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Comments Off on Would Your Finances Pass a Stress Test?
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If life throws you a layoff, a big medical bill, or a major house repair, you want to know you can handle it. But what does financial resilience actually entail?
It’s not about being rich. It’s about being ready.
While a recent survey by NerdWallet found Americans are more likely to feel financially resilient when they earn over $100,000 and own a home, it also showed that there’s more to it than financial resources. Just as important is how well you manage your money and can adapt to setbacks, surprises, or even opportunities.
Here are some telltale signs your finances would pass a stress test:
1. You’ve got a cushion to fall back on
An emergency savings stash is the backbone of financial resilience — a safety net to help you get back on your feet when times are tough.
Financial advisors often recommend having enough saved to cover three to six months’ worth of living expenses. But it’s better to start small than not start at all. For example, you could set up automatic transfers to a high-yield savings account, even if it’s just $20 a week. Thanks to the power of compound interest, that could make a big difference over time. And even a smaller buffer can reduce stress and prevent small problems, like an unexpected vet bill, from snowballing into bigger ones.
2. You keep debt under control
Debt isn’t necessarily a bad thing, but the type and size of it matters. Financially resilient households tend to have low or manageable debt, especially when it comes to high-interest debt from credit card spending. Credit card debt can get out of hand when you make only the minimum required payment, and ideally you’re able to pay your bill in full each month.
One rule of thumb is to keep your total monthly debt payments under 36% of your pre-tax income. If you’re over that threshold, focus on paying down the highest-interest balances. Momentum matters. Each bill you eliminate frees up cash flow and delivers more peace of mind.
3. You have a strong credit score
A good credit score doesn’t just signal responsibility, it provides options. If an unexpected bill pops up, access to affordable credit can be a lifeline. A strong credit score could also save you thousands in interest per year on loans like mortgages and car loans. Even insurance premiums may be lower.
You don’t have to have a six-figure salary, but predictability helps you plan, save, and avoid expensive debt. People with either steady or multiple income streams tend to weather shocks better than those with unsteady pay, but that doesn’t mean that freelancers, gig workers, or business owners can’t feel financially resilient.
If you don’t have steady income, building resilience might mean creating your own version of stability, like budgeting around your lowest-earning month and saving the difference when times are good.
Whatever your income is, the important thing is that you live within your means.
5. You know where your money is going
Budgeting doesn’t have to mean spreadsheets and stress, but you want to be aware.
It’s important to have a handle on what’s coming in, what’s going out, and where you can pivot if something changes. Nerdwallet’s survey showed people who track spending on a regular basis are more likely to feel financially resilient. And studies suggest that people who track spending report higher financial confidence and less anxiety.
6. You can afford your housing, whether you own or rent
Homeownership usually correlates with stability, but it’s not the only path. What matters more is having housing costs that fit your budget. Whether it’s a mortgage or rent, experts recommend keeping total housing costs below 30% of gross income.
7. You understand how money works
Financial literacy might be the ultimate resilience tool. People who understand how risk, inflation, and compound returns work tend to make better decisions, recover faster from setbacks, and enjoy better financial health.
And you don’t need a finance degree, just curiosity. Read credible personal finance resources, listen to a podcast, or follow a budgeting community online. A little knowledge goes a long way.
8. You’re thinking about tomorrow
Retirement may feel far off, but saving for it is part of future resilience.
The ability to handle future financial needs without panic starts with habits you build earlier in life. Contributing even a small percentage of your paycheck to a 401(k) or IRA helps create a financial buffer that future-you will thank you for.
Asking for help isn’t weakness. It’s resourcefulness.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
• A home equity loan calculator estimates the amount a homeowner might be able to borrow based on available home equity and shows what the monthly payments would be.
• Users will need to input estimated home value, current mortgage balance, preferred loan amount, preferred repayment term for the home equity loan, and potential interest rate.
• Home equity loans typically offer fixed interest rates and predictable monthly payments over five to 30 years.
• Before obtaining a home equity loan, it’s important to think about how payment will fit into your budget, how the loan might impact a home sale, and possible tax benefits.
Home Equity Loan Calculator
Calculator Definitions
• Home Value: Find the estimated market value of your home by searching your address on a real estate website such as Redfin or Zillow. For best results, use the current estimated value, not what you paid for your home originally.
• Current Mortgage Balance: This is the amount you still owe on your home loan. It’s also known as the principal.
• Repayment Term: This is the number of years you’ll require to repay your home equity loan. The longer the term, the lower the monthly payments will be, but the more interest you’ll pay over the life of the loan.
• Interest Rate: Interest is what you’ll pay the lender for the privilege of borrowing. The rate is usually expressed as a percentage of the amount you borrow. This calculator serves as a home equity loan rates calculator, because it bases your payment information on your interest rate. Your credit score will play a big role in the rates you’re offered.
• Equity: Your equity is your ownership stake in your home. Lenders typically like home equity loan borrowers to have at least 20% equity in their home. To see your equity percentage, subtract your mortgage balance from your estimated home value, then divide by your estimated home value.
How to Use the Home Equity Loan Calculator
Putting this free home equity loan calculator to work for you is easy, and results are ready in seconds.
Step 1: Enter Your Home Value
Research the estimated value on a real estate site, and type in the middle range of the amount.
Step 2: Enter Your Desired Loan Amount
Home equity loans pay you a lump sum, so add up all the things you might need to borrow for over the next few years and enter that amount. This calculator has a loan limit of $350,000.
Step 3: Enter Your Current Mortgage Balance
Find your current balance on your latest mortgage statement or on your loan servicer’s site.
Step 4: Enter Your Home Equity Loan Repayment Term
Choose the number of years you want to have to repay the home equity loan, from five to 30. The shorter the term, the higher your monthly payment will be.
The calculator will show you the maximum home equity loan you might qualify for, based on your home equity level, and what the monthly payment would be. You’ll also see your desired loan amount and its monthly payment. Apply for a loan amount that suits your needs and that has a monthly payment you can handle. The calculator will also show your equity percentage in the home. If your equity is less than 20% you likely won’t qualify for a home equity loan, but knowing the equity percentage will show you how close you are to the 20% mark.
Benefits of Using a Home Equity Loan Calculator
This home equity loan payment calculator will quickly show you how much you might be able to borrow based on the amount of equity you have in your home, as well as what the monthly payments on your desired home equity loan might look like. You can also use the calculator to experiment with different loan amounts and interest rates to find the monthly payment that best fits your budget.
How to Use the Home Equity Loan Calculator Data to Your Advantage
The home equity loan calculator will show you your available equity amount. It’s helpful to have this number, because this is the amount of the home’s value that you have actually paid off, based on your mortgage principal balance.
It will also show you the estimated monthly payment on a home equity loan. You can use this information to have a close look at your monthly budget and decide whether you’ll be able to afford this payment while still paying off your mortgage and covering your other bills.
With a home equity loan, you’ll start making payments soon after you receive the lump-sum loan. If you determine the monthly payment is affordable, you can apply for a home equity loan. Completing the application will be similar to the mortgage preapproval process you might have gone through when you bought your house.
You’ll provide detailed financial information and information about your property, and the lender evaluating the mortgage preapproval or home equity loan application decides whether or not you qualify for the loan.
What Is a Home Equity Loan?
Before you decide to apply for a home equity loan, it’s important to make sure you understand what it is, and how it differs from other borrowing methods. With the cost of living being what it is these days, you might find you need a loan to accomplish your goals. Maybe you have a kitchen renovation planned, or perhaps you would like to use a lower-interest home equity loan to pay off higher-interest credit-card debt.
A home equity loan uses your home as collateral, providing you with a lump sum of money to use for pretty much any purpose you can think of. If you are still paying off your mortgage, the home equity loan is technically a second mortgage. The funds are disbursed all at once and you immediately begin repaying what you borrowed, plus interest, in equal monthly installments over a period of five to 30 years.
As with the mortgage rate on your home loan, your home equity loan interest rate is driven by market forces and by your personal creditworthiness. Because you’re using your home as collateral, interest rates are typically lower than those of unsecured personal loans. And the home equity loan’s fixed interest rate lets you enjoy the predictability of consistent monthly payments. To qualify, you’ll need at least 20% equity in your primary residence.
Current home equity loan rates by state.
Compare current home interest rates by state and find a home equity loan rate that suits your financial goals.
Select a state to view current rates:
Types of Home Equity Loans
You might hear that there are different kinds of home equity loans, just as there are different types of mortgage loans. It’s really more accurate to say that there are different ways to borrow against your equity. If you pursue a home equity loan, you get a lump sum and repayment starts immediately. Or you can consider one of these alternatives:
Home Equity Line of Credit (HELOC)
A home equity line of credit is like having a credit card but with a lower interest rate. You can borrow money as you need it, up to a certain limit, and pay interest only on the amount of the credit line you actually use.
Unlike a home equity loan, a HELOC has a “draw” period of up to 10 years, during which you can draw against the credit line but only pay interest. After the draw period, you’ll be in the repayment period where you pay back principal plus interest.
One big difference between a home equity loan and a HELOC is that HELOCs usually have a variable interest rate, so the amount you pay in interest will depend on your current balance and your changing rate. Another difference is that your credit line on a HELOC might be slightly larger than the amount you could borrow with a home equity loan. A HELOC could allow you to borrow up to 90% of your equity, while a home equity loan usually tops out at 85%.
Cash-Out Refinance
In a cash-out mortgage refinance, you replace your mortgage with a new, larger one and pocket the difference to use as you wish. The amount you can cash out is determined by your home equity, with most lenders allowing you to borrow up to 80%. The beauty of a cash-out refi is that you can choose between fixed or variable rates, and you’ll wind up with one monthly payment instead of paying for both a mortgage and a home equity loan or HELOC. Here’s a quick guide to a home equity loan vs. a cash-out refinance vs. a home equity line of credit:
Home Equity Loan
HELOC
Cash-Out Refinance
Borrowing Limit
Up to 85% of borrower’s equity
Up to 90% of borrower’s equity
80% of borrower’s equity for most loans
Interest Rate
Fixed
Generally variable
May be fixed or variable
Type of Credit
Installment loan: Borrowers get a specific amount of money all at once that they then immediately begin repaying, with interest, in regular installments.
Revolving credit: Borrowers receive a line of credit. They have a draw period (5-10 years) during which they borrow and can only pay interest, followed by a repayment period (10-20 years) to repay the principal plus interest.
Installment loan: Borrowers receive a lump sum payment from the excess funds of their new mortgage, which has a new rate and repayment terms.
Repayment Term
Generally 5-30 years
A draw period of 5-10 years, followed by a repayment period of 10-20 years
Generally 15-30 years
Fees
Closing costs (typically 2%-5% of the loan amount)
Closing costs (typically 2%-5% of the loan amount), plus other possible costs, depending on the lender (annual fees, transaction fees, inactivity fees, early termination fees)
Closing costs (typically 2%-5% of the loan amount)
Home Equity Loan Scenarios
As you are thinking about how to get equity out of your home, consider these examples of how things play out when you run the numbers with a free home equity loan calculator.
Scenario One: Homeowner Harris
Harriet Harris purchased a home in 2014 and has made steady mortgage loan payments over the last decade. She still owes about $120,000 on her original mortgage. Her home, located in one of the best affordable places in the U.S., has appreciated nicely, and real estate sites estimate it’s worth about $470,000.
She puts the price estimate and mortgage balance into the home equity loan payment calculator and it shows her that her home equity is $350,000. If her credit score is solid, she could borrow as much as 85% of her equity, or $297,500.
Homeowner Harris only wants to borrow $50,000, and the interest rate right now is 6.90%. She’d like to repay the loan in 10 years, before she retires. The home equity loan monthly payment calculator shows that her monthly payment would be about $600.
Scenario Two: John and Jane Newlywed
The Newlyweds were able to qualify as a first-time homebuyer and purchased their home just last year for $350,000, making a 10% down payment on the property and obtaining a 30-year loan at 7.00% interest. They have been making their mortgage payments steadily.
The home hasn’t appreciated much in value in such a short time, so the home value for the mortgage calculator is $350,000. Their current mortgage balance is $310,500. Using the home equity loan calculator, they learn that they have $39,500 in equity, which equates to about 11% equity in their home. Right now the Newlyweds would probably find it difficult to obtain a home equity loan, as they haven’t yet reached 20% ownership of their home.
Before you move forward and apply for a home equity loan, take our advice on how to get the most out of the experience:
• Build a strong credit score Check in on your credit score before applying for a home equity loan. You’ll want to have a score of 680 or 700 to qualify and get a great rate. Keep up with your payments and don’t max out your credit cards, and you can ensure your score is sterling.
• Know how much you need to borrow With a home equity loan, you’ll ask to borrow a certain amount and, if you qualify, you’ll receive the funds all at once. If you are unsure about how much you need to borrow, a HELOC might be a better choice for you, because you can borrow as you need money.
• Have a payment plan Payments on your home equity loan will begin immediately, so make sure you’ll be able to pay the necessary amount each month. If you can’t make your payments, you risk losing your home to foreclosure.
• Make sure your home is well insured Lenders like to see that a home is well protected before they make a loan against it. If you have any uncertainty about your coverage, you can ask a prospective lender to share its requirements.
• Think about the future If you might be moving before the repayment term on your home equity loan is finished, you’ll need to pay off the home equity loan when closing on the sale of your home, which can affect your profits from the sale. Owing money on both a mortgage and a home equity loan might also affect your ability to qualify for a mortgage if you are buying a new home while selling your old one.
• Understand the potential tax benefits If you use a home equity loan to make significant improvements to your residence, the interest you pay on the loan may be deductible on your 2025 federal taxes. Work with your tax preparer to make sure you document everything properly. Your tax preparer can also keep tabs on how this rule might change in future tax years. Keep receipts and good records of any home-related expenses you pay with funds from the loan.
The Takeaway
A home equity loan can be a huge help if you need to cover the cost of a renovation or education expenses, and the interest rate you can get by using your home as collateral makes this a very appealing way to borrow. But it’s important to understand that your home is at risk if you fail to make your payments. Use a free home equity loan calculator to help ensure your monthly home equity loan payments fit into your budget. Then reach out to lenders to find the best available rate on a home equity loan to keep your expenses to a minimum.
What is a home equity loan calculator and how does it work?
A home equity loan calculator tells you how large a home equity loan you might qualify for, based on your home’s value and your mortgage balance, and estimates your monthly payments for the loan. You’ll type in a few numbers and almost instantly learn your maximum loan amount, equity amount, and monthly payment amounts for both your max loan amount and your desired loan amount. Choose the loan size that works for you and that has a monthly payment you can handle.
What information do I need to input to get an accurate estimate?
To get an accurate estimate from a home equity loan calculator, you’ll need to put in your home’s approximate value (from a real estate site), your mortgage principal balance (from your lender’s site or your mortgage bill), your ideal repayment term (5 to 30 years), and the interest rate you think you might be able to obtain. You’ll also input your desired loan amount.
How does the calculator determine my home equity?
A home equity calculator determines the amount of equity you have in your home by dividing your mortgage principal balance by your home’s estimated value. If your home value changes, your equity level could change too.
Does the calculator consider my credit score or debt-to-income ratio?
This calculator does not evaluate your credit score or examine your debts. If you have a low credit score or high debts, it might be difficult to obtain a home equity loan. A prospective lender will look at your equity level, credit score, and debts when determining whether or not you qualify for a home equity loan and, if so, how much you might borrow.
Is the estimated monthly payment from the calculator the exact amount I will be required to pay?
The free home equity loan calculator provides an estimate of what you’ll be able to pay, but for the exact amount you would owe, you’ll need to check with a lender.
Does the calculator account for closing costs or other fees associated with the loan?
The calculator does not take into consideration the upfront costs or fees associated with a home equity loan. Some lenders offer to waive origination fees on home equity loans.
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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.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945. All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee. 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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When you’re considering purchasing a home in St. Petersburg, understanding your potential mortgage payments is a big first step. A St. Petersburg mortgage calculator can provide clarity on what your monthly expenses might look like and assist you in making informed decisions about your down payment, loan term, and more. This article will guide you through using a mortgage calculator and help you get the most out of this tool.
Key Points
• Using a mortgage calculator involves inputting your estimated purchase price, down payment, interest rate, loan term, and property tax rate.
• A loan term is typically 10 to 30 years and helps govern overall costs.
• First-time homebuyer programs can help buyers afford a down payment, closing costs, or both.
• A mortgage calculator can help you determine what home price, down payment, and interest rate you can afford.
• There are ways to lower your monthly mortgage costs even after you make your home purchase.
St. Petersburg Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price that you have agreed upon with the home seller. This is a key figure when it comes to determining your home loan amount.
• Down payment: The down payment is the amount you pay upfront. Buyers typically put down between 3% and 20%. A down payment calculator can show you how much you would need to put down to reach 20%, which would likely eliminate the need to pay for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the loan. Common terms are 15 and 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the total loan amount. Interest rates vary based on factors such as your credit score and the type of mortgage loan you choose.
• Annual property tax: Property tax helps determine your total monthly housing payment.
• Monthly payment: The monthly payment represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property tax. This calculator does not include home insurance, private mortgage insurance, or homeowners association (HOA) fees.
• Total interest paid: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the St. Petersburg Mortgage Calculator
Step 1: Enter Your Home Price
Type the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget.
Step 3: Choose a Loan Term
Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the home’s property tax rate. The average effective property tax rate for Pinellas County, where St. Petersburg is located, is 0.76%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and 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 St. Petersburg 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 St. Petersburg
In St. Petersburg, the median home sale price in late 2025 was $390,000 — more affordable than the national median of around $439,000, according to Redfin.
Lenders suggest a mortgage payment shouldn’t exceed 28% of your gross monthly income. You’d need to earn an annual income of about $90,000 to afford the monthly payment on a $390,000 home, which comes to about $2,082. That payment amount assumes a 20% down payment ($78,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 0.76%.
Lenders also recommend total debt payments stay under 36% of gross monthly income; other debts shouldn’t exceed $595 monthly in this case. If you want to factor in other debts, such as a car loan or student loan for example, you can use a home affordability calculator.
A more reliable method to help you determine affordability is to go through the mortgage preapproval process with a lender, where you provide detailed financial information. The lender will let you know whether you qualify for a loan and, if so, in what amount and under what terms.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). Your monthly payment might also include property tax, which is based on your home’s assessed value. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
Homebuyers who are considering purchasing with the help of a Federal Housing Administration (FHA) loan will have an upfront and ongoing mortgage insurance premium to pay. These loans are still very affordable and are popular with first-time buyers. If you are considering an FHA loan, use an FHA mortgage calculator.
Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.
Finally, if you are purchasing a pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA).
St. Petersburg’s cost of living is 18% more expensive than the national average and 7% more expensive to live in than the average city in Florida, according to the Economic Research Institute (ERI). The cost of living gives you a sense of how far your dollar goes toward necessities like housing, utilities, groceries, health care, and transportation.
For a family of two working adults (working full-time) and two children, MIT’s Living Wage Institute estimates that you would need an hourly wage of $41.45 to support your household in St. Petersburg.
While St. Petersburg did not land on the best affordable places in the U.S. list, it is considered a best place to live in Florida for families.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips for Reducing Your Mortgage Payment
As you explore your monthly bills, you may wonder how you can reduce your mortgage payment. Here are some ways borrowers can lower their payments:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• If you think your property taxes are too high, the Pinellas County Value Adjustment Board (VAB) 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.
St. Petersburg First-Time Homebuyer Assistance Programs
If you’re buying your first home in St. Petersburg, there are down payment assistance programs that can provide financial aid for the down payment, closing costs, or both. To qualify, you must not have owned a primary residence within the past three years.
The Florida Housing Finance Corporation (known as Florida Housing) offers first-time buyers a variety of assistance programs, which typically include homebuyer education classes. These can help buyers understand how much mortgage they can afford and how the lending and closing processes work.
Using a St. Petersburg mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand the impact of different down payment amounts, and compare various loan terms and interest rates. This tool can help provide a clearer picture of your financial obligations and lead you to making informed decisions about your home loan, especially if you are a first-time homebuyer.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t stretching your finances too much. A first-time homebuyer can sometimes put down as little as 3%, and repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill.
Should I choose a 30-year or 15-year mortgage term?
A 30-year mortgage offers lower monthly payments, but you will pay more interest over time. A 15-year mortgage has higher monthly payments but saves on interest. Consider your financial goals and budget, and choose the shortest term that you feel you can comfortably afford.
How can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work to cultivate a strong credit score (aim for 700 or more). Go through the online prequalification process with multiple lenders to see how low a rate you might be able to obtain. A higher down payment may help, too, if you can afford to make one. If you already own a home, you can explore a mortgage refinance and compare the costs of your old loan versus a new one (plus closing costs) at a new, lower rate.
How much is the payment on a $400,000 mortgage with a 30-year term?
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
