Free New York Home Mortgage Loan Calculator
New York Mortgage Calculator
By SoFi Editors | Updated September 22, 2025
Buying a home can feel daunting, but online tools can make the process more manageable. This New York mortgage calculator is invaluable for helping you understand what kind of obligations a specific mortgage will involve. You can also use it to compare different home loan offers and even see how changing factors in a mortgage -– like the interest rate or the loan term, for instance — will alter how much you’ll pay monthly and over the long term. The calculator is a great starting point for anyone looking to navigate the complexities of home buying in New York. Let’s take a closer look at what it can help you do.
Key Points
• A mortgage calculator lets you input information about a loan to find out what the monthly payment and total interest rate would be.
• A loan term of 30 years will translate into lower monthly payments, while a 15-year term will mean you pay your mortgage off faster and spend less on total interest.
• Lenders usually prefer that you spend no more than 28% of your gross monthly income on your monthly mortgage payment.
• While New York has a relatively high cost of living overall, there are cities in the state that are less expensive than the national average.
• Down payment assistance programs can help first-time homebuyers, a category that may include repeat buyers who haven’t owned a home in the last three years.
New York Mortgage Calculator
Calculator Definitions
• Home price: This is the price that you and the seller agree that you’ll pay for the property. It will probably differ from the listing price and from your initial offer.
• Down payment: This is the amount you will pay upfront for the property. It’s generally given as a percentage of the home price, typically between 3% and 20%. You can find down payment assistance programs in New York that may be able to help you cover this cost.
• Loan term: This is the time period during which you will repay your home loan. Typical loan terms are 15 or 30 years.
• Interest rate: This is what it costs to borrow money, and it’s usually described as a percentage of the loan amount.
• Annual property tax: Property tax is levied by local governments on land and buildings, and it’s expressed as a percentage of the home’s assessed value. To find the local tax rate where you’re buying a home, search online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: This is what you’ll be billed for each month by your lender. The payment will go toward paying a number of costs, including your principal and interest, but possibly also your property tax, which this calculator will allow for if you enter your tax rate.
• Total interest paid: This is the accumulated amount of interest you’ll pay over the life of the loan. How much it will be is affected by your interest rate and loan term, among other factors.
• Total loan cost: This is the complete amount that you’ll repay, including principal and total interest.
How to Use the New York Mortgage Calculator
This calculator is designed to be easy to use. These step-by-step instructions tell you how.
Step 1: Enter Your Home Price
Input the price that you and the seller have agreed that you will pay for the property.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price that you will pay upfront. A down payment calculator can help you decide on the optimal amount for you.
Step 3: Choose a Loan Term
Select the duration over which you’ll repay the mortgage, which is typically 15 or 30 years. A longer term offers lower payments but higher interest costs over the long run.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. There are many expensive properties in New York, so you may want to look at rates that are likely to be available for a jumbo loan.
Step 5: Add Your Annual Property Tax
Enter the percentage of your home price that you will pay annually in property taxes. If your rate is 1.26%, for example, you’d enter 1.26. Including your tax rate helps ensure a more accurate estimate of your monthly mortgage expenses.
Benefits of Using a Mortgage Payment Calculator
There are several ways that using a mortgage calculator can be helpful when you’re trying to evaluate just how much you can afford to pay for a property — especially if you’re buying your first home. With the calculator, you can find out approximately how much your monthly payments and overall interest costs will be for a given mortgage amount, interest rate, and term. You can also compare alternatives by changing factors like your loan amount or interest rate to see how much impact the alterations might have on your budget.
This calculator is designed specifically for fixed-rate mortgages. If you opt for a type of mortgage loan that comes with a variable interest rate, you can still use this tool to estimate your costs, but be aware that the results will be less precise because of the fluctuations of variable rates.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford in New York
In New York, as of late 2025, the median home sale price is $583,000. If you’re buying a home at that price, putting 20% down and financing the rest with a 30-year mortgage at a 7.00% interest rate, your monthly mortgage payment on principal and interest will be about $3,103. (Note that this estimate doesn’t include tax or homeowners insurance payments.)
To figure out how affordable that might be for you, let’s use the rule that lenders frequently follow: Your mortgage payment should be no more than 28% of your gross monthly income and your total debt should be no more than 36%. In this case, that would mean that you need an annual income of about $133,000 to buy a property at this price. That would leave you about $887 per month for other debts, like credit card payments, student loans, and car loans.
You can also try using a home affordability calculator to get an estimate of how expensive a home purchase will be workable for you. Additionally, It may be useful to go through the mortgage preapproval process with a potential lender. It will not only set you up to apply for a loan but will also give you an idea of how large a loan you can afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are the loan principal (the amount that you originally borrowed) and the interest that accrues on it. Additionally, depending on your loan and lender, your monthly payment may cover property tax, which this calculator can account for if you enter your tax rate. In some cases, payments might also include homeowners insurance, homeowners association (HOA) fees, and private mortgage insurance (PMI), if applicable.
Certain kinds of loan may come with their own costs, and in these cases, specialized tools may be helpful. For example, if you’re interested in an FHA loan (one guaranteed by the Federal Housing Administration), you might use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums. Similarly, a VA mortgage calculator can be helpful if you’re considering a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in New York
Overall, New York has a high cost of living, averaging 25.1% more than the national average. As you’re figuring out your costs, it’s important to remember that areas with a higher cost of living tend to have higher prices not only for homes, but also for utilities, home maintenance, transportation, and other necessities.
That said, even though New York state is not one of the best affordable places in the U.S., cost of living can vary enormously within the state. The Council for Community and Economic Research’s Cost of Living Index (COLI) compares the cost of living in major metro areas against the national average, which is 100, and as you can see below, there is a wide range, with some cities even falling below the national average.
| New York Cities’ Cost-of-Living Stats | |
|---|---|
| Albany | 104.8 |
| Buffalo | 95.7 |
| Herkimer County | 92.9 |
| New York City (Brooklyn) | 161.1 |
| New York City (Manhattan) | 230.6 |
| New York City (Queens) | 149.9 |
| Otsego County | 99.7 |
| Rochester | 99.2 |
| Syracuse | 102.9 |
| Utica-Rome | 95.9 |
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.
Tips on Reducing Your Mortgage Payment
Depending on your situation, some of these strategies may help you whittle down the size of your mortgage payments.
• Think about making a larger down payment. Paying more upfront may help you avoid having to pay PMI and allow you to secure better loan terms.
• Work on improving your credit score. A higher score can help you qualify for lower interest rates.
• Explore down payment assistance programs. These programs often target people buying their first home, but if you haven’t owned a home in the last three years, you may qualify as a first-time homebuyer and be able to get financial help with your down payment.
• Drop PMI as soon as you’re eligible. Once you have 20% equity in your home, you can request that your lender cancel your PMI payments.
• Appeal high property taxes. If you believe that your property has been overvalued, you can appeal the assessment to your tax authority.
• Lower your homeowners insurance premiums. Increase your deductible, bundle policies for a discount, or shop around for a cheaper homeowners insurance policy.
• Consider a mortgage refinance. If you currently have a home loan and a refi can lower your interest rate or extend your term, that may lower your payments.
New York First-Time Homebuyer Assistance Programs
If this is the first home you’ve bought, you’ll be glad to know that in New York there are assistance programs available to help you with the costs. The State of New York Mortgage Agency and other organizations offer several assistance programs for first-time homebuyers to provide low-interest and low-down payment loans and help with down payment and closing costs. If you’re a repeat buyer, be aware that you may still be considered as a first-time homebuyer as long as you haven’t owned a primary residence within the past three years.
The Takeaway
Using a New York mortgage calculator can enable you to make smart home purchasing decisions by showing you the financial results of different loan terms. Whether you’re buying your first home or looking to refinance your existing mortgage, this indispensable tool can let you make well-informed choices about your home loan options and ensure that your mortgage fits comfortably within your budget.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What are principal and interest on a mortgage loan?
Principal is the amount of money that you borrow for your home loan, and interest is the cost you pay the lender of borrowing it.
Should I choose a 30-year or 15-year mortgage term?
The loan term that will work best for you will depend on your resources and needs. A 30-year term offers lower monthly payments, while a 15-year term lets you pay your loan off faster and pay less in total interest over the life of the loan.
How can I get a lower mortgage interest rate?
If you want to lower your mortgage interest rate, you can try to improve your credit score, shop around for lenders who might offer more favorable rates, or consider opting for a shorter loan term.
How much is a $600,000 mortgage payment for 30 years?
At a 7.00% interest rate, the monthly payment for a $600,000 mortgage over a 30-year term would be approximately $3,992. That estimate includes only principal and interest, not property taxes, homeowners insurance, or any 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-Q325-104
Get prequalified in minutes for a SoFi Home Loan.
Free New Mexico Home Mortgage Loan Calculator
New Mexico Mortgage Calculator
By SoFi Editors | Updated September 22, 2025
When you want to buy a home, you’ll have a lot of numbers to juggle — house prices, down payments, mortgage interest rates, loan terms, and more. Using an online mortgage calculator can go a long way toward helping you handle your home purchase and find the best options for you. When you enter a few basic facts about a mortgage, this New Mexico mortgage calculator can show you your monthly payment and overall interest cost in a flash. What’s more, it can help you compare different loans and see how, say, raising your down payment or getting a lower interest rate might impact your costs. Let’s explore how it works and what it can do for you.
Key Points
• A mortgage calculator can help you estimate what different mortgages would cost you on a monthly basis and over the long term.
• Lenders generally want your monthly mortgage payment to be no more than 28% of your gross monthly income.
• A down payment of 20% or more can let you avoid having to pay private mortgage insurance (PMI).
• A shorter loan term will mean higher monthly payments but lower interest costs overall, compared with a longer loan period.
• Down payment assistance programs are available in New Mexico to help first-time buyers and others.
New Mexico Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price that you and the seller have agreed upon after any negotiations. It’s likely that this number will differ from the listing price and from your initial offer.
• Down payment: This is the amount that you’ll pay upfront for your home purchase. It’s generally expressed as a percentage of the total purchase price, and most buyers put down between 3% and 20%. Down payment assistance programs available in New Mexico may help you cover this cost.
• Loan term: This is the length of time that you have to repay your home loan — usually 15 or 30 years. A 30-year term offers lower monthly payments, while a 15-year term can help you pay off your mortgage faster and save on overall interest costs.
• Interest rate: Expressed as a percentage of your loan amount, your interest rate is what you’ll pay your lender for loaning you the money. The interest rate a lender offers you is influenced by market trends, the type of loan, and your qualifications.
• Annual property tax: Local governments levy property tax on land and buildings. The tax is typically expressed as a percentage of your property’s assessed value. To find the local tax rate where you’re buying a home, search online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: This is what you’ll be charged each month by your lender. Your payment will go toward your loan principal and interest but may also include your property tax, which is why this calculator allows you to enter your local tax rate to get a fuller view of your costs. While payments may also include homeowners insurance, private mortgage insurance (PMI) and/or homeowners association (HOA) fees, this calculator does not take those factors into account.
• Total interest paid: The total interest paid is the entire amount of interest you will pay over the life of the loan. It is significantly influenced by your interest rate, loan term, and the amount you borrowed.
• Total loan cost: This is the entire amount that you will pay for your home loan, including principal and interest.
How to Use the New Mexico Mortgage Calculator
It’s easy to get started with this mortgage calculator — you just need to enter a few numbers to find the monthly payment and total interest associated with a home loan. Use these step-by-step directions to begin exploring your options.
Step 1: Enter Your Home Price
Type in the final price for the property that you and the seller both approved to improve the accuracy of the calculator’s estimates.
Step 2: Select a Down Payment Amount
Choose the percentage of your home price that you plan to pay upfront — typically between 3% and 20%. A down payment calculator can help you find your optimal number.
Step 3: Choose a Loan Term
Select the time period in which you will pay back your loan — most often 15 or 30 years. A 30-year term will result in smaller payments, while a 15-year term will cost you less in total interest.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. If you’re interested in purchasing a very costly property, you may want to look at the rates available for a jumbo loan.
Step 5: Add Your Annual Property Tax Rate
Enter the annual property tax rate for the home’s location, which is typically shown as a percentage of the property’s value. If your rate is 0.61%, for instance, you would input 0.61.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator can help you make informed decisions about your home-buying budget. You can use it to estimate what your monthly costs and total interest would be for a specific loan. Additionally, it makes it easy to compare different mortgages and understand how altering factors like the down payment, interest rate, loan term, and even home price can change what your monthly and long-term costs would be. Whether you’re buying your first home or looking to refinance your current mortgage, having access to a free tool like this is essential for making smart, sustainable financial choices.
While the New Mexico mortgage calculator is meant for fixed-rate mortgages, if you choose a type of mortgage loan with a variable interest rate, this tool can still estimate your costs. However, the results will be less precise due to the fluctuations inherent in a variable rate.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford in New Mexico
As of late 2025, the median sales price for a home in New Mexico is $373,000. If you bought a house for that amount, put down 20% as your down payment, and financed the rest with a 30-year mortgage at 7.00% interest, your monthly payment would be approximately $1,985 a month.
Lenders generally advise following the 28/36 rule of mortgage affordability. This means that your monthly mortgage payment should be no more than 28% of your gross monthly income and your total debt burden should be no more than 36%. In the scenario above, you’d need to make $85,071. Also bear in mind that, per the rule, you’d have about $567 per month to spend on other debts, such as student loans or car loans.
You can also use a home affordability calculator to estimate what will work with your income level. And if you go through the mortgage preapproval process with one or more potential lenders, that can also give you a sense of how much you’ll be able to 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 new mexico to view current rates:
Components of a Mortgage Payment
When you send in your monthly mortgage payment, it gets applied to several costs. Primarily, it includes your principal (the amount you borrowed) and the interest it has accrued. The payment may also cover property tax and homeowners insurance, depending on the terms of your loan. If you need to pay for private mortgage insurance (PMI) and/or homeowners association (HOA) fees, those costs might also be bundled into your payment.
What exactly your mortgage payment might cover is also influenced by the type of mortgage loan you choose, and specialized calculators may be helpful here. If you’re applying for an FHA loan — guaranteed by the Federal Housing Administration (FHA) — you may want to use an FHA mortgage calculator, which allows for that loan’s mortgage insurance premiums. Likewise, a VA mortgage calculator can take into account relevant fees when you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in New Mexico
The cost of living in a state affects how much house you can afford. Areas with a higher cost of living typically have higher average home prices, too, but they also tend to come with increased prices for utilities, home maintenance, transportation, and other necessities.
The good news is that, with a cost of living 6.3% below the national average, New Mexico is a relatively affordable place to live for many. That said, it’s important to recognize that New Mexico offers a range of housing options. The Council for Community and Economic Research’s Cost of Living Index (COLI) ranks the cost of living in major metropolitan areas in the U.S., according to a scale on which the national average is 100. New Mexico’s most populous city, Albuquerque, has a COLI of 95.0, while the nearby bedroom community of Sandoval-Rio Rancho has a 95.3. Las Cruces, the second largest city in New Mexico by population, gets an 89.7.
| New Mexico Cities’ Cost-of-Living Stats | |
|---|---|
| Albuquerque | 95.0 |
| Sandoval-Rio Rancho | 95.3 |
| Las Cruces | 89.7 |
Recommended: Best Affordable Places to Live in the U.S.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
After you’ve explored your options with the New Mexico mortgage calculator, you may still be interested in shaving a bit off your monthly payments. These tips may help.
• Put down a larger down payment. Paying more upfront may let you avoid having to pay PMI and help you to secure better loan terms.
• Work on your credit score. With a higher score, you may qualify for lower interest rates, which in turn can mean lower payments.
• Shop around for the best rates. Different lenders may offer you different rates and terms.
• Explore down payment assistance programs. If you haven’t owned a home in the last three years, you may qualify as a first-time homebuyer for one of these programs, which can help you afford your down payment and reduce monthly payment amounts.
• Appeal your property tax assessment. If you believe your assessed house value is too high, you can appeal to your tax authority.
• \ Lower your homeowners insurance premiums. Try raising your deductible, bundling policies for a discount, or checking around to see if other insurers will offer you a better price.
• Look into a mortgage refinance. If you currently have a mortgage and a refi would lower your rate or extend your term, that could potentially decrease your monthly payments.
Recommended: Average Monthly Expenses for One Person
New Mexico First-Time Homebuyer Assistance Programs
If you’re buying your first home, you’ll be glad to know that there are assistance programs available to help you cover the initial costs. The New Mexico Mortgage Finance Authority offers several assistance programs for first-time homebuyers to provide help with down payment/closing costs, as well as home loans. If you are a repeat buyer, it’s important to realize that you may still be considered as a first-time homebuyer as long as you haven’t owned a primary residence within the past three years.
The Takeaway
Using this New Mexico mortgage calculator can empower you to make well-informed decisions about your home purchase. This free online tool shows you the financial consequences of different scenarios, letting you assess different loans to find what will work best for you. Whether you’re buying your first home or looking to refinance an existing mortgage, this calculator can help you make strategic choices about your home loan options and ensure that your mortgage fits comfortably within your means.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What is a mortgage payment?
When you have a mortgage, every month you’ll make a payment to your mortgage servicer. This payment goes toward repaying your loan principal and interest, and it may also cover your property taxes and homeowners insurance payments. In some cases, the payment may also include private mortgage insurance (PMI) and/or homeowners association fees, if either is relevant.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly influences the mortgage interest rates you will be offered by lenders. A higher score generally will generally mean a lower rate, which can save you money over the life of your loan.
What are principal and interest on a mortgage loan?
Your mortgage principal is the amount of money you borrowed, and the interest is the cost of borrowing, usually expressed as a percentage of the principal.
How much should I put down on a mortgage?
The mortgage down payment amount that makes sense for you depends on your financial situation and the loan type. For a conventional loan, most borrowers put down somewhere between 3% and 20%. A down payment calculator may be able to help you decide what percentage you can afford for your down payment.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q325-103
Get prequalified in minutes for a SoFi Home Loan.
Free Nebraska Home Mortgage Loan Calculator
Nebraska Mortgage Calculator
By SoFi Editors | Updated September 22, 2025
House hunting can be both thrilling and overwhelming. The Nebraska mortgage calculator simplifies this process by providing an easy-to-use online tool. Input a few key details to instantly estimate your monthly payments and total interest costs. You can also explore various scenarios to find the ideal home price, down payment, and interest rate that align with your financial goals.
Key Benefits:
• Estimate Monthly Payments: Quickly determine your monthly mortgage payments, including principal and interest.
• Explore Down Payment Options: Discover how different down payment amounts impact your payments and explore assistance programs to reduce upfront costs.
• Understand Affordability: Lenders generally recommend that your monthly mortgage payments do not exceed 28% of your gross monthly income.
• Analyze Loan Terms: See how different loan durations affect your monthly payments and overall interest paid.
• Consider Additional Costs: Beyond the calculator’s estimate, remember to account for other expenses like private mortgage insurance (PMI), homeowners insurance, and homeowners’ association (HOA) fees.
Nebraska Mortgage Calculator
Calculator Definitions
• Home Price: This is the final agreed-upon purchase price of the home, which may differ from the initial listing or your first offer.
• Down Payment: The upfront amount you plan to pay, typically expressed as a percentage of the home price. Down payments usually range from 3% to 20%, with down payment assistance programs available to help some buyers.
• Loan Term: The duration over which you will repay the home loan. Common terms are 15 or 30 years. Shorter terms can reduce total interest but increase monthly payments, while longer terms offer lower monthly payments but may lead to more overall interest.
• Interest Rate: The cost of borrowing money, shown as a percentage of the loan amount. Rates are influenced by borrower qualifications, market trends, and loan type.
• Annual Property Tax: Taxes charged by local governments on your land and buildings, based on state guidelines. You can find your specific property tax rate by searching online for your property’s town, county, or ZIP code along with “effective property tax rate.”
• Monthly Payment: The amount you pay each month towards the loan’s principal and interest, plus a portion for property taxes. This calculation does not include home insurance, private mortgage insurance (PMI), or homeowners association (HOA) fees.
• Total Interest Paid: The entire amount of interest you will pay over the life of your home loan. This can be reduced by making a larger down payment, securing a lower interest rate, or choosing a shorter loan term.
• Total Loan Cost: The complete amount you will pay for the loan, encompassing both the principal borrowed and all accumulated interest.
How to Use the Nebraska Mortgage Calculator
Step 1: Enter Your Home Price
Input 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, from 10 to 30 years, you would like to repay the mortgage. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Enter 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
Type in the home’s property tax rate as a percentage. For example, type 1.2 if the rate is 1.2%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you determine how much house you can afford, which is particularly helpful if you’re buying your first home. You’ll be able to see an estimate of your monthly payments based on loan amount, interest rate, and term. You can compare different loan amounts and interest rates to see how big a bite they might take out of your budget. If the type of mortgage loan you choose has a variable interest rate, you can estimate your costs using this calculator, but the estimate will be less precise due to the fluctuations of a variable rate.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford
In Nebraska, the median home sale price in mid-2025 was $305,000 — well below the national median of around $443,000, according to Redfin. Knowing that lenders suggest a mortgage payment shouldn’t exceed 28% of your gross monthly income, you’d need to earn an annual income of about $70,114, if you were looking to afford a $305,000 home, factoring in a 20% down payment ($61,000), a 30-year mortgage at 7.00%, and an average Nebraska property tax rate (1.5%).
Because lenders typically recommend total debt payments stay under 36% of your gross monthly income, your other monthly debts shouldn’t exceed $589 in this case.
Use a home affordability calculator to help you crunch the numbers. It can also be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how large a loan you can afford.
Components of a Mortgage Payment
The main components of a mortgage payment are the principal amount borrowed and the interest charged. The Nebraska home mortgage calculator factors in property taxes, which are often included in the monthly payments. Your payment could also include PMI, home insurance, or HOA fees, depending on your situation.
If you’re looking into a home loan guaranteed by the Federal Housing Administration (FHA), then use an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
Look into using a VA mortgage calculator if you’re seeking a loan backed by the U.S. Department of Veterans Affairs.
And if you are looking into purchasing a very 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, which is set by the Federal Housing Finance Agency (FHFA).
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Nebraska
The cost of living reflects how much you can afford in a certain area. For instance, a dollar spent in Omaha, Nebraska, would go further than a dollar spent in a major city like New York or Los Angeles. You would expect to pay higher average home prices, utilities, home maintenance, transportation, and other necessities in places with a higher cost of living, so refer to the cost of living index (COLI) to figure out how much money it takes for you to maintain a basic standard of living in a given place. A COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive.
Nebraska’s 2024 COLI was 92.6, according to the Council for Community and Economic Research’s Cost of Living Index. That figure is a bit lower than Colorado’s 2024 COLI at 102.7, which means it’s less expensive to live in Nebraska than in Colorado. For another comparison, consider South Dakota’s 2024 COLI was 91.9, much more in line with Nebraska’s. New York and California, with COLI of 125.1 and 142.3, respectively, are much more expensive states.
To further help you compare the cost of living in Nebraska, look at Lincoln’s COLI at 94.4 and Omaha’s at 91.9. And if you’re considering buying a home in one of the best affordable places in the U.S., you can use this cost of living index as a tool to help you decide where to live.
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.
Tips on Reducing Your Mortgage Payment
If you are a homebuyer in Nebraska, you are probably looking to reduce your mortgage payment so you can allocate funds to other expenses or continue to build an emergency fund. Here are some things you can do to lower your monthly mortgage payment:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• When 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, go to your county clerk or county assessor’s office and ask about the appeals process.
• See if your insurer offers a discount for bundling policies. Some insurers offer a discount if you purchase more than one policy with them, for example both a homeowners and auto policy.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
• Consider something called a loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate. Be prepared to show bank statements or tax returns to demonstrate your financial situation.
Nebraska First-Time Homebuyer Assistance Programs
For first-time homebuyers, there are programs that can make homeownership more achievable by reducing the upfront financial burden. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Down payment assistance programs, which can provide financial aid for the down payment, closing costs, or both, can help make homeownership more accessible.
For first-time homebuyers in Nebraska, the Nebraska Investment Finance Authority offers programs, some of which cater to veterans.
The Takeaway
Using the Nebraska mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand mortgage components, and make informed decisions about your home loan. By using this tool, you can better navigate homeownership and align your budget with your goals. The Nebraska mortgage calculator can be a helpful resource for first-time homebuyers and those considering refinancing.
If you are looking into purchasing a very 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, which is set by the Federal Housing Finance Agency (FHFA).
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much should my down payment be on a mortgage?
A larger down payment of 20% or more can result in lower monthly mortgage payments and potentially better loan terms. But certain types of mortgages will accept as little as 3% to 5% as a down payment, so explore your options. How much you decide to put down is an individual decision based on your financial situation and goals so use a Nebraska mortgage calculator to run the numbers.
Should I choose a 30-year or 15-year mortgage term?
Consider that a 30-year term offers lower monthly payments but more interest over time, while a 15-year term has higher monthly payments but less interest paid overall. The mortgage term that you choose is based on your financial goals and budget.
How can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work on improving your credit score by aiming for 700 or higher (this is well over the 620 credit score you’ll need to qualify for a home loan). If you go through the mortgage preapproval process with a variety of lenders, you can see how low a rate you might be able to obtain. Look into making a higher down payment, but only if it’s in line with your budget.
How much is the payment on a $600,000, 30-year mortgage?
The monthly payment on a $600,000 mortgage with a 30-year term will depend on your interest rate and a down payment, among other factors. For example, with an interest rate of 6.00% and a down payment of 20% ($120,000), your monthly payment would be $2,878 monthly. This estimate includes principal and interest but not property taxes, insurance, or other fees. Use the Nebraska mortgage calculator to help you refine the numbers to your situation.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
SOHL-Q325-099
Get prequalified in minutes for a SoFi Home Loan.
Free Montana Home Mortgage Loan Calculator
Montana Mortgage Calculator
By SoFi Editors | Updated September 26, 2025
House hunting can be stressful, but online tools like a Montana mortgage calculator can make the process smoother. By using this mortgage calculator, you can learn the monthly payment amount and total interest cost for your home purchase. You can experiment with a variety of scenarios by plugging in different home prices, down payment amounts, and interest rates to see if the payments work for your financial situation.
Key Points
• Use our Montana mortgage calculator to help estimate the monthly payment and total cost of borrowing money to buy a home.
• In general, your monthly mortgage payment should not exceed 28% of your gross monthly income.
• Get familiar with key terms like total interest paid, and how that figure can help you compare scenarios and mortgage offers.
• Montana first-time homebuyer programs offer down payment and closing cost assistance.
• There are ways to reduce your mortgage payments, such as bundling insurance policies with your homeowners provider to get a discount.
Montana Mortgage Calculator
Calculator Definitions
• Home price: The home price is the agreed-upon purchase price with the home seller. This may differ from the listing price and your initial offer.
• Down payment: The down payment is the amount you plan to pay upfront. It’s often expressed as a percentage of the total home price, typically anywhere from 3% to 20%. A larger down payment can lower your monthly mortgage payments and eliminate the need for private mortgage insurance (PMI). Down payment assistance programs can help cover this cost.
• Loan term: The loan term is the length of time you have to repay the mortgage, typically 15 or 30 years. A 15-year fixed mortgage has higher monthly payments but costs less in interest over the loan term, while a 30-year fixed mortgage offers lower monthly payments but costs more over time. The Montana mortgage calculator can help you compare how different loan terms affect your monthly payments.
• Interest rate: The interest rate is the cost of borrowing money. It’s expressed as a percentage of the loan amount and varies based on a variety of factors, including your credit score, market trends, and the type of mortgage loan.
• Annual property tax rate: Local governments charge property tax on your land and buildings within guidelines set by your state. To find your property tax rate, go online and search for the town, county, or ZIP code where the property is located and the phrase “effective property tax rate.”
• Monthly payment: The monthly payment includes the principal and interest of the home loan. Our calculator also factors in property taxes. Some lenders also include homeowners insurance and homeowners association (HOA) fees in payments.
• Total interest paid: The total interest paid represents the entire amount of interest you will pay over the life of the loan. By making a larger down payment, having a lower interest rate, or a shorter loan term, you can reduce your total interest paid.
• Total loan cost: The total loan cost is the entire price you will pay for the loan, including the principal that you repay and the interest.
How to Use the Montana 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 amount 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. For example, type 1.2 if the rate is 1.2%. Find your property tax rate by searching online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and term. Use this tool to compare costs, like how different interest rates affect payments. Check out different loan terms to see their impact on expenses and total interest. The calculator can also help you see how your down payment figures in.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford
While Montana housing prices are higher than the national average, the state enjoys relatively low property taxes on residential real estate as compared to the national property tax rate average, which is 0.90%.
In Montana, the median home sale price in mid-2025 was $534,700 — much higher than the national median of around $443,000, according to Redfin.
Working under the 28/36 rule that says your maximum mortgage payment should be 28% of your gross income, you’d need to earn an annual income of about $121,000 if you were looking to afford a $530,000 home, factoring in a 20% down payment ($106,000), a 30-year mortgage at 7.00% and an average Montana property tax rate (0.79%). Your other monthly debts shouldn’t exceed 36% of your gross income, or $808.
Use a home affordability calculator to factor in your income, debts, and other housing costs. This tool can help you ensure your home purchase aligns with your financial goals and constraints.
Another way to get a clear picture of what your budget can bear is to go through the mortgage preapproval process with a lender. You’ll provide some detailed financial information, they’ll check your credit score and assess your stats and if you qualify, you’ll be preapproved for a loan amount.
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).
Components of a Mortgage Payment
The main components of a mortgage payment are the principal amount borrowed and the interest charged. This home mortgage calculator also factors in property taxes, which are often included in the monthly payments. Your payment could also include PMI, homeowners insurance, and homeowners association (HOA) fees, depending on your situation.
If you’re looking into a home loan guaranteed by the Federal Housing Administration (FHA), then use an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator is the right tool if you’re seeking a loan backed by the U.S. Department of Veterans Affairs.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Montana
The cost of living in Montana is comparable to the average cost of living nationally. When you think about purchasing a home, look at the cost of living, which reflects how much you can afford in a certain area. Higher cost of living states — like California and New York — typically have higher average home prices, utilities, home maintenance, transportation, and other necessities. A dollar spent in Billings, Montana, for example, would go a lot further than a dollar spent in a major city like New York.
The cost of living index (COLI) helps you figure out how much money it takes for you to maintain a basic standard of living in a given place. A COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive.
Montana’s 2024 COLI was 95.5, according to the Council for Community and Economic Research’s Cost of Living Index, similar to nearby states like Idaho (99.9) and Wyoming (93.7).
To further consider living costs, Billings had a 2024 COLI of 99.8 and Great Falls was 90.0, much less expensive cities than Seattle (145.1) or Chicago (115.1). Overall, living in Montana is much more affordable than most places around the U.S. California (142.3), Massachusetts (141.2) and New York (125.1) have some of the highest standards of living in the U.S.
If you’re considering buying your first home in one of the best affordable places in the U.S., you now know how to compare cost of living numbers to help you decide.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Your mortgage payment is probably your largest recurring expense, so reducing this monthly payment, even slightly, could free up resources to tackle other debts or help you build that emergency fund. Here are some tips to help you lower your mortgage payment:
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Take a closer look at your property taxes. If you think you’re paying too much in property taxes, go to the Montana Department of Revenue or your county tax appeal board to ask about the appeals process.
• Look into bundling with your insurance provider. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for example — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
• If you are experiencing financial difficulties, consider a loan modification. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate. Be prepared to show proof of financial hardship with bank statements or tax returns.
Recommended: Average Monthly Expenses for One Person
Montana First-Time Homebuyer Assistance Programs
For first-time homebuyers in Montana, there are state-based programs that offer low-interest mortgage loans and assistance with closing costs and down payments. Many are income-based, so you may need to meet income limits and other criteria to qualify. One condition to qualify as a first-time homebuyer is that you must not have owned a primary residence within the past three years.
The Montana Board of Housing administers programs for first-time homebuyers including the Bond Advantage Down Payment Assistance Program to help cover a down payment. Check with the Montana Department of Commerce for details and eligibility.
The Takeaway
The Montana mortgage calculator is a valuable tool to help you in the home-buying process. You can use it to 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. Whether you’re a first-time homebuyer in Montana or looking to refinance, the mortgage calculator can be a helpful 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
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly affects your mortgage interest rate. A higher score often leads to better loan terms and lower interest rates, while a lower score may result in higher rates and more stringent lending requirements.
How much should my down payment be on a mortgage?
How much you put down should be what you feel comfortable with, taking into account your financial situation. A 20% down payment can help avoid private mortgage insurance (PMI) and could reduce monthly payments and overall loan cost. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home, while a repeat buyer may be able to contribute just 5%. To determine how much your down payment should be, review your financial picture and figure out what makes sense for you.
Should I choose a 30-year or 15-year mortgage term?
When choosing a mortgage term, consider that a 30-year term offers lower monthly payments but costs more in interest over time, while a 15-year term has higher monthly payments but costs less in interest overall. Assess your financial goals and budget when opting for a certain term.
How can I secure a lower interest rate?
Improve your credit score to 700 or higher for the most competitive rates (you will need a 620 credit score to qualify for a home loan). Go through the prequalification process with a variety of lenders and compare rates. If you can afford it, consider putting down a larger down payment. If you already own a home, you can explore a mortgage refinance and compare the cost of your old loan versus a new one (plus closing costs) at a new, lower rate.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
SOHL-Q325-098
Get prequalified in minutes for a SoFi Home Loan.
Free Minnesota Home Mortgage Loan Calculator
Minnesota Mortgage Calculator
By SoFi Editors | Updated September 26, 2025
If you’re thinking about the possibility of purchasing a home in the North Star State, figuring out if you can handle the mortgage payments ahead — and exactly how you’ll pay them each month — is a big prep step. A Minnesota mortgage calculator can provide you with clarity on what your monthly expenses might look like. It can also assist you in making informed decisions about your down payment, loan term, and more. This article will fill you in on how to use a mortgage calculator and help you get the most out of this tool as you look for your dream home in Minnesota.
Key Points
• Using a mortgage calculator involves inputting the home’s purchase price, your down payment, and the interest rate and loan term.
• The home’s Minnesota property tax rate will impact the monthly payment amount.
• A loan’s term may be 10 to 30 years, and will be a determiner of monthly and overall costs.
• First-time homebuyer programs can help aspiring buyers afford a down payment or cover closing costs.
• A mortgage calculator can help you determine what home price, down payment, and interest rate best suit your financial situation, so you can find a home you can afford.
Minnesota Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you’ve agreed on with the property’s seller. This figure may differ from the listing price and the initial offer you made.
• Down payment: The down payment is the amount the homebuyer pays upfront, and is often expressed as a percentage of the home price. Most buyers put down between 3% and 20%. A down payment calculator can show how different percentages translate into dollar amounts.
• Loan term: Most homebuyers pay off their mortgages over a 15-year or 30-year term, though 10- and 20-year terms may also be available. A longer term means lower payments but more interest to pay over the life of the home loan. A shorter term means higher monthly payments but faster equity — and less interest in the end.
• Interest rate: The interest rate is the cost of borrowing the money to buy a home, and is expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and the type of mortgage loan sought.
• Annual property tax: Property tax is levied by local governments on land and buildings. It’s expressed as a percentage of a home’s assessed value. Minnesota’s annual property tax rate is currently 0.98%.
• Monthly payment: The monthly payment that the Minnesota calculator crunches includes loan principal and interest, as well as property taxes. Keep in mind that you may need to pay for private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees in addition.
• Total interest paid: The total interest paid amounts to how much interest you’ll pay over the life of your home loan. This figure can be substantial — and grows with your loan’s term. The Minnesota mortgage calculator shows you how different down payment amounts, interest rates, and loan terms affect the interest you will pay on the money you borrow.
• Total loan cost: The total loan cost is the all-in amount you’ll repay, including principal and interest. This figure gives you a clear understanding of the long-term financial commitment buying a home entails.
How to Use the Minnesota Mortgage Calculator
Step 1: Enter Your Home Price
Type in the final negotiated amount you’ve agreed to pay the seller for the property. This lets the calculator create an accurate estimate of your monthly mortgage payments.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you plan to pay upfront. A larger down payment will make your monthly mortgage payments more manageable and potentially eliminate a need for PMI, which is usually required if you put down less than 20% of the home price.
Step 3: Choose a Loan Term
Select the amount of time over which you’ll repay your mortgage, typically 15 or 30 years. The longer the term, the lower the monthly payments but the higher the total interest paid.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This rate significantly impacts both your monthly mortgage payment and the total cost of the loan.
Step 5: Add Your Property Tax
Enter the percentage of your home’s value that you’ll be required to pay each year as property tax. If your property tax rate is 0.78%, for instance, you’ll enter 0.78. Count on it impacting your total monthly mortgage payment.
Recommended: Do You Qualify as a First-Time Homebuyer?
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps homebuyers estimate the affordability of different loan scenarios. You can calculate monthly payments and long-term costs based on the loan amount, interest rate, and term. The calculator also factors in funds to pay property taxes, which are often held in escrow by the mortgage company. The taxes are then paid to the appropriate agencies. (It’s in the lender’s interest for your property to stay out of tax arrears.)
If you’re buying your first home and the world of mortgage rates is new to you, you can easily get up to speed on how they work by using this calculator. It’s particularly proficient at demonstrating how different interest rates or down payment amounts can impact short- and long-term costs
Deciding How Much House You Can Afford
The median home sale price in mid-2025 in Minnesota was around $368,600, according to Redfin. Lenders recommend keeping your home loan payment at 28% or less of your gross monthly income. To buy a $350,000 home with a 20% down payment ($70,000) and a 30-year mortgage at 7.00%, you’d need a minimum income of nearly $100,000. Your monthly mortgage payment would be just under $2,300. You’d have to earn more to compensate if your down payment was smaller, or if you were carrying other debt.
Another way to get a handle on your Minnesota housing budget is to work backward from your gross monthly income using a home affordability calculator, which can take into consideration other debts you may be working on settling, like a car payment or a student loan balance.
You could test-run the mortgage preapproval process with a lender, too. Just provide detailed financial information to one or more institutions to see if the lenders will preapprove you. If you qualify, they will offer you a loan amount and interest rate.
Components of a Mortgage Payment
A mortgage payment mainly covers two things: an installment on the principal (aka the home price or borrowed amount) and accruing interest (the borrowing cost). Your monthly payment might also include other line items, like your property tax, which is based on your home’s value. If your down payment is less than 20%, the lender will likely require private mortgage insurance (PMI). Other costs potentially rolled into the payment include homeowners association (HOA) fees and homeowners insurance.
Homebuyers who are considering making a purchase with the help of a Federal Housing Administration (FHA) loan will have an upfront and ongoing mortgage insurance premium (MIP) to pay. Regardless, these loans are affordable and popular among first-time buyers. If you are looking at an FHA loan, use an FHA mortgage calculator to create a budget. Similarly, if you plan to purchase your home with a loan backed by the U.S. Department of Veterans Affairs, you’ll want to run your numbers through a VA mortgage calculator.
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Current mortgage rates by state.
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Cost of Living in Minnesota
The cost of living in your area affects how much you can afford when you buy a home. According to Missouri Economic Research and Cost of Living data, Minnesota was close to the middle in the U.S. in late 2025 with an index of 94.6%. The state’s residents encounter slightly higher-than-average grocery and health-related costs.
Here’s a look at how some major Minnesota cities compare to the national average for living expenses. In the chart, 100 equals the average cost of living in the U.S.
| Minnesota Cities’ Cost-of-Living Stats | |
|---|---|
| Mankato | 95.1 |
| Minneapolis | 93.6 |
| St. Cloud | 97.6 |
| St. Paul | 94.0 |
Other Minnesota towns that appear on a list of the best affordable places in the U.S. include Maple Grove, Eagan, Duluth, Red Wing, and Winona. Homes in some of Minnesota’s higher-cost cities and towns might require a jumbo loan as a mortgage option.
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Tips on Reducing Your Mortgage Payment
Minnesota homebuyers have strategies and opportunities to lower their mortgage payment. Here are some possible ways to reduce the amount you have to pay on your home loan monthly:
• Drop PMI when you reach 20% home equity. (You’ll need to inform your lender.)
• Recast your mortgage by making a lump-sum payment toward the principal, and then asking your lender to recalculate your monthly payment.
• Think about appealing your property tax — but only follow through if you can be very sure that they are too high. A reassessment can also result in a tax increase, which may well increase your monthly payment. Tread carefully here.
• If you find yourself facing financial hardship, request a possible loan modification from your lender.
• Extend your loan term from, say, 20 years to 30. This move can lower your monthly payments.
• Shop around for a less-costly homeowners insurance policy.
• Consider a mortgage refinance if mortgage rates have dropped since you bought your home. Don’t forget to factor in the closing costs on this move.
Minnesota First-Time Homebuyer Assistance Programs
If you qualify as a first-time homebuyer in Minnesota, you can possibly tap into state programs that aid aspiring owners with down payments or closing costs. A state agency called Minnesota Housing makes homeownership accessible to people with limited savings and earnings, providing below-market-interest-rate loans and down payment help for eligible low- and middle-income buyers. To top it off, you could get extra perks when you qualify as a new homebuyer — meaning you haven’t owned a primary residence in the last three years.
Consult a guide to first-time home-buying programs in Minnesota for advice.
The Takeaway
Getting to know what the Minnesota mortgage calculator can do for you is a great first step if you’re set on buying a home of your own. It can help you understand the financial commitment it takes to be successful after being granted a home loan. The calculator can help you make informed decisions about how much house you can afford and whether you’re prepared to make your purchase. Whether you’re a first-time homebuyer or a seasoned property owner, it can provide valuable insights.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How does my credit score affect my mortgage loan interest rate?
Your credit score has a serious impact on your mortgage interest rate, since lenders routinely offer their most attractive interest rates to borrowers with higher scores. The lower the interest rate, the more overall affordable the total cost of the mortgage will be. A lower score could result in a higher interest rate and stricter conditions, and could stand in the way of your approval.
How much should I put down on a mortgage?
You should make as large a down payment as you comfortably can on your home. Take care, however, not to pinch your finances and leave yourself without a cushion. Don’t empty your emergency fund or stop paying on other debts. Do take advantage of low down payments for first-time buyers, since they can in some cases put down as little as 3%. Repeat buyers may be able to contribute just 5%. In most cases, if you put down less than 20% you’ll have PMI added to your monthly bill. Always look at the entire financial picture to determine what makes sense for your financial scenario.
Should I choose a 15-year or 30-year term for my mortgage?
A 15-year term will have you making a higher monthly payment, but it could save you thousands of dollars in interest. A 30-year term gives you lower monthly payments, making homeownership quite a bit more accessible. Can your budget accommodate a term of 15 or even 20 years? Then shorter is a smart way to go. But you can also feel just fine locking in 30 years, especially if this is your very first home purchase. It’s the choice in most first mortgages in the U.S.
How can I get a lower mortgage interest rate?
To get the best rate, focus on your credit score and make it ultra-competitive (700 or higher, which is way over the 620 you need to simply qualify). Prequalify online with multiple lenders, and vie for the best rate they offer. Save up so you can make a higher down payment.
Can I afford a $300K house on a $70K salary?
It would not be easy to do. Paying off a $300,000 property when you are bringing home $70,000 annually is going to be a strain, unless you can find the cash to make a hefty down payment. Advisors say the price of your home shouldn’t exceed your salary times three — which in this example would be $210,000. Use a home affordability calculator to crunch some numbers and see how much down payment you’d need to make a $300,000 home doable. Then make a realistic call before making an offer.
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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.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
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