Free California Mortgage Refinance Calculator
California Mortgage Refinance Calculator
By SoFi Editors | Updated November 10, 2025
Refinancing your mortgage can be a strategic way to save on monthly payments, adjust loan terms, or access home equity. A California mortgage refinance calculator helps you assess the financial impact of refinancing by providing estimates of potential savings and costs. Use this guide to learn how to use a California mortgage refinance calculator so you can make an informed decision about whether to trade your old loan for a new one.
Key Points
• A California mortgage refinance calculator helps homeowners estimate monthly payments, total interest costs, and the break-even point, which are key in making a decision to refinance.
• Extending the term of your loan can lower monthly payments but increase total interest paid, while shortening the term can do the opposite, so consider your financial goals carefully.
• The break-even point, calculated using a refinance calculator, helps determine if the savings from refinancing outweigh the initial costs within a reasonable time frame.
• Improving your credit score can enhance your refinancing options and help you secure better interest rates, potentially saving you thousands of dollars over the life of the loan.
California Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance represents the principal amount you still owe on your home loan.
• Current/New interest rate: Interest is the percentage of the total loan amount that the lender charges the borrower for the privilege of borrowing money. The difference, even slight, between your current interest rate and a potential new one can significantly impact both your monthly payments and your overall savings over the duration of the loan.
• Loan term: The loan term is the length of time you have to repay your refinanced mortgage. Opting for a shorter term can reduce your total interest costs, but a longer term offers lower monthly payments. Use the calculator to see the potential impact of various terms on your payments and overall savings.
• Points: Mortgage points allow you to prepay a portion of the interest due on a home loan at closing. Each point typically costs 1% of the total loan amount and can reduce your interest rate by 0.25%. Consider the long-term savings when deciding to purchase points.
• Other costs and fees: Refinancing your mortgage comes with various costs, including origination fees, appraisal fees, attorney fees, and closing costs. These expenses typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly mortgage payment typically includes both principal and interest. A refinance mortgage calculator can help you compare your current monthly payment with the estimated payment after refinancing to potentially secure better terms. Lower monthly payments alone don’t indicate whether a mortgage refinance will save you money over the long term.
• Total interest: Total interest, which you pay the lender over the life of the loan, is the cost of borrowing money. Comparing the total interest payments associated with your current mortgage to the projected total interest of a potential refinance loan is an important step in determining if the new loan will save you money over the long term.
How to Use the California Mortgage Refinance Calculator
To use the California mortgage refinance calculator, gather your current loan details and proposed refinance terms so you can estimate your potential savings and costs.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining home loan balance. This figure represents the principal amount you owe on your current home loan.
Step 2: Add Your Current Interest Rate
Input your current interest rate — found on your latest mortgage statement or by contacting your lender.
Step 3: Estimate Your New Interest Rate
Estimate what your new interest rate would be by comparing offers from different lenders or checking online for current mortgage rates. A lower rate can reduce your monthly payments and total interest paid.
Step 4: Select Your Remaining Loan Term
Key in the number of years left on your current mortgage. This estimates the total interest you’d pay if you kept your current mortgage.
Step 5: Choose a New Loan Term
Select a new loan term, anywhere from 10 to 30 years. A shorter term can save on interest, while a longer term can lower monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Input any points you plan to purchase. Each point costs 1% of the loan amount and lowers your interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
Input other costs and fees, including application fees, appraisal fees, and attorney fees to see their impact on your potential savings.
Step 8: Calculate Your Break-Even Point
Divide the total closing costs by the amount of your monthly savings to determine your break-even point. Use this information to decide if refinancing is beneficial.
Recommended: How to Refinance a Mortgage
Benefits of Using a Mortgage Refinance Payment Calculator
Using a refinance calculator can help you evaluate whether refinancing is possible and beneficial. This tool provides a detailed comparison of your current and potential new mortgage, showing how different interest rates and loan terms could affect your monthly payment and total interest paid. Even a small reduction in your interest rate, such as a quarter percentage point, can result in significant savings, especially for larger home loans.
The calculator can also help you determine how to refinance a mortgage. It will help you consider the purpose of your refinance, whether it’s to lower your interest rate, switch to a different type of mortgage loan (such as a fixed-rate loan), or access home equity with a cash-out refinance.
What Is the Break-Even Point in Refinancing?
The break-even point is a key concept that helps you determine if the savings from refinancing outweighs the initial costs within a reasonable time frame. To figure out the break-even point yourself, subtract your estimated monthly payment after a refinance from your current mortgage payment. Then divide the total closing costs by the amount you are saving each month.
For example, let’s say refinancing saves you $100 each month and the total closing costs amount to $5,000, then it would take 50 months to break even — to cover those upfront costs and start seeing actual savings. If you plan to sell your home before reaching the break-even point, then refinancing might not be the right option. The calculator will compute your break-even point for you.
Recommended: How Soon Can You Refinance a Mortgage?
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in California
Because there are costs and fees associated with refinancing a mortgage, you should have a good understanding of all of the potential expenses. Mortgage refinancing costs in California are typically 2% to 5% of the loan. Fixed costs include application fees (up to $500), credit reports ($25-$75), appraisals ($600-$2,000), recording fees ($25-$250), and attorney fees ($500-$1,000+). Percentage-based costs include origination fees (0.5%-1%), title search/insurance (0.5%-1%), and points.
Some fees, like title insurance and inspection fees, may not be required for refinances. Shop around and negotiate with a variety of lenders to reduce your costs. Some lenders offer a no-closing-cost refinance but these may come with a higher interest rate.
Recommended: How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
You might be wondering how you can lower your new mortgage refinance payment. Here are some tips:
• Improve your credit score before refinancing to land a lower interest rate.
• Comparison shop for offers from a variety of lenders to find the best rates and terms.
• Consider extending the term of your loan (this could increase your total interest paid however).
• Shop for a lower homeowners insurance rate to decrease your monthly payment.
The Takeaway
Refinancing your mortgage can be a great financial strategy, one that requires careful consideration. Use a mortgage refinance calculator to estimate potential savings, both monthly and over the life of the loan. Examine your results, including the break-even point, to help you decide if going through the refinancing process aligns with your financial goals.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does it cost to refinance your mortgage in California?
Refinancing in California involves closing costs ranging from 2% to 5% of the new loan amount. These costs may include application fees, credit report fees, appraisal fees, and title insurance. Shop around and compare rates from many lenders to minimize expenses.
What month is best to refinance?
The best month to refinance can vary based on prevailing mortgage rates and your financial goals. Historically, rates tend to be lower during the fall and winter months. Your best move is to monitor current rates and ensure you’re financially stable before applying.
Do you have to put 20% down to refinance?
You aren’t required to put down 20% to refinance. However, having at least 20% equity in your home can help you avoid private mortgage insurance (PMI).
Which bank is best for refinancing?
Choosing the best bank for refinancing depends on your specific financial needs and the rates and terms they offer. Compare offers from different lenders to find the one that provides the most competitive interest rates, favorable repayment terms, and best customer service for your needs.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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Free Arkansas Mortgage Refinance Calculator
Arkansas Mortgage Refinance Calculator
By SoFi Editors | Updated November 10, 2025
Refinancing your home loan can help you manage your finances effectively and achieve significant savings, and a mortgage refinance calculator can help you make an informed decision about whether refinancing is the right move for you. This tool estimates your prospective monthly payments, the total interest you might pay over the duration of the loan, and your break-even point. Remember to consider the type of mortgage loan you currently have and the options available when refinancing, as this can impact the savings and benefits you might achieve.
Key Points
• Using an Arkansas mortgage refinance calculator can help you make an informed decision by estimating potential savings, monthly payments, and the break-even point.
• Refinancing is most beneficial if current mortgage rates are significantly lower than your existing rate.
• Refinancing costs typically range from 2% to 5% of the new home loan amount, including origination, appraisal, and attorney fees.
• Purchasing mortgage points can lower your interest rate, but it requires an upfront payment of 1% of the loan amount per point.
• The break-even point, which you can estimate using a refi calculator, helps determine when the savings from refinancing will outweigh the associated costs.
Arkansas Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount outstanding on your existing home loan, and this number affects how soon you can refinance a mortgage.
• Current/new interest rate: Interest is the percentage of the loan amount charged by the lender. A lower interest rate can reduce your monthly payments and total interest paid over the duration of the loan.
• Remaining/new loan term: The remaining loan term is the number of months left on your current mortgage, and the new loan term is the duration over which you’ll repay the refinanced loan. A shorter term can lower the total interest but increase your monthly payments.
• Points: Mortgage points are upfront fees paid to lower your interest rate. Each point costs 1% of the loan amount and can reduce the rate by 0.25%.
• Other costs and fees: Other costs associated with refinancing include origination, appraisal, and attorney fees. These typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly mortgage payment includes the principal and interest. It may also cover homeowners insurance and property taxes. Comparing your current and estimated new payments helps assess potential savings.
• Total interest: Total interest is the cumulative cost you pay to the lender over the duration of the loan, excluding the principal. Comparing total interest for your current and proposed loans helps determine long-term savings.
How to Use the Arkansas Mortgage Refinance Calculator
Enter your current loan details and proposed refinance terms into the Arkansas refi mortgage calculator to estimate potential savings.
Step 1: Enter Your Remaining Loan Balance
Add the precise remaining loan balance into the home refi calculator to ensure accurate savings estimates.
Step 2: Add Your Current Interest Rate
Enter your current interest rate, which you can find on your most recent mortgage statement or by talking to your lender.
Step 3: Estimate Your New Interest Rate
Add the estimated new interest rate to see potential savings from a lower rate.
Step 4: Select Your Remaining Loan Term
Choose your remaining loan term to see how it affects your monthly payments and total interest.
Step 5: Choose a New Loan Term
Select a new loan term to explore different payment and interest scenarios. A longer term can lower monthly payments, while a shorter term can reduce total interest paid over the life of the loan.
Step 6: Enter Any Points You Intend to Purchase
Add any points you plan to purchase. Each point costs 1% of the loan amount and can lower your interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
Enter other costs and fees, such as origination, credit report, home appraisal, and attorney fees, to get a realistic estimate of total refinancing expenses.
Step 8: Review Your Break-Even Point
Review your break-even point to determine when refinancing becomes financially beneficial.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a mortgage refinance calculator can help you evaluate whether refinancing can lower your monthly payment or interest rate, potentially saving you money in the long term. It provides a comparison of your current and proposed loans, showing how different interest rates and loan terms can affect your monthly payments and total interest. A lower monthly payment can free up cash for other financial goals, while lower total interest can significantly reduce the cost of your mortgage over the duration of the loan. Even a small reduction in your interest rate can lead to substantial savings, especially for larger mortgages.
By testing different interest rates and loan terms, the calculator can help you determine how to refinance a mortgage.
What Is the Break-Even Point in Refinancing?
The break-even point is the time it takes to recoup the closing costs associated with refinancing through your monthly savings. To compute your break-even point, the calculator subtracts your estimated new monthly payment from your current payment, then divides the total closing costs by the monthly savings. For example, if your closing costs total $5,000 and you save $200 per month, your break-even point would be 25 months. If you plan to move or sell your home before reaching this point, refinancing may not be beneficial. The calculator can help you estimate your break-even point and assess the long-term financial impact of refinancing.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Arkansas
Mortgage refinancing costs in Arkansas typically range from 2% to 5% of the new loan amount. These costs include loan application fees (up to $500), credit report fees ($25–$75), home appraisal fees ($600–$2,000), recording fees ($25–$250), and attorney fees ($500–$1,000+). Percentage-based costs often include loan origination fees (0.5%–1% of the purchase price) and title search and insurance (0.5%–1% of the purchase price). Some fees, like title insurance and inspection fees, may not be required for refinances.
To lower your costs, negotiate with multiple lenders, and aim to maintain a strong credit score, ideally 740 or above. Some lenders offer a no-closing-cost refinance, but these are not necessarily more cost-effective. Be wary of hidden fees, such as prepayment penalties.
Remember that refinancing a jumbo loan may have higher associated costs.
Tips on Reducing Your Mortgage Refinance Payment
You can minimize your monthly mortgage payment before starting the refinancing process. Consider the following:
• Build up your credit score to secure lower interest rates.
• Extend the term of your loan to lower monthly payments, although be mindful that this could increase the total interest you pay.
• Appeal your property tax to potentially reduce your monthly payment.
• Shop for a lower homeowners insurance rate by increasing your deductible or bundling policies.
The Takeaway
Refinancing your mortgage can help you manage your finances, but it requires careful consideration. A mortgage refinance calculator helps estimate potential savings, monthly payments, and the total cost of refinancing. By providing your current and proposed loan details, you can determine whether refinancing aligns with your financial goals.
Whether you’re looking to lower your interest rate, change your loan term, or access home equity, the calculator provides the clarity needed to make an informed decision. Always weigh the benefits against the costs, and consider consulting a financial advisor to ensure that refinancing is the right move for you.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does it cost to refinance your mortgage in Arkansas?
Mortgage refinancing costs in Arkansas typically range from 2% to 5% of the new loan amount. They include loan application fees, credit report fees, home appraisal fees, and title insurance costs. Using an Arkansas refinance calculator can help you estimate these costs and determine the break-even point.
How much does it cost to refinance a $250,000 mortgage?
Refinancing a $250,000 mortgage typically incurs costs ranging from $5,000 to $12,500. These costs include loan application fees, credit report fees, home appraisal fees, and title insurance. A refinance calculator can help you estimate these costs and calculate potential savings.
Do you have to put 20% down to refinance?
You don’t need to make a 20% down payment when refinancing. However, having at least 20% equity in your home can help you avoid private mortgage insurance (PMI). A down payment calculator can help you determine your current equity and whether you qualify for refinancing without PMI.
At what point is it not worth it to refinance?
The break-even point is the time it takes for the savings from a lower interest rate to cover the upfront refinancing costs. If you plan to move or sell your home before reaching this point, refinancing may not be beneficial. A refinance calculator can help you estimate your break-even point and assess the long-term financial impact.
What month is best to refinance?
The best month to refinance depends on prevailing mortgage rates and your financial circumstances. Historically, rates are lower in fall and winter due to decreased demand. However, broader economic conditions also influence rates. A refinance calculator can help you estimate potential savings and determine the most opportune time to refinance.
Which bank is best for refinancing?
Choosing the best bank for refinancing depends on your specific financial needs, and it involves comparing rates, fees, and terms from multiple lenders. Start with your current lender, explore online lenders, and consider credit unions. Gather your financial information and use a mortgage refinance calculator to compare different lenders and estimate your new monthly payments and total costs.
What credit score do you need for refinancing?
Most lenders require a minimum credit score of 620 for refinancing approval. A higher credit score can lead to better interest rates and lower fees. Check your credit report for errors and take steps to improve your score before applying.
What are the advantages of refinancing your home?
Refinancing can provide lower monthly payments, reduced interest rates, and the ability to access home equity. A lower interest rate decreases monthly payments and total interest paid over the duration of the loan. A cash-out refinance allows you to borrow more than your current mortgage balance. However, weigh these benefits against the costs, such as closing fees, which can range from 2% to 5% of the loan amount. A mortgage refinance calculator can help you estimate these savings and determine whether refinancing aligns with your financial goals.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry and the opening of a new account. However, the long-term effects are generally minimal. A hard inquiry typically results in a small, temporary dip in your credit score. The new account can affect your credit utilization and average account age, but these factors tend to have a minor impact. If you plan to stay in your home for a significant period, the financial benefits of refinancing often outweigh the short-term credit impact. To minimize negative effects, consider submitting multiple applications within a short timeframe.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q425-068
Get prequalified in minutes for a SoFi Home Loan.
Free Dayton, OH Home Mortgage Loan Calculator
Dayton, OH Mortgage Calculator
By SoFi Editors | Updated October 28, 2025
A Dayton, Ohio, mortgage calculator can help you navigate the complex process of buying a home in Dayton. By showing you what your monthly mortgage payments would be and your overall cost of the loan, you can better understand the financial implications of buying a home and how much you can afford to spend. Below is an in-depth look at how to use our Dayton mortgage calculator.
Key Points
• The Dayton mortgage calculator can provide a clear estimate of your monthly mortgage payments, total interest paid, and total loan cost based on the home price, down payment, loan term, and interest rate.
• A 15-year mortgage term offers lower total interest paid over the life of the loan but comes with higher monthly payments compared to a 30-year term.
• Down payment assistance programs can help first-time homebuyers and those with limited savings reduce the initial financial burden of homeownership.
• Property taxes, which are included in our calculator, are another component of your total monthly mortgage payment and are based on the assessed value of your home.
• Building your credit score, shopping around for the best rates, and making a larger down payment can help you secure a lower mortgage interest rate, reducing your monthly payments and total loan cost.
Dayton Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. This figure may differ from the listing price and your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%.
• Loan term: The loan term represents the length of time you will have to repay your home loan — usually 15 or 30 years. Longer loan terms offer lower monthly payments but increase the overall amount of interest you’ll pay.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. A lower interest rate can significantly reduce your monthly payments and the total cost of the loan.
• Annual property tax: In Dayton, property taxes are typically around 1.78% of the home’s assessed value. This tax is administered by the local government and can vary based on the home’s location and value.
• Total monthly payment: The total monthly payment includes the principal, interest, and property tax. It may also include private mortgage insurance, homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure is influenced by the interest rate, loan term, and the amount you borrow.
• Total loan cost: The total loan cost is the all-in amount you will repay for the loan, including the principal and interest. A longer loan term means more interest paid over time, while a shorter term can reduce the total cost but increase monthly payments.
How to Use the Dayton, OH Mortgage Calculator
To use the Dayton mortgage calculator effectively, follow these five steps:
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property, which will directly impact your home loan amount and monthly payment.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point. A lower interest rate can significantly reduce your monthly payments and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to look at rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Property taxes are what you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. The Montgomery County (Dayton) property tax rate is 1.78% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates how much house you can afford by projecting monthly payments based on loan amount, interest rate, and term. This aids in comparing costs, like interest rate impacts and choosing between a shorter or longer loan term. It also shows how your down payment will affect your monthly mortgage payments.
Mortgage calculators are also particularly useful for first-time homebuyers who may not be aware of all that goes into a mortgage payment and how that payment is determined. Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
Recommended: Best Places to Live in Ohio
Deciding How Much House You Can Afford in Dayton
The median home sale price in Dayton in 2025 was $150,000. Lenders advise keeping housing costs under 28% of gross monthly income. A $150,000 home would require an annual income of $35,000, assuming a 20% down payment ($30,000) and a 7.00%, 30-year mortgage. The monthly mortgage payment would be about $798.
Total debt should stay within 36% of income, leaving potentially $230 for other debts (auto loans, student loans, and credit cards). Use a home affordability calculator to estimate what you can afford.
It can be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are the principal and interest. The mortgage principal is the amount you borrow, while the interest is the cost of borrowing that money. Our Dayton mortgage calculator also factors in property tax.
Other components of a mortgage payment may include:
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value.
• HOA fees: Monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Dayton, OH
The cost of living in Dayton is 3-4% below the national average, according to COLI 2024 Annual Average Data. On an index where 100 is the U.S. average cost of living, Dayton weighs in at 96.5, making it one of the more affordable cities in the country.
Housing is particularly budget-friendly, falling nearly 18% below the national average. This affordability extends to groceries and transportation, allowing residents to enjoy a comfortable lifestyle without stretching their budgets.
Here’s how Dayton compares to the national average in other areas:
| Ohio Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 96.5 |
| Groceries | 97.9 |
| Housing | 82.2 |
| Utilities | 110.8 |
| Transportation | 98.2 |
| Health Care | 107.1 |
| Miscellaneous Goods/Services | 102.2 |
Recommended: Average Monthly Expenses for One Person
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Mortgage calculator
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Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
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Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Dayton’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Dayton, there are several Ohio down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both. To qualify, you typically must not have owned a primary residence within the past three years. Research local programs and consult with a lender to find the best options for your situation.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
If you find your mortgage payment seems too high, there are some strategies you can try to lower it. Your options may include the following:
• Once you have 20% equity in your home, you can request to have private mortgage insurance (PMI) removed, which can significantly lower your monthly mortgage expenses.
• If you receive a bonus or other windfall, mortgage recasting can be a smart financial move. By making a lump sum payment toward your mortgage principal, you can reduce your monthly payments without changing the interest rate or loan term.
• You can extend the loan term by refinancing your mortgage. For instance, if you originally had a 15-year mortgage, refinancing your mortgage to a 30-year loan term can significantly lower your monthly payments. However, this strategy comes with a trade-off: you’ll pay more in interest over the life of the loan.
• If you believe your annual property tax is too high, you can appeal your property taxes. Start by reviewing your home’s assessment and comparing it to similar properties in your area.
• If you’re facing financial hardship, you might consider modifying your loan to improve your overall situation. This often involves changing the terms of your mortgage to make payments more manageable on a monthly basis.
• Consider shopping for a lower homeowners insurance rate. You can lower your premium by increasing your deductible or bundling homeowners and auto insurance.
The Takeaway
Using a Dayton mortgage calculator can help you estimate your monthly payments and provide valuable insights into your financial readiness for homeownership. To use the calculator, simply input the purchase price, your down payment amount, the interest rate, the loan term, and the property tax rate.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much is the average mortgage in Dayton?
The average mortgage payment in Dayton in 2025 was $1,250. However, payments for the same priced home can vary based on the down payment and interest rate.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate for a mortgage loan. A higher credit score can secure you a lower interest rate, reducing your monthly payments and the total cost of the loan.
What are principal and interest on a mortgage loan?
The mortgage principal is the amount you borrow, while the interest is the cost of borrowing that money. In the early years of your mortgage, a larger portion of your payment goes toward interest, but over time, more of it pays down the principal.
How much should I put down on a mortgage?
Deciding on a down payment is a critical step in the home-buying process. A larger down payment can reduce your monthly payments and eliminate the need for private mortgage insurance (PMI). However, the amount you should put down depends on your financial situation. For example, a 20% down payment on a $300,000 home would be $60,000, while a 3.5% down payment would be $10,500. You can use a down payment calculator to help decide how much is right for your financial situation.
How can I get a lower mortgage interest rate?
To get a mortgage interest rate that is more favorable, build your credit score. Lenders often provide better rates to borrowers with higher scores. You can build your score by paying all of your bills on time, keeping your credit utilization ratio low, and disputing any errors you see on your credit report.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q425-049
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Free Collins, MS Mortgage Loan Calculator
Collins, MS Mortgage Calculator
By SoFi Editors | Updated November 5, 2025
A mortgage calculator is an important tool for anyone considering a home purchase in Collins. Put in a few basic facts, and you’ll learn the monthly payment amount and total interest cost for your home purchase. You can also use the calculator to try out different scenarios to find the home price, down payment, and interest rate that are right for you.
Key Points
• A Collins mortgage loan calculator helps homebuyers quickly estimate the monthly and total costs of borrowing money to buy a home.
• One rule of thumb recommends that monthly mortgage payments not exceed 28% of gross income.
• Before using the calculator, learn key terms like total interest paid, and how that figure can help you compare scenarios and mortgage offers.
• A longer loan term typically means lower monthly payments but higher overall interest costs.
• First-time homebuyer programs offer down payment and closing cost assistance.
Collins Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price that you have agreed upon with the home seller. This is a key figure when it comes to determining your home loan amount.
• Down payment: The down payment is the amount you plan to pay upfront. It’s often expressed as a percentage of the total home price, typically anywhere from 3% to 20%. A larger down payment can lower your monthly mortgage payments and eliminate the need for private mortgage insurance (PMI). Down payment assistance programs can help cover this cost.
• Loan term: The loan term is the length of time you have to repay the loan. Common terms are 15 and 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money. It’s expressed as a percentage of the loan amount and varies based on your credit score, market trends, and the type of mortgage loan.
• Annual property tax: The annual property tax is levied by local governments on land and buildings within their jurisdiction, and is expressed as a percentage of a property’s assessed value.
• Monthly payment: The monthly payment includes the loan’s principal and interest. Our calculator also factors in property taxes. Some lenders include homeowners insurance and homeowners association (HOA) fees in payments.
• Total interest paid: The total interest paid represents the entire amount of interest you will pay over the life of the loan. By making a larger down payment, securing a lower interest rate, or choosing a shorter loan term, you can reduce your total interest paid.
• Total loan cost: The total loan cost is the global price you will pay for the loan, including the principal that you repay and the interest.
How to Use the Collins Mortgage Calculator
Step 1: Enter Your Home Price
Enter the purchase price into the calculator.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you plan to pay upfront. A larger down payment can reduce your monthly payments and eliminate the need for PMI. Use a down payment calculator to help you determine what percentage makes sense for you.
Step 3: Choose a Loan Term
Select the duration of your mortgage, typically 15 or 30 years. This choice impacts your monthly payments and total interest paid.
Step 4: Enter an Interest Rate
Input your expected interest rate to the second or third decimal point. A lower rate can significantly decrease your mortgage costs.
Step 5: Add Your Annual Property Tax
Enter the property tax rate as a percentage. The average effective property tax rate for Covington County is 0.76%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and term. Use this tool to compare costs, like how interest rates affect payments. Check out different loan terms to see their impact on expenses and total interest. The calculator can also help you see how your down payment figures in.
Deciding How Much House You Can Afford in Collins
When you’re buying your first home, it’s good to research average home prices. In Covington County, where Collins is located, the median home sale price in late 2025 was $110,521 — highly affordable compared to the national median of around $439,000, according to Redfin.
Lenders suggest a mortgage payment shouldn’t exceed 28% of your gross monthly income. You’d need to earn an annual income of about $31,000 to afford the monthly payment on a $110,000 home, which comes to about $724. That payment amount assumes a 20% down payment ($22,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 0.76%.
Lenders also recommend total debt payments stay under 36% of gross monthly income; other debts shouldn’t exceed $207 monthly in this case. If you want to factor in other debts, you can use a home affordability calculator.
A more reliable method to help you determine affordability is to go through the mortgage preapproval process with a lender, where you provide detailed financial information. The lender will let you know whether you qualify for a loan and, if so, in what amount and under what terms.
Recommended: Average Monthly Expenses for One Person
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). But your monthly payment might also include property tax, which is based on your home’s value. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
If you’re considering an FHA loan — one that’s guaranteed by the Federal Housing Administration (FHA) — you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
A VA mortgage calculator can be helpful too if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Finally, if you are purchasing a pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA).
Cost of Living in Collins
Collins, about 60 miles southeast of Jackson, has a relatively low cost of living, which reflects how much you can afford in a certain area. For a family of two working adults (working full-time) and two children, MIT’s Living Wage Institute estimates that you would need an hourly wage of $37.44 to support your household in Collins.
A cost of living index number (COLI) higher than 100 means the region is more expensive than the national average, and a COLI below 100 indicates it is less expensive, according to the Council for Community and Economic Research’s Cost of Living Index. Jackson’s 2024 COLI was 89.6, and nearby Baton Rouge was 92.8. Mississippi’s COLI was 87.3, in the same ballpark as Louisiana (92.3) and Alabama (88.6).
If you have a desire to pursue a home in Mississippi, also look at Greenville, Meridian, and Yazoo City, which all landed on the best affordable places in the U.S. list.
Recommended: The Cost of Living in the U.S.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
As you explore your monthly bills, you may wonder how you can reduce your mortgage payment. Here are some ways borrowers can lower their payments:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• If you think your property taxes are too high, the Covington County Tax Assessor’s office can inform you about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
Collins First-Time Homebuyer Assistance Programs
If you’re buying your first home in Collins, there are down payment assistance programs available to help you cover the initial costs. To qualify, you must not have owned a primary residence within the past three years.
You can pursue different types of mortgage loans and financial assistance programs as a first time homebuyer in Mississippi. For example, the Mississippi Home Corporation (MHC) offers the Smart6 Mortgage Program to help first-time homebuyers with down payment assistance. The borrower must meet credit score and income requirements.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
A Collins mortgage calculator is a powerful tool for anyone considering a home loan, and it’s extra useful for first-time homebuyers. This tool helps you estimate monthly payments, understand the impact of different down payment amounts, and explore various loan scenarios. By using this calculator, you can better prepare for the financial commitment of homeownership.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly affects your mortgage interest rate. A higher score often leads to better loan terms and lower interest rates, while a lower score may result in higher rates and more stringent lending requirements.
Should I choose a 30-year or 15-year mortgage term?
When choosing a mortgage term, consider that a 30-year term offers lower monthly payments but more interest over time, while a 15-year term has higher monthly payments but less interest paid overall. Assess your financial goals and budget when opting for a certain term.
How much should I put down on a mortgage?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t pinching your finances to the bone. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home, while repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance to your monthly bill. Look at the entire financial picture to determine what makes sense for your budget.
How much is the payment on a $100,000 mortgage with a 30-year term?
The cost of a $100,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For example, if you have an interest rate of 6.00%, and a down payment of 20% ($20,000), your monthly payment would be $480. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q425-029
Get prequalified in minutes for a SoFi Home Loan.
Free Anchorage, AK Mortgage Loan Calculator
Anchorage Mortgage Calculator
By SoFi Editors | Updated October 28, 2025
When you’re considering purchasing a home in Anchorage, understanding your potential mortgage payments is a big first step. An Anchorage mortgage calculator can provide clarity on what your monthly expenses might look like and assist you in making informed decisions about your down payment, loan term, and more. This article will guide you through using a mortgage calculator and help you get the most out of this tool.
Key Points
• Using a mortgage calculator involves inputting your estimated purchase price, down payment, interest rate, loan term, and property tax rate.
• A loan term is typically 10 to 30 years and helps govern overall costs.
• First-time homebuyer programs can help buyers afford a down payment, closing costs, or both.
• A mortgage calculator can help you determine what home price, down payment, and interest rate you can afford.
• There are ways to lower your monthly mortgage costs even after you make your home purchase.
Anchorage Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price that you have agreed upon with the home seller. This is a key figure when it comes to determining your home loan amount.
• Down payment: The down payment is the amount you pay upfront. Buyers typically put down between 3% and 20%. A down payment calculator can show you how much you would need to put down to reach 20%, which would likely eliminate the need to pay for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the loan. Common terms are 15 and 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the total loan amount. Interest rates vary based on factors such as your credit score and the type of mortgage loan you choose.
• Annual property tax: Property tax helps determine your total monthly housing payment.
• Monthly payment: The monthly payment represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property tax. This calculator does not include home insurance, private mortgage insurance, or homeowners association (HOA) fees.
• Total interest paid: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the Anchorage Mortgage Calculator
Step 1: Enter Your Home Price
Type the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget.
Step 3: Choose a Loan Term
Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the home’s property tax rate. The average effective property tax rate for Anchorage is 1.31%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and repayment term. Use this tool to compare costs, like how the interest rate affects your monthly payments. Check out different loan terms to see their impact on expenses and total interest.
An Anchorage mortgage calculator is particularly helpful if you’re buying your first home, as it allows you to play with different scenarios (raising and lowering the down payment amount, for example).
Deciding How Much House You Can Afford in Anchorage
In Anchorage, the median home sale price in late 2025 was $443,000 — about the same as the national median of $439,000, according to Redfin.
Lenders suggest housing costs shouldn’t exceed 28% of your gross monthly income. You’d need to earn an annual income of about $102,000 to afford the monthly payment on a $445,000 home, which comes to about $2,379. That payment amount assumes a 20% down payment ($89,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 1.31%.
Lenders also recommend total debt payments stay under 36% of gross monthly income; other debts shouldn’t exceed $680 monthly in this case. If you want to factor in other debts, such as a car loan or student loan for example, you can use a home affordability calculator.
A more reliable method to help you determine affordability is to go through the mortgage preapproval process with a lender, where you provide detailed financial information. The lender will let you know whether you qualify for a loan and, if so, in what amount and under what terms.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). Your monthly payment might also include property tax, which is based on your home’s assessed value. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
Homebuyers who are considering purchasing with the help of a Federal Housing Administration (FHA) loan will have an upfront and ongoing mortgage insurance premium to pay. These loans are still very affordable and are popular with first-time buyers. If you are considering an FHA loan, use an FHA mortgage calculator.
Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.
Finally, if you are purchasing a pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA). For 2025, the FHFA conforming loan limit for a single-unit property in Anchorage is $1,209,750.
Recommended: Average Monthly Expenses for One Person
Cost of Living in Anchorage
Anchorage is a pricey city compared to the national average, according to its cost of living. Like Hawaii, Alaska prices are inflated largely due to its far-flung location and the extra transportation costs incurred for everything from construction supplies to groceries. Anchorage’s 2024 Cost of Living Index (COLI) was 122.8, in line with Fairbanks (121.5) and slightly more affordable than Juneau (127.2), according to the Council for Community and Economic Research.
The COLI sets the national average at 100. Anything higher is relatively expensive, and anything below indicates it’s a relative bargain. The chart highlights cost of living numbers for major expenses in Anchorage:
| Alaska Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 122.8 |
| Groceries | 126.4 |
| Housing | 133.1 |
| Utilities | 112.6 |
| Transportation | 113.3 |
| Health Care | 147.5 |
| Miscellaneous Goods/Services | 114.2 |
Source: Council for Community and Economic Research’s Cost of Living Index.
While Anchorage did not land on the best affordable places in the U.S. list, it is considered a best place to live in Alaska for young adults.
Recommended:The Cost of Living in the U.S.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips for Reducing Your Mortgage Payment
As you explore your monthly bills, you may wonder how you can reduce your mortgage payment. Here are some ways borrowers can lower their payments:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• If you think your property taxes are too high, the Municipality of Anchorage Board of Equalization (BOE) can inform you about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
Anchorage First-Time Homebuyer Assistance Programs
If you’re buying your first home in Anchorage, there are down payment assistance programs that can provide financial aid so you can make purchasing a home a reality. To qualify, you must not have owned a primary residence within the past three years.
The Alaska Housing Finance Corporation can give first-time homebuyers access to lower-interest-rate mortgages, or assistance with down payments, closing costs, or both.
Recommended:Do You Qualify as a First-Time Homebuyer?
The Takeaway
Using an Anchorage mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand the impact of different down payment amounts, and compare various loan terms and interest rates. This tool can help provide a clearer picture of your financial obligations and lead you to making informed decisions about your home loan, especially if you are a first-time homebuyer.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much should I put down on a mortgage?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t stretching your finances too much. A first-time homebuyer can sometimes put down as little as 3%, and repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill.
How much is the payment on a $450,000 mortgage with a 30-year term?
The cost of a $450,000 mortgage with a 30-year term will depend on your interest rate and down payment. For example, with an interest rate of 6.00% and down payment of 20% ($90,000), your monthly payment would be $2,158. This estimate includes principal and interest but not property taxes, insurance, or other fees.
Should I choose a 30-year or 15-year mortgage term?
A 30-year mortgage offers lower monthly payments, but you will pay more interest over time. A 15-year mortgage has higher monthly payments but saves on interest. Consider your financial goals and budget, and choose the shortest term that you feel you can comfortably afford.
How can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work to cultivate a strong credit score (aim for 700 or more). Go through the online prequalification process with multiple lenders to see how low a rate you might be able to obtain. A higher down payment may help, too, if you can afford to make one. If you already own a home, you can explore a mortgage refinance and compare the costs of your old loan versus a new one (plus closing costs) at a new, lower rate.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q425-028
Get prequalified in minutes for a SoFi Home Loan.
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