Free Cincinnati, OH Mortgage Loan Calculator
Cincinnati, OH Mortgage Calculator
By SoFi Editors | Updated October 8, 2025
Buying a home in Cincinnati is exciting, but it also comes with big financial decisions. A mortgage calculator makes the process easier by showing you what your monthly payment might look like based on the home price, down payment, loan term, interest rate, and property tax. With this tool, you’ll see not only your estimated monthly payment but also the total loan amount, interest paid, and overall loan cost. This can help you budget with confidence and avoid surprises down the road.
Key Points
• A mortgage calculator provides estimated monthly payments, total interest, and overall loan cost.
• Enter home price, down payment, loan term, interest rate, and property tax for mortgage calculation.
• Compare various loan scenarios to make informed decisions.
• Plan a larger down payment to significantly reduce borrowing costs.
• Homebuyers in Cincinnati can explore down payment assistance programs to reduce upfront costs.
Cincinnati Mortgage Calculator
Calculator Definitions
Before diving into how to use this calculator, let’s define some key terms:
• Home price: The home price is the actual price you’ll pay for the home (which may differ from the listing price or your initial offer). This number, combined with your down payment, will determine the home loan amount and the type of mortgage loan you will need.
• Down payment: The down payment is the portion of the purchase price the buyer pays up front and is often expressed as a percentage of the total purchase price. Your down payment amount not only impacts how much you’ll need to borrow, but also your interest rate and whether you’ll need to pay private mortgage insurance (PMI). If you need a jumbo loan, you may need to put down at least 10%.
• Loan term: The loan term is the length of time you have to repay the mortgage. Common terms are 15 or 30 years. A 15-year loan means higher monthly payments but lower total interest and quicker equity building, while a 30-year loan has lower monthly payments but results in higher overall interest and slower equity growth.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates can vary based on your credit score, market trends, and the type of mortgage loan you choose. A small difference in interest rate can make a noticeable difference in monthly payments and the total cost of a home loan, so it can be worth shopping around.
• Annual property tax: The annual property tax is an important component of your monthly housing costs. It is administered by the local government and expressed as a percentage of the home’s assessed value. Lenders typically factor property taxes into monthly mortgage payments.
• Total monthly payment: The total monthly payment includes the principal and interest you pay each month. This calculator also includes your monthly property tax. As a result, it can give you a better sense of your monthly obligation.
• Total interest paid: The total interest paid is the cumulative interest you will pay over the life of the loan. This can be a significant sum, especially for longer loan term options. You may be able to reduce it by making extra payments towards the principal or with a home refinance at a lower rate.
• Total loan cost: The total loan cost is the total cost of your mortgage, which includes both the loan principal and all the interest paid. Your loan term, interest rate, and down payment amount all have an impact on this number.
How to Use the Cincinnati Mortgage Calculator
Using a mortgage calculator for Cincinnati, Ohio is simple. Here are the steps involved:
Step 1: Enter Your Home Price
Start by inputting the price you will pay for the Cincinnati home you’re considering. If you don’t know this exact figure yet, you can type in the listing price.
Step 2: Select a Down Payment Amount
Input the amount you plan to pay up front. The calculator will subtract this from the home price to determine your loan amount. A down payment calculator can help you decide on the right number.
Step 3: Choose a Loan Term
Select your mortgage term from the drop-down menu. Remember that going with a longer term will lead to lower monthly payments but result in paying more in total interest and a higher overall loan cost.
Step 4: Enter an Interest Rate
Provide your expected annual interest rate including two or three decimal points. A lower interest rate can significantly reduce your monthly payments and total loan cost.
Step 5: Input Your Annual Property Tax
Enter the annual property tax rate for the property’s area. To find this, you can use an online property tax calculator or simple search for the home’s ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage is a long-term commitment, so it’s important to have an understanding of the numbers in advance. Here’s how using a mortgage calculator can benefit Cincinnati homebuyers:
• Inform your budget: Knowing your monthly payment allows you to determine whether a home fits comfortably within your budget and helps you focus on properties within your financial reach.
• Compare loan scenarios: You can test different loan terms (e.g., 15-year versus 30-year) and interest rates to see how they impact your monthly payments and total interest paid over the life of the loan.
• Planning your down payment: By adjusting the down payment, you’ll see how larger upfront contributions reduce both your monthly payment and total loan cost.
• Tax preparation: Factoring in annual property taxes ensures you aren’t caught off guard when this cost is added to your monthly payment. This can be particularly helpful for first-time homebuyers.
Deciding How Much House You Can Afford in Cincinnati
The median sale price of a home in Cincinnati was $278,000 in late 2025, according to Redfin. Assuming a 20% down payment ($55,600) and an interest rate of 6.50% on a 30-year loan, your monthly payment would be $1,419, including property tax (estimated at 1.61%).
A common rule of thumb is to keep your housing costs below 28% of your gross monthly income. To be able to afford a $1,419 monthly payment and still stay below that threshold, you would need annual earnings of around $60,800. If you prefer to work backward from your income to decide how much home you can afford in Cincinnati, consider using a home affordability calculator.
Another way to determine affordability is to go through the mortgage preapproval process with a lender, which involves providing detailed financial information. The lender can let you know whether or not you qualify for a loan and, if so, in what amount and under what terms.
If you’re considering a home loan guaranteed by the Federal Housing Administration (FHA), you’ll want to use an FHA mortgage calculator, which considers that type of loan’s mortgage insurance premiums. A VA mortgage calculator, on the other hand, can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Recommended: Best Affordable Places to Live in the U.S.
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, interest, and property tax. The principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal. With each payment you make on a home loan, an increasing portion will go toward paying down the principal, gradually reducing the overall loan balance. Property tax, which varies by location, is typically a percentage of the home’s assessed value. In Cincinnati, the property tax rate is around 1.6%.
Your monthly payment may also include other costs, such as homeowners insurance and homeowners association (HOA) fees, if applicable. And if your down payment is under 20% of the home price, a fee for PMI will also be part of your monthly mortgage bill.
The Cost of Living in Cincinnati
The cost of living is a key factor when buying a house, because it determines if you can afford the mortgage payments alongside other essential expenses like groceries, transportation, and health care.
The cost of living in Cincinnati is below the national average. The city has a cost of living index of 96.1 (the average cost of living in the U.S. is 100 on this scale). The chart below shows how costs break down across different categories. According to MIT’s Living Wage Institute, two working adults (working full-time) with two children would need to each earn at least $27.09 an hour to support themselves in Cincinnati.
| Cincinnati Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 96.1 |
| Groceries | 100.6 |
| Housing | 87.3 |
| Utilities | 99.7 |
| Transportation | 96 |
| Health Care | 95 |
| Miscellaneous Goods/Services | 100.5 |
Recommended: Average Monthly Expenses for One Person
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Cincinnati’s First-Time Homebuyer Assistance Programs
If you’re thinking about buying your first home in Cincinnati, you can explore and take advantage of Ohio first-time home-buying assistance programs to help cover the initial costs associated with homeownership. Anyone who hasn’t owned a primary home in the past three years is considered a first-time homebuyer. These programs can provide significant financial aid specifically intended for the down payment, closing costs, or both, effectively making homeownership more accessible and affordable.
Most down payment assistance programs are run by the Ohio Housing Finance Agency (OHFA), but some towns and counties run their own programs, so it’s a good idea to also explore your local options.
Recommended: First-Time Homebuyer Guide
Tips on Reducing Your Mortgage Payment
Even after you’ve already purchased a home, there are strategies to lower your monthly mortgage payment:
• Remove PMI: If you made a down payment of less than 20%, you are likely paying PMI. Once you’ve reached 20% equity in your home, you can ask your lender to cancel your PMI.
• Recast your mortgage: This involves making a large, one-time principal payment and having your lender re-amortize the loan. Your interest rate and loan term remain the same, but your monthly payment will be lower to reflect the new, smaller principal balance.
• Appeal your property taxes: Your property taxes are often included in your monthly payment. If you believe your home’s assessed value is too high, you can appeal the tax assessment. Compare your home’s value to similar properties in your area to build your case.
• Explore refinancing: If interest rates have dropped since you bought your home, you may be able to secure a loan with a lower rate. When comparing costs, be sure you factor in the closing costs on a new loan.
• Consider loan modification: If you experience financial difficulties, your lender may agree to modify the loan. For example, your lender might lower your interest rate, extend the loan term, or reduce the principal balance to make your monthly payments more manageable.
The Takeaway
Buying a home in Cincinnati can be both exciting and overwhelming, but having the right tools in place can make a big difference. A Cincinnati mortgage calculator provides a clear estimate of your monthly payments, total interest, and total loan cost, so you can see exactly how owning a home will impact your finances.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much is the average mortgage in Cincinnati?
The median monthly mortgage payment in Cincinnati in the second quarter of 2025 was $1,659, according to the National Association of Realtors®. But as a mortgage calculator shows, an average payment can fluctuate based on several factors, including the price of the home, the prevailing interest rate, and the term length of the loan.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a big role in determining the interest rate you’ll receive on a mortgage. Lenders view a higher score as a sign of lower risk, which usually earns you lower interest rates and better loan terms. A lower score often results in higher rates, making the loan more expensive over time. Even a small difference in rates can add up to thousands of dollars in interest. Improving your credit profile before applying could help you save significant money.
What are principal and interest on a mortgage loan?
Principal and interest are the two main components of your monthly mortgage payments. The principal is the amount you borrowed from the lender and still owe on the loan. Each payment reduces this balance over time. Interest is the cost of borrowing that money, calculated as a percentage of your remaining loan balance. In the early years, most of your payment goes toward interest, but over time, more goes toward reducing the principal, helping you build equity.
How much should I put down on a mortgage?
The ideal down payment depends on your financial situation and goals. Traditionally, 20% is recommended because it helps avoid private mortgage insurance (PMI) and may secure better loan terms. However, many lenders offer options with as little as 3% to 5% down. While smaller down payments make homeownership more accessible, they also increase monthly payments and overall interest costs. A larger down payment lowers your loan balance, reduces risk, and may save you money in the long run.
Should I choose a 30-year or 15-year mortgage term?
The choice between a 30- or 15- year mortgage depends on your budget and financial goals. A 30-year mortgage offers lower monthly payments, making it easier to manage, but usually comes with higher interest costs over time. A 15-year mortgage requires larger monthly payments but saves you money on interest and builds equity faster. If you can afford it, a 15-year term is generally better for long-term savings. If you need more budget flexibility, however, you may want to go with a 30-year term. Use a mortgage calculator to compare loan terms and see what fits your financial situation.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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Free Syracuse, NY Mortgage Loan Calculator
Syracuse, NY Mortgage Calculator
By SoFi Editors | Updated September 30, 2025
A Syracuse mortgage calculator can be a valuable tool for anyone considering purchasing a home. This calculator helps you understand the financial implications of your home-buying decision. It quickly does the math for you, estimating monthly payments, total costs, and the impact of different down payments and loan terms. In seconds, you can get a clearer picture of what you can afford and make informed choices about your home purchase.
Key Points
• A Syracuse mortgage calculator can be used to estimate monthly payments and total costs for a home loan in the city.
• The length of your loan term affects the amount of monthly payments and total interest paid.
• Down payment assistance programs support low-income and first-time homebuyers.
• Property taxes are typically around 1.25% of the home’s value.
• A higher credit score can help secure a more favorable interest rate.
Syracuse, NY Mortgage Calculator
Calculator Definitions
Here, some of the terms that will help you use the Syracuse mortgage loan calculator effectively.
• Home price: The home price is the purchase price you have agreed to with the home seller.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%.
• Loan term: The loan term is the length of time you have to repay the mortgage and can vary with different types of mortgages. A 15-year term typically offers lower interest but higher monthly payments, while a 30-year term provides lower monthly payments but higher accrued interest.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percent of the loan amount. A lower interest rate can significantly reduce your monthly payments and the total cost of the loan.
• Annual property tax: The annual property tax is a significant factor in your total monthly mortgage payment. Property tax rates vary based on local assessments and the location of your property.
• Total monthly payment: The total monthly payment includes what you would pay toward the principal and interest each month. Understanding these components helps you budget your finances more effectively.
• Total interest paid: This is the amount of interest you will pay over the life of the loan. A higher interest rate or a longer loan term will result in more interest paid.
• Total loan cost: This is the all-in amount you will repay for the loan, including principal and interest. As noted above, a longer loan term will result in higher total costs, while a shorter term can save you money.
How to Use the Syracuse, NY Mortgage Calculator
Here are the steps for using the Syracuse, New York, mortgage calculator:
Step 1: Enter Your Home Price
To use the Syracuse mortgage calculator effectively, start by inputting the home price that you and the seller have agreed upon.
Step 2: Add Your Down Payment Percentage
Next, type in the down payment as a dollar amount.
Step 3: Enter Your Loan Term
Next, input your loan term in years, between 10 and 30. While many of us think a standard home loan is 30 years, other lengths, such as 15 years, are popular too.
Step 4: Enter Your Interest Rate
In this step, you’ll add your interest rate to the Syracuse home loan calculator. Input your expected interest rate to the second or third decimal point to get more accurate estimates.
Step 5: Add Your Property Tax
Enter the local property tax rate as a percentage to estimate your total monthly payment.
With the above information, the calculator will quickly do its job, providing you with an estimate of your monthly payment, total interest paid, and the total loan cost. You can then compare options to find the right fit for your financial priorities and your budget.
Recommended: Down Payment Calculator
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a powerful tool for estimating your monthly mortgage payments and understanding the full cost of homeownership. It helps you assess how much house you can afford by considering factors like the loan amount, interest rate, and loan term. You can use it to compare different interest rates and loan terms, decide between fixed-rate and variable-rate mortgages, and understand how different down payment sizes impact your loan.
Additionally, a home affordability calculator can help you avoid private mortgage insurance (PMI) and compare your current mortgage with potential refinance offers to see if you can save money.
Deciding How Much House You Can Afford
Whether you’re buying your first home or are an experienced homebuyer, it’s important to make sure you’ll be able to afford housing costs today and tomorrow. A good starting point as you do your calculations is knowing that in Syracuse, the median home sale price in late 2025 is about $196,500.
To determine affordability, it can be helpful to use a home affordability calculator that considers your income and debts. The 28/36 rule suggests that housing costs should not exceed 28% of your gross monthly income, and total debt payments should remain below 36%. For example, a $196,500 home with a 20% down payment of $39,300 and a 30-year mortgage at 7.00% would yield monthly payments of roughly $1,046. The down payment and interest rate significantly impact this amount.
Preapproval can offer a better estimate of your borrowing capacity and help you make informed decisions. Additionally, understanding the mortgage preapproval process can strengthen your position as a buyer and ensure you find a home that fits your budget.
Another point to factor in: Syracuse’s cost of living information (see more below), with an overall cost of living index of 103, reveals that housing costs are about 5% higher than the national baseline. However, the cost of living is 39% lower than the state average, making it an affordable option for many who want to settle in New York State.
Exploring our list of the best affordable places to live can provide a broader perspective on where to reside within your budget.
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. The loan principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that money. Over the life of the loan, a portion of each monthly payment goes toward paying down the principal, and the rest covers the interest. In the early years of the loan, a larger portion of your payment typically goes toward interest, but this shifts over time as you build more equity in your home.
Understanding these components helps you budget your finances more effectively and avoid any unwelcome surprises in your monthly expenses. The loan term, interest rate, and down payment all play a role in determining your monthly payment. A longer loan term will result in higher total costs due to the accumulation of interest over time, while a shorter term can save you money in the long run.
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.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Syracuse, NY
The cost of living in Syracuse, is lower than what’s typical in the state, but slightly higher than the national average. Consider the following information when planning to buy a home in this city.
| vs. State Average Cost of Living | vs. National Cost of Living | |
| Housing | -65% | +5% |
| Utilities | -16% | -5% |
| Food | -12% | -1% |
| Health Care | -10% | +4% |
| Transportation | -4% | +6% |
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
If you’re house hunting in Syracuse, consider these tips to help you lower your costs.
• Drop private mortgage insurance (PMI) once you have 20% equity in your home, which can significantly lower your monthly mortgage payment.
• Consider mortgage recasting if you receive a bonus or other windfall. This involves making a lump sum payment toward your mortgage principal, which your lender will then reamortize with the same interest rate and term, resulting in lower monthly payments.
• Appeal your property taxes if you feel they are too high. Property taxes are based on an assessment of your home and land, and if you think the assessment is inaccurate, you can challenge it to potentially lower your monthly expenses.
• Request loan modification from your lender if you face financial hardship. Loan modifications can include extending the loan term, reducing the interest rate, or even forgiving a portion of the principal, making monthly payments more manageable.
• Shop for a lower homeowners insurance rate. You may be able to lower your premium by increasing your deductible, bundling homeowners and auto insurance, or making upgrades that enhance your home’s security or storm resistance.
• Make extra payments to pay down the principal faster, which can lower your monthly payments and reduce the total loan cost over the life of the loan.
• Note whether interest rates have dropped significantly since you took out your mortgage. If so, you might investigate refinancing your mortgage to lower costs.
Syracuse, NY First-Time Homebuyer Assistance Programs
If you’re buying your first home in Syracuse, there are several down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible.
To qualify as a first-time homebuyer, you typically must not have owned a primary residence within the past three years. Research local programs and consult with a lender to find the best options for your financial situation. First-time homebuyer programs in New York can significantly reduce the upfront financial burden and help you get into your dream home.
The Takeaway
When considering a home purchase in Syracuse, a Syracuse mortgage loan calculator can help you determine how a property fits your budget and how different loan aspects (term, interest rate, and down payment, for instance) will impact your financial obligation. Whether you’re a first-time homebuyer or a seasoned homeowner, this tool can play an important role in planning your financial future and ensuring you find a home that fits your budget.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much is the average mortgage in Syracuse?
The median home price in Syracuse in July 2025 was $162,700. The average mortgage amount would be a bit less than that, allowing for the down payment.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate on a mortgage loan. A higher credit score can secure you a more favorable interest rate, reducing the total cost of the loan and lowering your monthly payments. Conversely, a lower credit score may result in a higher interest rate, making the mortgage more expensive.
What are principal and interest on a mortgage loan?
Your mortgage payment consists of two main components: principal and interest. The principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that money. Over the life of the loan, a portion of each monthly payment goes toward paying down the principal, and the rest covers the interest.
How much should I put down on a mortgage?
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 reduce your monthly payments and the total interest you pay over the life of the loan. However, if you’re a first-time homebuyer, you might find it challenging to save a large down payment. In such cases, consider down payment assistance programs that can help you cover the initial costs.
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 interest over the life of the loan. A 15-year term has higher payments but saves on interest and builds equity faster. If you can afford it, a 15-year mortgage can be beneficial. If you need budget flexibility, a 30-year term is better. Compare costs and payments to decide.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
SOHL-Q325-147
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Free Buffalo, NY Mortgage Loan Calculator
Buffalo, NY Mortgage Calculator
By SoFi Editors | Updated October 8, 2025
A mortgage calculator is a powerful tool for prospective homebuyers in Buffalo. It estimates monthly payments, total interest, and the overall cost of a home loan. You’ll type in a few simple facts, and soon you’ll better understand your financial obligations. The calculator can also help you determine the right combination of down payment, interest rate, and loan term for your monthly budget. Learn how to use the mortgage calculator to maximum benefit here.
Key Points
• A Buffalo mortgage calculator helps estimate monthly payments, total interest, and overall loan costs, providing valuable insights for homebuyers.
• The down payment is a significant factor in determining your monthly mortgage payment.
• Down payment assistance programs can help reduce upfront costs and make homeownership more accessible.
• A shorter loan term results in higher monthly payments but less interest paid over the life of the loan.
• This mortgage calculator factors in property taxes.
Buffalo Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. Along with the down payment, it directly affects the amount of your home loan.
• Down payment: The down payment is what you will pay upfront, typically from 3% to 20% of the purchase price. A minimum down payment of 20% allows most buyers to avoid paying for private mortgage insurance (PMI). A 10% minimum is usually required for jumbo loans.
• Loan term: The loan term is the length of time you have to repay the mortgage. A shorter term results in higher monthly payments but less interest paid over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Your interest rate will be determined by the type of mortgage loan you choose and your credit score, among other factors. A lower rate can significantly reduce monthly payments and the total interest paid.
• Annual property tax: The annual property tax is a recurring cost that’s often added to a monthly mortgage payment. In Erie county, where Buffalo is located, property taxes are typically around 2.081% of the home’s value. But you can search by ZIP code or county name and find your specific rate.
• Total monthly payment: The total monthly payment includes the principal, interest, and property taxes. It helps you understand the financial commitment of homeownership.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure is influenced by the interest rate, loan term, and loan amount.
• Total loan cost: The total loan cost is the all-in amount you will pay for the loan, including both principal and interest.
How to Use the Buffalo Mortgage Calculator
Step 1: Enter Your Home Price
Input the negotiated price of the property to help create accurate home loan payment estimates.
Step 2: Select a Down Payment Amount
Choose the amount of the home’s purchase price you plan to pay upfront. A down payment calculator can help see how to reach 20%.
Step 3: Choose a Loan Term
Select a 15-year or 30-year term. A longer term means lower monthly payments but higher total interest paid.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point for precise estimates.
Step 5: Add Your Annual Property Tax Rate
Enter the effective property tax rate for your chosen property or use the Erie County average of 2.081%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments and helps homebuyers understand how different loan scenarios might affect costs. It may be especially helpful if you are buying your first home and haven’t been through the mortgage process before. Use the calculator to explore various options. Try changing the amount of your down payment, if you have some flexibility, to see how that affects monthly costs. Examine the impact of different loan terms, such as 15 years versus 30 years. You’ll soon arrive at the combination of home price, down payment amount, and loan term that yield a monthly payment that you think you can live with.
Deciding How Much House You Can Afford in Buffalo
In Buffalo, the median home sale price in mid-2025 was $231,000. The market there is competitive and prices are on the upswing, but this is still significantly lower than the U.S. average home price.
Lenders advise owners to keep housing costs below 28% of gross monthly income. Using a mortgage calculator and factoring in Buffalo property taxes, you can see that with a 20% down payment, a 30-year term, and a 7.00% interest rate, your monthly payment in Buffalo would be $1,630. It would require a gross income of $84,000 to make this payment and stay below the 28% threshold. This assumes you don’t have other debts. If you are paying off a car loan or student loan, for example, you would need to earn more.
Maybe you’d like to determine your home budget based on your gross income. In that case, use a home affordability calculator. This tool takes into account your debts (car payment, student loan payment, etc.) to arrive at your purchase price estimate.
You can also go through the mortgage preapproval process with a lender, providing detailed financial information and seeking conditional approval for a loan. The lender will tell you if you qualify and, if so, how much you can borrow and with what loan 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 always includes principal and interest. Many lenders also include property taxes in the payment to help ensure your taxes are paid. Some mortgage lenders also like you to pay for homeowners insurance and homeowners association fees through your monthly bill. They want to ensure anything that might affect the collateral on the loan (your house) is paid on time. If you need to pay for PMI, that will be included in the payment as well.
If you’re thinking about 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 helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
The Cost of Living in Buffalo
The cost of living in a city significantly impacts home affordability, but fortunately Buffalo is relatively affordable, especially by New York State standards. In Buffalo, the cost of living index is 95.7 on a scale where the average U.S. cost is 100. Williamsville, a suburb of Buffalo, landed on a list of the best affordable places in the U.S. for its historic architecture, charming cafes, and access to great health care.
Here you can see how subcategories of costs stack up in Buffalo, according to data from the Council for Community and Economic Research (C2ER). The average cost of living in the U.S. equals 100 on this scale.
| Buffalo Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 95.7 |
| Groceries | 97.5 |
| Housing | 94.9 |
| Utilities | 95.2 |
| Transportation | 101.6 |
| Health Care | 88.5 |
| Miscellaneous Goods/Services | 95.1 |
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Buffalo’s First-Time Homebuyer Assistance Programs
If you’re considering buying your first home in Buffalo, you’ll be pleased to know that there are down payment assistance programs available to help buyers cover the initial costs associated with purchasing property. To qualify as a first-time homebuyer, you typically must not have owned a primary residence within the past three years.
These New York State first-time homebuyer programs provide financial aid for the down payment, closing costs, or even both, ultimately making it significantly easier to enter the housing market. Most are administered by the State of New York Mortgage Agency (SONYMA), but sometimes local markets offer programs. Search online for a town’s name and “first-time homebuyer program.”
Recommended: Average Monthly Expenses for One Person
Tips on Reducing Your Mortgage Payment
Once you’ve settled into your home, you may still have options to shrink your monthly mortgage payments. Consider these ideas:
• Request that your lender drop PMI as soon as you reach 20% equity.
• Consider mortgage recasting if you receive a bonus or other windfall. You’ll make a lump sum payment toward your principal and ask your lender to recompute your payments.
• Do a mortgage refinance if interest rates are lower than when you purchased, or if you’ve seen a nice uptick in your credit score.
• Appeal your property taxes if you believe they are excessively high. A successful appeal can significantly reduce your monthly mortgage payment. (Use caution, though, as an unsuccessful appeal may result in a tax increase.)
• Ask your lender to modify your loan if you face financial hardship. This can reduce short-term costs to get you through a rough patch, though it can sometimes increase long-term interest costs.
• Shop for a lower homeowners insurance rate. Comparing quotes from different insurance providers can help you find a more affordable policy.
The Takeaway
A mortgage calculator is a useful tool for anyone exploring a home loan. It helps with estimating your monthly payments and understanding the financial implications of different mortgage scenarios. Whether you’re a first-time homebuyer or looking to refinance, the Buffalo mortgage calculator can provide personalized insights and ensure you’re prepared for the true cost of homeownership.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much is the average mortgage in Buffalo?
The monthly mortgage payment on a median-priced home in Buffalo is $1,640, according to the National Association of Realtors®. How much each homeowner will pay can vary, of course, depending on the size of the down payment, the loan term they choose, and the interest rate they qualify for. Using a mortgage calculator can help you land on the right combination for you.
How does my credit score affect my mortgage loan interest rate?
A higher credit score generally leads to a lower interest rate, which can save you thousands of dollars in interest over the life of the loan. Lenders use your credit score to assess how risky you might be as a borrower, so improving your score (aim for 700 plus) can help you secure better loan terms.
Should I choose a 30-year or 15-year mortgage term?
Use a mortgage calculator to compute the monthly payments associated with a 15-year versus a 30-year term, and choose the number that won’t leave you scraping by to make your payments each month. It can seem appealing to pay off a loan in a shorter period of time, and you will save on interest if you choose that route. But the 30-year term is most popular, likely because it fits in most owners’ budgets.
Can I afford a $500K house on a $100K salary?
It would be hard to afford a $500,000 house on earnings of $100,000 a year unless you have a lot of money on hand for a down payment or you have another income source besides your salary. A better home budget for you would be around $360,000.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q325-146
Get prequalified in minutes for a SoFi Home Loan.
Free Los Angeles, CA Mortgage Loan Calculator
Los Angeles Mortgage Calculator
By SoFi Editors | Updated October 7, 2025
A mortgage calculator is an indispensable tool for anyone considering buying a home, whether they’re a first-timer or a veteran homeowner. It can help you estimate monthly payments, the total interest you’ll pay, and the overall cost of a given mortgage, enabling you to make informed decisions about your financial future. By inputting key details like the home price, down payment, loan term, and interest rate, you can get a clear picture of what you can expect and how different scenarios might impact your budget. The Los Angeles mortgage loan calculator is not just invaluable, it’s also free, fast, and easy to use. Read on to get started.
Key Points
• The Los Angeles mortgage calculator can help you estimate monthly payments, total interest, and overall mortgage costs when you input data about a mortgage you’re considering.
• Down payment assistance programs are often available to help first-time homebuyers and others manage the initial costs of buying a home.
• A larger down payment can lead to better interest rates and lower monthly payments, and a 20% down payment can eliminate the need for private mortgage insurance (PMI).
• The loan term you choose, typically 15 or 30 years, significantly affects monthly payments and total interest paid, with shorter terms offering lower interest costs but higher monthly commitments.
• Different ways to estimate the affordability of a mortgage include applying the 28/36 rule, using a home mortgage affordability calculator, and going through the mortgage preapproval process with a lender.
Los Angeles Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed on with the home seller. It will probably not be the same as either the listing price or your initial offer.
• Down payment: The down payment is the amount that you will pay upfront in a lump sum and is often expressed as a percentage of the purchase price of your home. Most buyers put down between 3% and 20% — the latter eliminates the need for private mortgage interest (PMI). If this seems like a heavy lift, down payment assistance programs may be available to help with the cost.
• Loan term: The loan term is the length of time you’ll have to repay the mortgage. The most common are 30 years and 15 years. The shorter term generally results in higher monthly payments but lower total interest paid over the life of the loan, while the longer offers lower monthly payments but higher total interest.
• Interest rate: The interest rate is the cost of borrowing money, typically represented as a percentage of the loan amount.
• Annual property tax: This is the tax levied on land and the buildings on it by local government, typically expressed as a percentage of the assessed value of the property. The annual property tax rate in Los Angeles is typically around 0.70% of the home’s assessed value as of late 2025. Rates vary, so to find your current tax obligation, search online for your ZIP code or city and “effective property tax rate.”
• Total monthly payment: The total monthly payment is the amount that you will repay your lender every month. It covers the principal on your loan, the interest, and (if you enter your property tax rate in the Los Angeles mortgage calculator) property tax.
• Total interest paid: The total interest paid is the sum of all the interest you will pay over the life of your home loan. This figure can vary significantly based on the interest rate, loan term, and down payment.
• Total loan cost: The total loan cost is the complete amount you will repay for the loan, including both principal and total interest.
How to Use the Los Angeles Mortgage Calculator
The Los Angeles mortgage calculator is free and simple to use. Just follow these steps.
Step 1: Enter Your Home Price
Input the amount that you and the seller have agreed you will pay for the home.
Step 2: Select a Down Payment Amount
Pick the percentage of your home price that you want to pay as your down payment. Try a down payment calculator to help you determine what amount will work for you.
Step 3: Choose a Loan Term
Select the period of time over which you’ll repay your mortgage. Most homebuyers pick a term of 30 or 15 years.
Step 4: Enter an Interest Rate
Input your interest rate to the second or third decimal point (6.425%, for instance). If you’re interested in a particularly expensive property, consider looking at the rates available for a jumbo loan.
Step 5: Enter Your Home’s Annual Property Tax
Input the annual property tax as a percentage of the home’s value, not the dollar amount. For example, if your property tax rate is 0.70%, you’ll enter 0.70.
Benefits of Using a Mortgage Payment Calculator
When you’re getting ready to purchase a home, a mortgage calculator can be a major asset. As soon as you enter a few basic facts about a potential mortgage in the Los Angeles mortgage calculator, it will show you an estimate of the monthly cost of that mortgage as well as the total costs over the lifetime of the loan.
You can also see how changing different components of the loan — such as the down payment, the interest rate, or the loan term — will alter the results, making it easier to compare potential mortgages and assess what terms would best fit your finances. With a mortgage calculator like this, you can make informed financial decisions and feel confident that your home loan won’t be too much for your budget.
Note that the Los Angeles mortgage calculator is designed for fixed-rate mortgages. However, if you’re considering a type of mortgage loan with a variable interest rate, you can still use this calculator to estimate costs. Just realize that the results will be less precise due to the fluctuations of variable rates.
Deciding How Much House You Can Afford in Los Angeles
According to Redfin, the median home sales price in Los Angeles as of late 2025 is $1,035,000. Let’s say you purchase a home for that amount, putting down 20% ($207,000) and financing the rest with a 30-year fixed-rate mortgage at a 7.00% interest rate. In this scenario, your monthly payment (covering only principal and interest) would be around $5,509.
To make sure your mortgage is affordable, lenders often recommend the 28/36 rule, according to which your mortgage payments should be 28% or less of your gross monthly income and your total monthly debt should be no more than 36%. Based on this, you’d need an annual income of approximately $236,000 to afford this mortgage. This would leave you $1,574 for other debts, such as student loans, credit card bills, and car payments, among others. If you have a higher debt load, you’d probably need more income to make this loan affordable.
Another way to assess what you can afford is to use a home affordability calculator, which can give you an estimate of how expensive a home purchase your budget allows. Going through the mortgage preapproval process with one of more lenders can also provide you with a sense of how large a loan you can afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The core components of your mortgage payment are the principal (the amount you originally borrowed from your lender) and the interest on it. In some cases, depending on your lender and your loan, there may be other elements that are part of your payment as well, such as property tax and homeowners insurance expenses. If you have less than 20% equity in your home and need to pay private mortgage insurance (PMI), or if you pay homeowners association (HOA) fees, those costs may be included, too.
Different kinds of loans may involve different fees, and these could also be part of your mortgage payment. Specialized calculators may be helpful in giving you a more exact estimate in such cases. If you’re applying for a loan guaranteed by the Federal Housing Administration (FHA), you can use an FHA mortgage calculator, which factors in that loan’s mortgage insurance premiums. Likewise, a VA mortgage calculator can take into account fees that are specific to loans backed by the U.S. Department of Veterans Affairs.
Cost of Living in Los Angeles
This second most populous city in the U.S. (after only New York City), this sprawling, sunshine-drenched metropolis is known for being a glamorous center of the entertainment and media industries — and for a cost of living significantly higher than the national average.
Let’s dig a little deeper into Los Angeles costs and see why, though it’s a popular place to live, it’s not among the best affordable places in the U.S. The Council for Community and Economic Research’s Cost of Living Index (COLI) compares the cost of living in major metro areas against the national average, which is 100. The chart below shows the COLI numbers for a variety of common expenses in Los Angeles, and as you’ll see, all the costs listed here exceed the average.
| California Cities’ Cost-of-Living Stats | |
|---|---|
| Cost-of-Living Statistics for Los Angeles-Long Beach | |
| Overall | 149.4 |
| Groceries | 109.2 |
| Housing | 232.5 |
| Utilities | 107.4 |
| Transportation | 135.8 |
| Health Care | 101.4 |
| Miscellaneous Goods/Services | 119.0 |
Recommended: The Cost of Living in the U.S.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Los Angeles’s First-Time Homebuyer Assistance Programs
When you’re thinking about buying your first home in Los Angeles, it’s a good idea to look into the down payment assistance programs that may be available to help you cover the initial costs or purchasing property. While many of these are targeted to first-timers, as long as you haven’t owned a primary residence within the past three years, you may be able to qualify as a first-time homebuyer.
The California Housing Finance Agency offers down payment assistance and loans (both conventional and government-backed). Los Angeles’s housing market is expensive, so programs like these can be a huge help in making homeownership more affordable.
Tips on Reducing Your Mortgage Payment
Once you’ve purchased your home, you may wonder whether there’s anything else you can do to lower your monthly payments. Here are a few options to consider.
• Drop PMI as soon as you have 20% equity in your home. You’ll have to make a request to your lender, though the payments should stop automatically after you reach 22% equity.
• When you get a windfall, ask your lender to recast your mortgage. If you put this large lump sum payment toward your principal, you might be able to get your loan reamortized, lowering your monthly payments.
• Your lender may agree to modify your loan if you suffer a significant financial hardship. Ask whether you can have the terms of your mortgage adjusted, perhaps by lowering your interest rate or extending your loan term.
• Try to lower your homeowners insurance expenses. You could increase your deductible, bundle insurance policies for a discount, or shop around for a less expensive policy.
• If interest rates drop or your credit improves, consider a mortgage refinance. Lowering your rate or extending your term can decrease what you pay on a monthly basis.
Recommended: Average Monthly Expenses for One Person
The Takeaway
It’s important to understand your budget and financial capabilities when you embark on the home-buying process. This Los Angeles mortgage calculator can help you quickly and easily assess just what will be affordable for you. With this kind of detailed information at your fingertips, you can feel secure in the decisions you make, knowing that you’ve been able to thoroughly review and consider the full financial implications of your mortgage to be certain it’s the right choice 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.
FAQ
How does my credit score affect my mortgage loan interest rate?
Lenders use your credit score to assess your creditworthiness and evaluate how risky it might be to loan you money. A higher credit score may lead them to offer you more favorable interest rates, reducing your monthly payments and the total interest paid over the life of the loan. Conversely, a lower credit score may result in higher interest rates, making the loan more expensive. Improving your credit score before applying for a mortgage can help you save money in the long run.
What are principal and interest on a mortgage loan?
Your mortgage principal is the amount you initially borrowed from a lender to purchase your home, and the interest is the cost associated with borrowing that money, usually expressed as a percentage of the principal.
Should I choose a 30-year or 15-year mortgage term?
When you’re choosing between a 30-year and 15-year mortgage, consider your finances. A 30-year term offers lower monthly payments but higher overall interest. A 15-year term has higher monthly payments but costs you less in total interest. For example, an $800,000 loan (with 20% down and at 7.00% interest) has monthly payments of roughly $5,322 with a 30-year term versus $7,191 with a 15-year term. Your choice depends on your ability to make higher payments and whether you prioritize long-term savings or short-term cash flow.
What income do you need for an $800,000 mortgage with a 6.50% interest rate?
If you buy a house for $1 million and put down 20%, you’ll have an $800,000 mortgage. Assuming that it’s a 30-year fixed-rate loan at a 6.50% interest rate, you’d pay $5,057 per month for principal and interest. According to the 28/32 rule, you should pay no more than 28% of your gross monthly income on housing and 36% or less on all debt. That would mean you’d need to make at least $217,000 annually to make this loan affordable. Note that this would leave you about $1,445 to cover any other debts, such as car payments, credit card bills, or student loans, so if you have a higher level of debt, you’ll need a higher income to afford this mortgage.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q325-144
Get prequalified in minutes for a SoFi Home Loan.
Free San Antonio, TX Mortgage Loan Calculator
San Antonio Mortgage Calculator
By SoFi Editors | Updated October 7, 2025
Buying a home is exciting, but it’s also one of the biggest financial decisions you’ll ever make. That’s why you need to be sure you understand exactly how your mortgage choice will impact your budget. The San Antonio mortgage calculator can help you evaluate how much house you can afford by giving you detailed estimates of your monthly mortgage costs and overall loan expense for different mortgages. You can also use it to quickly and easily compare the effect of changing different mortgage features in the tool. This can help you pinpoint the best fit for your financial situation. Let’s explore how this mortgage calculator works and what it can do for you.
Key Points
• The San Antonio mortgage calculator can help you estimate monthly payments, total interest, and overall loan costs for different mortgages.
• A down payment can be as low as 3%, but if it’s 20% or more, you may be able to avoid paying private mortgage insurance (PMI).
• Exploring down payment assistance programs in San Antonio could make the initial costs of buying a home more manageable.
• Improving your credit score, saving a larger down payment, and shopping around for better offers could help you secure a lower mortgage interest rate.
• A 15-year mortgage term results in higher monthly payments but lower total interest paid than a 30-year term.
San Antonio Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed on with the home seller. It’s likely to be different from the listing price and from your first offer.
• Down payment: The down payment is the amount you pay upfront for your property, typically expressed as a percentage of the purchase price. Most buyers put down between 3% and 20% (a down payment of 20% or above lets you avoid PMI). Down payment assistance programs may be available to help cover the cost.
• Loan term: The loan term is the length of time you have to repay your mortgage. Most homebuyers choose a loan term of either 30 or 15 years. A 15-year term will mean higher monthly payments but cost less in total interest paid compared to a 30-year mortgage term.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. A lower interest rate can significantly reduce your monthly payments and the total cost of the loan.
• Annual property tax: The annual property tax is levied by the local government on land and the buildings on it. It’s typically expressed as a percentage of the property’s assessed value. In San Antonio, property tax averages 1.876% as of late 2025 but can vary. To find your current tax obligation, search online for your ZIP code or city and “effective property tax rate.”
• Total monthly payment: Your total monthly payment is the amount that you pay your lender each month. It includes your mortgage principal, interest, and (if you input your property tax rate in the calculator) property tax.
• Total interest paid: The total interest paid is the sum of all the interest you will pay over the life of your home loan.
• Total loan cost: The total loan cost is the complete amount you will repay for your mortgage, including both principal and the total interest paid.
How to Use the San Antonio Mortgage Calculator
This free online tool is simple to use. Follow the step-by-step instructions below to give it a try.
Step 1: Enter Your Home Price
Input the purchase price that you and the seller agree you will pay for the property.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price that you plan to pay in a lump sum upfront. A down payment calculator can help you determine what will make sense for you.
Step 3: Choose a Loan Term
Select the length of time you’ll take to repay your mortgage.
Step 4: Enter an Interest Rate
Input the interest rate for your mortgage to the second or third decimal point — for example, 6.775%. If you’re thinking about a particularly expensive property, you might want to look at interest rates available specifically for a jumbo loan.
Step 5: Enter Your Home’s Annual Property Tax
Input the tax as the percentage of the home’s value, not the dollar amount. For instance, if your property tax rate is 1.876%, you’ll enter 1.876.
Benefits of Using a Mortgage Payment Calculator
As you prepare to buy a home, a mortgage calculator is a necessity. All you need to do is enter a few basic facts about a mortgage in the San Antonio mortgage calculator, and it will immediately give you an estimate of the monthly cost of that mortgage as well as its total costs over its lifetime.
You can also change different features of the loan — like the interest rate or the loan term, for instance — to understand what the financial impact would be, making it easier to compare mortgages and evaluate what terms would be best for you. A mortgage calculator can help you make informed financial decisions so that your mortgage fits comfortably within your budget, now and in years to come.
Remember that the San Antonio mortgage calculator is meant to be used with fixed-rate mortgages. However, if you’re interested in a type of mortgage loan that has a variable interest rate, you can still use this calculator to estimate costs. Just note that the results will be less precise due to the fluctuations of variable rates.
Deciding How Much House You Can Afford in San Antonio
In San Antonio, the median home sale price as of late 2025 is about $265,000, according to Redfin. If you purchase a home at that price, putting down 20% and financing the remainder with a 30-year fixed-rate mortgage at 7.00% interest, your monthly payment (for principal and interest only) would be approximately $1,410.
Lenders typically suggest that to ensure affordability, your housing costs should not exceed 28% of your gross monthly income, and your total debt should be 36% or less. In the above scenario, this means you’d need to make at least $60,430 annually. This would leave you no more than about $403 per month to spend on other debts, which might include student loans, credit card payments, and car payments, among other possibilities. If you have a large debt load, you might need a higher annual income to afford this mortgage.
You can also use a home affordability calculator to get an estimate of how large a home purchase you can afford. Going through the mortgage preapproval process with a lender can give you a sense of how large a loan you’re liable to get, too.
Recommended: Average Monthly Expenses for One Person
Current mortgage rates by state.
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Components of a Mortgage Payment
The main components of a mortgage payment are the loan’s principal and interest. The principal is the amount that you borrowed, while the interest is the cost of borrowing that money. Additionally, depending on your loan and lender, your monthly payment may include money for your property tax, which the San Antonio mortgage calculator can take into account. Your mortgage payments might also cover your homeowners insurance payments and, if you’re subject to either, private mortgage insurance (PMI) or homeowners association (HOA) fees.
What exactly your mortgage payment includes also depends on what kind of mortgage loan you choose. Specialized calculators can be useful for factoring in loan-specific costs. If you’re applying for a FHA loan (one guaranteed by the Federal Housing Administration), you can use an FHA mortgage calculator, which allows for the mortgage insurance premiums that kind of loan requires. Likewise, a VA mortgage calculator can take into account relevant fees when you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in San Antonio
San Antonio’s cost of living significantly impacts not just home affordability, but also costs such as utilities, health care, transportation, and more. Fortunately, San Antonio’s cost of living is almost nine percent below the national average, according to the Council for Community and Economic Research’s Cost of Living Index (COLI), which compares the cost of living in major metro areas against the national average of 100. Below is a breakdown of the COLI for different living expenses in San Antonio, and as you can see, most of them fall comfortably below the national average.
| San Antonio Cities’ Cost-of-Living Stats | |
|---|---|
| Overall | 91.2 |
| Groceries | 94.5 |
| Housing | 79.0 |
| Utilities | 82.0 |
| Transportation | 94.1 |
| Health Care | 111.6 |
| Miscellaneous Goods/Services | 98.6 |
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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.
San Antonio’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in San Antonio, you may want to take advantage of one of the homebuyer assistance programs offered by several organizations in Texas. (Even if you’re a repeat homeowner, you may still qualify as a first-time homebuyer if you haven’t owned a primary residence within the past three years.) These programs offer both low-interest loans and financial help for your down payment, closing costs, or both.
If you’re a veteran or a public service professional like a librarian, nurse, or public schoolteacher, you may also be eligible for the Homes for Texas Heroes program, which provides both home loans and down payment assistance. These programs can ease the initial costs of buying a home so they’re well worth researching.
Tips on Reducing Your Mortgage Payment
Once you’ve bought your home, there may still be ways you can reduce your monthly payments. Here are some options.
• As soon as you reach 20% equity in your home, you can ask your lender to drop your private mortgage insurance (PMI).
• If you get a windfall and can put a large lump sum toward your principal, find out if your lender is willing to recast your loan. This reamortizes your mortgage, which reduces your monthly payment while retaining your interest rate and loan term.
• Appeal your property tax assessment if you believe it was too high. Should your tax authority lower your assessment, you’ll pay less in property taxes.
• If mortgage rates drop or your credit improves and you can get a lower interest rate, consider a mortgage refinance. Be sure to take closing costs into account.
• When you are experiencing financial hardship, you can request that your lender modify your mortgage to lower your monthly payments.
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The Takeaway
The San Antonio mortgage calculator can be a powerful tool, helping you estimate monthly payments, total interest, and the overall cost of a mortgage you’re interested in. You can also use the calculator to tweak different mortgage factors to see how the changes affect your costs. Whether you’re a first-time homebuyer or a seasoned homeowner, using this mortgage calculator can help you achieve your homeownership goals while remaining within your budget.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How does my credit score affect my mortgage loan interest rate?
Your credit score can be a significant factor in determining your mortgage interest rate. Lenders tend to see a higher credit score as a sign of creditworthiness so it can help secure you a lower interest rate, reducing your monthly payments and the total cost of the loan. Conversely, a lower credit score may result in a higher interest rate, increasing your financial burden.
What are principal and interest on a mortgage loan?
Your mortgage principal is the amount you borrow to purchase your home, and the interest is the cost of borrowing that money. Your mortgage payments will go toward repaying both.
Should I choose a 30-year or 15-year mortgage term?
When you’re choosing between a 30-year and a 15-year mortgage, consider your finances. A 30-year term offers lower monthly payments, which can feel more affordable, but it increases the amount of total interest you’ll pay over the life of the loan. A 15-year term will have higher payments but will cost less in interest and build equity faster. If you can afford the monthly payments, a 15-year mortgage may be a more economical choice. But if you need financial flexibility, a 30-year term takes a smaller bite out of your monthly budget.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, you can try strengthening your credit score, saving up to put down a larger down payment, or shopping around for a better rate, since different lenders may offer you different options.
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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