFi Editors | October 10, 2025
A credit card balance transfer can be a smart financial move. It can allow you to take a credit card balance from a card with a high interest rate and move it to one with a lower rate. Some cards also allow you to have an introductory period where you will have a 0% APR for a period of time. That can provide you with time to pay down your balance without any additional interest accruing.
Using a credit card balance transfer calculator can help you to determine if a balance transfer makes sense for you and which offer is best.
Key Points
• A balance transfer calculator estimates savings and the financial impact of moving your credit card balance to a new card with a 0% introductory rate.
• Potential savings depend on balance, interest rates, and fees.
• Benefits can include better financial management and credit score improvement.
• It’s wise to aim to pay off the balance before the introductory period ends.
• Compare offers from various lenders to find the best deal, paying attention to fees, the length of the introductory period, and the subsequent interest rate.
Calculator Definitions
Here are some terms to know before using the credit card balance transfer calculator:
• Current balance: The current amount owed on your credit card.
• Interest rate: The interest percentage charged by your current credit card. You may see this called the Annual Percentage Rate or APR. On a balance transfer card, this is often 0% for the introductory period.
• Balance transfer fee: The fee charged to do a balance transfer to a new credit card. You may find that 3% to 5% of the balance being moved is a common balance transfer fee on many cards.
• Introductory period: The number of months where you will have a 0% introductory APR.
• Amount saved: The amount of money you will save on this balance transfer, given the inputs provided.
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How to Use the Credit Card Balance Transfer Calculator
Our credit card balance transfer calculator helps you determine how much you can save with a credit card balance transfer.
Step 1: Enter Your Current Balance
In this step, you’ll type in your current balance, which can be found by checking for the amount on your credit card’s website or in the app. Or if you get paper statements, look there, taking into account any recent purchases or payments.
Step 2: Add Your Interest Rate
Using the same sources noted above, find and enter your interest rate.
Step 3: Type in Your Balance Transfer Fee
As noted above, this is often a fee of 3% or 5% of the amount being transferred. Check your offer to find the exact amount.
Step 4: Input the Introductory Period Length
Introductory periods, or the length of time when you pay no interest, can vary. Eighteen to 21 months tend to be at the longer end of the range. You’ll add that number to the credit card balance transfer calculator.
Step 5: See How Much You Can Save
The calculator will now provide an estimate of how much money you could potentially save with a balance transfer. It factors in the transfer fee to show your net savings. If you are working on lowering your credit card utilization, a balance transfer may be an attractive option. It can provide a period of time in which interest doesn’t accrue, so you can focus on paying down the amount you owe.
Benefits of Using a Credit Card Balance Transfer Calculator
A credit card balance transfer calculator can be useful since it gives you an idea of how lucrative a balance transfer could be for your specific situation. While you might not want to go through the hassle of a balance transfer (especially if it means having to open a new credit card) for $50 savings, you might be more willing to endure a little bit of hassle for $500 or $1,000 in savings, for example.
If you do opt for a balance transfer, it can help you build credit by lowering your overall balance or helping you to pay down debt faster.
If you are using a credit card balance transfer to positively impact your credit score, know that it will likely take several monthly cycles of on-time payments to see a benefit. It may take a bit of patience as you monitor your credit score.
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How to Use Credit Card Balance Transfer Calculator Data to Your Advantage
Using a credit card balance transfer calculator can help you decide whether a balance transfer makes sense for you. There are only a few simple inputs to the calculator, including the total balance you’re thinking of transferring and your current interest rate.
Having a large credit card balance can affect your credit score, so it can make sense to try to lower your credit card balance. Once you enter the relevant information into the calculator, it will give you an approximate idea of how much money you could save with a balance transfer. You can also try different inputs or scenarios to see how those could change your outlook.
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What Is a Credit Card Balance Transfer?
A credit card balance transfer involves taking the balance on one credit card and transferring it to another credit card. Typically, a credit card that has a balance transfer promotion will offer an introductory period (such as 12 or 18 months) where you have an introductory 0% APR. Many balance transfer credit cards also charge a balance transfer fee (often 3% to 5% of the amount transferred). A balance transfer calculator can help you take all of these variables and decide how much money a balance transfer might save you.
Types of Credit Cards with Balance Transfers
There are many different kinds of credit cards that offer balance transfers. As you compare credit cards, you may want to look for ones that offer a 0% introductory balance transfer period and try to find as long a period as possible. Make sure to read the fine print for such details as how much the balance transfer fee is, what happens if you don’t pay off your balance by the end of the introductory period, and what interest rate you will be charged once the no-interest period is over.
Examples of Credit Card Balance Transfer Scenarios
Here are a few examples of credit card balance transfer scenarios:
Example 1:
• Current balance: $5,000
• Interest rate: 18%
• Balance transfer fee: 3% ($150)
• Introductory period: 12 months
Amount saved (after deducting transfer fee): $351
Example 2:
• Current balance: $12,000
• Interest rate: 24%
• Balance transfer fee: 3% ($360)
• Introductory period: 18 months
Amount saved (after deducting transfer fee): $2,048
Credit Card Balance Transfer Tips
One of the biggest credit card balance transfer tips is to make sure that you have a plan in place to fully pay down your balance before the end of the introductory period. That way, you can take advantage of the no-interest period and offset any fees you’ve paid. You can use a spending app to help you stick to a budget and live within your means.
Another balance transfer tip is to compare offers from different balance transfer credit cards. Different cards might offer different introductory 0% APR periods or have different balance transfer fees, rewards, and benefits. In addition, the interest rate they charge once the introductory period ends will vary. Comparing the details of different balance transfer credit cards can help you decide the right one for you.
The Takeaway
A credit card balance transfer can make financial sense but only in certain situations. Using this credit card balance transfer calculator can help you decide if this kind of transfer is right for you and, if so, which offer is best for your situation. Simply enter your credit card balance, interest rate, balance transfer introductory period, and balance transfer fee amount, and the calculator will give you an idea of how much a balance transfer could save you. Beyond interest savings, a credit card balance transfer can help you build credit.
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FAQ
How does a balance transfer calculator show my potential savings?
A balance transfer calculator can take your information (credit card balance, interest rate, balance transfer fee, and length of your introductory 0% APR period) and give an estimate of how much a balance transfer could save you. It saves you the effort of doing the math, and it allows you to quickly and easily compare offers.
What is a balance transfer fee, and how is it factored into the calculation?
Many balance transfer credit cards charge a balance transfer fee. This balance transfer fee can vary from card to card, but is often around 3% to 5% of the total balance being transferred. The balance transfer fee is added to your total balance, and reduces the overall amount you save. The balance transfer calculator takes the amount of the balance transfer fee into account when estimating your potential savings.
Does the calculator account for the interest rate on my existing credit card?
Yes, this balance transfer calculator accounts for a number of different factors, including the interest rate on your existing credit card. You can use different values for the inputs on the credit card balance transfer calculator to see how they affect your savings estimate.
Is the estimated payoff date from the calculator a guaranteed date?
No, this credit card balance transfer calculator does not provide a guaranteed savings amount. Instead, the actual amount that you save and the date that you pay off your existing credit card balance will depend on a number of different factors, including how much money you put toward your balance each month.
How does a balance transfer affect my credit utilization ratio and my credit score?
A balance transfer itself will not likely have a huge impact on your credit utilization ratio or credit score. This is because at the start, when you make the balance transfer, you still have the same amount of total debt. However, a balance transfer may make it easier to pay down your debts and lower your total utilization ratio, since you will not be charged interest during the introductory period. If this is the case, you should be able to lower your credit utilization and build your score over time.
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
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.
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Free Appleton, WI Mortgage Loan Calculator
Appleton Mortgage Calculator
By SoFi Editors | Updated October 8, 2025
When you’re considering purchasing a home in Appleton, Wisconsin, understanding your potential mortgage payments is a big first step. An Appleton mortgage calculator can provide clarity on what your monthly expenses might look like and assist you in making informed decisions about your down payment, loan term, and more. This article will guide you through using a mortgage calculator and help you get the most out of this tool.
Key Points
• Using a mortgage calculator involves inputting your estimated purchase price, down payment, interest rate, loan term, and property tax rate.
• A loan term is typically 10 to 30 years and helps govern overall costs.
• First-time homebuyer programs can help buyers afford a down payment or closing costs.
• A mortgage calculator can help you determine what home price, down payment, and interest rate you can afford.
• There are ways to lower your monthly mortgage costs even after you make your home purchase.
Appleton Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price that you have agreed upon with the home seller. This is a key figure when it comes to determining your home loan amount.
• Down payment: The down payment is the amount you pay upfront. Buyers typically put down between 3% and 20%. A down payment calculator can show you how much you would need to put down to reach 20%, which would likely eliminate the need to pay for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the loan. Common terms are 15 and 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the total loan amount. Interest rates vary based on factors such as your credit score and the type of mortgage loan you choose.
• Annual property tax: The property tax in the municipality where a home is located plays a role in determining your total monthly housing payment.
• Monthly payment: The monthly payment represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property tax. This calculator does not include home insurance, private mortgage insurance, or homeowners association (HOA) fees.
• Total interest paid: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the Appleton Mortgage Calculator
Step 1: Enter Your Home Price
Type the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget. If you need a jumbo loan, you may need to put down at least 10%.
Step 3: Choose a Loan Term
Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the home’s property tax rate. The average effective property tax rate for Outagamie County, Wisconsin, is 1.55%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and repayment term. Use this tool to compare costs, like how the interest rate affects your monthly payments. Check out different loan terms to see their impact on expenses and total interest.
An Appleton mortgage calculator is particularly helpful if you’re buying your first home, as it allows you to play with different scenarios (raising and lowering the down payment amount, for example).
Deciding How Much House You Can Afford in Appleton
In Appleton, the median home sale price in mid-2025 was $308,000 — much more affordable than the national median of around $443,000, according to Redfin.
Lenders suggest a mortgage payment shouldn’t exceed 28% of your gross monthly income. You’d need to earn an annual income of about $69,000 if you were looking to afford a total monthly payment of $1,610 on a $300,000 home. That payment amount assumes a 20% down payment ($60,000), an interest rate of 7.00% on a 30-year mortgage, and an average effective property tax rate for Outagamie County of 1.55%.
Lenders also recommend total debt payments stay under 36% of gross monthly income; other debts shouldn’t exceed $460 monthly in this case. If you want to factor in other debts, such as a car loan or student loan for example, you can use a home affordability calculator.
A more reliable method to help you determine affordability is to go through the mortgage preapproval process with a lender, where you provide detailed financial information. The lender will let you know whether you qualify for a loan and, if so, in what amount and under what terms.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). Your monthly payment might also include property tax, which is based on your home’s assessed value. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
Homebuyers who are considering purchasing with the help of a Federal Housing Administration (FHA) loan will have an upfront and ongoing mortgage insurance premium to pay. These loans are still very affordable and are popular with first-time buyers. If you are considering an FHA loan, use an FHA mortgage calculator.
Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.
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The Cost of Living in Appleton
Appleton has a relatively low cost of living, being 10% less expensive than the national average and 2% less expensive to live in than the average city in Wisconsin, according to the Economic Research Institute (ERI).
The cost of living typically reflects how far your dollar goes when purchasing a home, paying for utilities, transportation, health care and other necessities. Wisconsin’s 2024 cost of living index (COLI) was 97.7, according to the Council for Community and Economic Research, making the state slightly more expensive than nearby Minnesota (94.6) and Michigan (90.1).
This chart highlights the cost of living for some major cities in Wisconsin:
| Wisconsin Cities’ Cost-of-Living Stats | |
|---|---|
| Eau Claire | 98.8 |
| Fond du Lac | 90.3 |
| Green Bay | 90.5 |
| Madison | 104.7 |
| Milwaukee-Waukesha | 100.5 |
Source: Council for Community and Economic Research’s Cost of Living Index.
While Appleton did not rank on the best affordable places in the U.S., Brookfield, La Crosse, and Waukesha all landed on Wisconsin’s best affordable cities.
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Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
As you explore your monthly bills, you may wonder how you can reduce your mortgage payment. Here are some ways borrowers can lower their payments:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• Review your property taxes regularly. If you think your property taxes are too high, the City of Appleton Assessor’s Office can inform you about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
Appleton’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Appleton, there are down payment assistance programs available to help you cover the initial costs. To qualify, you must not have owned a primary residence within the past three years.
You can pursue different types of mortgage loans and financial assistance programs as a first time homebuyer in Wisconsin. For example, the Wisconsin Housing and Economic Development Authority offers the Advantage Conventional Loan. The property you’re buying must be your primary residence for the life of the loan, and the borrower must have a credit score of at least 620 and meet income limits.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
Using an Appleton mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand the impact of different down payment amounts, and compare various loan terms and interest rates. This tool can help provide a clearer picture of your financial obligations and lead you to making informed decisions about your home loan, especially if you are a first-time homebuyer.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much should I put down on a mortgage?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t pinching your finances to the bone. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home. And repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill. Look at the entire financial picture to determine if that makes sense for you.
Should I choose a 30-year or 15-year mortgage term?
A 30-year mortgage offers lower monthly payments, but you will pay more interest over time. A 15-year mortgage has higher monthly payments but saves on interest. Consider your financial goals and budget, and choose the shortest term that you feel you can comfortably afford.
How can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work to cultivate a strong credit score (aim for 700 or more, which is well over the 620 score you’ll need to qualify for a home loan). Go through the online prequalification process with multiple lenders to see how low a rate you might be able to obtain. A higher down payment may help, too, if you can afford to make one. If you already own a home, you can explore a mortgage refinance and compare the costs of your old loan versus a new one (plus closing costs) at a new, lower rate.
How much is the payment on a $300,000, 30-year mortgage?
The cost of a $300,000 mortgage with a 30-year term will depend on your interest rate and down payment. For instance, at an interest rate of 6.00%, and a down payment of 20% ($60,000), your monthly payment would be $1,439. 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.
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Free Phoenix, AZ Home Mortgage Loan Calculator
Phoenix Mortgage Calculator
By SoFi Editors | Updated October 8, 2025
Considering a home in Phoenix? Our mortgage calculator helps you estimate monthly payments, total costs, and how factors like down payments and interest rates affect your purchase.
Key Takeaways
• A Phoenix mortgage calculator provides estimates for monthly payments, total costs, and the impact of down payments and interest rates.
• Your total monthly mortgage payment typically includes principal, interest, and property taxes, with potential additional costs like homeowners insurance, private mortgage insurance (PMI), and HOA fees.
• A higher credit score can lead to a lower mortgage interest rate, which in turn reduces your monthly payments and the overall loan cost.
• Loan terms, usually 15 or 30 years, influence both monthly payments and total interest paid. Shorter terms mean higher monthly payments but less interest over time.
• Exploring down payment assistance programs can significantly ease your initial financial burden.
Phoenix Mortgage Calculator
Calculator Definitions
• Home price: This is the agreed-upon purchase price with the seller, which might differ from the listing price or your initial offer. Accurate input is essential for an accurate home loan payment estimate.
• Down payment: The upfront amount paid by the homebuyer, usually a percentage of the total purchase price (commonly between 3% and 20%). A larger down payment can lower your loan amount and potentially your interest rate, while a smaller down payment may be more accessible for first-time buyers.
• Loan term: The duration for repaying the mortgage. A 15-year term results in higher monthly payments but significantly less total interest. A 30-year term offers lower monthly payments, often making it more manageable.
• Interest rate: The cost of borrowing, expressed as a percentage of the home loan. A lower interest rate considerably reduces monthly payments and the overall loan cost.
• Annual property tax: A significant part of your monthly mortgage payment. Phoenix typically has lower property taxes than many other cities, but they still affect your budget.
• Total monthly payment: Our calculator’s total monthly payment includes principal, interest, and property taxes. It might also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The cumulative interest paid over the life of the home loan. This amount can be substantial, especially for longer terms. To reduce it, consider strategies like lump-sum payments, refinancing to a lower rate, or choosing a shorter loan term.
• Total loan cost: The complete amount you’ll repay for the home loan, encompassing both the principal and total interest paid. This cost varies based on loan term, interest rate, and down payment. Shorter loan terms generally lead to a lower total loan cost despite higher monthly payments.
How to Use the Phoenix Mortgage Calculator
To effectively use the Phoenix mortgage calculator, input the home price, down payment percentage, loan term, and interest rate. The calculator will then estimate your monthly payment, total interest paid, and the total loan cost. Here’s a step-by-step guide to calculating your total monthly payment:
Step 1: Enter Your Home Price
Input the property’s purchase price. This is the amount you intend to pay for the home, not your loan amount.
Step 2: Select a Down Payment Amount
Enter the down payment you plan to make. A higher down payment leads to lower monthly payments. A down payment calculator can assist in this decision.
Step 3: Choose a Loan Term
Select the repayment period for your home loan. Most consumers opt for a 30-year or a 15-year term. A 15-year term means higher monthly payments but less interest paid overall, while a 30-year term offers lower monthly payments but higher total interest over the loan’s life.
Step 4: Enter an Interest Rate
Input your desired interest rate, down to the second or third decimal point. This directly impacts your monthly payment and total loan cost. For large loan amounts (over $800K), research rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Enter the annual property tax rate percentage. Arizona’s average effective rate is 0.44%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps estimate monthly payments based on loan amount, interest rate, down payment, and loan term. This aids in cost comparisons, like assessing interest rate and down payment impacts. Comparing loan terms reveals how duration affects expenses and total interest paid over the life of the loan.
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.
Recommended: Best Places to Live in Arizona
Deciding How Much House You Can Afford in Phoenix
In Phoenix, the median home sale price was $445,000 in August 2025. Lenders suggest that housing costs (mortgage, taxes, insurance, HOA) should not exceed 28% of your gross monthly income. To afford a $445,000 home with a 20% down payment ($89,000), you would need an annual income of around $102,000, assuming a 30-year mortgage at 7.00%, with payments near $2,400.
Using a home affordability calculator can help you estimate what you can afford. A home affordability calculator estimates your home-buying power based on your income, expenses, down payment, and current mortgage rates.
It can also 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, interest, and property tax. The mortgage principal is the borrowed amount, and interest is the cost of borrowing. Property tax, which can vary by location, is typically a percentage of the home’s assessed value. In Phoenix, the property tax rate is around 0.44%. Your monthly payment may also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
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.
The Cost of Living in Phoenix
Phoenix’s cost of living is 7% higher than the national average. In all major expense categories, Phoenix is above average, with housing being 15% higher than the national average. Health care is the only expense that falls below the national average.
The city has a cost of living index of 106.3 (the average cost of living in the U.S. is 100 on this scale). Here’s how Phoenix compares to the national average in other areas:
| Phoenix Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 106.3 |
| Groceries | 102.7 |
| Housing | 115.6 |
| Utilities | 106.8 |
| Transportation | 105.2 |
| Health Care | 91.9 |
| Miscellaneous Goods/Services | 102.3 |
Recommended: Average Monthly Expenses for One Person
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Phoenix’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Phoenix, there are several down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both. To qualify, you typically must not have owned a primary residence within the past three years.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
If you’re looking to lower your monthly mortgage payment, here are some effective tips to help you save money and manage your home loan more efficiently:
• Drop private mortgage insurance (PMI). If your down payment was less than 20%, you need to reach 20% equity in your home in order to get rid of private mortgage insurance. You can do this through regular payments or home appreciation.
• Consider mortgage recasting. If you receive a bonus or other windfall, making extra payments toward your mortgage principal can lead to a new, smaller balance, which translates to lower monthly payments.
• Appeal your property taxes. If you believe the assessment is too high or inaccurate, you can appeal your property taxes. This process involves formally challenging the annual city property tax assessment to potentially lower your overall tax bill.
• Modify your loan if you are facing financial hardship. Your lender may agree to extend the term of your loan, which can lower your monthly payments and provide some breathing room.
• Refinance your mortgage. If you’ve built your credit score or rates have improved since you purchased your home, consider refinancing your mortgage. A lower interest rate can significantly decrease your monthly payments.
• Shop for a lower homeowners insurance rate. You can potentially lower your premium by increasing your deductible amount, bundling your homeowners insurance policy with your auto insurance policy, or making certain upgrades that enhance your home’s security features or storm resistance.
The Takeaway
Using a Phoenix mortgage calculator can help you determine what your monthly mortgage payment will look like based on down payment, interest rate, and loan term. Whether you’re a first-time homebuyer navigating the market or a seasoned homeowner considering refinancing, this calculator helps you fully understand the true cost of homeownership.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much is the average mortgage in Phoenix?
The average monthly payment in Phoenix was $3,000 in early 2025. However, monthly payments vary based on several factors such as the home price, the size of the down payment, and prevailing interest rates.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate on a mortgage loan. A higher credit score can secure a lower interest rate, reducing your monthly payments and the total cost of the loan. Conversely, a lower credit score may result in a higher interest rate, making the mortgage more expensive.
How much should I put down on a mortgage?
The amount you should put down on a mortgage depends on your financial situation and the type of loan you choose. A down payment calculator can help you estimate the ideal down payment based on your income, debts, and the home’s price. A higher down payment can reduce your monthly payments and the total interest you pay, while a lower down payment may be more feasible for first-time buyers.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, focus on building your credit score. A higher credit score can secure a better interest rate, reducing your monthly payments and the total cost of the loan. Additionally, shop around for lenders to find the best rates, and consider refinancing if market conditions are favorable. Making a larger down payment can also lower your interest rate by reducing the loan-to-value ratio.
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-Q325-163
Get prequalified in minutes for a SoFi Home Loan.
Free Boston, MA Mortgage Loan Calculator
Boston Mortgage Calculator
By SoFi Editors | Updated October 8, 2025
When you’re considering purchasing a home in Boston, Massachusetts, understanding your potential mortgage payments is a big first step. A Boston mortgage calculator can provide clarity on what your monthly expenses might look like and assist you in making informed decisions about your down payment, loan term, and more. This article will guide you through using a Boston mortgage calculator and help you get the most out of this tool.
Key Points
• Using a mortgage calculator involves inputting your estimated purchase price, down payment, interest rate, loan term, and property tax rate.
• A loan term is typically 10 to 30 years and helps govern overall costs.
• First-time homebuyer programs can help buyers afford a down payment or closing costs.
• A mortgage calculator can help you determine what home price, down payment, and interest rate you can afford.
• There are ways to lower your monthly mortgage costs even after you make your home purchase.
Boston Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price that you have agreed upon with the home seller. This is a key figure when it comes to determining your home loan amount.
• Down payment: The down payment is the amount you pay upfront. Buyers typically put down between 3% and 20%. A down payment calculator can show you how much you would need to put down to reach 20%, which would likely eliminate the need to pay for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the loan. Common terms are 15 and 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the total loan amount. Interest rates vary based on factors such as your credit score and the type of mortgage loan you choose.
• Annual property tax: The property tax in the municipality where a home is located plays a role in determining your total monthly housing payment.
• Monthly payment: The monthly payment represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property tax. This calculator does not include home insurance, private mortgage insurance, or homeowners association (HOA) fees.
• Total interest paid: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the Boston Mortgage Calculator
Step 1: Enter Your Home Price
Type the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget.
Step 3: Choose a Loan Term
Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the home’s property tax rate as a percentage. The average effective property tax rate in Suffolk County, Massachusetts, is 0.67%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and repayment term. Use this tool to compare costs, like how the interest rate affects your monthly payments. Check out different loan terms to see their impact on expenses and total interest.
A Boston mortgage calculator is particularly helpful if you’re buying your first home, as it allows you to play with different scenarios (raising and lowering the down payment amount, for example).
Deciding How Much House You Can Afford in Boston
With the median home sale price in late 2025 $850,000, Boston is considered one of most expensive cities in the U.S. The national median home sale price in mid-2025 was around $443,000, according to Redfin.
Lenders suggest a mortgage payment shouldn’t exceed 28% of your gross monthly income. You’d need to earn an annual income of about $195,000 if you were looking to afford a $850,000 home with a $4,530 monthly payment — that factors in a 20% down payment ($170,000), an interest rate of 7.00%, a 30-year mortgage, and a property tax rate of 0.67%.
Because lenders typically recommend total debt payments stay under 36% of your gross monthly income, your other monthly debts shouldn’t exceed about $1,300 in this case. If you want to factor in other debts, such as a car loan or student loan for example, you can use a home affordability calculator.
A more reliable method to help you determine affordability is to go through the mortgage preapproval process with a lender, where you provide detailed financial information. The lender will let you know whether you qualify for a loan and, if so, in what amount and under what terms. For example if you need a jumbo loan, you may need to put down at least 10%.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). Your monthly payment might also include property tax, which is based on your home’s assessed value. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
Homebuyers who are considering purchasing with the help of a Federal Housing Administration (FHA) loan will have an upfront and ongoing mortgage insurance premium to pay. These loans are still very affordable and are popular with first-time buyers. If you are considering an FHA loan, use an FHA mortgage calculator.
Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.
Recommended: Average Monthly Expenses for One Person
The Cost of Living in Boston
Boston is one of the most expensive cities to live in the country. Because its cost of living is much higher than the national average, you will see that your dollar doesn’t go as far when it comes to average home prices, utilities, home maintenance, transportation, and other necessities.
In fact, Massachusetts ranks among the highest priced states to live, according to the Council for Community and Economic Research’s Cost of Living Index (COLI), which assigns COLI numbers higher than 100 to places that are more expensive than the national average, and a COLI below 100 to those less expensive. Massachusetts’s 2024 COLI was 141.2, and Boston’s was 145.9.
While Boston is among the most expensive cities, it’s still more affordable than places like San Francisco (166.8) and New York City (the borough of Manhattan had a 2024 COLI of 233.6).
This chart highlights cost of living numbers for major expenses in Boston:
| Boston, MA Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 145.9 |
| Groceries | 104.4 |
| Housing | 218.8 |
| Utilities | 150.0 |
| Transportation | 109.5 |
| Health Care | 125.7 |
| Miscellaneous Goods/Services | 115.3 |
*Source: Council for Community and Economic Research’s Cost of Living Index.*
Although Boston is a very popular destination for its culture and beauty, its high cost of living kept it off the best affordable places in the U.S. list.
Recommended: The Cost of Living in the U.S.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
If you are a homebuyer in Boston, you are probably looking to reduce your mortgage payment so you can allocate funds to other expenses or continue to build an emergency fund. Here are some things you can do to lower your monthly mortgage payment:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments.
• Review your property taxes regularly. If you think your property taxes are too high, the Boston City Assessing Department can inform you about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
Boston’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Boston, there are down payment assistance programs available to help you cover the initial costs. To qualify, you must not have owned a primary residence within the past three years. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible.
The Bay State offers a variety of programs as a first-time buyer in Massachusetts. Each program has certain criteria related to income and purchase price limits. For example, My Mass Mortgage offers 30-year fixed interest rate loans to low- and moderate-income first-time buyers in Massachusetts.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
Using a Boston mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand the impact of different down payment amounts, and compare various loan terms and interest rates. This tool can provide a clearer picture of your financial obligations and help you make informed decisions about your home loan. Especially if you are a first-time homebuyer in Boston, the mortgage calculator can be a practical resource in planning your homeownership journey.
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 can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work to cultivate a strong credit score (aim for 700 or more, which is well over the 620 score you’ll need to qualify for a home loan). Go through the online prequalification process with multiple lenders to see how low a rate you might be able to obtain. A higher down payment may help, too, if you can afford to make one. If you already own a home, you can explore a mortgage refinance and compare the costs of your old loan versus a new one (plus closing costs) at a new, lower rate.
How much should I put down on a mortgage?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t pinching your finances to the bone. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home. And repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill. Look at the entire financial picture to determine if that makes sense for you.
Should I choose a 30-year or 15-year mortgage term?
A 30-year mortgage offers lower monthly payments, but you will pay more interest over time. A 15-year mortgage has higher monthly payments but saves on interest. Consider your financial
goals and budget, and choose the shortest term that you feel you can comfortably afford.
How much is the payment on a $850,000, 30-year mortgage?
The cost of a $850,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For example, at an interest rate of 6.00% and a down payment of 20% ($170,000), your monthly payment would be $4,077. 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.
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