Jumbo Mortgage Rates in Florida
Florida Jumbo loan RATES TODAY
Current jumbo loan rates in
Florida.
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Compare Jumbo loan rates in Florida.
Key Points
• Jumbo loan rates are influenced by economic factors such as inflation and bond market dynamics.
• A mere 1% drop in the Jumbo loan rate can translate to hefty savings on interest.
• Opting for a 15-year mortgage could be a smart move, helping you save on interest in the long run, even if the monthly payments are a bit steeper.
• Some borrowers refinance out of or into adjustable-rate mortgages. These typically have lower initial refinance rates and could be a good option for those who plan to move or refinance in the near future.
• Homeowners can request a mortgage recast to lower monthly payments without changing the Jumbo loan rate. The typical cost is $100 to $500.
Introduction to Jumbo loan Rates
A Jumbo loan is the process of replacing your existing home loan with a new one. The terms of the new mortgage can be different, but the most common goal is to secure a lower interest rate and reduced monthly mortgage payments. The type of refinance you choose will determine your interest rate. This guide will help you understand how current mortgage rates are set and how you can get the best available rate. By the end, you’ll have a better understanding of what to expect and how to make an informed decision about refinancing your home.
Where Do Mortgage Rates Come From?
The Federal Reserve, aka the Fed, sets the short-term interest rates that banks use. Although home loan rates aren’t directly tied to Fed rates, they follow the same economic trends. So when the Fed’s interest rate is high, chances are mortgage rates will be too.
Other mortgage rate influencers include the bond market, inflation, and the unemployment rate. We’ll get into those more below.
How Interest Rates Affect Home Affordability
Mortgage rates have a bigger impact on home affordability than you may realize. Consider the national median home price of $412,300 for Q2 2024. With a 30-year fixed mortgage at 3.00%, the monthly payment is approximately $1,390. However, if the interest rate increases to 6.00%, the monthly payment jumps to $1,977. Such an increase — more than 40% — can affect affordability for many buyers.
Should Homebuyers Wait for Interest Rates to Drop?
The burning question, especially if you’re buying your first home, is: Should I jump in now or wait? All else being equal, the answer is probably don’t wait. Although mortgage rates have been higher than they were during the pandemic, they’re actually close to the 50-year average. And when rates do drop, the housing market will be flooded by buyers who have been sitting on the sidelines.
While it’s always tempting to wait for lower rates, your personal circumstances are more important. If you’re ready financially and need a new home, higher interest rates shouldn’t deter you. After all, a mortgage refinance could still lower your rate later.
Understand Trends in Florida Mortgage Interest Rates
Understanding historical mortgage rate trends can provide valuable insights into the future. In Florida, mortgage rates have experienced significant fluctuations over the past two decades. From a high of 7.96% in 2000, rates steadily declined to 5.78% by 2003. While rates have risen in recent years, they remain below historical highs. Experts predict that Florida mortgage rates will likely stay above historical lows for the foreseeable future.
Below you’ll find the average annual interest rate for Florida and the United States for 2000 through 2018. (The FHFA stopped reporting the data in 2018.)
Historical U.S. Mortgage Interest Rates
Looking at a much longer span of time, a half-century, can give you perspective on the rates that are now available. As you can see from the graphic below, it’s pretty rare for rates to dip as low as they did in 2020 and 2021. By keeping an eye on these trends, you can make an informed decision about whether to pursue your Jumbo loan, and when.
Historical Interest Rates in Florida
Florida Jumbo loan rates have seen their share of ups and downs, for the most part trailing the national average just slightly. The chart below shows Florida rates from 2000 to 2018, when the Federal Housing Finance Agency stopped tracking state-specific averages.
| Year | Florida Rate | National Rate |
|---|---|---|
| 2000 | 8.03 | 8.14 |
| 2001 | 7.01 | 7.03 |
| 2002 | 6.61 | 6.62 |
| 2003 | 5.81 | 5.83 |
| 2004 | 5.94 | 5.95 |
| 2005 | 5.98 | 6.00 |
| 2006 | 6.71 | 6.60 |
| 2007 | 6.54 | 6.44 |
| 2008 | 6.15 | 6.09 |
| 2009 | 5.04 | 5.06 |
| 2010 | 4.76 | 4.84 |
| 2011 | 4.52 | 4.66 |
| 2012 | 3.59 | 3.74 |
| 2013 | 3.80 | 3.92 |
| 2014 | 4.08 | 4.24 |
| 2015 | 3.79 | 3.91 |
| 2016 | 3.66 | 3.72 |
| 2017 | 3.98 | 4.03 |
| 2018 | 4.57 | 4.57 |
Factors Affecting Mortgage Rates in Florida
As mentioned above, many factors influence mortgage rates in Florida and nationwide. Some of those are economic, but others are entirely within the homebuyer’s control. Here’s how they break down:
Economic Factors
• The Fed: The federal funds rate serves as a benchmark for other interest rates, including mortgage rates.
• Inflation: When inflation rises, the purchasing power of money decreases, making it more expensive for lenders to lend money. As a result, they may increase interest rates to compensate.
• Unemployment rate: Lower unemployment can result in higher mortgage rates. A low unemployment rate indicates a strong economy, which typically leads to increased demand for housing. This increased demand puts upward pressure on home prices and, not surprisingly, mortgage interest rates.
Consumer Factors
• Credit score: A higher credit score generally results in a lower mortgage interest rate. Lenders view borrowers with higher credit scores as less risky, making them more likely to offer favorable rates.
• Down payment: Increasing your down payment may reduce your mortgage rate. A larger down payment lowers the loan-to-value ratio (LTV), the portion of the home’s value financed by the loan. A lower LTV reduces the lender’s risk and may result in a lower interest rate.
• Income and assets: A steady income is important to lenders, who will check your employment history as well as your salary. Assets like investments and emergency savings also reassure lenders that you could still pay your mortgage in the case of a job loss or other financial setback.
• Type of mortgage loan: Certain types of mortgages tend to have lower rates. For instance, adjustable rate mortgages typically offer lower initial rates than fixed-rate mortgages. Some government-backed loans, like VA mortgages, can also have lower rates. And a shorter loan term usually comes with a lower rate than longer terms.
💡 Recommended: What Is the Average Down Payment On a House?
Mortgage Options for First-Time Homebuyers in Florida
An important step in deciding how to refinance your mortgage is selecting the type of loan you will refinance into. These are some of the most common types.
Conventional Refi
A conventional refinance, also known as a rate-and-term refinance, allows you to change your interest rate, loan term, or both. These loans typically offer higher rates than government-backed loans from the FHA or VA, for example. But a conventional refinance could be a good option if you’re looking to lower your interest rate, change your loan term, or both.
15-Year Mortgage Refi
Some people refinance into a loan with a shorter term than their original mortgage. It’s common to go from a 30-year term to a 15-year one. This means higher monthly payments in the short term, but it’s a savvy move that can slash the total interest you pay over the loan’s lifetime. And if you combine a shorter term with a lower interest rate, you might not even feel such a burden from the larger monthly payments. Some people like the fact that shortening the term helps them get rid of mortgage debt before retirement. (Of course other people might refi from a 15-year loan into a 30-year one. Choosing a term is based on your personal financial circumstances.)
Adjustable-Rate Mortgage Refi
Adjustable-rate mortgages (ARMs) offer a low initial interest rate and so might be attractive to some borrowers — especially those who know they plan to sell the home before the rate on their new loan begins to adjust. Some borrowers prefer to adjust out of an ARM and into a fixed-rate loan because they want their monthly payments to be steady and predictable.
Cash-Out Refi
This type of refinance is a powerful financial tool that allows you to leverage your home equity. By refinancing your mortgage for more than you currently owe, you can access a lump sum of cash that can be used for home improvements or debt consolidation, for example. Although a cash-out refinance typically carries a higher Jumbo loan rate than a traditional refinance, it’s one of the more cost-effective ways to borrow a large sum of money.
FHA Refi
FHA loans, backed by the Federal Housing Administration, often offer attractive Jumbo loan rates, making them a popular choice for homeowners. For those with existing FHA loans, the FHA Simple Refinance and FHA Streamline Refinance are designed to simplify the process and potentially reduce your rate. If you don’t have an FHA loan, you may still benefit from an FHA cash-out refinance or FHA 203(k) refinance. The latter is designed for home renovations.
VA Refi
VA loans, guaranteed by the United States Department of Veterans Affairs, are known for offering some of the best Jumbo loan rates. To refinance with a VA interest rate reduction refinance loan (IRRRL), you’ll need to have a VA loan in the first place. There is also a VA cash-out refinance, and anyone who qualifies for a VA loan can use this to take advantage of their home equity in a refinance.
Compare Mortgage Refi Interest Rates
Once you know what type of refinance you’re going to pursue, it’s time to secure a competitive Jumbo loan rate. Here’s what to do:
• Compare rates and fees from multiple lenders.
• Look at the loan’s annual percentage rate (APR), which includes interest and fees. These and other closing costs are part of the total picture of your mortgage refinancing costs.
• Weigh the cost of discount points against long-term savings, and decide whether or not you will purchase points.
A refinance calculator can help you estimate your savings and make an informed decision.
Use an Online Refinance Calculator
Online refinance calculators are a great way to get an estimate of what your new monthly payment may be and to compare different refinance options. You probably used a similar calculator during your home purchase process. Many online refinance calculators will also show you how much you could save by refinancing, which can help you decide if refinancing is the right choice for you.
Run the numbers on your home loan.
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Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
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Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
The Takeaway
Refinancing your mortgage can be a smart financial move, but it requires some careful consideration and planning. Whether you’re looking to get a lower Jumbo loan rate, tap into your home’s equity, or consolidate debt, it’s important to understand the different types of refinances and the requirements for each. By taking steps to strengthen your credit score and lower your debt-to-income ratio, and by comparing offers from multiple lenders, you can help ensure that you get the best rate and terms for your situation.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much would a 1% drop in interest rate affect your monthly payment?
You may be surprised at how much a 1% reduction in your Jumbo loan rate can impact your monthly budget. Let’s say you have a $300,000, 30-year mortgage. If you’re currently paying 7.00% interest and can refinance to 6.00%, you could see your monthly payment amount drop by $197. Over time, that seemingly small change can add up to big savings. And of course the larger your loan amount, the larger your savings as well.
Can I lower my interest rate without refinancing?
It might be difficult to lower your mortgage interest rate without refinancing, but you can reduce your monthly payments by undertaking a mortgage recast. A mortgage recast involves making a lump-sum payment toward your principal balance. (Make sure you tell your lender the money is to be credited to the principal you owe.) You can request that your lender then “recast” your monthly payment amount to reflect the reduced principal. Of course, this only works if you have a lump sum on hand. If you’re facing financial hardship, you could also ask your lender about a loan modification. Your lender will have a formal request process for this type of adjustment.
Is there a fee to recast your mortgage?
The fee to recast your mortgage ranges from $150 to $500, which is far less than the cost of a refinance. To determine if recasting your mortgage is worth it, look at how the interest saved over the remaining life of your loan compares to the earnings or savings you might enjoy if you used that lump sum in another way — for example, to pay off some other form of debt, or to make investments.
How many times can you refinance your home loan?
There’s no official rule on how many times you can refinance your home. But, each time you do, there are closing costs to consider and a potential impact on your credit score. Take a step back and weigh the benefits of a lower Jumbo loan rate against these costs and impacts. Before you make a decision, consider the current interest rate climate, your financial situation, and your long-term goals. Refinancing can be a savvy financial move, but it’s important to make sure it’s the right move for you.
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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.
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.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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.
SOHL-Q125-198
More jumbo loan resources.
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Jumbo Loan Requirements: How to Qualify for a Jumbo Loan
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Pros and Cons of Jumbo Loans: What to Know
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Cost of Living in North Carolina
Cost of Living in North Carolina
(Last Updated – 03/2025)
Families looking to make a move to a new state will likely appreciate that North Carolina has not one but two of the best cities for families.
That’s right: You don’t need to give up city life to raise a family. U.S. News found that Raleigh, Durham, and Hickory, North Carolina are some of the best places for families to live in the entire country. It happens to be a pretty affordable state, too. Keep reading to learn more about the North Carolina cost of living.
What’s the Average Cost of Living in North Carolina?
Average Cost of Living in North Carolina: $51,081 per year
North Carolina residents will find that they aren’t spending drastically more or less than they would in other states. According to MERIC data gathered in 2024, North Carolina has the 28th-lowest cost of living in the United States. Residents of South Carolina can expect to spend even less, as the state came in two spots ahead of North Carolina when MERIC computed the least expensive states to live in. It can be hard to visualize what these rankings mean, so let’s take a closer look at data from the Bureau of Economic Analysis. The total personal consumption cost in North Carolina is $51,081 per year. Here’s how that breaks down.
|
Category |
Average Annual Per-Capita Cost in North Carolina |
|
Housing and Utilities |
$8,860 |
|
Health Care |
$8,166 |
|
Food and Beverages (nonrestaurant) |
$4,271 |
|
Gasoline and Energy Goods |
$1,399 |
|
All Other Personal Expenditures |
$28,384 |
All told, North Carolinians may need about $4,256 per person, per month.
Housing Costs in North Carolina
Average Housing Costs in North Carolina: $1,109 to $2,219 per month
There are plenty of housing units available in North Carolina (4.9 million, 2024 census data shows), which may explain why housing is fairly affordable in the Tar Heel State. Zillow gave a typical North Carolina home value of $328,101 in March 2025.
Here’s what you can expect housing in North Carolina to cost on a monthly basis, according to census data:
• Median monthly mortgage cost: $1,561
• Median studio rent: $1,109
• Median one-bedroom rent: $1,224
• Median two-bedroom rent: $1,199
• Median three-bedroom rent: $1,279
• Median four-bedroom rent: $1,670
• Median five-bedroom (or more) rent: $2,219
• Median gross rent: $1,245
Because the location of your home greatly influences its price, let’s look at the typical home values in 20 major North Carolina cities, according to Zillow, as of December 2024.
|
North Carolina City |
Typical Home Price |
|
Charlotte |
$377,403 |
|
Raleigh |
$439,131 |
|
Greensboro |
$252,355 |
|
Winston |
$263,872 |
|
Durham |
$405,566 |
|
Fayetteville |
$241,330 |
|
Asheville |
$427,573 |
|
Hickory |
$249,814 |
|
Wilmington |
$427,120 |
|
Jacksonville |
$272,375 |
|
Greenville |
$239,923 |
|
Burlington |
$278,901 |
|
Rocky Mount |
$195,842 |
|
Lumberton |
$135,724 |
|
Goldsboro |
$172,255 |
|
New Bern |
$248,649 |
|
Pinehurst |
$401,134 |
|
Shelby |
$196,784 |
|
Wilson |
$207,652 |
|
Mount Airy |
$222,290 |
Utility Costs in North Carolina
Average Utility Costs in North Carolina: $328 per month
No matter where you live, you’ll need to cover the costs of basic utilities.
|
Utility |
Average North Carolina Bill |
|
Electricity |
$128 |
|
Natural Gas |
$63 |
|
Cable & Internet |
$115 |
|
Water |
$22 |
Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price; Statista.com, “Average monthly residential utility costs in the United States, by state”; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report; and Rentcafe.com, What Is the Average Water Bill?
Groceries & Food
Average Grocery & Food Costs in North Carolina: $356 per person, per month
While your dietary preferences can play a big role in how much you spend on food per month, so can where you live. North Carolina’s average annual food cost per person is estimated to be $4,271, according to the Bureau of Economic Analysis. That’s about $356 per person, per month. The area of North Carolina you live in can also play a role in your grocery costs. The Council for Community and Economic Research, outlined the grocery costs in major North Carolina cities as of 2024. Here are those annual average rankings.
|
North Carolina City |
Grocery Items Index |
|
Raleigh |
100.6 |
|
Asheville |
98.8 |
|
Charlotte |
101.1 |
|
Winston-Salem |
97.0 |
|
Durham |
102.0 |
|
Salisbury |
95.0 |
|
Chapel Hill |
100.8 |
Transportation
Average Transportation Costs in North Carolina: $9,887 to $18,397 per year
Whether you’re commuting to bustling downtown Raleigh or spending a weekend relaxing in the Outer Banks, getting around North Carolina costs money.
How much money you expect to spend can vary based on what your household looks like. Here are a few examples of average transportation costs for different family structures from MIT’s Living Wage Calculator, based on data as of February 2025.
|
Family Makeup |
Average Annual Transportation Cost |
|
One adult, no children |
$9,887 |
|
Two working adults, no children |
$11,442 |
|
Two working adults, three children |
$18,397 |
Health Care
Average Health Care Costs in North Carolina: $8,166 per person, per year
The Bureau of Economic Analysis Personal Consumption Expenditures by State report found that the average per-capita cost of health care in North Carolina is $8,166 per year.
Location, the type of coverage you have, and how often you need care will influence your bottom-line expense.
Child Care
Average Child Care Costs in North Carolina: $732 to $1,170 or more per child, per month
The cost of child care is a large but necessary expense for most parents, though there is some wiggle room depending on what kind of care you’re seeking.
If you’re struggling to afford child care costs, it’s worth looking into the Child Care Subsidy program for eligible families in North Carolina.
According to data from CostofChildCare.org, these are the average child care costs in North Carolina.
|
Type of Child Care |
Average Cost Per Month, Per Child |
|
Infant Classroom |
$1,155 |
|
Toddler Classroom |
$1,038 |
|
Preschooler classroom |
$732 |
|
Home-Based Family Child Care |
$1,170 |
Taxes
Tax Rate in North Carolina: 4.25%
In North Carolina, estimating what you’ll owe in state income tax is pretty simple, since this state has a single rate tax of 4.25% instead of a graduated rate. As seen on the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2025, North Carolina’s rate of 4.25% is close to nearby states’ rates. In South Carolina, the top marginal tax rate is 6.2%, while Virginia to the north has a top rate of 5.75% and Kentucky tops out at 4%. North Carolina’s neighbor on its western border, Tennessee, however, does not charge residents any income tax.
Miscellaneous Costs
Once you pay all of your bills, it’s understandable if you want to treat yourself to a little fun. If each North Carolinian spends about $28,384 a year on personal expenditures, some of these cheap thrills could factor in (costs accurate as of March 2025):
• A day at the North Carolina Zoo in Asheboro: $11 per child (under 2 years old are free) and $15 per adult
• Entrance to the Wright Brothers National Memorial in Kill Devil Hills: $10 per person
• Breakfast at the beloved Biscuit Head restaurant in Asheville: $12 for the “Full Breakfast”
• A kite at Kitty Hawk Kites on the Outer Banks: $4.99 to $2,049.99
• Tickets to see a production of The Lost Colony play in Manteo: Range from $0 (kids 5 and under) to $44 (adults), depending on seat location and other discounts.
• A chopped BBQ plate at Lexington Barbecue: $12.90
Museum lovers will appreciate that the North Carolina Museum of Natural Sciences in Raleigh has free general admission.
Recommended: What Are the Average Monthly Expenses for One Person?
How Much Money Do You Need to Live Comfortably in North Carolina?
While we all have varying definitions of what it means to live comfortably, U.S. News & World Report’s Affordability Rankings can give you a good idea of how achievable that concept is in each state. North Carolina came in 24th in terms of basic affordability. According to MERIC, North Carolina takes the 28th spot, sandwiched between Mississippi on the low end and Hawaii on the high end, when it comes to cost of living. So it looks like the state is pretty much in the middle, which could mean comfortable to many.
What City Has the Lowest Cost of Living in North Carolina?
All states have their more expensive and more affordable spots to live in. If you have your eye on North Carolina, these are three of the major cities and metro areas with the lowest cost of living, according to the Council for Community and Economic Research’s Cost of Living Index for 2024.
Salisbury
Salisbury (cost-of-living index of 91.2) is a part of historic Rowan County, which is home to 11 National Register districts, five local historic districts, and many museums. If you want to get a feel for the town’s history, you can’t miss the Salisbury Heritage Walking Tour and the Salisbury History & Art Tour. Fun fact: It’s the birthplace of local favorite cherry-flavored soft drink, Cheerwine, created in 1917.
Winston-Salem
With a composite index cost-of-living score of 93.4, Winston-Salem comes in as the second cheapest major city to live in. It boasts many historical homes, museums, public gardens, and event spaces like Tanglewood Park. It also hosts many annual events, including ATP Tour tournament the Winston-Salem Open at Wake Forest University.
Raleigh
The third-most-affordable major North Carolina city to make the list is Raleigh, with a cost-of-living index of 97.2. This major city has an estimated population of 482,295. It’s the home of Carolina’s NHL team, the Hurricanes, the state’s longest hiking trail, and the state fair (held in October, to beat the heat). Raleigh has 10 traditional universities and colleges and an international airport. If you want a big-city lifestyle on a monthly budget, Raleigh may be the right fit for you.
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The North Carolina cost of living falls in the middle of U.S. rankings. With millions of acres of forest as well as modern amenities and educational, medical, and research innovation, the Tar Heel State could prove enticing.
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.Photo credit: iStock/Darwin Brandis
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.
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.
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.
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SOHL-Q125-140
Cost of Living in Oklahoma
Cost of Living in Oklahoma
By Kenny Zhu
(Last Updated – 04/2025)
In Oklahoma, is it true that the wind often comes sweepin’ down the plains? Surely. Another thing that’s true: Oklahoma is one of the most affordable states in the country.
The state has gorgeous landscapes, between the sprawling prairies of the Wichita Mountains Wildlife Refuge to the flowing creeks of the Chickasaw National Recreation Area. There are plenty of state parks and wildlife refuges to explore.
Just over 4 million “Okies” call Oklahoma home; It also happens to be home to the second-highest proportion of Native Americans in the country, and nearly half of the state is considered an Indian reservation.
If you’re considering moving to the Sooner State, you’ll want to know the cost of living in Oklahoma.
What’s the Average Cost of Living in Oklahoma?
Average Cost of Living in Oklahoma: $44,398 per year
Oklahoma has the second-lowest cost of living in the United States, behind only West Virginia, according to MERIC’s 2024 Cost of Living Index.
The Bureau of Economic Analysis’ Personal Consumption Expenditures data shows that the average cost of living in Oklahoma is $44,398 per year, which also happens to be the lowest average total expenditure for the entire Southwest region, encompassing Texas, New Mexico, and Arizona.
Here is how the annual costs break down for the average Oklahoman.
|
Category |
Average Annual Per-Capita Cost in Oklahoma |
|
Housing and Utilities |
$7,304 |
|
Health Care |
$8,381 |
|
Food and Beverages (nonrestaurant) |
$3,274 |
|
Gasoline and Energy Goods |
$1,735 |
|
All Other Personal Expenditures |
$23,703 |
That annual cost of living translates to average monthly expenses of $3,700 per person.
Housing Costs in Oklahoma
Average Housing Costs in Oklahoma: $788 to $1,479 per month
In June 2024, Zillow gave a typical home value in Oklahoma of $203,806. That’s almost half the national median sale price of $355,328 that Zillow reported for U.S. homes.
Homes in Oklahoma are cheaper than in the rest of the country, and they also fare better in terms of price appreciation. Like much of the country, Oklahoma’s average home values have been increasing since 2021.
Below are the median mortgage and rental costs for homes in Oklahoma, according to census data.
• Median monthly mortgage cost: $1,479
• Median studio rent: $788
• Median one-bedroom rent: $834
• Median two-bedroom rent: $998
• Median three-bedroom rent: $1,202
• Median four-bedroom rent: $1,472
• Median five-bedroom rent: $1,446
• Median gross rent: $1,020
Home values vary widely in Oklahoma. For example, a home in Oklahoma City can cost twice as much as one in a smaller city like Muskogee.
|
City in Oklahoma |
Typical Home Price* |
|
Oklahoma City |
$230,229 |
|
Tulsa |
$231,831 |
|
Lawton |
$137,249 |
|
Stillwater |
$216,466 |
|
Shawnee |
$175,481 |
|
Muskogee |
$145,877 |
|
Enid |
$127,827 |
|
Ardmore |
$177,379 |
|
Bartlesville |
$168,944 |
|
Tahlequah |
$193,719 |
|
Ponca City |
$102,542 |
|
McAlester |
$136,424 |
|
Duncan |
$131,482 |
|
Ada |
$171,626 |
|
Miami |
$131,478 |
|
Weatherford |
$160,266 |
|
Altus |
$108,895 |
|
Woodward |
$118,086 |
|
Elk City |
$137,087 |
|
Guymon |
$151,381 |
*data as of December 2024
Utility Costs in Oklahoma
Average Utility Costs in Oklahoma: $355 per month
Below is a snapshot of the typical monthly utility costs that Oklahoma residents can expect to pay.
Actual results will depend on what type of property you own and where it’s located.
|
Utility |
Average Oklahoma Bill |
|
Electricity |
$129 |
|
Natural Gas |
$71 |
|
Cable & Internet |
$112 |
|
Water |
$43 |
Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price; Statista.com, “Average monthly residential utility costs in the United States, by state”; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report; and Rentcafe.com, What Is the Average Water Bill?
Groceries & Food
Average Grocery & Food Costs in Oklahoma: $273 per person, per month
Oklahoma actually has the lowest food and beverage costs of any state in the country, according to the Bureau of Economic Analysis’ latest personal consumption expenditures data. Oklahomans pay an average of $273 per month, or $3,274 per year on nonrestaurant food and beverages.
Where you live affects average food costs. For example, you can buy a frozen meal at a supermarket for $4.05 in Muskogee, but that same item on average would cost you $3.15 in Ardmore.
Let’s chew on grocery costs in Oklahoma cities. The rankings are based on price data obtained from the Council for Community and Economic Research’s Cost of Living Index.
|
City in Oklahoma |
Grocery Items Index |
|
Edmond |
95.4 |
|
Oklahoma City |
95.4 |
|
Enid |
96.8 |
|
Lawton |
93.1 |
|
Tulsa |
97.7 |
|
Muskogee |
97.4 |
|
Broken Arrow |
97.7 |
|
Ponca City |
94.3 |
|
Ardmore |
93.8 |
Transportation
Average Transportation Costs in Oklahoma: $10,792 to $20,082 per year
Oklahoma used to be a thruway for the famed Route 66 when it was still in service; today it remains a popular destination for road warriors from all over.
You’ll want to keep an eye on transportation costs if you’re thinking about moving to Oklahoma, especially since its auto insurance rates run high.
Transportation costs will vary depending on your commute and the size of your family. Here are costs from MIT’s Living Wage Calculator for different family sizes, based on data from February 2025.
|
Family Makeup |
Average Annual Transportation Cost |
|
One adult, no children |
$10,792 |
|
Two working adults, no children |
$12,490 |
|
Two working adults, three children |
$20,082 |
Health Care
Average Health Care Costs in Oklahoma: $8,381 per person, per year
Oklahomans spend an average of $8,381 per year on health care, according to the Bureau of Economic Analysis. Compared with Texas, Arizona, and New Mexico, Oklahoma’s health care costs are at the top of the pack.
If you’re looking for affordable health insurance in Oklahoma, you can shop for and compare health insurance plans using the federal marketplace at HealthCare.gov.
Child Care
Average Child Care Costs in Oklahoma: $739 to $1,318 per child, per month
Child care costs take up a healthy chunk of any family’s monthly budget, and the costs can change depending on the age of a child and the setting.
Oklahoma families that need help paying for child care can apply for aid through the Oklahoma Department of Human Services. The table below shows typical monthly child care costs in Oklahoma, according to CostofChildCare.org.
|
Type of Child Care |
Average Cost Per Month, Per Child |
|
Infant Classroom |
$1,318 |
|
Toddler Classroom |
$884 |
|
Preschooler Classroom |
$739 |
|
Home-Based Family Child Care |
$930 |
Taxes
Highest Marginal Tax Rate in Oklahoma: 4.75%
Oklahoma has a progressive income tax, which adjusts your rate based on your income bracket.
The highest marginal tax rate in Oklahoma is 4.75% for both single filers who earn over $7,200 and joint filers who earn over $14,400 a year, the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2025 notes.
When factoring in property, sales, and use taxes, Oklahoma has a below-average tax burden, with an effective state-local tax rate of 9%. It ranks 10th best on TaxFoundation.org’s rankings of local tax burdens by state; “tax burden” measures the aggregate impact of all taxes levied by state and local governments, as recorded by the U.S. Census Bureau.
Oklahoma had a lower tax burden than nearby New Mexico and Arizona, but its southern neighbor, Texas, came out a few ranks ahead, at the 6th best with a slightly lower effective tax rate of 8.6%.
Miscellaneous Costs
Now that we’ve tackled the everyday expenses for living in Oklahoma, let’s take a look at the costs of some of the state’s greatest attractions.
• Pay for an adult admission to the National Cowboy & Western Heritage Museum in Oklahoma City: $20 (senior and military tickets are $17, students and kids 6-17 cost $12, and children 5 and younger get in free.)
• Get a pair of cowboy boots at Langston’s Western Wear in Harrah: $109 to $470
• Tickets to the Lawton Rangers Rodeo: $10 to $20 (depending on day of event and special deals)
• Get a boot shine at Oklahoma City’s Sole Brothers Shine Parlor: $10 (basic), $12 (spit shine), muddy boots (by in-store estimate only)
• Chicken fried steak at Clanton’s Cafe in Vinita along Route 66: $12.99 (dinner)
If you’ve always been a fan of the Lone Ranger, Will Rogers, or Ben Johnson, you can buy your very own set of cowboy boots and Stetson hat and live out your cowboy fantasies at the rodeo in Guthrie.
While wandering out yonder, you might want to stop for a plate of the official state meal: chicken fried steak, fried okra, cornbread, barbecue pork, sausage and gravy, grits, squash, corn, black-eyed peas, strawberries, and pecan pie. Oklahoma state law actually codified this combination in 1988.
How Much Money Do You Need to Live Comfortably in Oklahoma?
MIT’s Living Wage Calculator lists the “living wage” for a single individual with no kids in Oklahoma as $42,141 per year, or $20.26 per hour. Obviously this figure will vary depending on personal consumption habits.
The Southwest, including Oklahoma, Texas, Arizona, and New Mexico, has some of the lowest personal consumption expenditures in the nation. Of this contingent, Oklahoma has the lowest expenditure of the bunch.
If you’re looking for an affordable state, Oklahoma might be the perfect place for you, as U.S. News & World Report’s Affordability Rankings actually ranked it the sixth-most-affordable state in the union. Thanks to its open plains and low population per square mile, Oklahoma does well on housing, grocery, and health care costs.
What City Has the Lowest Cost of Living in Oklahoma?
Data from the Council for Community and Economic Research’s 2024 Cost of Living Index helps compare expenses across major cities in Oklahoma. The two most affordable cities are below.
Ponca City
The town of Ponca City has the lowest cost of living in Oklahoma with a composite score of 80.0, according to CCER’s data. A city with a population of around 24,306, Ponca City sits on the western edge of the Osage Reservation northwest of Tulsa. It’s close to the near 40,000 acre Joseph H. Williams Tallgrass Prairie Preserve, home to grazing bison and scenic trails.
Oklahoma City
Oklahoma City is the capital of Oklahoma. The city is equidistant between New York City and Los Angeles, and has the largest population in the state at an estimated 702,767 per the latest census data. OKC can also be considered as the Oklahoma City Metropolitan Statistical Area (MSA) which comprises seven counties, covering 6,359 square miles and includes more than 1.4 million residents. The city itself is host to many visitors on a daily basis, including at the world’s largest livestock market, open every Monday and Tuesday for live cattle auctions. This big city, dubbed “the Big Friendly,” has the second-lowest cost of living in Oklahoma with a composite cost-of-living index score of 82.2.
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Oklahoma embraces the traditional cowboy mystique, true grit, and, yes, grits. That vibe and the low cost of living in Oklahoma beckon newcomers. If you’re an Okie in the making, you may need a mortgage.
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.
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Credit Card Balance Transfer Calculator
Credit Card Balance Transfer Calculator
By SoFi Editors | October 10, 2025
A credit card balance transfer can be a smart financial move. It can allow you to take a credit card balance from a card with a high interest rate and move it to one with a lower rate. Some cards also allow you to have an introductory period where you will have a 0% APR for a period of time. That can provide you with time to pay down your balance without any additional interest accruing.
Using a credit card balance transfer calculator can help you to determine if a balance transfer makes sense for you and which offer is best.
Key Points
• A balance transfer calculator estimates savings and the financial impact of moving your credit card balance to a new card with a 0% introductory rate.
• Potential savings depend on balance, interest rates, and fees.
• Benefits can include better financial management and credit score improvement.
• It’s wise to aim to pay off the balance before the introductory period ends.
• Compare offers from various lenders to find the best deal, paying attention to fees, the length of the introductory period, and the subsequent interest rate.
Calculator Definitions
Here are some terms to know before using the credit card balance transfer calculator:
• Current balance: The current amount owed on your credit card.
• Interest rate: The interest percentage charged by your current credit card. You may see this called the Annual Percentage Rate or APR. On a balance transfer card, this is often 0% for the introductory period.
• Balance transfer fee: The fee charged to do a balance transfer to a new credit card. You may find that 3% to 5% of the balance being moved is a common balance transfer fee on many cards.
• Introductory period: The number of months where you will have a 0% introductory APR.
• Amount saved: The amount of money you will save on this balance transfer, given the inputs provided.
Recommended: How to Check Your Credit Score for Free
How to Use the Credit Card Balance Transfer Calculator
Our credit card balance transfer calculator helps you determine how much you can save with a credit card balance transfer.
Step 1: Enter Your Current Balance
In this step, you’ll type in your current balance, which can be found by checking for the amount on your credit card’s website or in the app. Or if you get paper statements, look there, taking into account any recent purchases or payments.
Step 2: Add Your Interest Rate
Using the same sources noted above, find and enter your interest rate.
Step 3: Type in Your Balance Transfer Fee
As noted above, this is often a fee of 3% or 5% of the amount being transferred. Check your offer to find the exact amount.
Step 4: Input the Introductory Period Length
Introductory periods, or the length of time when you pay no interest, can vary. Eighteen to 21 months tend to be at the longer end of the range. You’ll add that number to the credit card balance transfer calculator.
Step 5: See How Much You Can Save
The calculator will now provide an estimate of how much money you could potentially save with a balance transfer. It factors in the transfer fee to show your net savings. If you are working on lowering your credit card utilization, a balance transfer may be an attractive option. It can provide a period of time in which interest doesn’t accrue, so you can focus on paying down the amount you owe.
Benefits of Using a Credit Card Balance Transfer Calculator
A credit card balance transfer calculator can be useful since it gives you an idea of how lucrative a balance transfer could be for your specific situation. While you might not want to go through the hassle of a balance transfer (especially if it means having to open a new credit card) for $50 savings, you might be more willing to endure a little bit of hassle for $500 or $1,000 in savings, for example.
If you do opt for a balance transfer, it can help you build credit by lowering your overall balance or helping you to pay down debt faster.
If you are using a credit card balance transfer to positively impact your credit score, know that it will likely take several monthly cycles of on-time payments to see a benefit. It may take a bit of patience as you monitor your credit score.
Recommended: FICO Score vs Credit Score
How to Use Credit Card Balance Transfer Calculator Data to Your Advantage
Using a credit card balance transfer calculator can help you decide whether a balance transfer makes sense for you. There are only a few simple inputs to the calculator, including the total balance you’re thinking of transferring and your current interest rate.
Having a large credit card balance can affect your credit score, so it can make sense to try to lower your credit card balance. Once you enter the relevant information into the calculator, it will give you an approximate idea of how much money you could save with a balance transfer. You can also try different inputs or scenarios to see how those could change your outlook.
Recommended: How Often Does Your Credit Score Update?
What Is a Credit Card Balance Transfer?
A credit card balance transfer involves taking the balance on one credit card and transferring it to another credit card. Typically, a credit card that has a balance transfer promotion will offer an introductory period (such as 12 or 18 months) where you have an introductory 0% APR. Many balance transfer credit cards also charge a balance transfer fee (often 3% to 5% of the amount transferred). A balance transfer calculator can help you take all of these variables and decide how much money a balance transfer might save you.
Types of Credit Cards with Balance Transfers
There are many different kinds of credit cards that offer balance transfers. As you compare credit cards, you may want to look for ones that offer a 0% introductory balance transfer period and try to find as long a period as possible. Make sure to read the fine print for such details as how much the balance transfer fee is, what happens if you don’t pay off your balance by the end of the introductory period, and what interest rate you will be charged once the no-interest period is over.
Examples of Credit Card Balance Transfer Scenarios
Here are a few examples of credit card balance transfer scenarios:
Example 1:
• Current balance: $5,000
• Interest rate: 18%
• Balance transfer fee: 3% ($150)
• Introductory period: 12 months
Amount saved (after deducting transfer fee): $351
Example 2:
• Current balance: $12,000
• Interest rate: 24%
• Balance transfer fee: 3% ($360)
• Introductory period: 18 months
Amount saved (after deducting transfer fee): $2,048
Credit Card Balance Transfer Tips
One of the biggest credit card balance transfer tips is to make sure that you have a plan in place to fully pay down your balance before the end of the introductory period. That way, you can take advantage of the no-interest period and offset any fees you’ve paid. You can use a spending app to help you stick to a budget and live within your means.
Another balance transfer tip is to compare offers from different balance transfer credit cards. Different cards might offer different introductory 0% APR periods or have different balance transfer fees, rewards, and benefits. In addition, the interest rate they charge once the introductory period ends will vary. Comparing the details of different balance transfer credit cards can help you decide the right one for you.
The Takeaway
A credit card balance transfer can make financial sense but only in certain situations. Using this credit card balance transfer calculator can help you decide if this kind of transfer is right for you and, if so, which offer is best for your situation. Simply enter your credit card balance, interest rate, balance transfer introductory period, and balance transfer fee amount, and the calculator will give you an idea of how much a balance transfer could save you. Beyond interest savings, a credit card balance transfer can help you build credit.
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FAQ
How does a balance transfer calculator show my potential savings?
A balance transfer calculator can take your information (credit card balance, interest rate, balance transfer fee, and length of your introductory 0% APR period) and give an estimate of how much a balance transfer could save you. It saves you the effort of doing the math, and it allows you to quickly and easily compare offers.
What is a balance transfer fee, and how is it factored into the calculation?
Many balance transfer credit cards charge a balance transfer fee. This balance transfer fee can vary from card to card, but is often around 3% to 5% of the total balance being transferred. The balance transfer fee is added to your total balance, and reduces the overall amount you save. The balance transfer calculator takes the amount of the balance transfer fee into account when estimating your potential savings.
Does the calculator account for the interest rate on my existing credit card?
Yes, this balance transfer calculator accounts for a number of different factors, including the interest rate on your existing credit card. You can use different values for the inputs on the credit card balance transfer calculator to see how they affect your savings estimate.
Is the estimated payoff date from the calculator a guaranteed date?
No, this credit card balance transfer calculator does not provide a guaranteed savings amount. Instead, the actual amount that you save and the date that you pay off your existing credit card balance will depend on a number of different factors, including how much money you put toward your balance each month.
How does a balance transfer affect my credit utilization ratio and my credit score?
A balance transfer itself will not likely have a huge impact on your credit utilization ratio or credit score. This is because at the start, when you make the balance transfer, you still have the same amount of total debt. However, a balance transfer may make it easier to pay down your debts and lower your total utilization ratio, since you will not be charged interest during the introductory period. If this is the case, you should be able to lower your credit utilization and build your score over time.
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Free Appleton, WI Mortgage Loan Calculator
Appleton Mortgage Calculator
By SoFi Editors | Updated October 8, 2025
When you’re considering purchasing a home in Appleton, Wisconsin, understanding your potential mortgage payments is a big first step. An Appleton 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 or closing costs.
• 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.
Appleton 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: The property tax in the municipality where a home is located plays a role in determining 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 Appleton 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. If you need a jumbo loan, you may need to put down at least 10%.
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 Outagamie County, Wisconsin, is 1.55%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and repayment term. Use this tool to compare costs, like how the interest rate affects your monthly payments. Check out different loan terms to see their impact on expenses and total interest.
An Appleton 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 Appleton
In Appleton, the median home sale price in mid-2025 was $308,000 — much more affordable than the national median of around $443,000, 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 $69,000 if you were looking to afford a total monthly payment of $1,610 on a $300,000 home. That payment amount assumes a 20% down payment ($60,000), an interest rate of 7.00% on a 30-year mortgage, and an average effective property tax rate for Outagamie County of 1.55%.
Lenders also recommend total debt payments stay under 36% of gross monthly income; other debts shouldn’t exceed $460 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.
Recommended: Average Monthly Expenses for One Person
The Cost of Living in Appleton
Appleton has a relatively low cost of living, being 10% less expensive than the national average and 2% less expensive to live in than the average city in Wisconsin, according to the Economic Research Institute (ERI).
The cost of living typically reflects how far your dollar goes when purchasing a home, paying for utilities, transportation, health care and other necessities. Wisconsin’s 2024 cost of living index (COLI) was 97.7, according to the Council for Community and Economic Research, making the state slightly more expensive than nearby Minnesota (94.6) and Michigan (90.1).
This chart highlights the cost of living for some major cities in Wisconsin:
| Wisconsin Cities’ Cost-of-Living Stats | |
|---|---|
| Eau Claire | 98.8 |
| Fond du Lac | 90.3 |
| Green Bay | 90.5 |
| Madison | 104.7 |
| Milwaukee-Waukesha | 100.5 |
Source: Council for Community and Economic Research’s Cost of Living Index.
While Appleton did not rank on the best affordable places in the U.S., Brookfield, La Crosse, and Waukesha all landed on Wisconsin’s best affordable cities.
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Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
As you explore your monthly bills, you may wonder how you can reduce your mortgage payment. Here are some ways borrowers can lower their payments:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• Review your property taxes regularly. If you think your property taxes are too high, the City of Appleton Assessor’s Office can inform you about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
Appleton’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Appleton, there are down payment assistance programs available to help you cover the initial costs. To qualify, you must not have owned a primary residence within the past three years.
You can pursue different types of mortgage loans and financial assistance programs as a first time homebuyer in Wisconsin. For example, the Wisconsin Housing and Economic Development Authority offers the Advantage Conventional Loan. The property you’re buying must be your primary residence for the life of the loan, and the borrower must have a credit score of at least 620 and meet income limits.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
Using an Appleton mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand the impact of different down payment amounts, and compare various loan terms and interest rates. This tool can help provide a clearer picture of your financial obligations and lead you to making informed decisions about your home loan, especially if you are a first-time homebuyer.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much should I put down on a mortgage?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t 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.
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, which is well over the 620 score you’ll need to qualify for a home loan). Go through the online prequalification process with multiple lenders to see how low a rate you might be able to obtain. A higher down payment may help, too, if you can afford to make one. If you already own a home, you can explore a mortgage refinance and compare the costs of your old loan versus a new one (plus closing costs) at a new, lower rate.
How much is the payment on a $300,000, 30-year mortgage?
The cost of a $300,000 mortgage with a 30-year term will depend on your interest rate and down payment. For instance, at an interest rate of 6.00%, and a down payment of 20% ($60,000), your monthly payment would be $1,439. 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.
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