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.

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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:

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.

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.

How to Use the Orange County Mortgage Calculator

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 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.

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). The 2025 FHFA conforming loan limit for a single-unit property in Orange County is $1,209,750.

Cost of Living in Orange County

As you consider purchasing a home in Orange County, look at the cost of living to see how far your dollar goes to pay for necessities like housing, utilities, transportation, healthcare, and groceries.

Orange County gets a cost of living score of 164.9, according to BestPlaces.net, which means the total cost for necessities is 64.9% higher than the U.S. average. For comparison, nearby San Diego County, with a cost of living score of 154.9, is slightly less expensive.

California happens to be one of the most expensive states, with a 2024 cost of living index (COLI) of 142.3, according to the Council for Community and Economic Research.

For more help factoring in income, debts, and local property costs, try a home affordability calculator.

Recommended: The Cost of Living in the U.S.

Tips on Reducing Your Mortgage Payment

If you are a homebuyer in Orange County, you may be looking to reduce your mortgage payment so you can allocate funds to other expenses or continue to build an emergency fund. Here are some things you can do to lower your monthly mortgage payment:

•  Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.

•  Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.

•  If you think your property taxes are too high, the Orange County Clerk of the Board 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.

•  Look into loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate. Be prepared to show bank statements or tax returns to demonstrate your financial situation.

Orange County First-Time Homebuyer Assistance Programs

If you’re considering buying your first home in Orange County, there are down payment assistance programs available to help you cover the initial costs associated with purchasing property. Anyone who hasn’t owned a primary residence in the past three years is considered a first-time homebuyer.

Orange County homebuyers can contact the California Housing Finance Agency (CalHFA), which offers both conventional and government-backed first mortgages to help with a down payment and/or closing costs.

Recommended: Do You Qualify as a First-Time Homebuyer?

The Takeaway

An Orange County mortgage calculator is a powerful tool for anyone considering a home loan in Southern California, 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.

How to Use the Ventura County Mortgage Calculator

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). The 2025 FHFA conforming loan limit for a single-unit property in Ventura County is $1,017,750.

Cost of Living in Ventura County

As you consider purchasing a home in Ventura County, it’s helpful to research the cost of living to see how far your dollar will go to pay for necessities like housing, utilities, transportation, healthcare, and groceries.

Ventura County has a cost of living score of 154, according to BestPlaces.net, which means the total cost for necessities is 54% higher than the U.S. average. For comparison, nearby Kern County, home to Bakersfield, has a cost of living score of 99.8, about equal to the U.S. average. In fact, Bakersfield, along with Chico and Modesto, all landed on the best affordable places in the U.S. list.

California happens to be one of the most expensive states, with a 2024 cost of living index (COLI) of 142.3, according to the Council for Community and Economic Research.

For more help factoring in income, debts, and local property costs, try a home affordability calculator.

Recommended: The Cost of Living in the U.S.

Tips on Reducing Your Mortgage Payment

If you are a homebuyer in Ventura County, you may be looking to reduce your mortgage payment so you can allocate funds to other expenses or continue to build an emergency fund. Here are some things you can do to lower your monthly mortgage payment:

•  Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.

•  Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.

•  Review your property taxes. If you think your property taxes are too high, the Ventura County 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.

•  Look into loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate. Be prepared to show bank statements or tax returns to demonstrate your financial situation.

Ventura County First-Time Homebuyer Assistance Programs

If you’re considering buying your first home in Ventura County, there are down payment assistance programs available to help you cover the initial costs associated with purchasing property. Anyone who hasn’t owned a primary residence in the past three years is considered a first-time homebuyer.

Ventura County homebuyers can contact the California Housing Finance Agency (CalHFA), which offers both conventional and government-backed first mortgages to help with a down payment and/or closing costs.

Recommended: Do You Qualify as a First-Time Homebuyer?

The Takeaway

A Ventura County 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.

How to Use the Monthly Income Calculator

Using the monthly income calculator is quick and easy. Just follow these simple steps:

1.   With the calculator’s sliding scale tool, which ranges from 1 to 80, choose the average number of hours you work per week.

2.   Enter your hourly wage.

3.   The calculator will instantly show you both your estimated weekly and monthly earnings.

4.   As the last step, you can use SoFi’s money tracker to help keep tabs on your financial information, set budgets, and track spending and savings.

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Benefits of Using a Monthly Income Calculator

Using a monthly income calculator can help you manage your finances. Knowing exactly how much you make each month allows you to keep track of how much cash you have coming in, the amount you’re spending, and how much you’re saving.

That, in turn, can help you set achievable goals for spending, saving, and paying off debt, which can give you more control over your finances.

A monthly calculator also gives you a realistic view of your financial situation, helping you understand what you can afford so that you don’t overspend. In fact, once you see the total amount of monthly income you have, you might decide that you want to cut back on certain expenses to pay off credit card debt faster, for example, or put a little extra money into your savings account.

Finally, knowing your monthly income can be helpful in specific instances, such as when you’re applying for a loan or a credit card.

💡 Quick Tip: What is credit monitoring good for? For one, maintaining a high credit score can translate to lower interest rates on loans and credit card offers with more perks.

How to Use Monthly Income Calculator Data to Your Advantage

You can use the information from the monthly income calculator to keep tabs on how much money you have coming in so that you can be more intentional about how you spend and save it. One way to do this is by creating a monthly budget using the data from the gross monthly income calculator. If you’re new to budgeting and not sure how to make a budget, there are several different methods to choose from.

For example, with the 50/30/20 method, the largest chunk of your money goes toward needs vs. wants. That means 50% of your income is allocated to needs such as rent, groceries, utilities, and bills; 30% goes toward wants such as entertainment and eating out; and the remaining 20% goes into savings.

Or there’s the envelope method, which involves creating spending categories and dedicating an envelope to each one with a certain amount of cash inside it for the month. Once the cash in the envelope is gone, you can’t spend anything more on that category until the next month rolls around (though you can borrow money from another spending category in a pinch).

Another one of the popular types of budgeting methods is the zero-based budget. The way it works is that you assign each dollar a purpose, whether it’s for rent, bills, savings goals, or discretionary items. The idea is to allocate every dollar so that no money is unaccounted for. Ideally, you meet all your needs and cover every expense, and also direct some money toward savings.

You could also use an online budget planner if you don’t want to keep track of your savings and spending on paper or with spreadsheets. That way your financial info is always at your fingertips and easy to access, no matter where you are.

Recommended: 10 Most Common Budgeting Mistakes

What Is Monthly Income?

Monthly income is the money you earn every month from a job or jobs, as well as other earnings you may have, such as overtime pay, a bonus or commissions, or income from a side hustle. Monthly income also includes earnings like interest on money in a savings account and dividends on any investments you may have.

There are different kinds of income, and they could factor into your monthly income equation.

Types of Income

There are three main types of income: active or earned income, passive or unearned income, and portfolio or investment income.

Active income is the money you earn by working. It includes your regular salary as well as any commissions, tips, and overtime. Active income also includes earnings from freelance work or a side hustle.

Passive income is money you earn without working a job for it. Passive income includes things like money you earn on an apartment you’re renting out, unemployment benefits, and Social Security benefits.

Portfolio income is money earned from your savings or investments. Interest you earn from money on a savings account is considered portfolio income, as is dividends earned on an investment.

Examples of Income Streams

An income stream is a regular flow of income that comes from one or more sources. As noted above, there are different types of income, and different types of income streams from each one. Here are some examples.

Active/earned income streams include:

•  Salary from a full-time job

•  Income from a part-time job or side hustle

•  Bonuses

•  Commissions

•  Tips

Passive/unearned income streams include:

•  Rental income

•  Child support

•  Unemployment

•  Social Security

•  Workers compensation

Portfolio/investment income streams include:

•  Interest earned on a savings account, certificate of deposit (CD), or money market account

•  Dividends earned on an investment like a stock or mutual fund

Income Calculation Tips

Once you’ve used our monthly income calculator to compute your gross monthly income earned from your job, you can add to that number any additional active, passive, or portfolio income sources you may have, as noted above.

If you earn tips, for instance, be sure to total up your tips for the month and add that sum to your salary. The same goes for any other type of income generated monthly, like interest on the money in your savings account or alimony payments.

Think about all the income streams you have, and include them in your total income for the month in question. Did your neighbor down the street pay you for walking their dog while they were on vacation? Add that figure to the mix. Did you sell some books you no longer need? That counts, too. You may have more income than you think you do!

The Takeaway

Knowing your monthly income can help you manage your finances and plan for your financial goals. By using a monthly income calculator to determine exactly how much money you have coming in each month, you can set up a budget to track your spending and saving.

Besides making sure all your monthly expenses are covered, you can also allocate money to pay off debt, or to put in savings for a down payment on a house or your retirement fund. Just be sure to count all the different types of income you have.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights—all at no cost.

See exactly how your money comes and goes at a glance.

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