How to Use the Columbus Mortgage Calculator

Components of a Mortgage Payment

A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). But your monthly payment might also include property tax, which is based on your home’s assessed value. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.

Homebuyers who are considering purchasing with the help of a Federal Housing Administration (FHA) loan will have an upfront and ongoing mortgage insurance premium to pay. These loans are still very affordable and are popular with first-time buyers. If you are considering an FHA loan, use an FHA mortgage calculator. Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.

If you are purchasing a pricey property, you’ll want to learn about jumbo loans. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA). For 2025, the FHFA conforming loan limit for a single-family home in Franklin County, Ohio is $806,500, the same as most areas in the country.

The Cost of Living in Columbus

As you consider purchasing a home in Columbus, it’s helpful to get a sense of the cost of living so you can budget correctly. You can refer to the cost of living index (COLI), which reflects how much you can afford in a certain area. A COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive, according to the Council for Community and Economic Research’s Cost of Living Index.

With a 2024 COLI of 95.4, Columbus isn’t considered one of the best affordable places in the U.S, but it did rank as one of the best places to live in Ohio for young adults. Your dollar’s power in Columbus would probably be comparable to that in Pittsburgh, which had a 2024 COLI of 98.2. Columbus is a little more expensive than Indianapolis, which has a 2024 COLI of 88.8, but is still way more affordable than major U.S. cities like San Francisco (166.8) and Boston (145.9).

Here’s how your basic expenses in Columbus stack up:

Source: Council for Community and Economic Research’s Cost of Living Index.

A home affordability calculator can help you with your planning by factoring in your income, debts, and local property costs.

Recommended: The Cost of Living in the U.S.

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 tips:

•  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 tax regularly. If you think your property tax is too high, contact the Franklin County Auditor’s office and ask 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.

•  Look into loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate. Be prepared to show bank statements or tax returns to demonstrate your financial situation.

Columbus’s First-Time Homebuyer Assistance Programs

If you’re buying your first home in Columbus, seek out down payment assistance programs 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. One statewide entity to pursue is the Ohio Housing Finance Agency (OHFA), which offers a variety of programs to assist low- and moderate-income first-time and repeat homebuyers.

Recommended: Do You Qualify as a First-Time Homebuyer?

The Takeaway

Using a Columbus 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. Whether you’re a first-time homebuyer in Columbus or looking to refinance, the mortgage calculator can be a helpful resource in planning your homeownership journey.

How to Use the San Diego Mortgage Calculator

Cost of Living in San Diego, CA

With its perpetual sunshine, 70-degree weather, and miles of beautiful ocean beaches, San Diego is a popular city, the home of approximately 1.4 million people and host to more than 30 million visitors a year. Perhaps that’s why the city’s cost of living is significantly higher than the national average.

Let’s look at San Diego costs a little more closely. 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 expenses in San Diego, and you’ll note that all costs listed here are higher than the average.

Recommended: The Cost of Living in the U.S.

San Diego’s First-Time Homebuyer Assistance Programs

If you’re considering buying your first home in San Diego, there are several down payment assistance programs available that may be able to help you cover the initial costs associated with purchasing property. (Though some of these programs are for 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). Particularly in San Diego’s competitive and pricey housing market, programs like these can go a long way toward making home ownership more affordable.

Recommended: Best Affordable Places to Live in the U.S.

Tips on Reducing Your Mortgage Payment

After you’ve purchased your home, you may wonder if there’s anything else you can do to lower your monthly payments a bit more. Consider these options.

•  Drop PMI as soon as you reach 20% equity in your home. You’ll need to make a request to your lender, though the payments should be cancelled automatically once you have 22% equity.

•  If you receive a bonus or other windfall, ask your lender to recast your mortgage. After you make a lump sum payment toward your principal, your lender may be willing to reamortize your loan, resulting in lower monthly payments.

•  If you believe your property taxes are too high, you can appeal your property assessment to your tax authority. Start by researching recent comparable property assessments in your area to support your case. Successfully appealing could reduce your tax payments.

•  Your lender may be willing to modify your loan if you suffer a significant financial hardship. Ask if it’s possible to get the terms of your mortgage changed, perhaps by lowering your interest rate or extending your loan term.

•  Try to lower your homeowners insurance costs. You could increase your deductible, bundle insurance policies for a discount, or shop around for a less expensive policy.

•  If interest rates go down or your credit improves, think about a mortgage refinance. Lowering your rate or extending your term can reduce how much you pay on a monthly basis.

The Takeaway

Using the San Diego mortgage calculator can provide you with useful insights into your financial readiness for homeownership. Knowing what a mortgage will cost you each month and in the long term can help you figure out what options will work best with your budget. Armed with this information, you can make well-informed decisions about what you need in a mortgage to afford the home of your dreams.

How to Use the Wilmington Mortgage Calculator

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 can vary by location. If your down payment is less than 20%, you may also have to pay for private mortgage insurance (PMI). And some lenders like to include home insurance and homeowners association (HOA) fees in the monthly payment to ensure that the funds are set aside, and the bills for these essential services are paid promptly.

If you’re seeking a loan that’s backed by the Federal Housing Administration (FHA), your loan will include a charge for both an upfront and ongoing mortgage insurance premium, so you’ll want to reach for a FHA mortgage calculator to compute your specific costs. If you are likely going to choose a loan backed by the U.S. Department of Veterans Affairs (VA), there’s a VA mortgage calculator made especially for you.

Recommended: The Cost of Living in the U.S.

Cost of Living in Wilmington

Wilmington’s cost of living is slightly below the national average, similar to the cost of living of North Carolina as a whole. That’s one reason it pops up on a list of the best affordable places in the U.S. Another reason? Proximity to beautiful beaches. A place at the beach may require a jumbo loan, but routine costs in Wilmington are pretty close to the U.S. average.

MIT’s Living Wage Institute estimates that for a single adult working full time, the hourly living wage is $21.43. This is based in part on the average monthly expenses for one person. For a household with two children and two working parents, the hourly living wage would be $40.65. If you’re moving to Wilmington for the first time, you’ll be happy to hear that the area has relatively low property taxes.

Wilmington’s First-Time Homebuyer Assistance Programs

If you’re buying your first home in Wilmington, down payment assistance programs can help you cover the initial costs associated with purchasing a home. These programs can provide financial aid specifically designated for the down payment, closing costs, or both, effectively making homeownership more accessible to a wider range of individuals. The NC Housing Finance Agency offers several programs, including the NC Home Advantage Mortgage, which has a 30-year fixed rate and up to 3% down payment assistance. To qualify for such assistance, you typically must not have owned a primary residence within the past three years.

Recommended: Do You Qualify as a First-Time Homebuyer?

Tips on Reducing Your Mortgage Payment

You might get into your home and want to find a way to reduce your monthly costs further. If that happens, these are ways to lower your monthly mortgage payment at various points during your mortgage experience.

•  Consider a mortgage recast if you receive a bonus or other windfall. You’ll make a large lump-sum payment toward the principal on your loan and ask your lender to recalculate your monthly payments based on the new principal balance.

•  If interest rates drop (or if your credit score soars) run the numbers on a mortgage refinance. Remember to factor in closing costs on a new loan — don’t just look at how the monthly payments differ.

•  Reach out to your lender to request that it drop PMI once you have 20% equity in your home. This can be achieved through regular payments or an increase in your home’s value due to market appreciation, so keep an eye on the housing market.

•  Appeal your property taxes if you believe your assessment is too high. By challenging the assessment, you may be able to lower your tax bill. But if you’ve made home improvements use caution, as you could emerge with a higher assessment.

•  If you face financial hardship, reach out to your lender to modify your loan. This might involve changing the loan term or other key terms of your mortgage agreement. It can reduce your short-term costs but could cost you more in interest over the life of the loan.

•  Seek out a lower-cost home insurance policy. Consider bundling your home and auto policies if they are not already together.

The Takeaway

Using a Wilmington mortgage calculator will help you take a big step forward in understanding the financial commitments related to buying a home. Estimating monthly payments, total interest paid, and overall loan costs will help you make well-informed decisions and plan your budget effectively.

How to Use the Asheville Mortgage Calculator

Cost of Living in Asheville

The cost of living reflects how much you can afford in a certain area. For instance, a dollar spent in Asheville would go further than a dollar spent in a major city like New York or Los Angeles. The cost of living index (known as COLI) can be used to figure out how much money it takes for you to maintain a basic standard of living in a given place. A COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive, according to the Council for Community and Economic Research’s Cost of Living Index.

With a 2024 COLI of 102.7, Asheville is a little more expensive than the national average. North Carolina holds a 2024 COLI of 97.8, in line with nearby Virginia (100.8) and South Carolina (94.7). As you consider purchasing a home in Asheville, you can refer to this chart to compare it to other major cities in North Carolina:

Source: Council for Community and Economic Research’s Cost of Living Index.

And if you have a desire to pursue a home in one of the best affordable places in the U.S., check out Greensboro and Southern Pines, which landed on the list of most economical places to live in North Carolina.

A home affordability calculator can help you with your planning by factoring in your income, debts, and local property costs.

Recommended: The Cost of Living in the U.S.

Tips on Reducing Your Mortgage Payment

If you are a homebuyer in Asheville, you may be 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 to save on unnecessary costs.

•  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.

•  Look into loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate. Be prepared to show bank statements or tax returns to demonstrate your financial situation.

Asheville First-Time Homebuyer Assistance Programs

If you are a first-time homebuyer in North Carolina, you can find state programs that help make homeownership more achievable by reducing the upfront financial burden. Down payment assistance programs can provide financial aid for the down payment, closing costs, or both.

To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Look into the North Carolina Housing Finance Agency (NCHFA), which offers programs designed to help low- to moderate-income buyers who need help coming up with a down payment or closing costs. Some of the NCHFA programs also assist veterans or individuals who are buying in certain areas or regions.

Recommended: Do You Qualify as a First-Time Homebuyer?

The Takeaway

An Asheville mortgage calculator is a powerful tool for anyone considering a home loan, and it’s extra useful for first-time homebuyers. This tool helps you estimate monthly payments, understand the impact of different down payment amounts, and explore various loan scenarios. By using this calculator, you can better prepare for the financial commitment of homeownership.