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.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are the loan’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 |
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.
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.
Recommended: Average Monthly Expenses for One Person
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.
SOHL-Q325-141
Get prequalified in minutes for a SoFi Home Loan.
Free Winston-Salem, NC Mortgage Loan Calculator
Winston-Salem Mortgage Calculator
By SoFi Editors | Updated October 7, 2025
A mortgage calculator can help streamline the home loan decision-making process for prospective homebuyers in Winston-Salem. It helps you quickly estimate monthly payments, total interest paid, and the overall cost of a mortgage. Using a down payment calculator can also aid buyers in determining the optimal down payment size, or ideal loan term. All you’ll need to do is put in a few figures. Let’s get started.
Key Points
• A Winston-Salem mortgage calculator helps estimate monthly payments, total interest, and overall loan costs, providing insights homebuyers can use to make mortgage decisions.
• The mortgage calculator includes property taxes to give homebuyers a more well-rounded sense of costs associated with the home.
• Down payment assistance programs can significantly reduce upfront costs for first-time homebuyers and low-income individuals.
• A shorter loan term means higher monthly payments but less interest paid over the life of the loan.
• A higher credit score can secure a lower mortgage interest rate, reducing monthly payments and total interest paid.
Winston-Salem 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 the amount you would pay upfront. It may be anywhere from 3% to 20% depending on your situation. You’ll need a 20% down payment to avoid paying for private mortgage insurance (PMI) with your loan. A jumbo loan will likely require at least 10% down.
• Loan term: The loan term is the length of time you have to repay the mortgage. A shorter term means 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. A lower rate can reduce your monthly payments and the total interest paid. Your credit score and the type of mortgage loan you choose will significantly affect the rate you receive.
• Annual property tax: The annual property tax is a significant component of your monthly mortgage payment. In Forsyth county, where Winston-Salem is located, property taxes are .849%. To find your specific rate, search the ZIP code or county where the home is located and “effective property tax rate.”
• Total monthly payment: The total monthly payment includes the principal, interest, and other components of a mortgage payment. In this calculator, it includes property tax.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan.
• Total loan cost: The total loan cost is the all-in amount you will pay for the loan, including both principal and interest.
How to Use the Winston-Salem Mortgage Calculator
Step 1: Enter Your Home Price
Type in the purchase price of the property.
Step 2: Select a Down Payment Amount
Choose how much of the home price you will pay upfront. To see if your payment meets the 20% PMI minimum, use a down payment calculator.
Step 3: Choose a Loan Term
Select the length of time to repay the mortgage, anywhere from 10 to 30 years. A longer term lowers monthly payments but increases total interest.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. Lower rates reduce monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage of your property’s assessed value for annual property tax.
Recommended: Average Monthly Expenses for One Person
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps homebuyers estimate affordability and monthly payments based on home price, down payment amount, interest rate, loan term, and property tax. It allows you to compare interest rates and loan terms to understand how each affects your monthly payment.
If you’re buying your first home, it’s an especially good idea to spend time running different scenarios in a mortgage calculator to see how a longer or shorter loan term, for example, might affect costs. You’ll get a detailed breakdown of your financial obligations to help you navigate the complexities of home financing.
Deciding How Much House You Can Afford in Winston-Salem
In Winston-Salem, the median home sale price in late 2025 was $280,000. Lenders advise keeping housing costs below 28% of gross monthly income, so it’s helpful to aim for this percentage when you think about how much house you can afford. Let’s imagine that you made a 20% down payment ($56,000) on that median-priced home. If you had a 7.00% rate and a 30-year mortgage and paid Forsyth county property tax, you’d need to earn around $76,000 a year to afford a monthly payment of about $1,700. This assumes you don’t have other significant debts.
If you want to see how your monthly debts might affect your purchase budget, or if you just want to work backward from your income to arrive at your ideal price, try using a home affordability calculator. When you’re starting to get serious about looking for a home, particularly in a somewhat competitive market like Winston-Salem, you could go through the mortgage preapproval process with a lender. You’ll submit detailed financial information and come away understanding if you would likely be approved for a loan and, if so, how much you might borrow and on what terms.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
Mortgage payments include principal and interest. Many lenders will also wrap in property tax because it’s in the lender’s interest that the taxes on the loan collateral (your home) remain current. Some lenders also like borrowers to pay for home insurance and homeowners association fees as part of the mortgage payment. And if you put down less than 20% your PMI will be built into your loan payment as well.
Mortgages backed by the Federal Housing Administration have principal and interest, too. But FHA borrowers will also have an upfront and ongoing mortgage insurance premium to pay as part of their loan payment. Use an FHA mortgage calculator if you’re looking at an FHA loan. And if you’re seeking a loan backed by the U.S. Department of Veterans Affairs, use a VA mortgage calculator.
Cost of Living in Winston-Salem
North Carolina as a whole has a cost of living that is just below the U.S. average, and Winston-Salem is one of the state’s more affordable metropolitan areas. No wonder it’s on a list of the best affordable places in the U.S., where it was flagged as particularly good for young adults thanks to its job market and entertainment options.
Cost of living significantly impacts affordability, and it’s worth taking a deeper look when you’re thinking about buying a home in an area. Here you can see how subcategories of costs stack up in Winston-Salem, 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. As you can see, housing in Winston-Salem is particularly affordable when compared to the national average.
| North Carolina Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 93.4 |
| Groceries | 97 |
| Housing | 77.5 |
| Utilities | 101.9 |
| Transportation | 91.9 |
| Health Care | 106.1 |
| Miscellaneous Goods/Services | 101.5 |
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.
Winston-Salem’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Winston-Salem, or haven’t owned a primary residence in the past three years, down payment assistance programs may be available to help you cover some of the initial costs. These programs can provide financial aid specifically designated for the down payment, closing costs, or both. Sometimes there’s a low- or no-interest second mortgage involved, and sometimes assistance comes in the form of a grant. The NC Home Advantage Mortgage has a 30-year fixed rate and up to 3% down payment assistance. Winston-Salem has its own local Affordable Homeownership Opportunity Program (AHOP) that’s worth looking into as well.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
It’s possible to get settled into your new home and still find ways to lower your monthly mortgage payment. If you’re feeling a budget pinch, consider these techniques:
• After you’ve hit 20% equity, drop PMI. Remember that you might hit 20% home equity more quickly than anticipated if the home appreciates in value significantly.
• Mortgage recasting can be a smart financial move if you receive a bonus or other windfall. You would make a lump sum payment toward your mortgage principal and request that the lender re-amortize the loan.
• Do a mortgage refinance if interest rates have dropped significantly or your credit score has had a healthy upswing. Make sure you factor in closing costs on the new loan when looking at the cost versus benefits of a refi.
• Appealing your property taxes can lower your property tax bill. Research other assessments of comparable properties in your area to try to determine if your assessment might be too high.
• With your lender’s help, modifying your loan can provide temporary relief if you face financial hardship. This can involve extending the loan term, reducing the interest rate, or lowering the principal balance.
• Try to find a less expensive home insurance policy, perhaps by bundling home and auto policies, since insurance is often part of the monthly mortgage bill.
The Takeaway
A mortgage calculator is a useful tool for prospective homebuyers, helping you estimate monthly payments, total interest, and the overall cost of a mortgage. By inputting your home price, down payment amount, loan term, interest rate, and property tax rate, you can explore different scenarios and make informed decisions about a home purchase in Winston-Salem. In no time at all, you’ll be able to align your home-buying goals with your budget and move forward.
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 Winston-Salem?
The median mortgage payment in Winston-Salem is $1,810 according to the National Association of Realtors®. Payments are very individualized, though, and can fluctuate based on factors such as the home price, the size of the down payment, prevailing interest rates, and the creditworthiness of the buyer.
What are principal and interest on a mortgage loan?
The mortgage principal represents the amount you borrow from a lender to purchase the home, while the interest is the cost of borrowing. Over the life of the loan, your consistent monthly payments will gradually pay down the principal owed and also cover the interest charges. When you begin the loan, the lender will provide you with an amortization schedule, which will tell you how much of each payment will go toward the principal vs. the interest each month.
How much should I put down on a mortgage?
The amount you should put down on a mortgage is a very personal choice based on your own financial situation. If you’re wondering what others are doing, data from the National Association of Realtors® can provide a glimpse: The typical down payment for first-time homebuyers has ranged from 6% to 9% over the last couple decades and has only ever been as high as 10%. More seasoned buyers, however, tend to put down more: The typical down payment for a repeat buyer in 2024 was 23%. Look closely at your finances and make your own decision.
What income do you need for an $800,000 mortgage with a 6.50% interest rate?
If you earn at least $240,000 per year, you may be able to cover the costs of a $800,000 mortgage, but whether you will qualify for a loan in that amount will depend on your credit score, among other factors. If you have debts, such as a car loan or student loan, you’ll likely need to earn more.
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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Get prequalified in minutes for a SoFi Home Loan.
Free Columbus, OH Mortgage Loan Calculator
Columbus, OH Mortgage Calculator
By SoFi Editors | Updated October 8, 2025
When you’re considering purchasing a home in Columbus, Ohio, understanding your potential mortgage payments is a big first step. A Columbus mortgage calculator can provide clarity on what your monthly expenses might look like and assist you in making informed decisions about your down payment, loan term, and more. This article will guide you through using a mortgage calculator and help you get the most out of this tool.
Key Points
• Use our Columbus mortgage calculator to help you estimate the monthly payment and total cost of borrowing money to buy a home.
• The cost of living in Columbus is slightly more affordable than the national average.
• In general, your monthly mortgage payment should not exceed 28% of your gross monthly income.
• Columbus first-time homebuyer programs offer down payment and closing cost assistance.
• There are ways to reduce your mortgage payments, such as bundling insurance policies with your homeowners insurance provider to get a discount.
Columbus Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you’ve negotiated with the seller. This price may differ from the initial listing price and your first offer.
• Down payment: The down payment is the amount you plan to pay upfront. It’s often expressed as a percentage of the total home price. Buyers put down anywhere from 3% to 20%. Down payment assistance programs help some buyers pull together the necessary funds.
• Loan term: The loan term is the length of time you have to repay the home loan. Common terms are 15 and 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall. A mortgage calculator can help you compare how different loan terms affect your monthly payments.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and type of loan.
• Annual property tax: The annual property tax is levied by local governments on land and buildings within their jurisdiction, and is expressed as a percentage of a property’s assessed value.
• Monthly payment: The monthly payment represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property tax. It does not include home insurance, private mortgage insurance (PMI), or homeowners association (HOA) fees.
• Total interest paid: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the Columbus Mortgage Calculator
Step 1: Enter Your Home Price
Type the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget.
Step 3: Choose a Loan Term
Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax
Enter the property tax rate as a percentage.
Benefits of Using a Mortgage Payment Calculator
A Columbus mortgage calculator helps you estimate how much house you can afford and provides a clear picture of what your monthly costs would be. It estimates these payments based on loan amount, interest rate, and repayment term, and factors in the property tax you’ll pay as well. A Columbus mortgage calculator is particularly helpful if you’re buying your first home, as it allows you to play with different scenarios (raising and lowering the down payment amount, for example). Considering multiple scenarios helps homebuyers avoid surprises.
Deciding How Much House You Can Afford in Columbus
Affording a home in Columbus is much easier than in most places around the county. The median home sale price in late 2025 was $298,000 — well below the national median of around $443,000, according to Redfin.
Lenders suggest a mortgage payment shouldn’t exceed 28% of your gross monthly income. You’d need to earn an annual income of about $57,600 if you were looking to afford a $300,000 home, factoring in a 20% down payment ($60,000), an interest rate of 7.00% on a 30-year mortgage. This calculation also factors in the annual property tax rate, which is 1.64% in Franklin County, Ohio.
Because lenders typically recommend total debt payments stay under 36% of your gross monthly income, your other monthly debts shouldn’t exceed about $460 in this case. Going through the mortgage preapproval process with a lender can help you figure out the appropriate loan size for your budget.
Recommended: Average Monthly Expenses for One Person
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). 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:
| Columbus’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 95.4 |
| Groceries | 100.6 |
| Housing | 96.5 |
| Utilities | 104.4 |
| Transportation | 87.3 |
| Health Care | 82.5 |
| Miscellaneous Goods/Services | 93.7 |
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.
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
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.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly affects your mortgage interest rate. A higher score often leads to better loan terms and lower interest rates, while a lower score may result in higher rates and more stringent lending requirements.
Should I choose a 30-year or 15-year mortgage term?
A 30-year mortgage offers lower monthly payments, but you will pay more interest over time. A 15-year mortgage has higher monthly payments but saves on interest. Consider your financial goals and budget, and choose the shortest term that you feel you can comfortably afford.
How can I secure a lower interest rate?
Improve your credit score to 700 or higher for the most competitive rates. Go through the prequalification process with a variety of lenders and compare rates. If you can afford it, consider putting down a larger down payment. If you already own a home, you can explore a mortgage refinance and compare the costs of your old loan versus a new one (plus closing costs) at a new, lower rate.
How much is the payment on a $300,000, 30-year mortgage?
The cost of a $300,000 mortgage with a 30-year term will depend on your interest rate and down payment. At an interest rate of 6.00% and a 20% down payment ($60,000), your monthly payment would be $1,439. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q325-139
Get prequalified in minutes for a SoFi Home Loan.
Free San Diego, CA Mortgage Loan Calculator
San Diego, CA Mortgage Calculator
By SoFi Editors | Updated October 6, 2025
Buying a home in San Diego can be a major financial undertaking, and understanding how your mortgage will impact your budget is essential. This San Diego mortgage calculator can help you navigate the complexities of home financing by giving you a clear picture of what a particular mortgage will mean for your finances. When you enter basic information about a home loan, such as the home price, down payment, interest rate, and loan term, the calculator will estimate how much you’ll pay each month and what your costs will be over the course of the loan. It can even factor in your property tax if you enter your tax rate.
Whether you’re a first-time homebuyer or an experienced homeowner, this resource can help ensure that you will stay within your financial comfort zone as you secure your dream home.
Key Points
• Using a San Diego mortgage calculator can help you estimate monthly payments, total interest paid, and total costs for different mortgages.
• A down payment of 20% or more can help you avoid private mortgage insurance (PMI) and possibly secure a lower interest rate.
• A 30-year mortgage term offers lower monthly payments but costs more in total interest over time than a 15-year loan.
• Your credit score significantly influences the interest rates you’ll be offered by lenders, with higher scores leading to more favorable terms and lower costs.
• Down payment assistance programs in San Diego can help first-time buyers (and sometimes others) reduce upfront home-buying costs.
San Diego Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase amount you agree to with the home seller, which will probably not be the same as the listing price or your initial offer.
• Down payment: The down payment is the amount you’ll pay in a lump sum upfront, often expressed as a percentage of the purchase price. Most buyers put down between 3% and 20%, with a 20% down payment letting them avoid private mortgage insurance (PMI). If raising that kind of sum sounds challenging, down payment assistance programs may be able to help you with the cost.
• Loan term: The loan term is the length of time you have to repay the mortgage. A 30-year term offers lower monthly payments but costs more in interest paid over the life of the loan. A 15-year term results in higher monthly payments but costs less in overall interest.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount.
• Annual property tax: Annual property tax is levied by your local government every year on land and the buildings on it. It’s typically expressed as a percentage of your property’s assessed value. As of late 2025, the effective property tax in San Diego is 0.719%. Rates can 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 represents what you will be expected to pay toward the loan principal and interest each month. If you entered your tax rate in the calculator, it will also include property tax costs.
• Total interest paid: The total interest paid is the entire amount of interest you will pay over the life of your home loan. The amount can be influenced by your interest rate, loan term, and loan amount.
• Total loan cost: The total loan cost represents the all-in amount you will repay over the life of the loan, including both the initial principal and all accrued interest.
How to Use the San Diego Mortgage Calculator
This free online tool is easy to use. Here are the step-by-step directions.
Step 1: Enter Your Home Price
Input the purchase price for the property that you and the seller have agreed on.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price that you’re going to pay upfront. A down payment calculator can help you decide what will work for you.
Step 3: Choose a Loan Term
Select the period of time over which you’ll repay your home loan. A shorter term will result in higher monthly payments but will cost you less in total interest, while a longer term offers more affordable monthly payments but will be more expensive in interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Input the interest rate you’re considering to the second or third decimal point — for example, 6.675%. If you’re looking at especially expensive properties, you may want to check 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 rather than the dollar amount. For example, if your property tax rate is 0.719%, you’ll enter 0.719.
Benefits of Using a Mortgage Payment Calculator
If you’re buying a home, a mortgage calculator is a powerful tool. When you enter a few pieces of information about a potential mortgage — such as your home price, down payment, interest rate, and loan term — it will provide you with estimates of the monthly payment and overall costs for that loan, letting you see how well the loan might work into your budget. It also has the ability to factor in your property tax if you enter your rate, giving you an even more comprehensive view of the costs. Additionally, the calculator can help you compare different interest rates and loan terms, making it easier to decide among the options you have and feel sure that you’re making a savvy, well-informed choice.
Note that the San Diego mortgage calculator is meant to be used for fixed-rate mortgages. However, if you choose a type of mortgage loan with a variable interest rate, you can still use this calculator to estimate costs. Just be aware that the results will be less precise due to the fluctuations of variable rates.
Deciding How Much House You Can Afford
The median sales price of a home in San Diego is $960,000 as of late 2025, according to Redfin. Let’s say you buy a house for that amount, pay a 20% down payment, and finance the rest with a 30-year fixed-rate mortgage at 7.00%. Your monthly payment would be about $5,110 (for principal and interest only).
Lenders often gauge affordability with the 28/36 rule, according to which you should spend no more than 28% of your gross monthly income on your mortgage and 36% or less on your total debt. Per this rule, for the above scenario to be affordable, you’d need to make approximately $219,000 per year and would have about $1,460 remaining to pay for other debts, such as student loans, credit card bills, and car payments. If you have a significant debt load, you might need a higher yearly income to make this an affordable mortgage for you.
The 28/36 rule isn’t the only way to assess affordability. A home affordability calculator can give you an estimate of how costly a home purchase your income might accommodate. Going through the mortgage preapproval process with a potential lender can also provide you with a sense of how large a loan you can afford.
Components of a Mortgage Payment
The primary components of your mortgage payment are the principal (the amount of money that you borrowed from your lender) and the interest. A portion of every payment you make will go toward paying off those two components. Depending on your lender and your loan type, other expenses might also be included in your payment, such as your property tax and homeowners insurance fees. Additionally, if you are paying PMI or homeowners association (HOA) fees, they could be included in your mortgage payment as well.
Exactly what your mortgage payment includes also depends on the kind of loan you have, so specialized calculators may be helpful in some cases. If you’re interested in a loan guaranteed by the Federal Housing Administration (FHA), you can try an FHA mortgage calculator, which allows for that loan’s mortgage insurance premiums. Likewise, a VA mortgage calculator takes into account relevant fees and can be useful if you’re considering a loan backed by the U.S. Department of Veterans Affairs.
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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.
| San Diego Cities’ Cost-of-Living Stats | |
|---|---|
| Overall | 145.3 |
| Groceries | 111.1 |
| Housing | 212.0 |
| Utilities | 139.7 |
| Transportation | 140.6 |
| Health Care | 102.6 |
| Miscellaneous Goods/Services | 114.0 |
Recommended: The Cost of Living in the U.S.
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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.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What are principal and interest on a mortgage loan?
Your mortgage principal refers to the amount of money you borrowed to purchase your home, while interest is the cost of borrowing that principal amount.
Should I choose a 30-year or 15-year mortgage term?
Whether a 30-year or a 15-year mortgage term will work better for you depends on your finances. The longer term offers lower payments but higher overall interest. The 15-year term has higher payments but costs less in total interest and builds equity faster. If you can afford it on a monthly basis, a 15-year mortgage is a more economical choice over the long haul. If you prefer budget flexibility, a 30-year term may be better.
How can I get a lower mortgage interest rate?
To nab a lower mortgage interest rate, you can try improving your credit score, making a larger down payment, or shopping around for a lender willing to offer you a more favorable rate.
What income do you need for an $800,000 mortgage with a 6.50% interest rate?
To determine the income needed to afford an $800,000 mortgage, we’ll use the 28/36 rule, which suggests that your mortgage payment should not exceed 28% of your gross monthly income, and your total debt payments should be 36% or less. Let’s say you buy a home for $1 million, put 20% down, and finance the remaining $800,000 with a 30-year fixed-rate mortgage. Your monthly payment (for principal and interest only) would be approximately $5,057, meaning you’d need to make about $217,000 per year for this mortgage to be affordable. Bear in mind that you’d have about $1,445 per month to spend on other debts, which could include car loans, credit card bills, and student loans, for example. If you already have a significant debt load, you might need a higher yearly income to make this mortgage affordable.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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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