New York Mortgage Refinance Calculator
New York Mortgage Refinance Calculator
By SoFi Editors | Updated October 24, 2025
Refinancing your mortgage can be a smart money move, offering opportunities to save on monthly payments, adjust loan terms, or access home equity. A mortgage refinance calculator helps you assess the financial impact of refinancing by providing estimates of potential savings and costs. This guide will walk you through the process of using a New York mortgage refinance calculator and help you make an informed decision about whether to trade your old loan for a new one.
Key Points
• A New York mortgage refinance calculator helps homeowners assess the financial impact of refinancing.
• The calculator estimates costs and potential savings associated with refinancing.
• Refinancing can lower monthly payments, shorten the loan term, or help owners access home equity.
• 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.
New York Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is what you still owe on your existing mortgage. If you’re wondering how soon you can refinance a mortgage, this number is key. Most lenders won’t consider a refi unless you have at least 20% equity. To determine if you’ve hit 20%, subtract your loan balance from your home’s value then divide by the estimated value for a percentage of equity.
• Current/New interest rate: Interest is a big part of mortgage payments, reflecting the percentage of the loan amount charged by the lender. Mortgage rates fluctuate based on market conditions and your credit score. A new, lower interest rate can reduce both your monthly payments and total interest paid.
• Loan term: The loan term is the duration over which you will repay your mortgage after refinancing. Shortening the term can save you money on interest, while extending it can reduce monthly payments. Use the calculator to estimate the impact of different terms.
• Points: Mortgage points are upfront fees paid to reduce your interest rate. Each point costs 1% of the loan amount and can lower your rate by 0.25%. Consider the long-term savings when deciding to purchase points.
• Other costs and fees: Refinancing incurs 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 includes both principal and interest. Use the refinance calculator to compare your current payment with the estimated new payment. A lower monthly payment can free up cash flow, but that doesn’t always equate to long-term savings.
• Total interest: Total interest is the cost you pay to the lender for borrowing money, excluding the principal. Over the life of a mortgage, total interest can equal or surpass the initial loan amount. Compare the total interest paid before refinance with the projected total interest on a mortgage refinance to determine potential savings.
How to Use the New York Mortgage Refinance Calculator
Input your current loan details and proposed refinance terms into the New York mortgage refinance calculator to estimate potential savings and costs.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining home loan balance, which is the principal amount you still owe on your current mortgage.
Step 2: Add Your Current Interest Rate
Input the interest rate you have now, 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
Type in the number of years you have left on 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
Estimate other costs and fees, such as application fees, appraisal fees, and attorney fees. Input these into the calculator to see their impact on your potential savings.
Step 8: Calculate Your Break-Even Point
Calculate your break-even point, the number of months required for any savings you might enjoy on your monthly payment to offset the closing costs. Use this information to decide if refinancing is beneficial.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a refinance calculator can help you evaluate whether refinancing is possible and beneficial. It 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 can result in substantial savings, especially for larger mortgages.
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?
One of the most important things the mortgage refinance calculator can help you determine is the break-even point on a refinance. This is the time it takes to recoup all closing costs through monthly savings. To find your break-even point, subtract your estimated monthly payment after a refinance from your current mortgage payment. Then divide the total closing costs by whatever amount you are saving each month. (If you aren’t seeing any savings with a refi, that’s one sign it might not make sense to swap out your loan.)
For example, if your closing costs are $5,000 and you save $100 on your monthly payment, it would take 50 months to break even. If you plan to sell your home before reaching this point, refinancing might not be worth it.
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 New York
Mortgage refinancing costs in New York 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. Sometimes new title insurance and an inspection aren’t always required.
You can reduce costs by comparing lenders’ offers and negotiating fees. Some lenders offer a no-closing-cost refinance but these may come with a higher interest rate.
Not surprisingly, refinancing a jumbo loan may come with higher costs.
Tips on Reducing Your Mortgage Refinance Payment
There are ways to minimize your monthly mortgage payment in the context of a refinance. Try to do this before beginning the refinancing process:
• Build your credit score before refinancing to secure a lower interest rate.
• Shop around and compare offers from multiple lenders to find the best rates and terms.
• Consider extending the term of your loan to reduce monthly payments (remember that this could increase your total interest paid).
• Homeowners insurance premiums are often included in mortgage payments, so shop for a lower homeowners insurance rate by increasing your deductible or bundling policies.
The Takeaway
Refinancing your mortgage can sometimes mean saving on monthly payments and total interest paid. But taking this step requires careful consideration. A mortgage refinance calculator helps you estimate potential savings, both monthly and over the life of the loan. Studying your results and looking at the break-even point of a refi can help you decide if going through the refinancing process aligns with your 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 does it cost to refinance your mortgage in New York?
Refinancing in New York 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 for lenders and compare rates to minimize expenses.
How much does it cost to refinance a $300,000 mortgage?
Refinancing a $300,000 mortgage could cost between $6,000 and $15,000 in closing costs. You would need to pay lender fees, appraisal fees, and title insurance, among other things. Using a refinance calculator can help you estimate your break-even point and see whether the costs are worth any savings you might enjoy.
Do you have to put 20% down to refinance?
Refinancing doesn’t require a 20% down payment. Instead, many lenders often require homeowners to have at least 20% equity in their home to be eligible to refinance. To determine whether you meet the equity goal, subtract the balance you owe on your mortgage principal from your home’s estimated value. Divid the answer by the home value and you’ll see your percentage of equity.
At what point is it not worth it to refinance?
Refinancing might not be worthwhile if the break-even point is too far in the future. For example, if closing costs are $6,000 and you save $100 monthly, it would take 60 months to break even. If you don’t plan to own the home for at least five years, refinancing might not be worth it.
What month is best to refinance?
The best month to refinance depends on prevailing mortgage rates and your financial readiness. Historically, rates are lower in fall and winter, but your best bet is to monitor current rates and ensure you’re financially stable before applying.
Which bank is best for refinancing?
Choosing the best bank for refinancing depends primarily on the interest rate and terms the lender offers. But you’ll also want to consider the lender’s reputation — especially for customer service.
What credit score do you need for refinancing?
Most lenders require a minimum credit score of 620 for conventional loans. A higher score, such as 700 or above, can secure better interest rates and terms. Check your credit report, and do what you can to polish your score until it shines before applying.
What are the advantages of refinancing your home?
Refinancing can offer several advantages, including a lower interest rate, reduced monthly payments, and the ability to switch from an adjustable-rate loan to a fixed-rate one. A cash-out refinance allows you to borrow more than you currently owe on your mortgage so that you can use the extra cash for various needs. Use a mortgage refinance calculator to determine whether refinancing confers financial benefits.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry, but the impact is usually minimal. Manage the new loan responsibly to recover and see your credit score improve over time.
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 Salem, OR Mortgage Loan Calculator
Salem, OR Mortgage Calculator
By SoFi Editors | Updated October 24, 2025
When you’re considering purchasing a home in Salem, Oregon, understanding your potential mortgage payments is a big first step. A Salem 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 Salem mortgage calculator involves inputting your estimated purchase price, down payment, interest rate, loan term, and property tax rate.
• A mortgage 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.
Salem 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 is often rolled into your 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: This is 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 Salem 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.
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 in Marion County, where Salem is located, is 0.91%
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and repayment term. Use this tool to compare costs, like how the interest rate affects your monthly payments. Check out different loan terms to see their impact on expenses and total interest.
A Salem 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 Salem
In Salem, the median home sale price in late 2025 was $450,000 — slightly higher than the national median of around $439,000, according to Redfin. Lenders recommend that a mortgage payment not exceed 28% of your gross monthly income. You’d need to earn an annual income of about $102,000 if you were looking to afford a $450,000 home with a $2,403 monthly payment. That payment factors in 20% down ($90,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 0.91%.
Because lenders typically recommend total debt payments stay under 36% of your gross monthly income, your other monthly debts shouldn’t exceed $687, in this case. If you want to factor in other debts, such as a car loan or student loan, 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.
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 Marion County is $806,500.
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 assessed value. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
Homebuyers who are considering purchasing with the help of a Federal Housing Administration (FHA) loan will have an upfront and ongoing mortgage insurance premium to pay. These loans are still very affordable and are popular with first-time buyers. If you are considering an FHA loan, use an FHA mortgage calculator. Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.
Recommended: Average Monthly Expenses for One Person
Cost of Living in Salem
Salem’s cost of living is 100.0 — in line with the national average, making it no more or no less expensive than the average city across the U.S., according to data from the Economic Research Institute (ERI). The cost of living reflects how expensive necessities are like purchasing a new home, groceries, utilities, transportation, and health care. Your dollar in Salem would go further than it would in Eugene (107.3) or Portland (116.6), according to the Council for Community and Economic Research.
| Oregon Cities’ Cost-of-Living Stats | |
|---|---|
| Salem | 100.0 |
| Eugene | 107.3 |
| Portland | 116.6 |
If purchasing a new home in Salem is a little out of reach, consider Oregon cities on the best affordable places in the U.S. list, like Baker City, Coos Bay, and Dallas. While Salem didn’t make the cut as an economical place to live, it’s considered one of the best places in Oregon for young adults.
Recommended: The Cost of Living in the U.S.
Run the numbers on your home loan.
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Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Down payment calculator
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.
Tips for Reducing Your Mortgage Payment
Once you purchase a home in Salem, it might still be possible to reduce your mortgage payment. Here are some strategies you can explore after you’re settled in.
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments.
• Review your property taxes regularly. If you think your property taxes are too high, the Marion County Clerk’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.
Salem First-Time Homebuyer Assistance Programs
If you’re considering buying your first home in Oregon, 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.
Salem homebuyers can contact the Oregon Housing and Community Services (OHCS). One program OHCS offers is the First-Time Homebuyers Savings Account — a tax-advantaged savings account designed to be used toward funding a down payment on a single-family home.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
Using a Salem mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand the impact of different down payment amounts, and compare various loan terms and interest rates. This tool can provide a clearer picture of your financial obligations and help you make informed decisions about your home loan. Especially if you are a first-time homebuyer in Salem, the mortgage calculator can be a practical resource in planning your homeownership journey.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
Should I choose a 30-year or 15-year mortgage term?
A 30-year mortgage offers lower monthly payments, but you will pay more interest over time. A 15-year mortgage has higher monthly payments but saves on interest. Consider your financial goals and budget, and choose the shortest term that you feel you can comfortably afford.
How much is the payment on a $400,000, 30-year mortgage?
The cost of a $400,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For example, at an interest rate of 6.00%, and a down payment of 20% ($80,000), your monthly payment would be $1,919. This estimate includes principal and interest but not property taxes, insurance, or other fees.
How much should I put down on a mortgage?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t pinching your finances to the bone. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home. And repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill. Look at the entire financial picture to determine if that makes sense for you.
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 more favorable interest rates, reducing your monthly payments, and the total cost of the loan. Conversely, a lower credit score may result in higher interest rates, making the mortgage more expensive. Lenders use your credit score to assess your risk, so building your score can lead to better loan terms and more savings over the life of the mortgage.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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Free Fayetteville, NC Mortgage Loan Calculator
Fayetteville, NC Mortgage Calculator
By SoFi Editors | Updated October 24, 2025
Getting a mortgage in Fayetteville is easier when you’ve done your homework in advance. Put a few basic facts into this Fayetteville mortgage calculator, 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 the best combo for you.
Key Points
• A mortgage loan calculator helps homebuyers quickly estimate the monthly and total costs of borrowing money to buy a home.
• Generally speaking, monthly mortgage payments should not exceed 28% of gross income.
• The calculator includes principal, interest, down payment, and estimated property tax.
• Extending the mortgage loan term can reduce monthly payments, making home buying more affordable. Extending the term also increases your total costs over the life of the loan.
• First-time homebuyer programs offer help with a down payment, closing costs, or both.
Fayetteville 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: Local property tax is often rolled into your 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 Fayetteville Mortgage Calculator
• Step 1: Enter Your Home Price
Type the home price, which is the agreed-upon purchase price with the home seller.
• Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget.
• Step 3: Choose a Loan Term
Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.
• Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
• Step 5: Add Your Annual Property Tax Rate
Enter the home’s property tax rate as a percentage. The average effective property tax rate in Cumberland County, where Fayetteville is located, is 1.06%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and repayment term. Use this tool to compare costs, like how the interest rate affects your monthly payments. Check out different loan terms to see their impact on expenses and total interest.
A Fayetteville 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 Fayetteville
In Fayetteville, the median home sale price in late 2025 was $239,000 — much less expensive than the national median of around $439,000, according to Redfin.
Lenders suggest a mortgage payment not exceed 28% of your gross monthly income. You’d need to earn an annual income of about $55,000 if you were looking to afford a monthly payment of $1,281 on a $239,000 home. That assumes a 20% down payment ($47,800), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 1.06% for Cumberland County.
Lenders also recommend total debt payments stay under 36% of gross monthly income. In this case, your other debts shouldn’t exceed $366 monthly. If you want to factor in a car loan or student loan, 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, as this calculator does. 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).
Recommended: Average Monthly Expenses for One Person
Cost of Living in Fayetteville
Fayetteville is 6% less expensive than the national average and 1% more expensive to live in than the average city in North Carolina, according to the Economic Research Institute (ERI). The cost of living reflects how much you can afford in a certain area. This metric gives you a sense of what things cost in a region, including necessities like housing, utilities, groceries, health care, and transportation.
The cost of living index (COLI) is measured on a scale of 100 — a COLI higher than 100 means the region is more expensive than the national average, and a COLI below 100 indicates it is less expensive.
North Carolina holds a 2024 COLI of 97.8, in line with nearby Virginia (100.8) and South Carolina (94.7), according to data from the Council for Community and Economic Research’s Cost of Living Index. To help you compare the cost of living in Fayetteville, here are the COLI numbers for some of the major cities in North Carolina:
| North Carolina Cities’ Cost-of-Living Stats | |
|---|---|
| Asheville | 102.7 |
| Chapel Hill | 104.5 |
| Raleigh | 97.2 |
| Winston-Salem | 93.4 |
Source: Council for Community and Economic Research’s Cost of Living Index.
If you have a desire to pursue a home in one of the best affordable places in the U.S., you can also check out Greensboro and Southern Pines, which landed on the list of most economical places to live in North Carolina.
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 to free up cash to dedicate to other expenses. Here are some ways borrowers can lower their payments:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• Review your property taxes regularly. If you think your property taxes are too high, the Cumberland County Tax Administration 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.
Fayetteville First-Time Homebuyer Assistance Programs
If you are a first-time homebuyer in North Carolina, you can find state programs that help make homeownership more achievable by reducing the upfront financial burden. Down payment assistance programs can provide financial aid for the down payment, closing costs, or both.
To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Look into the North Carolina Housing Finance Agency (NCHFA), which offers programs designed to help low- to moderate-income buyers who need help coming up with a down payment or closing costs. Some of the NCHFA programs also assist veterans or individuals who are buying in certain areas or regions.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
Using a Fayetteville mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand the impact of different down payment amounts, and compare various loan terms and interest rates. This tool can provide a clearer picture of your financial obligations and help you make informed decisions about your home loan. Especially if you are a first-time homebuyer in Fayetteville, the mortgage calculator can be a practical resource in planning your homeownership journey.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
Should I choose a 30-year or 15-year mortgage term?
A 30-year mortgage offers lower monthly payments, but you will pay more interest over time. A 15-year mortgage has higher monthly payments but saves on interest. Consider your financial goals and budget, and choose the shortest term that you feel you can comfortably afford.
How much should I put down on a mortgage?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t pinching your finances to the bone. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home. And repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill. Look at the entire financial picture to determine if that makes sense for you.
How can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work to cultivate a strong credit score (aim for 700 or more, which is well over the 620 score you’ll need to qualify for a home loan). Go through the online prequalification process with multiple lenders to see how low a rate you might be able to obtain. A higher down payment may help, too, if you can afford to make one. If you already own a home, you can explore a mortgage refinance and compare the costs of your old loan versus a new one (plus closing costs) at a new, lower rate.
How much is the payment on a $250,000, 30-year mortgage?
The cost of a $250,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For instance, at an interest rate of 6.00%, and a down payment of 20% ($50,000), your monthly payment would be $1,199. 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-Q425-043
Get prequalified in minutes for a SoFi Home Loan.
Free Stockton, CA Mortgage Loan Calculator
Stockton, CA Mortgage Calculator
By SoFi Editors | Updated October 21, 2025
A mortgage calculator is a helpful resource for anyone considering purchasing a home. Type in a few key numbers and you can quickly understand the financial implications of buying a house. You can even use the calculator to experiment with different scenarios, to understand how a larger or smaller down payment, for example, might impact monthly payments. Follow this guide to get the most from this useful mortgage calculator tool.
Key Points
• A mortgage calculator helps you understand the financial implications of buying a home, including monthly payments and total loan cost.
• The loan term, whether 15 or 30 years, significantly affects your monthly payments and total interest paid over the life of the loan.
• Property taxes are included in this mortgage calculator, as many lenders ask that you pay taxes as part of your monthly mortgage payment.
• A higher credit score can secure a more favorable mortgage interest rate, reducing monthly payments and the total cost of the loan.
• Down payment assistance programs can reduce upfront costs and make homeownership more accessible for qualified buyers.
Stockton, CA Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price you have agreed to with the home seller, which may differ from the listing price and your initial offer. This figure helps determine the size of your home loan.
• Down payment: The down payment is the amount you’ll pay upfront. Most buyers put down between 3% and 20%. To avoid paying for private mortgage insurance (PMI), a down payment of 20% is usually needed. A jumbo loan on a higher-priced property often requires a down payment of at least 10%.
• Loan term: The loan term is the length of time you have to repay the mortgage. A shorter term offers lower total interest paid but higher monthly payments, while a longer term provides lower monthly payments but higher total interest over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. The type of mortgage loan you choose and your credit score and other financial qualifications will affect the rate you are offered.
• Annual property tax: The annual property tax in California is capped at 1%, but additional local taxes and assessments may bring the total closer to 1.25%. The property tax rate in Stockton, which is located in San Joaquin County, is .7648%.
• Total monthly payment: The total monthly payment includes the principal and interest you pay each month. It’s important to note that this figure may also include property tax.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure is heavily influenced by the interest rate and the loan term.
How to Use the Stockton, CA Mortgage Calculator
Step 1: Enter Your Home Price
Type in the purchase price of the property.
Step 2: Select a Down Payment Amount
Choose how much of the home price you will pay upfront. A down payment calculator can show you what’s needed to reach the 20% payment necessary to avoid PMI.
Step 3: Choose a Loan Term
Select the length of time to repay the mortgage, anywhere from 10 to 30 years. As noted above, a longer term lowers monthly payments but increases total interest.
Step 4: Enter an Interest Rate
Input your estimated interest rate. Lower rates reduce monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the local property tax rate. Use .7648% for San Joaquin County, or to find the specific percentage in your area, search online for the property’s town or ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments and helps would-be homeowners understand the total cost of a potential loan. You’ll input the home’s purchase price, your down payment amount, interest rate, loan term, and local tax rate to see an estimate of your monthly mortgage bill.
Especially if you are buying your first home, it’s a good idea to use the calculator to see how different down payment amounts or loan terms might affect your payments as well as your total interest paid on a home loan.
Recommended: Average Monthly Expenses for One Person
Deciding How Much House You Can Afford in Stockton
The median home price in Stockton in late 2025 was $435,000, according to Redfin. Let’s use that price and employ the mortgage calculator to explore how much house you might be able to afford. Lenders like to see that housing costs (mortgage, taxes, insurance, HOA) don’t exceed 28% of gross monthly income. If you put 20% down on a $435,000 home and had a 6.50%, 30-year mortgage, your monthly payment would be $2,477. This takes into account the property tax rate in Stockton. To afford this payment and still be within the 28% guideline, you would need a gross monthly income of about $9,166 which equals an annual income around $110,000.
If you want to use your annual income and debts to estimate your ideal home price, put your numbers into a home affordability calculator. Or pull together your financial details and share them with a lender as part of the mortgage preapproval process. You’ll come away understanding if you would likely qualify for a loan and, if so, how much you might be able to borrow.
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 portion of the payment that goes toward paying down the loan balance, while the interest is the cost of borrowing the money. Additionally, your monthly payment may include property tax, as they do in this calculator. If your down payment is less than 20%, you may also have to pay for PMI. Some lenders also build home insurance costs and homeowners association (HOA) fees into the monthly loan payment.
Buyers considering a home loan guaranteed by the Federal Housing Administration (FHA) should use an FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums, which are key components of a mortgage payment for FHA loans. A VA mortgage calculator is the calculator to use if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Stockton
Stockton has a high cost of living by U.S. standards, at 13 points above the average U.S. cost of living. However, California as a whole has a very high cost of living, and Stockton’s costs are almost 20 points below the California average. That’s one reason Stockton ranked as one of the best affordable places in the U.S. for young adults to live. It’s in the Bay Area without being as pricey as San Francisco, and it has a great local arts scene and relatively affordable housing (again, by West Coast standards).
In Stockton, a living wage for two adults working full time and raising two children is $46.61 per hour, according to MIT’s Living Wage Institute. A single person with no children could subsist on $24.92 per hour. As you think about purchasing a home in Stockton, online calculators can help you determine how your housing costs fit into your larger household budget.
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.
Stockton’s First-Time Homebuyer Assistance Programs
If you’re a first-time homebuyer looking to purchase in Stockton, there are several down payment assistance programs available to help qualified buyers cover the initial costs. Some programs also provide a loan or grant to cover closing costs. To qualify as a first-time homebuyer, you typically must not have owned a primary residence within the past three years.
The California Housing Finance Agency is the primary program provider, offering below-market-interest-rate loans and down payment help for eligible low- and middle-income buyers. Consult a guide to first-time home-buying programs in California for tips.
Recommended: The Cost of Living in the U.S.
Tips on Reducing Your Mortgage Payment
You might settle into your home and need to reduce your monthly costs further. If that happens, these are ways to lower your monthly mortgage payment at various points during your mortgage experience.
• Request that your lender drop private mortgage insurance (PMI) as soon as you reach 20% equity in your home. This can be achieved through regular payments but also through home appreciation.
• Consider mortgage recasting if you receive a bonus or windfall. This involves making a lump sum payment toward your mortgage principal and asking your lender to recompute your monthly payments without extending the loan term or pursuing a full refinance.
• A mortgage refinance is an option if interest rates have dropped significantly since you purchased your home or if your credit score has markedly improved. Make sure you include closing costs when you compare the cost of refinancing to keeping your original loan.
• Appeal your property taxes if you believe they are too high. Successfully appealing can reduce your annual property tax bill and lower your total monthly mortgage payment.
• Ask the lender to modify your loan if financial hardship makes it difficult to keep up with payments. This might involve extending the loan term, which can reduce monthly payments, but may also increase the total loan cost over the life of the loan.
• Shop for a lower homeowners insurance rate. You can potentially trim your premium by opting for an increased deductible, bundling policies, or making upgrades that enhance your home’s security or storm resistance.
The Takeaway
Using a mortgage calculator is a key step when determining how much house you can afford as a homebuyer. It helps you understand the impact of factors like your down payment amount and loan term on your monthly payments. Knowing your overall financial commitment will help you make more informed decisions about the home you’ll buy and the type of mortgage you’ll obtain, ensuring a smoother and more secure path to homeownership.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much is the average mortgage in Stockton?
The median mortgage amount on a typical home in San Joaquin County, where Stockton is located, is around $3,360, according to the National Association of Realtors®. A mortgage calculator will show you how the monthly mortgage payment fluctuates based on the price of the home, the prevailing interest rate, and the term length, among other factors.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a major 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 interest you pay over the life of the loan. Conversely, a lower credit score may result in a higher interest rate, making the mortgage more expensive.
What are principal and interest on a mortgage loan?
The mortgage principal is the amount you borrow from a lender to purchase the home, while the interest is the fee you pay for borrowing. Over the life of the loan, your consistent monthly payments will gradually pay down the principal owed and also cover the interest charges.
What income do you need for an $800,000 mortgage with a 6.50% interest rate?
If you earn at least $240,000 per year, you could potentially afford an $800,000 mortgage, but whether you will qualify for a loan in that amount will depend on your credit score, among other factors. If you have debts, such as a car loan or student loan, you’ll likely need to earn more.
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-Q425-039
Get prequalified in minutes for a SoFi Home Loan.
Free Franklin, TN Home Mortgage Loan Calculator
Franklin, TN Mortgage Calculator
By SoFi Editors | Updated October 21, 2025
A Franklin, Tennessee, mortgage calculator can help you navigate the home-buying process by estimating your monthly mortgage payments, total interest paid, and total cost of the loan. By understanding the components of your mortgage payment and the total cost of homeownership, you can make informed decisions and avoid financial strain. Here’s an in-depth look at how to use the Franklin mortgage calculator.
Key Points
• A Franklin mortgage calculator can provide a realistic estimate of your monthly mortgage payment.
• To use the calculator, input your purchase price, down payment amount, loan term, interest rate, and property tax rate.
• The loan term affects your monthly payments and total interest paid; a longer term offers lower monthly payments but more interest over the life of the loan.
• Building your credit score can lead to more favorable interest rates, reducing both your monthly mortgage payments and the total interest paid over the life of the loan.
• Down payment assistance programs can significantly reduce the initial financial burden of homeownership, making it more accessible for first-time homebuyers and those with limited savings.
Franklin Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the agreed-upon purchase price between you and the home seller. It determines the home loan amount and your monthly payment obligation.
• Down payment: The down payment is the initial amount a homebuyer pays upfront when purchasing a property. It is often expressed as a percentage of the total purchase price, typically between 3% and 20%.
• Loan term: The loan term is the duration over which you will repay your mortgage. A longer term typically results in lower monthly payments but higher total 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 total mortgage loan amount. It can fluctuate based on borrower qualifications and market trends.
• Annual property tax: The annual property tax is a key component of your monthly mortgage payment, administered by the local government. It is typically expressed as a percentage of the home’s assessed value.
• Total monthly payment: The total monthly payment for a home includes the principal loan amount and the accruing interest. It helps you understand the complete financial commitment associated with homeownership.
How to Use the Franklin, TN Mortgage Calculator
The Franklin mortgage calculator will provide an estimate of your monthly payment, total interest paid, and total loan cost. Here’s how to use it:
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property. This figure might differ from the listing price and your initial bid.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home. A larger down payment can reduce your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI). A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the length of time 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 Williamson County (Franklin) property tax rate is 0.43% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments and aids in understanding homeownership finances. It allows you to see how different down payment amounts, interest rates, and loan terms affect your monthly payments and overall cost of the loan.
If you’re refinancing your mortgage, the calculator allows you to compare your current mortgage with potential offers to find savings. Keep in mind, though, that if you lengthen your loan term, your payment may go down but your overall interest will increase.
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 Tennessee
Deciding How Much House You Can Afford in Franklin
In Franklin, the median home sale price in 2025 was $778,000. Lenders advise keeping housing costs (mortgage, taxes, insurance, fees) below 28% of your gross monthly income. For a $778,000 home, you’d need about a $177,000 annual income with a 20% down payment ($155,600), for a 30-year mortgage at 7.00%. The monthly mortgage would be $4,141, not including property tax, HOA fees, or homeowners insurance.
Total debt shouldn’t exceed 36% of your income. That means other debts, such as student loans, auto loans, and credit cards, should not exceed $1,183 monthly. If other debts do exceed $1,183 per month, you’ll need a higher income to afford a home at this price. Use a home affordability calculator for a rough estimate based on income and debt obligations.
It can be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
A mortgage payment mainly includes principal and interest. Principal is the borrowed amount, while interest is the cost of borrowing. Different types of mortgage loans have varying interest rates and terms, which can affect how much of your monthly payment goes toward each component.
This calculator also factors in property taxes, which may be part of your monthly payment. In Franklin, the property tax rate is 0.43% of the home’s assessed value. Other components of a mortgage payment may include:
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value.
• HOA fees: Monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Franklin, TN
According to BestPlaces, Franklin has a high cost of living, around 39.4% above the national average. Housing is a major factor, costing around 32% more than average. Expect high expenses for utilities, maintenance, and transportation, as well.
For a single person to live in Franklin, BestPlaces suggests a monthly income of $5,467 ($65,600 per year). For a family, that number increases to $12,510 per month, or $150,120 per year.
If you find Franklin to be out of your budget, consider surrounding cities, such as Thompson’s Station or Spring Hill. These cities sit further south than Franklin, but are full of family-friendly activities, restaurants, and schools.
Recommended: Average Monthly Expenses for One Person
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Franklin’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Franklin, Tennessee, there are several Tennessee down payment assistance programs available to help you cover initial costs. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. To qualify, you typically must not have owned a primary residence within the past three years.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
If you’re looking to lower your mortgage payment, consider the following strategies:
• Drop private mortgage insurance (PMI) once you reach 20% equity in your home. Dropping PMI, either through payments or home appreciation, can significantly lower your monthly mortgage payment and reduce your overall expenses.
• Consider mortgage recasting if you receive a bonus or other windfall. This involves making a lump sum payment toward your loan amount, which your lender will then re-amortize. The result is a new, lower monthly payment based on the reduced principal, providing immediate financial relief and long-term savings.
• Appeal your property taxes if you believe they are excessively high. Start by reviewing the assessment to ensure it accurately reflects your home’s current market value. Gather supporting evidence, such as records of recent comparable sales, and present it to your local tax assessor for consideration.
• Modify your loan if you face financial hardships. This process involves negotiating with your lender to change the loan term, adjust the interest rate, or alter other terms of the agreement. Loan modifications can provide financial relief and help you stay in your home during tough times, but they often require proof of financial distress and a good faith effort to repay the loan.
• Refinance to a longer loan term to reduce your monthly payments. For example, switching from a 15-year to a 30-year mortgage can lower your payments, making the loan more affordable in the short term. However, extending the term means you’ll pay more in interest over the life of the loan.
• Shop for a lower homeowners insurance rate. Increasing your deductible can lower your premium, and bundling policies can provide discounts. Compare quotes from different insurance providers to find the best deal.
The Takeaway
Using a Franklin mortgage calculator can provide valuable insights into your financial readiness for homeownership. The calculator estimates your monthly mortgage payments based on purchase price, down payment amount, interest rate, loan term, and property tax rate. Knowing your monthly payment will ensure that buying a home in Franklin aligns well with your financial goals and overall financial well-being.
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 Franklin?
The average mortgage amount in Franklin was $4,930 in 2025. However, payments for the same priced home can vary based on down payment and interest rate. A Franklin mortgage calculator can help you get a more accurate estimate based on current local conditions and your specific financial situation.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly influences your mortgage loan interest rate. A higher credit score generally leads to more favorable interest rates, reducing the total cost of the loan. Conversely, a lower credit score may result in higher interest rates, increasing your monthly payments and the overall amount you pay over the life of the loan. Building your credit score before applying can help you secure better terms.
What are principal and interest on a mortgage loan?
Your mortgage payment consists of two main components: principal and interest. The principal is the portion of the payment that reduces the loan balance, while the interest is the cost of borrowing the 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 crucial step in the homebuying process. A larger down payment can reduce your monthly payments and potentially eliminate the need for private mortgage insurance (PMI). However, the minimum down payment varies by loan type. Conventional loans may require as little as 3%, while FHA loans need a minimum of 3.5%. Use a down payment calculator to explore different scenarios and find the best balance between affordability and financial security.
Should I choose a 30-year or 15-year mortgage term?
When choosing between a 30-year and 15-year mortgage, consider your finances. A 30-year loan offers lower payments but more interest. A 15-year loan saves on interest but has higher payments. Use a mortgage calculator to compare costs and payments for each term to make an informed decision.
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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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