Free Utah Home Mortgage Loan Calculator
Utah Mortgage Calculator
By SoFi Editors | Updated September 24, 2025
House hunting is a significant step forward in your financial life, and online tools like a mortgage calculator can make the process much easier. By inputting a few numbers, you can get an estimate of your monthly mortgage payment, helping you determine a comfortable budget. Learn how to take best advantage of a Utah home mortgage calculator here.
Key Points
• A mortgage calculator helps homebuyers understand how key factors such as down payment, loan term, and interest rate affect monthly payments.
• Down payments range from 3% to 20% of a home’s purchase price.
• Down payment assistance programs can reduce upfront costs.
• Mortgage preapproval also helps determine affordability.
• Explore different loan terms to find the best fit.
Utah Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the purchase price. Most buyers put down between 3% and 20%; a down payment below 20% usually results in an additional charge for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the mortgage, from 10 to 30 years. A long term offers lower monthly payments but results in more interest paid over the life of the loan. Consider your financial goals and budget when choosing the loan term.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the principal borrowed. Interest rates can vary based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Property tax is levied by local governments on land and buildings and expressed as a percentage of the property’s assessed value. Utah’s average effective property tax rate is .47%. For your rate, search for the ZIP code or county name and “effective property tax rate.”
• Monthly payment: The monthly payment includes principal and interest; this mortgage calculator also factors in property taxes. Some lenders also wrap home insurance and even homeowners association (HOA) fees into the monthly bill. And if you pay for PMI, it will be included as well.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This can be a significant portion of your overall mortgage cost, especially with a longer loan term.
• Total loan cost: The total loan cost represents the all-in amount you will ultimately repay for the home loan, including both the principal and the accumulated interest.
How to Use the Utah Mortgage Calculator
Step 1: Enter Your Home Price
Enter the purchase price into the calculator. This figure is an important one for an accurate estimate of your monthly mortgage payment and overall loan costs.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you plan to pay upfront. A larger down payment can reduce your monthly payments and eliminate the need for PMI.
Step 3: Choose a Loan Term
Select the duration of your mortgage, typically 15 or 30 years. This choice impacts your monthly payments and total interest paid.
Step 4: Enter an Interest Rate
Input your expected interest rate to the second or third decimal point. A lower rate can significantly decrease your mortgage costs.
Step 5: Add Your Property Tax
Enter the property tax percentage. Use the average for Utah (.48%), or look up your specific number by searching the ZIP code or county name and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a powerful tool for prospective homebuyers, helping you assess how much house you can afford before you start house hunting, or aiding you in fine-tuning your decision about down payment and loan term once you’ve found a property you love. By inputting the home price, down payment amount, interest rate, loan term, and property tax rate, you can estimate your monthly payments and understand how different factors, such as a higher down payment or a longer loan term, impact your budget. Running different calculations can be especially helpful if you are buying your first home and haven’t been down this path before.
Recommended: Do You Qualify as a First-Time Homebuyer?
Deciding How Much House You Can Afford
In mid-2025, Utah’s median home sale price was $576,300. Lenders advise keeping mortgage payments below 28% of gross monthly income. To achieve this when buying a $576,300 home, you would need an annual income of around $155,000. This assumes you put down 20% ($115,260) and have a 30-year, 7.00% mortgage. The monthly payment would be $3,067. If you have other significant debts besides a mortgage, you would need to earn more. Using a mortgage calculator can help you determine whether the monthly payment on a home fits in your budget.
You can also work backward from your income, using a home affordability calculator to compute how much house you can afford. That calculator takes into consideration other debts you may have, such as a car payment or student loan payment.
Another way to zero in on your budget is to go through the mortgage preapproval process with a lender. You’ll provide detailed financial information and the lender will tell you if you qualify for a mortgage and, if so, how much and on what terms you might borrow.
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. Additionally, your monthly payment may include property tax, which is often escrowed and paid as part of your mortgage. This Utah home mortgage calculator includes taxes. If your down payment is less than 20%, you may also have to pay for private mortgage insurance (PMI). Other potential costs include home insurance and homeowners association (HOA) fees.
If you’re thinking about a home loan guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator is helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Utah
The cost of living in Utah can significantly impact your ability to afford a home in the area. On average, Utah’s cost is slightly above the cost of living in the U.S. as a whole, weighing in at 102.1 on a scale where the U.S. average equals 100.
There are places in Utah that will require a jumbo loan, but the state is also home to some of the best affordable places in the U.S., including Kaysville (a suburb of Salt Lake City), Orem, and Spanish Fork. The chart shows the cost-of-living index in major cities.
| Utah Cities’ Cost-of-Living Stats | |
|---|---|
| Ogden | 100.4 |
| Provo-Orem | 102.5 |
| Salt Lake City | 109.0 |
| St. George | 107.5 |
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Once you purchase a home, your mortgage payment could still change. Here are some ways borrowers can lower their payments.
• Drop PMI once you have reached 20% equity.
• Recast your mortgage by making a lump sum payment toward the principal and asking the lender to recompute your payments.
• Appeal property taxes for potential savings. Use caution if you have made improvements to your property, as your assessment might be higher.
• Undertake a mortgage refinance.
• If you have financial hardship, you can request that your lender modify your loan.
• Shop for cheaper homeowners insurance by raising your deductible or bundling policies.
Utah First-Time Homebuyer Assistance Programs
If you’re buying your first home, down payment assistance programs may help you cover initial costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years.
Utah first-time homebuyer programs are relatively abundant, and the state also boasts special programs in specific cities as well as a state-sponsored grant for Utah service members or veterans. These programs often have specific eligibility criteria, so it’s important to research and apply early to maximize your chances of receiving support.
Recommended: Average Monthly Expenses for One Person
The Takeaway
Our Utah mortgage calculator is a powerful tool for anyone considering a home loan. It helps you estimate monthly payments, and shows you how the down payment, interest rate, term, and property taxes will affect your monthly budget. By understanding these components, you can make informed decisions and find the best mortgage options for your budget and financial goals.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much should I put down on a mortgage?
The down payment typically ranges from 3% to 20% of the home’s purchase price. A 20% down payment can help you avoid PMI, or private mortgage insurance. But it can be a stretch for many homebuyers, especially those purchasing for the first time. Make the down payment you can afford without jeopardizing your ability to pay other bills.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term offers lower monthly payments and is the most popular choice, while a 15-year term saves on interest. If you can afford to make the monthly payments on a 15-year loan without compromising your overall budget, do so.
How can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work to improve your credit score. Go through the online prequalification process with multiple lenders to see how low a rate you might be able to obtain, then look carefully at the difference between the offers, factoring in closing costs as well as interest. A higher down payment may also help, if you can make one.
How much income do you need for a $400,000 mortgage?
You’ll need to earn around $130,000 a year to qualify for a $400,000 mortgage, assuming it’s a 30-year loan at an interest rate of 7.00%, and you aren’t burdened by other significant debts. One general rule of thumb is that your home price shouldn’t be more than three times your gross income, assuming you don’t have other significant debts.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
SOHL-Q325-116
Get prequalified in minutes for a SoFi Home Loan.
Free Texas Home Mortgage Loan Calculator
Texas Mortgage Calculator
By SoFi Editors | Updated September 24, 2025
House hunting can be stressful, but online tools can simplify the process of setting a house budget and deciding on the terms of a home loan. Our Texas mortgage calculator can provide a quick overview of your potential monthly payments and the total interest you’ll pay over the life of your loan. You simply type in a few key numbers: the home price, down payment amount, loan term, interest rate, and property tax rate. The mortgage calculator allows you to try out different scenarios to find the cost and mortgage terms that best suit your budget. Let’s get started.
Key Points
• A mortgage calculator helps homebuyers understand factors influencing the cost of a mortgage in Texas.
• Choose a loan term that aligns with your financial situation and goals.
• Estimating property taxes helps buyers avoid financial surprises.
• Factor in your income and other debts when considering whether you can afford a monthly payment.
• Explore down payment assistance programs if you are a first-time buyer or haven’t owned a primary residence in the past three years.
Texas Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Buyers typically put down between 3% and 20%; payments under 20% usually result in the need for private mortgage insurance (PMI).
• Loan term: The loan term is the time you have to repay the home loan, from 10 to 30 years. A 30-year term offers lower monthly payments but results in more interest paid overall. A shorter term helps you build equity faster and pay less interest, but has higher monthly payments.
• 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 borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Property tax is levied by local governments on both land and buildings. To find a property’s tax rate, search the ZIP code or county name and “effective tax rate” or use the Texas average of 1.36%.
• Monthly payment: The monthly payment is what you would pay toward the principal and interest each month. This Texas mortgage calculator includes property taxes in the monthly payment. Some lenders will also include home insurance and, if applicable, PMI and homeowners association (HOA) dues.
• Total interest paid: The total interest paid represents the total amount of interest you will pay over the life of the loan.
How to Use the Texas Mortgage Calculator
Step 1: Enter Your Home Price
Type in the agreed-upon home price accurately to ensure precise mortgage estimates.
Step 2: Select a Down Payment Amount
Choose the down payment percentage to see how it affects your monthly mortgage payments. If you’re unsure about how much cash you need to get to a certain percentage of the home price, use a down payment calculator.
Step 3: Choose a Loan Term
Select a term of between 10 and 30 years based on your financial goals and budget constraints.
Step 4: Enter an Interest Rate
Input your interest rate to the second or third decimal point for accurate estimates.
Step 5: Add Your Property Tax Rate
Enter the property tax rate as a percentage to estimate your total monthly payment.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate mortgage costs before you start searching for a home, or you can use it to zero in on your desired mortgage rate and terms once you’ve found the home of your dreams. It estimates monthly payments based on loan amount, interest rate, and loan term.
It may be especially helpful to you if you’re buying your first home and haven’t had a mortgage before. You can compare rates and terms to see how they affect payments. A home affordability calculator is another useful tool you can explore. It allows you to work backward from your income, taking your debts into consideration, to arrive at an ideal home budget.
Deciding How Much House You Can Afford
In Texas, the median home sale price in mid-2025 was $347,000. Lenders suggest a mortgage payment should be no more than 28% of gross monthly income. To afford a median-priced home following this guideline, you would need about $85,000 in annual income. This assumes a 20% down payment, a 30-year loan, and a 7.00% interest rate, and takes into account property tax and home insurance. The monthly payment would be $1,847.
If you have other debts, such as a car payment or a hefty credit card balance, you would likely need to earn more. A Texas mortgage calculator can help you understand what your monthly payments would be. You can compare that to your monthly income to see if your payment would be near 28% of your income.
Another way to be reassured that you can afford the payments on a given property and loan is to go through the mortgage preapproval process with a lender. You’ll provide detailed financial information, and the lender will determine whether you qualify for a mortgage and if so, how much you might borrow.
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. The principal is the borrowed amount, and the interest is the cost of borrowing. This mortgage calculator also factors in property taxes, which are determined by the local government as a percentage of your home’s value. Your monthly payment may also include private mortgage insurance (PMI) if your down payment is less than 20%. Lenders may also include home insurance and homeowners association (HOA) fees in the monthly bill.
Homes purchased with a loan backed by the Federal Housing Administration (FHA) will have both upfront and annual mortgage insurance premium costs, so if you’re exploring an FHA loan, use an FHA mortgage calculator. And if you are thinking about a U.S. Department of Veterans Affairs (VA) mortgage, there’s a custom VA mortgage calculator for you.
Recommended: Do You Qualify as a First-Time Homebuyer?
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Texas
The cost of living in Texas varies widely depending on the area, but as a whole, the state is fairly affordable. Its cost of living averages only 92.1% of the cost of living in the U.S. This number reflects costs for utilities, home maintenance, transportation, health care, food and other necessities.
Understanding the cost of living in your specific area can help you make a more realistic assessment of how much house you can afford and plan your budget accordingly. If you’re thinking of moving to Texas, check out Odessa, Amarillo, and Abilene, which are some of the best affordable places in the U.S. Here’s a look at how Texas cities stack up overall, according to data compiled by the Council for Community and Economic Research.
| Texas Cities’ Cost-of-Living Stats | |
|---|---|
| Abilene | 90.6 |
| Amarillo | 83.3 |
| Arlington | 95.7 |
| Austin | 97.4 |
| Beaumont | 91.8 |
| Conroe | 90.0 |
| Corpus Christi | 89.2 |
| Dallas | 101.8 |
| Denton | 99.2 |
| El Paso | 88.1 |
| Fort Worth | 96.1 |
| Harlingen | 82.1 |
| Houston | 94.2 |
| Longview | 93.9 |
| Lubbock | 90.4 |
| McAllen | 85.1 |
| Midland | 96.4 |
| Nacogdoches | 89.6 |
| Odessa | 93.0 |
| Plano | 110.0 |
| San Antonio | 91.2 |
| Temple | 90.0 |
| Tyler | 93.9 |
| Waco | 91.7 |
Texas is one of the more affordable places in the U.S., but some areas may still require a jumbo loan for higher-cost properties.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Once you own a home, you aren’t always stuck with your monthly payment amount for the duration of your loan. There are ways to reduce your payments. Check out these options:
• Request that your lender drop PMI as soon as you reach 20% equity.
• Recast your mortgage by making a lump-sum payment toward the principal and then asking the lender to recompute your payments.
• Undertake a mortgage refinance if the latest interest rates are noticeably lower than your current one. Make sure you consider closing costs when comparing your current loan with a new one.
• Appeal your property taxes. Use caution if you have made significant home improvements; sometimes asking for a reassessment can trigger higher taxes.
• If you are facing financial hardship, ask your lender for a loan modification.
• Extend your loan term. This will lower monthly payments, but you will pay more interest overall.
• Shop for cheaper homeowners insurance. Consider bundling home and auto policies. If you have put on a new roof or installed a home security system, ask your insurer about a lower rate.
Texas First-Time Homebuyer Assistance Programs
If you’re buying your first home, down payment assistance programs can help you cover the initial costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years.
Texas down payment assistance programs, many offered by the Texas Department of Housing and Community Affairs, can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. By exploring these assistance programs, you can reduce the financial burden of purchasing your first home.
Recommended: Average Monthly Expenses for One Person
The Takeaway
When considering a home purchase in Texas, a Texas mortgage calculator is an invaluable tool. The calculator can help you estimate monthly payments and understand the total interest cost of buying a home. Additionally, you can test different numbers in the calculator to see how down payment amount and loan term impact costs. Whether you’re a first-time homebuyer or a seasoned homeowner, understanding the financial aspects of homeownership is a key to long-term financial stability.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What is a mortgage payment?
A mortgage payment is typically a monthly payment and includes principal and interest. It often includes a charge for property taxes and homeowners insurance, too. If a borrower is required to have mortgage insurance, that may also be included. The principal reduces the outstanding loan balance, while interest is the cost of borrowing. Including property taxes and insurance in the monthly bill helps ensure that these expenses are covered throughout the loan term (and that the home remains insured).
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly impacts your mortgage interest rate. A higher score can lead a lender to offer its most attractive interest rate, reducing the total cost of your mortgage. A lower score may result in a higher interest rate and stricter lending conditions — if you are approved at all.
Should I choose a 30-year or 15-year mortgage term?
When choosing a mortgage term, consider that a 30-year term offers lower monthly payments but more interest over time, while a 15-year term has higher monthly payments but less interest paid overall. Assess your financial goals and budget when opting for a certain term.
How can I get a lower mortgage interest rate?
To qualify for a low mortgage interest rate, it will help to improve your credit score and to get quotes from a wide range of potential lenders. If you can afford it, consider making a larger down payment.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
SOHL-Q325-115
Get prequalified in minutes for a SoFi Home Loan.
Free Tennessee Home Mortgage Loan Calculator
Tennessee Mortgage Calculator
By SoFi Editors | Updated September 25, 2025
Your home is likely to be one of the most expensive purchases you’ll ever make, so the home-buying process can feel as stressful as it is exciting. Using this Tennessee mortgage loan calculator can make the experience easier and more efficient. With this free online tool, you can simply enter a few facts about a given loan and instantly see estimates of what you’d pay monthly and over the life of that loan, allowing you to understand the long-range implications of your choices. With this easy-to-access information, you’ll be better equipped to find the mortgage that will work best for you. Here’s how to get started.
Key Points
• Use the Tennessee mortgage loan calculator to quickly and easily estimate mortgage payments and total interest costs on different loans.
• You can generally lower your monthly mortgage payments by increasing your down payment amount or lengthening your loan term.
• Explore down payment assistance programs in Tennessee to see if they can help you reduce the upfront costs of buying a home.
• Your monthly mortgage payment includes principal and interest and in some cases homeowners insurance and property tax. If they’re applicable, private mortgage insurance (PMI) and/or homeowners association (HOA) fees might also be included.
• Lenders typically want homebuyers to spend no more than 28% of their gross monthly income on monthly mortgage payments.
Tennessee Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price you and the home seller have agreed upon after negotiating. It’s likely to differ from the original listing price and from your initial offer.
• Down payment: This is the lump sum that you’ll pay upfront for the property, generally expressed as a percentage of the home price. A larger down payment can potentially lead to more favorable loan offers and let you avoid private mortgage insurance (PMI). Down payment assistance programs for first-time homebuyers and others may help cover this cost.
• Loan term: This is the length of time you have to repay the mortgage, most often 15 or 30 years. A 30-year term offers lower monthly payments, while a 15-year term can save you money on total interest but costs more per month.
• Interest rate: This is the cost of borrowing money, expressed as a percentage of the loan amount. A higher interest rate can significantly increase your monthly payments and the total cost of your home loan, while a lower rate can potentially save you thousands over the life of the mortgage.
• Annual property tax: Property tax is levied by local governments on both land and the buildings situated on it and is generally expressed as a percentage of a property’s assessed value. To find the local tax rate where you’re buying a home, search online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: This is the amount you will pay your lender each month. The monthly payment shown by the Tennessee calculator includes what you would pay toward the principal and interest each month, with property tax factored in if you have entered a tax rate. Additional costs like homeowners insurance, PMI, and HOA fees may also be included by some lenders.
• Total interest paid: This is the amount you will pay in interest over the entire life of the loan. This figure is influenced by the interest rate, the loan term, and the principal amount.
• Total loan cost: This is the entire amount that you will repay for your home loan, including the principal and all the interest.
How to Use the Tennessee Mortgage Calculator
This free tool helps you estimate mortgage payments without affecting your credit score.
Step 1: Enter Your Home Price
Input the agreed-upon sales price of the property.
Step 2: Select a Down Payment Amount
Choose your lump-sum down payment. A down payment calculator can assist you.
Step 3: Choose a Loan Term
Select your loan repayment period, typically 15 or 30 years.
Step 4: Enter an Interest Rate
Specify the interest rate, even to the second or third decimal. For expensive properties, check jumbo loan rates.
Step 5: Add Your Annual Property Tax
Enter the annual property tax as a percentage (e.g., 0.49 for 0.49%).
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps determine home and loan affordability. The Tennessee mortgage calculator estimates monthly payments and total interest based on your input (loan amount, down payment, interest rate, term, and tax rate). You can adjust variables to see their impact on affordability, which is crucial for finding the best deal.
This calculator is designed for fixed-rate mortgages. For variable interest rate loans, it can still estimate costs, but results will be less precise due to rate fluctuations.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford
As of late 2025, the median home sales price in Tennessee is about $394,000. With a 20% down payment and a 30-year mortgage at 7.00% interest, the principal and interest payment would be roughly $2,100 monthly.
The 28/36 rule suggests spending no more than 28% of gross monthly income on mortgage payments and 36% on total debt. For the median home, this requires at least $90,000 annual income, leaving about $600 for other monthly debts. Remember to factor in property tax and homeowners insurance.
You can also use a home affordability calculator to get a detailed estimate that includes various fees, or go through the mortgage preapproval process to understand your loan capacity.
Components of a Mortgage Payment
Your monthly mortgage payment goes toward covering several costs. Primarily, it will be applied to your principal (the amount you borrowed) and interest. The payment could also include property tax and homeowners insurance expenses, depending on the terms of your loan. If you have less than 20% equity and need to pay for PMI or if you are being charged HOA fees, those costs might also be bundled into your payment.
Just what your mortgage payment includes is also affected by the type of mortgage loan you take out, and specialized calculators can be helpful here. If you’re applying for an FHA loan — guaranteed by the Federal Housing Administration (FHA) — you can use an FHA mortgage calculator, which allows for that loan’s mortgage insurance premiums. Similarly, a VA mortgage calculator can take into account relevant fees when you’re considering a loan backed by the U.S. Department of Veterans Affairs.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Tennessee
The cost of living in your area can significantly affect how much you can afford to spend on a home, and if you’re looking in Tennessee, you’re in luck. With a cost of living 9.7% below the national average, Tennessee could be considered one of the best affordable places in the U.S. That said, some areas in Tennessee have a higher cost of living than others, and that can affect not only house prices but also expenses like utilities, maintenance, and transportation, among other necessities.
The Council for Community and Economic Research’s Cost of Living Index (COLI) compares the cost of living in major metro areas against the national average, which is 100. As you can see from the chart below, although the cost of living varies among cities in Tennessee, it’s generally still below the national average.
| Tennessee Cities’ Cost-of-Living Stats | |
|---|---|
| Chattanooga | 88.6 |
| Cookeville | 90.3 |
| Jackson-Madison County | 88.1 |
| Knoxville | 86.4 |
| Maury County | 95.6 |
| Memphis | 89.8 |
| Morristown | 85.2 |
| Nashville-Murfreesboro | 98.7 |
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.
Recommended: Average Monthly Expenses for One Person
Tips on Reducing Your Mortgage Payment
Once you’ve explored your mortgage costs with the Tennessee mortgage calculator, you might still want to trim a little off your monthly payments. Depending on your situation, the following tips may help.
• Consider a larger down payment. Paying a larger lump sum upfront may mean you can bypass PMI as well as help you secure more favorable loan terms.
• Improve your credit score. A higher score may let you qualify for more competitive interest rates, which can mean lower payments.
• Shop around for favorable rates. Different lenders may offer different interest rates and terms, so it pays to research your options.
• Explore down payment assistance programs. If you haven’t owned a home during the past three years, you may qualify as a first-time homebuyer for one of these programs, which can help you afford your down payment and lower your monthly payments.
• Appeal a high property tax assessment. If your assessed house value seems too high, you can appeal to your tax authority.
• Reduce your homeowners insurance costs. Try raising your deductible, bundling policies to get a discount, or checking with other insurers to see if you can find a better price.
• Look into a mortgage refinance. If you have a mortgage currently and a refi would lower your rate or extend your term, refinancing could potentially lower your monthly payments.
Tennessee First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are programs available to help you find affordable loans and cover the initial costs. It’s easier to qualify as a first-time homebuyer than you might think: Usually, you’ll be eligible as long as you haven’t owned a primary residence within the last three years.
The Tennessee Housing Development Agency (THDA) offers various homeownership financial assistance options, including assistance with down payments and closing costs, to help first-time buyers. If you’re an active military service member, a veteran, a law enforcement officer, an EMT, a paramedic, or a firefighter, you might be eligible for a reduced-rate loan with the Homeownership for Heroes program. Some cities also offer programs to make homeownership more accessible.
The Takeaway
Our Tennessee mortgage calculator is an indispensable tool for prospective homebuyers in the state, providing estimates of monthly mortgage payments and total interest costs for the loans you specify. Whether you’re a first-time buyer or a seasoned homeowner, using a mortgage calculator to understand the full financial impact of your decisions can help you make smart, sustainable choices as you plan for the future.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How does my credit score affect my mortgage loan interest rate?
A higher credit score generally qualifies you for better interest rates and more favorable loan terms. Conversely, a lower score may result in higher interest rates, making the loan more expensive.
How much should I put down on a mortgage?
A 20% down payment can help you avoid private mortgage insurance (PMI) and secure better loan terms. However, some homebuyers pay as little as 3% on a conventional loan.
How can I get a lower mortgage interest rate?
To get a lower mortgage rate, you can try to improve your credit score, put down a larger down payment, or shop around to find another lender who may offer more generous terms.
Can I afford a $300K house on a $70K salary?
If you’re able to put down a 20% down payment and finance the rest over 30 years at 7.00%, according to the 28/36 rule, you can afford a $300,000 house on a $70,000 annual income — as long as you don’t have other significant debts. The rule says that your monthly mortgage payments should not exceed 28% of your salary, and this loan’s $1,597 payment is almost 28%.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
SOHL-Q325-114
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Free South Dakota Home Mortgage Loan Calculator
South Dakota Mortgage Calculator
By SoFi Editors | Updated September 22, 2025
House hunting is fun, but figuring out how to pay for a house can be stressful. That’s where online tools come in handy. Just input a few numbers, and our South Dakota mortgage calculator will tell you your monthly payment and the total interest you’ll pay over the life of a home loan. This tool is particularly useful for those buying their first home, as it helps determine a comfortable budget.
Key Points
• Use a mortgage calculator to compare different scenarios and find the best combination of house price, down payment amount, interest rate, and loan term.
• Down payment assistance programs can help first-time homebuyers reduce initial financial burden.
• Consider the impact of property taxes, which can vary widely by location.
• Shorter mortgage terms have higher monthly payments but cost less in interest overall.
• A lower interest rate can significantly reduce monthly payments and total loan cost.
South Dakota Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. It may differ from the listing price and your initial offer. This figure plus the down payment amount will determine the size of your home loan.
• Down payment: The down payment represents the amount the homebuyer initially pays upfront when purchasing a property. Most buyers put down between 3% and 20% of the home’s value.
• Loan term: The loan term is the duration over which you will repay your mortgage, anywhere from 10 to 30 years. A 15-year fixed loan means higher monthly payments but less interest paid over the life of the loan. A 30-year fixed loan offers lower monthly payments and more financial flexibility. The best choice depends on your financial situation and long-term goals.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and the type of mortgage loan. A higher credit score can lead to a lower interest rate, reducing monthly payments and the total cost of the loan. Shop around for the best rates to ensure favorable terms.
• Annual property tax: Property tax is levied by local governments on both land and buildings; it’s typically expressed as a percentage of the home’s assessed value.
• Monthly payment: The South Dakota calculator helps you determine what you would pay toward the principal and interest each month. This calculator’s payment includes the principal, interest, and property taxes.
• Total interest paid: The total interest paid is the amount of interest you will pay over the entire life of the loan. This figure can be substantial, especially for longer loan terms.
• Total loan cost: The total loan cost is the all-in amount you will repay for the loan, including principal and interest. A longer loan term may result in lower monthly payments but a higher total loan cost due to more interest paid over time.
How to Use the South Dakota Mortgage Calculator
Step 1: Enter Your Home Price
Type in the agreed-upon purchase price of the property.
Step 2: Select a Down Payment Amount
Choose the down payment you plan to pay upfront. A down payment calculator can show you what 20% would be.
Step 3: Choose a Loan Term
Select the time you’ll need to repay the home loan. Common terms are 15 and 30 years.
Step 4: Enter an Interest Rate
Input the interest rate you think you can obtain to the second or third decimal point. This affects your monthly payment and total loan cost.
Step 5: Add Your Property Tax
Enter the percentage of your home’s value that you will pay each year in property taxes. Either search the property’s ZIP code or county and “effective local tax rate” or use the South Dakota average of .99%
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps estimate how much house you can afford. It calculates monthly payments based on loan amount, interest rate, and term. Particularly if you are buying your first home, it can be helpful to compare different down payment amounts, interest rates, and loan terms to see how they affect payments.
If you’re exploring a home loan backed by the Federal Housing Administration, an FHA mortgage calculator will factor in the upfront and ongoing mortgage insurance premium that comes along with this borrowing method. Similarly, a VA mortgage calculator is useful for those considering a loan backed by the U.S. Department of Veterans Affairs.
Recommended: Do You Qualify as a First-Time Homebuyer?
Deciding How Much House You Can Afford in South Dakota
South Dakota had a median home sale price of $345,500 in mid-2025, so let’s take a look at how a monthly payment for a home at that price would shape up. Lenders generally advise mortgage payments not to exceed 28% of gross monthly income. If you bought a $345,500 home with 20% down ($69,100) and a 30 year mortgage with an interest rate of 7.00%, your monthly payment, including property taxes and home insurance, would be around $1,850. To afford this, you would need an annual income of roughly $80,000. This assumes you don’t have other significant debts. If you do, you would need to earn more.
The mortgage calculator will help you assess how much house you can afford based on monthly costs. If you want to work backward to your home budget from your income, try using a home affordability calculator, which will take into account all your debts (car payment, student loan, etc.).
Or if you’re seriously moving toward a home purchase and ready to take the next step, go through the mortgage preapproval process with a lender. You’ll provide detailed financial information and learn whether you might be approved for a loan and, if so, for what amount and at what rate.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
A mortgage payment includes principal (borrowed amount) and interest (borrowing cost, as a percentage of the loan amount). This mortgage calculator includes these elements as well as property tax. A monthly mortgage payment might also include homeowners insurance. If your down payment is under 20%, you’ll likely pay for private mortgage insurance (PMI) through your monthly bill as well. Homeowners association (HOA) fees, for services like landscaping, may also be included.
Cost of Living in South Dakota
The cost of living in your area will significantly affect how much you can afford to spend on a home. South Dakota on the whole is among the best affordable places in the U.S., with a cost of living index of 91.9 (versus a U.S. average of 100). Higher cost of living areas typically have higher average home prices, as well as increased costs for utilities, home maintenance, transportation, and other necessities.
Pierre and Rapid City, two main urban areas, are both below 95% of the average cost of living in the U.S. And Sioux Falls, Vermillion, and Rapid City are among the country’s most affordable places to live. So if you’re shopping for a home in South Dakota, rest assured you’re in a good spot for affordability.
| South Dakota Cities’ Cost-of-Living Stats | |
|---|---|
| Pierre | Below 95% of U.S. average |
| Rapid City | Below 95% of U.S. average |
| Sioux Falls | Among country’s most affordable |
| Vermillion | Among country’s most affordable |
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Using a mortgage calculator is a smart move, but you may still feel the pinch of high costs once you purchase a home. Fortunately, there are ways to lower your mortgage payment after you purchase. Here are some potential avenues to pursue:
• Request that your lender drop PMI as soon as you reach 20% equity.
• Recast your mortgage by making a lump-sum principal payment and asking your lender to recompute your payments.
• Appeal your property taxes if you feel they are too high. Use caution though: Sometimes requesting the assessor take a closer look can result in increased taxes.
• Undertake a mortgage refinance if current interest rates are lower than the one you have. Make sure you look at closing costs when deciding whether or not to refinance.
• Lower your homeowners insurance by increasing your deductible or bundling policies.
South Dakota First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are several assistance programs available to help cover initial costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Down payment assistance programs provide financial aid for the down payment, closing costs, or both.
Many South Dakota first-time homebuyer programs are run by the state’s housing development authority. They can make homeownership in the Mount Rushmore State more accessible and affordable.
Recommended: Average Monthly Expenses for One Person
The Takeaway
When determining how much house you can afford in South Dakota, use a mortgage calculator to consider how the home price, down payment amount, loan term, interest rate, and property taxes affect your monthly costs. Experiment with different scenarios (a lower down payment? A shorter term?) to see where your monthly bill lands, then take a hard look at your current budget to see if that number is manageable. Seek out quotes from multiple lenders to find the most competitive rate and terms available to you.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly affects your mortgage interest rate. A higher score often leads to better loan terms and lower interest rates, while a lower score may result in higher rates and more stringent lending requirements.
How much should I put down on a mortgage?
How much you put down should be what you feel comfortable with, taking into account your financial situation. A 20% down payment can help avoid private mortgage insurance (PMI) and could reduce monthly payments and overall loan cost. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home, while a repeat buyer may be able to contribute just 5%. To determine how much your down payment should be, review your personal financial picture.
Should I choose a 30-year or 15-year mortgage term?
When choosing a mortgage term, consider that a 30-year term offers lower monthly payments but more interest over time, while a 15-year term has higher monthly payments but less interest paid overall. Assess your financial goals and budget when opting for a certain term.
How can I secure a lower interest rate?
Improve your credit score to 700 or higher for the most competitive rates. Go through the prequalification process with a variety of lenders and compare the rates you are offered. If you can afford it, consider putting down a larger down payment. If you already own a home, you can explore a mortgage refinance and compare the cost of your old loan versus a new one (plus closing costs) if a new, lower rate is available.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q325-113
Get prequalified in minutes for a SoFi Home Loan.
Free South Carolina Home Mortgage Loan Calculator
South Carolina Mortgage Calculator
By SoFi Editors | Updated September 22, 2025
House hunting can be fun, but figuring out a mortgage is sometimes stressful. It doesn’t have to be, though: Online tools can make the process smoother by making you more informed. A South Carolina mortgage calculator helps you estimate your monthly home loan payments based on your home price, down payment amount, interest rate, loan term, and property tax rate. You can run the numbers many different ways in mere minutes and emerge with a comprehensive view of your monthly financial commitment and the amount of interest you’ll be paying for the home over the long haul. Let’s get started
Key Points
• A mortgage calculator helps homebuyers understand factors influencing the cost of a mortgage in South Carolina.
• With a mortgage calculator, you can quickly consider the impact of different down payment amounts on your monthly payments.
• A calculator can help you choose a loan term that fits your financial goals and budget.
• Explore down payment assistance programs for first-time homebuyers if you might be eligible.
• This mortgage calculator factors in property taxes.
South Carolina Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer. This figure and your down payment will determine the size of your home loan.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%; a 20% down payment helps to avoid private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the home loan, anywhere from 10 to 30 years. A shorter term can result in higher monthly payments but less interest paid over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the home loan amount. Interest rates can vary based on your credit score, market trends, and the type of mortgage loan you choose.
• Annual property tax: Property tax is levied by local governments on land and buildings, and is expressed as a percentage of the property’s assessed value. In South Carolina, the average property tax rate is a relatively low .47%. Get your precise tax rate by searching the home’s ZIP code or county and “effective property tax rate.”
• Monthly payment: The monthly payment is what you will pay toward the principal and interest. In this calculator, it also includes property taxes. Some lenders wrap homeowners insurance and homeowners association (HOA) fees into the payment. And if you are paying PMI, it will be added on as well.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the home loan. A mortgage calculator can help you estimate this figure, allowing you to compare different loan scenarios and make informed decisions.
• Total loan cost: The total loan cost is the all-in amount you will repay for the home loan, including principal and interest. A mortgage calculator provides an estimate of the total cost, helping you assess the affordability of the home.
How to Use the South Carolina Mortgage Calculator
Step 1: Enter Your Home Price
Type in the agreed-upon home price accurately to ensure precise mortgage estimates.
Step 2: Select a Down Payment Amount
Choose the down payment percentage to see how it affects your monthly mortgage payments. If you’re unsure about how much cash you need to get to a certain percentage of the home price, use a down payment calculator.
Step 3: Choose a Loan Term
Select a term of between 10 and 30 years based on your financial goals and budget constraints.
Step 4: Enter an Interest Rate
Input your interest rate to the second or third decimal point for accurate estimates. If you’re not able to get a rate as low as you would like, a mortgage refinance might be possible down the line.
Step 5: Add Your Property Tax Rate
Enter the property tax rate as a percentage to estimate your total monthly payment.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps prospective homebuyers determine affordability when house hunting. Particularly if you are buying your first home, it can be helpful to test different scenarios using a mortgage calculator so you can see how down payment amounts, rates, and loan terms affect your monthly costs. To use the calculator, you’ll input some key facts: the home price, down payment amount, interest rate, loan term, and property tax rate. The calculator estimates monthly payments and tells you how much interest you’ll pay over the life of the loan.
Deciding How Much House You Can Afford in South Carolina
In South Carolina, the median home price in mid-2025 was $391,000. Lenders generally like to see that housing costs don’t exceed 28% of gross monthly income. Using this formula and assuming you put down 20% ($78,200) and opted for a 30-year loan at 7.00%, you would need an income of at least $90,000 to afford a median-priced home. Your monthly payment would be around $2,100 including principal, interest, property taxes, and home insurance. This assumes you don’t have other significant debts. If you are paying off other loans or credit card debt, you would need to earn more.
Another way to determine how much house you can afford is to work backward from your income, factoring in your debts. You can do this with a home affordability calculator and arrive at your ideal home price in minutes.
If you’re deep into house-hunting or have your eye on a dream property, consider going through the mortgage preapproval process with a lender. You’ll submit detailed financial information and if you qualify for a loan, the lender will provide you with an amount and estimated rate.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. The principal is the borrowed amount, and the interest is the cost to borrow that money. Additionally, your monthly payment may include property tax, which is determined by the local government and can vary over time. This calculator includes property tax costs.
If your down payment is less than 20%, you may also need to pay PMI. Home insurance and homeowners association (HOA) fees, if applicable, are also sometimes rolled into the mortgage payment.
Homes purchased with a loan backed by the Federal Housing Administration (FHA) will have both upfront and annual mortgage insurance premium costs, so if you’re exploring an FHA loan, use an FHA mortgage calculator. And if you are thinking about a U.S. Department of Veterans Affairs (VA) mortgage, there’s a custom VA mortgage calculator for you.
Recommended: Do You Qualify as a First-Time Homebuyer?
Cost of Living in South Carolina
The cost of living in your area will significantly affect how much you can afford to spend on a home. South Carolina’s cost of living is a fairly reasonable 94.7% of the U.S. average, according to data compiled by the Missouri Economic Research and Information Center. As in any state with a coastal area, life is a bit more expensive at the beach. You may find you need a jumbo loan to afford a higher-priced property there.
On the bright side, some of the best affordable places in the U.S. are located in the Palmetto State. If you’re relocating there, consider Spartanburg, Greenville, or Columbia. Here’s how some of the major South Carolina cities fare on a cost-of-living index where 100 equals the average cost of living in the U.S.
| South Carolina Cities’ Cost-of-Living Stats | |
|---|---|
| Charleston-N Charleston | 101.9 |
| Columbia | 89.1 |
| Greenville | 93.1 |
| Hilton Head Island | 104.2 |
| Spartanburg | 91.1 |
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Once you own a home, you aren’t always stuck with your monthly payment amount for the duration. There are ways to reduce your payments. Check out these options:
• Request that your lender drop private mortgage insurance (PMI) once you reach 20% equity.
• Recast your mortgage by making a lump sum payment to reduce the principal, then asking the lender to recompute payments.
• Consider a mortgage refinance to a lower interest rate to save money. Make sure you compare all-in costs, including closing costs, when you make this decision.
• Appeal your property tax assessment to lower your tax bill. Use caution when doing this — if you’ve made significant improvements to the property, a reassessment could backfire.
• Request that the lender modify your loan to reduce monthly payments if you face financial hardship.
• Extend the loan term to lower monthly expenses. This can get you out of a monthly budget crunch but it does increase total interest paid.
South Carolina First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are several South Carolina first-time homebuyer assistance programs available to help you cover initial costs. Down payment assistance programs cover some or all of a newbie buyer’s down payment; other programs help with closing fees. To qualify, you must not have owned a primary residence within the past three years. Explore the options to see which program best fits your needs and financial situation, and consider how they can help you achieve your homebuying goals.
Recommended: Average Monthly Expenses for One Person
The Takeaway
A South Carolina mortgage calculator is a powerful tool for anyone considering a home loan. It helps estimate monthly payments, including principal, interest, and property taxes, providing a clearer picture of the financial commitment. By inputting the home price, down payment, loan term, interest rate, and property tax rate, you can better understand the impact of different scenarios on your budget. Whether you’re a first-time buyer or a seasoned homeowner, using a mortgage calculator can guide you in making informed decisions.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What are principal and interest on a mortgage loan?
Principal is the amount you borrow, and interest is the cost of borrowing that principal. Each monthly payment goes toward both, with the proportion changing over time. Your lender will provide an amortization schedule, which will tell you exactly how much of each payment goes toward each part of the loan.
How can I get a lower mortgage interest rate?
If you’re in the market for a loan, try to improve your credit score, shop around and get quotes from multiple lenders, and pay down debts to the extent possible. If you already have a mortgage, check the latest interest rates. If they are lower than your current rate, consider refinancing.
How much should I put down on a mortgage?
A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home and for many buyers, this is a good idea. Bottom line? You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t bankrupting your emergency fund or stopping payments on other debt. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill. Use a mortgage calculator to run different down payment scenarios and see how they impact costs.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term offers lower monthly payments. A 15-year term could save you thousands of dollars in interest over the life of the loan, but will require a higher monthly payment. If you can make a 15-year or 20-year term work with your budget, go for it. But particularly if this is your first home purchase, don’t feel bad about locking in 30 years — many people choose this option.
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*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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