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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.
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.
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.
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.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights—all at no cost.
See exactly how your money comes and goes at a glance.
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.
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
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.
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 .
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.
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.
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.
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.
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.
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.
When you’re considering purchasing a home in Boston, Massachusetts, understanding your potential mortgage payments is a big first step. A Boston 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 Boston 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.
Boston 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 Boston Mortgage Calculator
Step 1: Enter Your Home Price
Type the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget.
Step 3: Choose a Loan Term
Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the home’s property tax rate as a percentage. The average effective property tax rate in Suffolk County, Massachusetts, is 0.67%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and repayment term. Use this tool to compare costs, like how the interest rate affects your monthly payments. Check out different loan terms to see their impact on expenses and total interest.
A Boston 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 Boston
With the median home sale price in late 2025 $850,000, Boston is considered one of most expensive cities in the U.S. The national median home sale price in mid-2025 was 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 $195,000 if you were looking to afford a $850,000 home with a $4,530 monthly payment — that factors in a 20% down payment ($170,000), an interest rate of 7.00%, a 30-year mortgage, and a property tax rate of 0.67%.
Because lenders typically recommend total debt payments stay under 36% of your gross monthly income, your other monthly debts shouldn’t exceed about $1,300 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. For example if you need a jumbo loan, you may need to put down at least 10%.
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.
Boston is one of the most expensive cities to live in the country. Because its cost of living is much higher than the national average, you will see that your dollar doesn’t go as far when it comes to average home prices, utilities, home maintenance, transportation, and other necessities.
In fact, Massachusetts ranks among the highest priced states to live, according to the Council for Community and Economic Research’s Cost of Living Index (COLI), which assigns COLI numbers higher than 100 to places that are more expensive than the national average, and a COLI below 100 to those less expensive. Massachusetts’s 2024 COLI was 141.2, and Boston’s was 145.9.
While Boston is among the most expensive cities, it’s still more affordable than places like San Francisco (166.8) and New York City (the borough of Manhattan had a 2024 COLI of 233.6).
This chart highlights cost of living numbers for major expenses in Boston:
Boston, MA Cities’ Cost-of-Living Stats
Overall Cost of Living
145.9
Groceries
104.4
Housing
218.8
Utilities
150.0
Transportation
109.5
Health Care
125.7
Miscellaneous Goods/Services
115.3
*Source: Council for Community and Economic Research’s Cost of Living Index.*
Although Boston is a very popular destination for its culture and beauty, its high cost of living kept it off the best affordable places in the U.S. list.
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 Boston, 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.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments.
• Review your property taxes regularly. If you think your property taxes are too high, the Boston City Assessing Department 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.
Boston’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Boston, 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. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible.
The Bay State offers a variety of programs as a first-time buyer in Massachusetts. Each program has certain criteria related to income and purchase price limits. For example, My Mass Mortgage offers 30-year fixed interest rate loans to low- and moderate-income first-time buyers in Massachusetts.
Using a Boston mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand the impact of different down payment amounts, and compare various loan terms and interest rates. This tool can provide a clearer picture of your financial obligations and help you make informed decisions about your home loan. Especially if you are a first-time homebuyer in Boston, the mortgage calculator can be a practical resource in planning your homeownership journey.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
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 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 much is the payment on a $850,000, 30-year mortgage?
The cost of a $850,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For example, at an interest rate of 6.00% and a down payment of 20% ($170,000), your monthly payment would be $4,077. 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.
When considering a home purchase in Atlanta, a mortgage calculator can allow you to see how a home’s price and your down payment amount, plus interest rate, loan term, and property tax, come together to create a monthly mortgage payment. This helps you get a clearer picture of how much house you can afford without stretching your budget too thin. Here’s how to use the calculator to your advantage during your home search.
Key Points
• An Atlanta mortgage calculator helps estimate monthly payment obligations and the total cost of the loan.
• A 15-year mortgage term can save you a substantial amount in interest compared to a 30-year term, but it comes with higher monthly payments.
• A higher credit score can secure a lower interest rate, reducing your monthly payments and the total interest paid over the life of the loan.
• A larger down payment of 20% or more can help avoid private mortgage insurance (PMI) and potentially secure better interest rates, making the mortgage more affordable.
• Down payment assistance programs in Atlanta can significantly reduce upfront costs, making homeownership more accessible for first-time buyers.
Atlanta Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price and your initial offer. This is a key figure when it comes to determining your home loan amount.
• Down payment: The down payment, typically 3-20% of the purchase price, is paid upfront by the homebuyer. A larger down payment potentially improves loan terms.
• Loan term: The loan term is the length of time you have to repay the home loan, typically 15 or 30 years. A 15-year mortgage term can reduce the total interest paid over the life of the loan, but it comes with higher monthly payments.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the home loan amount. A strong credit score can help secure a lower interest rate, reducing your monthly payments and the total interest paid over the life of the loan.
• Annual property tax: The annual property tax is a significant ongoing cost of homeownership, typically administered by the local government and expressed as a percentage of the home’s assessed value. In Atlanta, the average property tax rate is 0.77%.
• Total monthly payment: The total monthly payment with our calculator includes the principal, interest, and property tax. Your monthly mortgage payment may also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the home loan. To reduce the total interest paid, consider strategies such as refinancing to a lower interest rate or choosing a shorter loan term.
• Total loan cost: The total loan cost is the all-in amount you will repay for the home loan, including both principal and interest. Factors that influence the total loan cost include the loan term, interest rate, and down payment.
How to Use the Atlanta Mortgage Calculator
To use the Atlanta mortgage calculator effectively, start by inputting the home price, down payment amount, loan term, and interest rate. The calculator will then provide an estimate of your monthly payment, total interest paid, and the total loan cost. Here are the specific steps on how to estimate your total monthly payment and overall borrowing cost.
Step 1: Enter Your Home Price
Type in the purchase price of the property. This is not your loan amount, but rather the amount you intend to pay for the home.
Step 2: Select a Down Payment Amount
Choose the down payment you plan to pay upfront. The higher your down payment, the lower your monthly payment will be. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the time you’ll need to repay the home loan. Most consumers choose a mortgage with either a 30-year or a 15-year term. A 15-year term will result in higher monthly payments but less paid in interest overall; whereas a 30-year term will provide lower monthly payments but higher interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This affects your monthly payment and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to research rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage representing the annual property tax rate. Georgia’s average effective rate is 0.77%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates affordable house prices and monthly payments based on loan amount, interest rate, and term. It aids in cost comparisons, like interest rate impacts, and clarifies down payment effects and potential private mortgage insurance (PMI).
Mortgage calculators are also particularly useful for first-time homebuyers, who may not be aware of all that goes into a mortgage payment and how that payment is determined.
Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
In Atlanta, as of August 2025, the median home sale price was $400,000. Lenders advise that housing costs (mortgage, taxes, insurance, HOA) should be under 28% of your gross monthly income. To afford a $400,000 home with a 20% down payment ($80,000) on a 30-year mortgage at 7.00% interest, you would need an annual income of about $91,000.
To figure out how much house you can afford, you can use a home affordability calculator. A home affordability calculator estimates your home-buying power based on your income, expenses, down payment, and current mortgage rates.
It can also be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. The mortgage principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal. Your monthly payment may also include property tax, private mortgage insurance (PMI), and homeowners association (HOA) fees.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
The Cost of Living in Atlanta
Atlanta’s cost of living is 4% lower than the national average. Housing expenses are 13% lower, but grocery and health care expenses are slightly above the national average.
The city has a cost of living index of 96.0 (the average cost of living in the U.S. is 100 on this scale). Here’s how Atlanta compares to the national average in other areas:
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.
If you’re looking to buy your first home in Atlanta, there are several down payment assistance programs available. These programs are specifically designed to help you cover the initial costs associated with purchasing a home, including the down payment, closing costs, or both. To qualify for most of these programs, you typically must not have owned a primary residence within the past three years.
Once you purchase a home in Atlanta, it might still be possible to reduce your mortgage payment. Here are some strategies you can explore:
• Drop private mortgage insurance (PMI). Once you have 20% equity in your home, you can ask your lender to drop private mortgage insurance. This can be achieved through regular payments or home appreciation, and it can save you a considerable amount of money each month.
• Consider mortgage recasting. By making a lump sum payment toward your mortgage principal, your lender will re-amortize the loan, keeping the same interest rate and term. This results in a new, smaller balance, which translates to lower monthly payments.
• Appeal property taxes. If you believe that your annual city property tax assessment is excessively high, you have the right to appeal your property taxes. Submitting a well-documented and thorough appeal can potentially lead to a lower tax bill, which will positively impact your monthly mortgage payment.
• Extend your loan term. If you’re struggling to make your mortgage payments, one option is to extend the term of your loan, which reduces the monthly payment but increases the total interest paid over the life of the loan.
• Shop around for homeowners insurance. You can shop around for a lower homeowners insurance rate as a way to save money. Consider increasing your deductible, bundling your homeowners and auto insurance policies, or making upgrades that enhance your home’s security features or storm-resistance.
The Takeaway
Using an Atlanta mortgage calculator can help you make informed decisions about homeownership. It can give you a clearer picture of what your monthly payment might be based on your down payment amount, interest rate, and term. By understanding the full cost of a mortgage, you can avoid financial strain down the road and ensure a more secure and comfortable home-buying experience for you and your family.
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.
The average mortgage in Atlanta can vary based on factors like home price, down payment, and interest rate. For example, a median home price of $400,000 with a 20% down payment and a 30-year fixed-rate mortgage at 7.00% interest would result in a monthly payment of around $2,129, not including property taxes and insurance.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly impacts your mortgage interest rate. A higher credit score can secure a lower interest rate, reducing your monthly payments and the total interest paid over the life of the loan. For instance, a borrower with a credit score of 700 might qualify for a lower rate compared to someone with a score of 620.
What are principal and interest on a mortgage loan?
When you take out a mortgage, your monthly payment typically includes principal and interest. The principal is the amount you borrow, while the interest is the cost of borrowing that money. A higher down payment can reduce the principal, leading to lower interest costs and monthly payments over the life of the loan.
Should I choose a 30-year or 15-year mortgage term?
When choosing between a 30-year and 15-year mortgage, consider your finances. A 30-year term offers lower payments but higher total interest. A 15-year term has higher payments but saves on interest and builds equity faster. If you can afford larger payments, a 15-year mortgage is beneficial. If you need budget flexibility, a 30-year mortgage might be better.
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.
Buying your first home can be exciting but daunting. An Omaha mortgage calculator can help simplify the somewhat complex world of home financing. You’ll input the price of the home you’re considering or have already bid on, your anticipated down payment amount, your loan term, interest rate, and property tax rate. The calculator will quickly tell you what your monthly payment would be, plus the total interest costs and all-in costs of your loan. Ready to get started? Learn how to best use the calculator here.
Key Points
• Using an Omaha mortgage calculator can help homebuyers estimate monthly payments and overall affordability.
• Down payment assistance programs can significantly reduce the upfront costs of purchasing a home, making it more accessible for first-time homebuyers.
• A shorter loan term, such as 15 years, can result in higher monthly payments but less total interest paid over the life of the loan compared to a 30-year term.
• Your credit score plays a crucial role in determining your mortgage interest rate, with higher scores often leading to more favorable rates and lower costs.
• Property tax is often paid through the monthly mortgage bill and so is included in this calculator.
• Home price: The home price is the purchase price you have agreed to with the home seller (or the price you think you can get if you haven’t yet placed a bid).
• Down payment: The down payment is the amount paid upfront. Most buyers put down between 3% and 20%, with a 20% down payment helping them to avoid private mortgage insurance (PMI). If you require a jumbo loan for a higher-priced property, a 10% down payment may be required.
• Loan term: The loan term is the length of time you have to repay the home loan. A shorter term can result in higher monthly payments but less interest paid over the life of the loan. Conversely, a longer term can lower monthly payments but increase the total interest.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. A higher credit score can help you secure a more favorable interest rate. The type of mortgage loan you choose and its term will also affect your rate.
• Annual property tax: Property tax is often paid as part of a mortgage payment. In Douglas County, where Omaha is located, the average property tax rate is 1.747%. For your property’s specific rate, search the ZIP code or county name and “effective property tax rate.”
• Total monthly payment: The total monthly payment includes the principal and interest. In this calculator it also includes property taxes, as many lenders like to see homebuyers pay their taxes as part of their loan payment (it ensures that the payments are made promptly).
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan.
• Total loan cost: The total loan cost is the all-in amount you will pay for the loan, including the principal and interest.
How to Use the Omaha Mortgage Calculator
Step 1: Enter Your Home Price
Type in the agreed-upon purchase price of the property.
Step 2: Select a Down Payment Amount
Choose how much of the home price you will pay upfront. A down payment calculator can show you what’s needed to reach the 20% payment necessary to avoid PMI.
Step 3: Choose a Loan Term
Select the length of time to repay the mortgage, anywhere from 10 to 30 years. A longer term lowers monthly payments but increases total interest.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. Lower rates reduce monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage of your property’s market value for annual property tax. For the specific percentage in your area, search online for the property’s town or ZIP code and “effective property tax rate.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a useful tool for estimating your monthly mortgage payments and understanding the true cost of homeownership. If you’re buying your first home and haven’t had a mortgage before, running different scenarios in a mortgage calculator can help you understand how the down payment amount and loan term affect costs.
Deciding How Much House You Can Afford in Omaha
To afford a median-priced Omaha home, which comes in at $280,000, you would need an annual salary of about $88,000. How did we get there? Using the Omaha mortgage calculator we assumed a down payment of 20% and a 30-year loan with an interest rate of 7.00% The monthly payment, with Omaha property taxes, comes to $1,898. Lenders like it if your monthly mortgage payment doesn’t exceed 28% of your gross income — hence the salary number. This assumes you aren’t paying off other debts. If you have a car payment or student loan, for example, you would need to earn more.
A second way to go about determining your house budget is to use a home affordability calculator, which takes your income and debts into account to arrive at an ideal home price. If you’re getting serious about buying, go through the mortgage preapproval process to really firm up your budget. A lender will comb through your qualifications and tell you if you might be approved for a loan and, if so, how much you could borrow.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. The principal is the portion of the payment that goes toward paying down the loan balance, while the interest is the cost of borrowing the money. Additionally, your monthly payment may include property tax, which is typically divided into monthly installments and added to your mortgage. If your down payment is less than 20%, you may also need to pay for PMI. Home insurance and homeowners association (HOA) fees are also sometimes factored into the loan payment.
If you’re considering a home loan guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums. A VA mortgage calculator is your best bet if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
The Cost of Living in Omaha
The cost of living significantly impacts your budget when you’re buying a home, and higher-cost areas tend to have higher home prices but also higher costs for utilities, transportation, health care, and more. The overall cost of living in Omaha is significantly less than the average cost of living in the U.S. It’s no surprise then, that Omaha landed on a list of the best affordable places in the U.S. Here’s a closer look at how Omaha’s costs rank on a scale where the U.S. average equals 100.
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.
Omaha’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Omaha, there’s a down payment assistance program available to help cover the initial costs involved. The Nebraska Investment Finance Authority’s Homebuyer Assistance Program provides two mortgages that, together, can allow eligible buyers to purchase a home with just $1,000 down. Other programs help buyers in certain counties or provide aid to active members of the military who are also first-time homebuyers in Nebraska.
After you buy a home in Omaha, there are still ways to lower your monthly mortgage payment. Consider these options.
• Consider a mortgage recast. You’ll make a lump-sum payment toward the principal, and request that the lender recalculate your monthly payments based on the new, lower balance.
• Ask the lender to drop PMI as soon as you reach 20% equity in your home. This can be achieved through regular payments or home appreciation, so monitor your home’s value and periodically do the math to figure out if you’ve hit 20%.
• If you believe your property taxes are too high, you have the right to appeal your assessment. If you’re successful, you may be able to lower your tax bill. (If you aren’t successful, however, you risk a higher assessment.)
• If you are experiencing financial hardship, you can ask your lender to modify your loan. This adjustment can make your monthly payments more manageable and less burdensome, though it might result in increased interest costs over the long haul.
• To potentially reduce your monthly mortgage payment, take the time to shop around for a lower homeowners insurance rate.
The Takeaway
Using an Omaha mortgage calculator can provide valuable insights into the potential cost of a home. By understanding how your down payment amount, interest rate, and loan term affect your monthly payments, you can better plan for your homebuying journey and choose the mortgage that feels right for you.
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.
The amount you should put down on a mortgage depends on your financial situation and the type of loan you choose. A larger down payment can lower your monthly payments and eliminate the need for private mortgage insurance (PMI). However, if you’re a first-time homebuyer, you might consider down payment assistance programs that can help you cover the initial costs with a smaller down payment.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term offers lower monthly payments, making homeownership more accessible. A 15-year term could save you thousands of dollars in interest but will require a higher monthly payment. If you can make a 15-year or 20-year term work with your budget, go for it. But particularly if this is your first home purchase, don’t feel bad about locking in 30 years. It is, after all, the most popular mortgage term in the U.S.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, start by improving your credit score, as lenders often offer better rates to borrowers with scores over 700. Shop around for different lenders to compare their interest rate offers. Prepaying mortgage points, which are upfront fees paid to the lender, can also lower your interest rate. Look carefully at adjustable-rate vs. fixed-rate loan offers to determine whether going with an adjustable rate might provide a lower introductory rate without too much risk of rates rising later on.
Can I afford a $500K house on a $100K salary?
A home affordability calculator shows that it’s unlikely that you could afford a $500,000 home on a $100,000 annual salary. A comfortable purchase budget for you would be in the neighborhood of $360,000. If you put down a 20% down payment on a $500,000 house, your monthly loan payment would be around $2,500 which would be a stretch on a $100,000 salary.
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.
