Free Erie, PA Mortgage Loan Calculator
Erie, PA Mortgage Calculator
By SoFi Editors | Updated October 6, 2025
A mortgage calculator can be a helpful tool for anyone considering a home purchase. If you’re planning to settle down in Erie, the Erie mortgage loan calculator can help you quickly and easily arrive at estimates for how much a given mortgage will cost you on a monthly basis and over the length of the loan. Being able to access information like this lets you make smart, informed decisions about what you can afford so you can feel confident that the mortgage you choose will work within your budget. Here’s everything you need to know about how the Erie mortgage calculator works and what it can do for you.
Key Points
• Using the Erie mortgage calculator can help you estimate monthly mortgage payments and total loan costs based on a home loan’s specific financial details.
• With an affordable home loan, your mortgage payments should not exceed 28% of your gross monthly income.
• Down payment assistance programs can provide valuable financial support for first-time buyers and often repeat buyers who haven’t owned a home in the last three years, too.
• Making a larger down payment can help you secure more favorable interest rates, reduce monthly payments, and avoid private mortgage insurance (PMI), which is typically required for down payments less than 20%.
• A longer loan term will generally mean that your monthly payments are lower, but also that you’ll pay more in total interest over the life of the loan.
Erie, PA Mortgage Calculator
Calculator Definitions
• Home price: The home price is the home purchase price that you and the seller agree on after your negotiations. This final figure is likely to be different from both the initial listing price and your first offer.
• Down payment: The down payment means the amount you’ll pay upfront for a property. It’s often expressed as a percentage of the total purchase price, and in most cases it falls between 3% and 20%. If coming up with a lump sum like that seems daunting, there may be down payment assistance programs that can help.
• Loan term: The loan term is the length of time you have to repay your home loan. Borrowers most often opt for a loan term of 30 or 15 years. The shorter term lets you pay less interest over the life of the loan, but often results in higher monthly payments. The longer term will cost you more in total interest, but its monthly payments are lower.
• Interest rate: The interest rate represents the cost of borrowing money, and it is typically expressed as a percentage of the total loan amount — for example, 6.45%.
• Annual property tax: Annual property tax is levied by local government on land and the buildings on it. It’s generally expressed as a percentage of the assessed value of the property. The average property tax in Erie county as of late 2025 is 1.709%.
• Total monthly payment: Your total monthly payment is the sum that you will pay your lender every month. The result you get from the calculator covers the principal on your loan, the interest, and (if you input your property tax rate in the calculator) property tax.
• Total interest paid: The total interest paid is the complete amount of interest you will pay over the entire life of the loan. A lower interest rate can significantly reduce the total interest paid.
• Total loan cost: The total loan cost includes the principal (the amount you borrowed) and the accrued interest over the life of the loan.
How to Use the Erie, PA Mortgage Calculator
Using the Erie mortgage calculator is easy and straightforward. Here are the steps to follow.
Step 1: Enter Your Home Price
Input the amount that you and the seller have agreed that you will pay for the property.
Step 2: Select a Down Payment Amount
Choose the percentage of your purchase price that you want to put down. A down payment calculator can help you determine the amount that will work for you.
Step 3: Choose a Loan Term
Select the length of time over which you will pay 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. If you’re interested in a particularly expensive property, consider checking 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 1.709%, you’ll enter 1.709.
Benefits of Using a Mortgage Payment Calculator
If you’re planning to buy a home, a mortgage calculator can be a significant asset. When you enter a few basic facts about a potential mortgage in the Erie mortgage calculator, it serves up an estimate of the monthly cost of that mortgage as well as the total costs over the lifetime of the loan. You can also tweak different features of the loan to see what the impact would be, making it easier to compare mortgages and evaluate what terms would work best for you. Using a mortgage calculator like this can help you make informed financial decisions so that your mortgage will fit comfortably within your budget.
Bear in mind that the Erie mortgage calculator is intended for 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, but the results will be less precise due to the fluctuations of variable rates.
Deciding How Much House You Can Afford
The median price for a home in Erie is about $150,500 as of late 2025, according to Redfin. If you buy a house for that amount, paying a 20% down payment and financing the rest with a 30-year fixed-rate mortgage with an interest rate of 7.00%, your monthly payment for principal and interest (but excluding any other costs) would be approximately $800.
To ensure that a mortgage will be affordable, lenders often advise keeping the monthly payment at 28% or less of gross monthly income and total debt at no more than 36%. Using the example above, you’d need to make an annual salary of $34,286. This would allow you only about $230 per month for other debts, which could include not just your property tax and homeowners insurance, but also credit card bills, student loans, and car payments, among other expenses. If you already have a significant debt load, you might need a higher income to make this loan affordable for you.
The 28/36 rule isn’t the only way to assess affordability. For example, a home affordability calculator can provide you with an estimate of how expensive a home purchase your budget allows. Going through the mortgage preapproval process with a potential lender can also give you a good idea of how large a loan you can afford.
Components of a Mortgage Payment
The major components of your mortgage payment are the principal (the amount of money that you borrowed) and the interest on it. Depending on your lender and your loan, other elements might also be included in your payment, such as your property tax and homeowners insurance fees. In addition, if you have less than 20% equity and need to pay private mortgage insurance (PMI) or if you pay homeowners association (HOA) fees, those costs may be bundled in as well.
What your mortgage payment will include also depends on what kind of loan you have, and specialized calculators can be helpful for specific loan types. If you’re applying for a loan guaranteed by the Federal Housing Administration (FHA), try an FHA mortgage calculator, which allows for that loan’s mortgage insurance premiums. And a VA mortgage calculator can take into account relevant fees when you’re considering a loan backed by the U.S. Department of Veterans Affairs.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Erie
Located on the southern shores of Lake Erie, this city of approximately 93,000 offers beautiful water views, outdoor activities galore, and an exciting nightlife. What’s more, it’s got a very comfortable cost of living. Cost of living profoundly affects affordability, influencing not just how much it will cost to buy your home, but also how expensive you’ll find utilities, transportation, groceries, and many other fundamentals.
That said, the median home price in Erie is an impressive 66% below the national average, according to Redfin, which is a good start. And Erie’s overall cost of living is just 88% of the national average, making it easily one of the best affordable places in the U.S.
To give you a sense of how Pennsylvania’s other metro areas stack up, here’s a chart based on The Council for Community and Economic Research’s Cost of Living Index (COLI), on which 100 is the national average.
| Pennsylvania Cities’ Cost-of-Living Stats | |
|---|---|
| Allentown | 102.2 |
| Philadelphia | 103.3 |
| Pittsburgh | 98.2 |
| Scranton | 90.9 |
| Wayne County | 87.0 |
| Wilkes-Barre | 89.2 |
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.
Erie, PA First-Time Homebuyer Assistance Programs
If you’re buying your first home in Erie, the Pennsylvania Housing Finance Agency offers several homebuyer assistance programs available to homebuyers to help with the costs of purchasing a home. These programs include both home loans and help with down payment and closing costs.
While programs like these sometimes seem to be only for first-timers, in general, you can qualify as a first-time homebuyer even if you’ve owned a home before, as long as it wasn’t within that last three years. While assistance programs may involve requirements in terms of where your home is located or what your income is, they can be a valuable resource and are well worth exploring.
Tips on Reducing Your Mortgage Payment
Once you’ve bought your home, you may find you’d like to lower your monthly payments a bit more. Here are some options to consider.
• Tell your lender you want to drop your PMI as soon as you have 20% equity in your home.
• Ask if your lender can recast your loan if you put a lump sum — such as a work bonus — toward your principal. This reamortizes your mortgage, which lowers your monthly payment while retaining the same interest rate and loan term.
• Appeal your property tax assessment if you think it’s too high. You’ll probably have to show your local tax authority some evidence, like comparable sales nearby. If you succeed, the amount you pay in tax should be lower.
• Consider a mortgage refinance (assuming you can get a lower interest rate). Take closing costs into account when you’re assessing whether a refi will make sense for you.
• See whether your lender is willing to modify your mortgage to lower your monthly payments if you’re undergoing financial hardship.
Recommended: Average Monthly Expenses for One Person
The Takeaway
Understanding all of the factors that affect your mortgage payment is key to making informed financial decisions. When you enter the details of a loan you’re interested in, the Erie mortgage loan calculator can help you determine how much house you can afford by making both the short-term and the long-term costs clear. With this information at your fingertips, it should be much easier to find a mortgage that you’ll be sure will fit comfortably 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?
Lenders typically review your credit score to assess how creditworthy you are, so it influences how low an interest rate they’ll offer you. A higher credit score may mean more favorable interest rates, reducing your monthly payments and the total cost of the loan. Conversely, a lower credit score may result in higher interest rates, making your mortgage more expensive.
What are principal and interest on a mortgage loan?
Principal refers to the amount of money you borrowed to purchase your home, while the interest is the cost associated with borrowing that principal.
Should I choose a 30-year or 15-year mortgage term?
To decide between a 30-year or 15-year mortgage, consider your finances. A 30-year mortgage offers lower payments but costs more in interest over the life of the loan. A 15-year mortgage has higher payments but charges less total interest. If you can afford it on a monthly basis, a 15-year term saves money long-term. If you need budget flexibility, a 30-year term may work better for you.
How can I get a lower mortgage interest rate?
To secure a lower interest rate on your mortgage, you can work on improving your credit score, save up to make a larger down payment, and shop around to find a lender who may offer you more favorable terms.
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 Richmond, VA Mortgage Loan Calculator
Richmond, VA Mortgage Calculator
By SoFi Editors | Updated September 30, 2025
If you’re looking for a home in Richmond, Virginia, a mortgage calculator is essential, whether you’re a first-time buyer or an experienced homeowner. When you input a few numbers, it can help you estimate monthly payments, total interest, and loan costs for different loans, giving you a more comprehensive understanding of the mortgage scenarios you’re considering. This can simplify your financial planning and give you confidence that you’re making well-informed decisions about purchasing a home in Richmond.
Key Points
• You can use the Richmond calculator to estimate monthly payments, total interest, and loan costs for different home loan options.
• Consider exploring down payment assistance programs in Richmond to see if they can help you reduce the initial outlay required to buy a home.
• Shorter loan terms typically result in higher monthly payments but less total interest over the life of the loan.
• A larger down payment can reduce monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI).
• Improving your credit score, shopping around for the best rates, and considering different loan types may help you secure a lower mortgage interest rate.
Richmond, VA Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, and it’s likely to differ from both the listing price and your initial offer.
• Down payment: The down payment is the upfront payment you’ll make on your home purchase, often a percentage of the purchase price. Down payment assistance programs may be available to help you with this initial expense.
• Loan term: The loan term is the length of time you have to repay your home loan. Most homebuyers choose a period of 30 or 15 years.
• Interest rate: The interest rate is the cost of borrowing money for your home purchase, shown as a percentage of what you’re borrowing. A higher rate results in higher monthly payments and total interest costs.
• Annual property tax: The annual property tax is what you’ll need to pay your local government each year for your property. This tax is typically expressed as a percentage of your home’s assessed value. Currently, the effective property tax in Richmond is 0.883% However, rates can vary.
To find yours, search online for your ZIP code or city and “effective property tax rate.”
• Total monthly payment: Your total monthly payment includes the principal on your loan, interest, and (if you entered your property tax rate) property tax that you will pay back to your lender each month.
• Total interest paid: This is the accumulated amount of interest you will pay over the life of the loan. It’s influenced by the mortgage’s interest rate and term.
• Total loan cost: This is the complete amount you will repay for the loan, including both principal and interest. It’s primarily influenced by the loan term, interest rate, and down payment.
How to Use the Richmond, VA Mortgage Calculator
The Richmond mortgage calculator is a fast, easy way to estimate monthly and overall costs of different home loans. To use it, follow these step-by-step directions.
Step 1: Enter Your Home Price
Input the purchase price for the property that you and the seller have agreed upon.
Step 2: Select a Down Payment Amount
Choose the percentage of your home purchase price that you plan to pay upfront. A down payment calculator can help you determine what will work for you.
Step 3: Choose a Loan Term
Pick the length of time over which you will pay your mortgage. A shorter term will mean higher monthly payments but will cost you less in total interest, while a longer term offers more affordable monthly payments but is more expensive in terms of 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, 6.475%. If you’re interested in an especially expensive property, you may want to check the rates available for a jumbo loan.
Step 5: Enter Your Home’s Annual Property Tax
Input the percentage of the home’s value, not the dollar amount. For example, if your property tax rate is 0.883%, you’ll enter 0.883.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator can help you determine how affordable a particular home would be for you. When you enter some basic information about a loan, like the purchase price, down payment, term, and interest rate, the Richmond mortgage calculator can estimate what monthly payments and total interest costs would be. If you input your tax rate, it will incorporate taxes into its calculations, too. You can also change factors like your loan term or interest rate, for instance, and see what impact those alterations would have on a loan’s affordability. A tool like this is invaluable when you want to make an informed choice about the mortgage options you have in Richmond.
Bear in mind that the Richmond mortgage calculator is meant for fixed-rate mortgages. However, if you choose a type of mortgage loan that has a variable interest rate, you can still use this calculator to estimate your costs. Just be aware that the results you get will be less precise due to the fluctuations of variable rates.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford
In Richmond, the median home price as of late 2025 is just over $400,000. If you buy a house for that amount, putting 20% down and financing the rest with a 30-year, fixed-rate mortgage at 7.00% interest, your monthly payment (for principal and interest only) would be approximately $2,129.
To determine affordability, lenders suggest using the 28/36 rule, according to which housing costs should not exceed 28% of your gross monthly income, and total debt payments should be 36% or less. In our example, that means you’d need a yearly income of at least $91,000. Per the rule, this would leave you with about $600 per month for other debt, which could include costs like education loans, credit card bills, and car payments, to name just a few. If your debt load is heavy, this loan may not be affordable for you unless your income is higher.
You can also evaluate affordability in other ways. For example, you can use a home affordability calculator, which lets you enter a variety of fees that might be bundled with your principal and interest in your monthly payment to get an individualized estimate of how expensive a home purchase your budget allows. It may also be helpful to go through the mortgage preapproval process with a potential lender to get a sense of how large a loan you can afford.
Components of a Mortgage Payment
Your monthly mortgage payment is applied toward several costs. Primarily, it goes toward your principal (the amount you borrowed) and interest. The payment could also include property tax and homeowners insurance expenses, depending on the terms of your loan. If you have less than 20% equity and need to pay for private mortgage insurance (PMI) or if you are being charged homeowners association (HOA) fees, those expenses might also be bundled into your payment.
Additionally, what your mortgage payment will include is influenced by the type of mortgage loan you take out, and specialized calculators can be helpful to factor in loan-specific costs. If you’re applying for a loan guaranteed by the Federal Housing Administration (FHA), you can use an FHA mortgage calculator, which allows for that loan’s mortgage insurance premiums. Similarly, a VA mortgage calculator can take into account relevant fees when you’re considering a loan backed by the U.S. Department of Veterans Affairs.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Richmond, VA
As the state capital and a bustling college town, Richmond has a lot to offer homeowners, not only in terms of trendy restaurants and fun activities, but also job opportunities. Perhaps best of all, the city’s cost of living is quite reasonable overall, falling comfortably below the national average.
Let’s break that down. 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 costs in Richmond.
| Richmond Cities’ Cost-of-Living Stats | |
|---|---|
| Overall | 94.2 |
| Groceries | 99.8 |
| Housing | 84.6 |
| Utilities | 96.3 |
| Transportation | 95.1 |
| Health Care | 91.4 |
| Miscellaneous Goods/Services | 99.3 |
Recommended: Best Affordable Places to Live 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.
Richmond’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Richmond, it’s good to know that there are several first-time homebuyer assistance programs available to help you cover the initial costs involved. These programs often include financial aid specifically designated for the down payment, closing costs, or even both. What’s more, these benefits are available to a wider range of homebuyers than you might think.
To qualify as a first-time homebuyer for one of these programs, you typically must not have owned a primary residence within the past three years. Options like these can make homeownership more accessible so they’re well worth exploring.
Tips on Reducing Your Mortgage Payment
After you buy your home, you may still be able to find ways to reduce the size of your monthly payments. Consider these possibilities.
• Request that your lender drop your private mortgage insurance (PMI) once you reach 20% equity in your home.
• Inquire whether your lender can recast your loan if you can put a large sum — like a work bonus — toward your principal. This involves reamortizing your loan, which reduces your monthly payment without changing your interest rate or loan term.
• Appeal your property taxes if you believe your assessment is too high. You’ll need to show evidence, such as recent comparable sales in your area, to your local tax authority.
• Consider a mortgage refinance if you can get a lower interest rate. Be sure to take closing costs into account when you’re assessing whether this move makes financial sense for you.
• Ask that your lender modify your mortgage to lower your monthly payments if you’re facing financial hardship.
Recommended: Average Monthly Expenses for One Person
The Takeaway
A mortgage calculator is a powerful 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, loan term, and interest rate, you can explore different scenarios and make informed decisions about your home-buying options.
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 plays a significant role in determining your interest rate for a mortgage loan. A higher credit score can lead to more favorable loan terms, including a lower interest rate. Improving your credit score before applying for a mortgage may help you secure better rates and save money over the life of your loan.
What are principal and interest on a mortgage loan?
The principal on your mortgage is the initial amount that you borrowed from the lender, and the interest is the cost you pay for borrowing that money, usually expressed as a percentage of the principal.
How much should I put down on a mortgage?
The amount you should put down on a mortgage depends on your financial situation and the type of loan you choose. For a conventional loan, a 20% down payment can help you avoid private mortgage insurance (PMI), but lower down payments are common, especially for first-time buyers.
Should I choose a 30-year or 15-year mortgage term?
Consider your budget when you’re deciding between a 30-year or 15-year mortgage. A 30-year mortgage offers lower monthly payments but costs more in overall interest. A 15-year mortgage costs less in total interest and builds equity faster, but has higher monthly payments. If you can afford it, a 15-year term might be better for long-term savings.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
SOHL-Q325-130
Get prequalified in minutes for a SoFi Home Loan.
Puxico, MO Mortgage Loan Calculator
Puxico, MO Mortgage Calculator
By SoFi Editors | Updated October 6, 2025
Buying a home is exciting, but it’s also a major financial decision, and you’ll need to fully understand how your mortgage choice will impact your budget. This mortgage calculator can help you assess how much house you can afford by providing you with estimates of what your monthly cost and overall loan expense would be for different mortgages. It also lets you quickly and easily compare the impact of changing different variables in your mortgage (interest rate, loan term, etc), helping you find the best fit for your financial situation. Read on to see how the Puxico mortgage calculator works and what it can do for you.
Key Points
• The Puxico mortgage calculator can provide a quick overview of a home loan’s monthly payments, total interest paid, and total loan cost, based on the mortgage data you input.
• For a mortgage to be affordable, your mortgage payment should not exceed 28% of your gross monthly income and your total debt payments should be 36% or less.
• If you’re eligible, down payment assistance programs can help reduce your upfront mortgage costs.
• A longer loan term generally means that you’ll have lower monthly payments, while a shorter term lets you build equity faster and pay less total interest.
• A down payment of 20% or more generally allows you to avoid paying for private mortgage insurance (PMI).
Puxico, MO Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the purchase price you have agreed upon with the home seller. This figure will probably differ from both the listing price and your initial offer.
• Down payment: The down payment is the amount that you’ll pay upfront, often expressed as a percentage of the total purchase price of the home. Most buyers put down between 3% and 20% of this price. If that seems challenging, there may be down payment assistance programs that can help.
• Loan term: The loan term is the length of time that you have to repay your mortgage loan. The most common loan terms are 30 and 15 years. The term you choose will impact your monthly payments and overall interest costs.
• Interest rate: The interest rate is the cost of borrowing money, typically expressed as a percentage of the total loan amount. It has a significant influence on both your monthly payments and your expenses over the life of the loan
• Annual property tax: Property tax is levied by your local government every year and is typically expressed as a percentage of your home’s assessed value. As of late 2025, the effective property tax in Puxico is 0.67% 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: Your total monthly payment is the sum that you pay your lender each month and includes the principal on your loan, interest, and (if you entered your property tax rate in the calculator) property tax.
• Total interest paid: The total interest paid is the entire amount of interest you will pay over the life of your home loan. This amount is influenced by the interest rate, loan term, and the loan amount.
• Total loan cost: The total loan cost represents the all-in amount you will pay for your loan, encompassing both the principal and the total interest paid. This overall cost can be significantly impacted by the interest rate, the loan term, and the initial down payment you made.
How to Use the Puxico Mortgage Calculator
Using the Puxico mortgage calculator is easy. Simply input the home price, down payment percentage, loan term, interest rate, and tax rate to get your loan estimates. Here are the step-by-step directions.
Step 1: Enter Your Home Price
Input the amount that you and the seller have agreed that you will pay for the home.
Step 2: Select a Down Payment Amount
Choose what percentage of your home purchase price you will put down upfront. A down payment calculator can help you decide what will work for you.
Step 3: Choose a Loan Term
Select the loan term you’d like to opt for. Most homebuyers choose 30 or 15 years.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point (6.475%, for example). If you’re looking at an especially pricey property, you may want to check the rates available for a jumbo loan.
Step 5: Enter Your Home’s Annual Property Tax
Input the annual property tax you’ll pay as a percentage of the home’s value, not the dollar amount. For example, if your property tax rate is 0.670%, you’ll enter 0.670.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a powerful tool that helps you assess quickly and easily how much house you can afford. By inputting the particulars of a specific mortgage — home price, down payment, loan term, interest rate, and tax rate —- you can instantly get estimates of what your monthly payments and cost over the length of the entire loan would be. This Puxico calculator can also help you compare different loan scenarios, such as how a lower interest rate or a longer loan term would affect your payments and total costs. Using a mortgage calculator like this can help you make informed financial decisions so that your mortgage fits comfortably within your budget.
Remember that the Puxico mortgage calculator is intended for fixed-rate mortgages. However, if you opt for a type of mortgage loan that has 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 changes variable rates undergo.
Deciding How Much House You Can Afford in Puxico
In Puxico, as of late 2025, the median home sale price is approximately $100,000. If you purchase a home at that price, put down 20% as down payment, and finance the rest with a 30-year fixed-rate mortgage at a 7.00% interest rate, your monthly mortgage payment would be about $532 (factoring in only principal and interest, but not tax, homeowners insurance or any other potential costs).
Lenders often suggest the 28/36 rule to determine affordability: Mortgage payments should not exceed 28% of your gross monthly income, and total debt should be 36% or less. In the example above, this would mean you’d need to make about $23,000 per year to afford this home. You’d have only $152 to spend on other debt, however, such as credit card bills and car loans. If you have a debt load already, you might need a higher income to make this mortgage affordable.
There are other ways you can assess affordability, too. For instance, a home affordability calculator will give you an estimate of how expensive a home purchase your budget would permit. Going through the mortgage preapproval process with a potential lender can also give you a sense of how large a loan you can afford.
Components of a Mortgage Payment
The main components of your mortgage payment are the principal (the amount you originally borrowed) and the interest that accrues on it. These are the core parts of your loan repayment. In some cases, depending on your lender and your loan, other elements may be part of your payment as well, including property tax and homeowners insurance fees. Additionally, if you have less than 20% equity and need to pay private mortgage insurance (PMI), or if you are obliged to pay homeowners association (HOA) fees, those costs may be bundled in as well.
In addition, what your mortgage payment will include depends on the type of mortgage loan you take out, and specialized calculators can be helpful to factor in loan-specific costs. If you’re applying for a loan guaranteed by the Federal Housing Administration (FHA), you can use an FHA mortgage calculator, which allows for that loan’s mortgage insurance premiums. Likewise, a VA mortgage calculator can take into account relevant fees when you’re considering a loan backed by the U.S. Department of Veterans Affairs.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Puxico
Cost of living tends to have a strong impact on affordability as it affects not only housing costs, but also expenses like utilities, transportation, groceries, and more. Puxico is one of the best affordable places in the U.S. A small community in rural southeastern Missouri, Puxico offers miles of hiking, biking, and walking opportunities, fishing options in Stockton Lake, and an easy drive to larger cities like Dexter or Poplar Bluffs. But perhaps best of all, Puxico has an extremely comfortable cost of living — 26.4% less than the national average and 14% less than the average in Missouri.
To give you a sense of how Puxico stacks up against MIssouri’s metro areas, here’s a chart based on The Council for Community and Economic Research’s Cost of Living Index (COLI), on which 100 is the national average.
| Missouri Cities’ Cost-of-Living Stats | |
|---|---|
| Columbia | 90.1 |
| Joplin | 85.9 |
| Kansas City (MO-KS) | 91.1 |
| Springfield | 87.3 |
| St. Louis (MO-IL) | 89.1 |
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.
Puxico’s First-Time Homebuyer Assistance Programs
If you’re considering buying your first home in Puxico, you’ll be pleased to know that the Missouri Housing Development Commission offers several first-time homebuyer assistance programs designed to help you access low-rate loans and/or help with your down payment to cover some of the costs associated with purchasing a property. If you’ve already owned a home, you may still be eligible.
Typically, to qualify as a first-time homebuyer for one of these programs you just can’t have owned a primary residence within the past three years. Options like these can make homeownership more accessible so they’re well worth exploring.
Tips on Reducing Your Mortgage Payment
Even after you’ve bought your home, you may still want to lower the amount of your monthly payments. Consider these options.
• Ask your lender to drop your PMI once you have 20% equity in your home.
• See if your lender can recast your loan if you put a lump sum — like a work bonus — toward your principal. This reamortizes your loan, which reduces your monthly payment without changing your interest rate or loan term.
• Appeal your property taxes if you think your assessment is too high. You’ll probably have to show your local tax authority supporting evidence, such as comparable sales in your area.
• Look into a mortgage refinance if you can get a lower interest rate. Consider closing costs when you assess whether this move makes financial sense for you.
• Request that your lender modify your mortgage to lower your monthly payments if you’re undergoing financial hardship.
Recommended: Average Monthly Expenses for One Person
The Takeaway
Understanding your budget and financial capabilities is key when you’re considering homeownership. The Puxico mortgage calculator can help you take control of the home-buying process and find out quickly and easily just what will be affordable for you. What’s more, it will let you feel secure in your decisions, knowing that you’ve been able to access all the information you needed to make 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?
Your credit score plays a significant role in determining your interest rate for a mortgage loan. A higher credit score can lead lenders to consider you more creditworthy and offer you more favorable interest rates, reducing the total cost of your loan.
What are principal and interest on a mortgage loan?
Principal and interest are the two primary components of a mortgage payment. The principal is the amount you borrow to purchase your home, while interest is the cost of borrowing that principal.
Should I choose a 30-year or 15-year mortgage term?
The loan term that will be most appealing to you depends on your finances and preferences. A 30-year mortgage offers lower monthly payments, but will cost you more in interest over the life of the loan. A 15-year mortgage builds equity faster and reduces total interest paid, but it will mean you will face significantly higher monthly bills. If you can afford that, the 15-year term may ultimately be more economical.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, you can try to improve your credit score, save up to make a larger down payment, or shop around to find a lender who will offer you a more competitive rate.
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-Q325-129
Get prequalified in minutes for a SoFi Home Loan.
Free Wichita, KS Mortgage Loan Calculator
Wichita, KS Mortgage Calculator
By SoFi Editors | Updated October 7, 2025
A Wichita mortgage calculator is a powerful tool for prospective homebuyers, offering a clear view of the financial implications of different mortgage loan scenarios. By inputting the home price, down payment amount, loan term, interest rate, and property tax rate, users can quickly estimate their monthly payments and total interest paid, and learn the overall cost of the mortgage. Learn how to use the calculator to maximum benefit.
Key Points
• The Wichita mortgage calculator helps prospective homebuyers estimate their monthly payments, total interest paid, and overall loan cost.
• A home affordability calculator is different from a mortgage calculator and determines a homebuyer’s budget based on income and debts.
• Down payment assistance programs can significantly reduce the initial financial burden for low- to moderate-income buyers.
• The loan term affects monthly payments and total interest paid, with shorter terms leading to higher payments but less total interest.
• This mortgage calculator factors in property taxes, which are often paid as part of a mortgage.
Wichita Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller.
• Down payment: The down payment is the initial sum the homebuyer pays to purchase a property. A down payment typically ranges from 3% to 20% of the total purchase price, with 20% being needed to avoid paying for private mortgage insurance (PMI). A jumbo loan often requires 10% down.
• Loan term: The loan term is the length of time a borrower has to repay the home loan. Opting for a shorter term can lead to higher monthly payments but less interest over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money and is typically expressed as a percentage of the total loan amount. Interest rates can vary based on borrower qualifications and type of mortgage loan.
• Annual property tax: The annual property tax is paid based on the property’s assessed value. In Sedgwick County, where Wichita is located, the effective property tax rate is 1.23%. You can check the specific rate of a property by searching its ZIP code or county name and “effective property tax rate.”
• Total monthly payment: The total monthly payment typically includes the principal loan amount and the interest accrued. This calculator also includes property taxes.
• Total interest paid: The total interest paid represents the overall amount of interest you will pay over the life of the mortgage.
• Total loan cost: The total loan cost represents the all-in amount you will ultimately pay for the loan, including principal and interest.
How to Use the Wichita, KS Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon home price accurately to ensure precise mortgage estimates.
Step 2: Select a Down Payment Amount
Choose the down payment amount, and you’ll see almost immediately how it affects your monthly mortgage payments. If you’re unsure about how much cash you need to get to 20% of the home price, use a down payment calculator.
Step 3: Choose a Loan Term
Select a term of between 10 and 30 years based on your financial goals and budget constraints.
Step 4: Enter an Interest Rate
Input your expected interest rate to the second or third decimal point for accurate estimates.
Step 5: Add Your Property Tax
Enter the property tax rate as a percentage to estimate your total monthly payment.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps buyers make clear-eyed decisions about the home price and loan size that’s right for their needs. If you’re buying your first home or just feeling unsure about your down payment amount or loan term choices, you can run different scenarios, trying a shorter or longer loan term on for size, for example. Knowing what size payment you’ll need to make each month, including property taxes, will help you better plan your budget and ensure that you are well-prepared for the financial commitment of homeownership.
Deciding How Much House You Can Afford
In Wichita, the median sale price of a home in mid-2025 is about $257,000, which is low by U.S. standards. Lenders like to see that your mortgage payment doesn’t exceed 28% of your gross income. To use a mortgage calculator to determine if you can afford a $257,000 house, you would type in details such as your down payment amount and loan term.
Let’s say you put down 20% and had a term of 30 years and an interest rate of 7.00%. In this scenario, you’d need an annual income of about $84,000 to afford your monthly payment of $1,630. This assumes you aren’t paying off any other debts.
There are two other ways to decide how much house you can afford to buy in Wichita. You could use your annual income and debts to drive your decision, putting the numbers into a home affordability calculator. Or you can go through the mortgage preapproval process, submitting your financial information to a lender to find out what kind of loan you might qualify for.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. The principal is the original amount you borrow from a lender, while the interest is the cost associated with borrowing that money, expressed as a percentage. Each monthly payment includes a portion that goes toward paying down the principal balance and another portion that covers the interest charged. Over time, with consistent payments, more of your payment will go toward the principal. Property taxes, typically around 1.23% of the home’s assessed value in Wichita, are another significant component, which is why they are included in this calculator. Lenders might also include PMI, homeowners association fees, and homeowners insurance premiums in the loan payment.
Mortgages backed by the Federal Housing Administration have a key difference. FHA borrowers will have an upfront and ongoing mortgage insurance premium. 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 Wichita, KS
Wichita’s cost of living in Wichita is 11 points below the national average, which is one reason the city landed on a list of the best affordable places in the U.S. It was noted for its particular appeal for families. A young, single person looking to purchase a home in Wichita might first research the average monthly expenses for one person to get a sense of how their budget could shape up, particularly if they are moving from out of state.
Here you can see how various subcategories of costs stack up in Wichita 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 Wichita is particularly affordable when compared to the national average.
| Wichita Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 88.8 |
| Groceries | 94.8 |
| Housing | 65.9 |
| Utilities | 98.3 |
| Transportation | 97.3 |
| Health Care | 94.6 |
| Miscellaneous Goods/Services | 99.6 |
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Wichita’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Wichita, there are several down payment assistance programs available to help eligible new buyers cover initial costs. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. To qualify for most Kansas first-time homebuying programs, 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
Once you’ve purchased your home, you may still have options to shrink your monthly mortgage payments. These are your options:
• Drop PMI once you have accumulated 20% equity in your home. This can be achieved either through making regular mortgage payments over time or through increases in your home’s value due to appreciation.
• If you receive a bonus or other windfall, consider a mortgage recast. This involves making a lump sum payment toward your mortgage principal, then asking your lender to re-amortize the loan so you get a new payment amount
• If interest rates have dropped, consider a mortgage refinance. Do the math carefully to make sure it’s worth it (factor in closing costs on the new loan).
• If you believe your property taxes are too high, you can appeal them. If you are successful, you may reduce your assessment. But tread carefully: If your property assesses for a higher amount, you could face a larger tax bill.
• Financial hardship can make it difficult to keep up with mortgage payments. In such cases, you can request that the lender modify your loan to make monthly payments more affordable.
• Shop around for a less costly homeowners insurance policy.
The Takeaway
Using a Wichita mortgage calculator can provide valuable insights into your home-buying journey. The tool helps you estimate monthly payments associated with a mortgage, understand the impact of different down payment scenarios on your loan, and assess your overall financial readiness for such a large purchase. Spend some time running numbers in the calculator, and you’ll be prepared to navigate the complexities of mortgage financing with confidence.
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 Wichita?
The median mortgage payment in Wichita is around $1,400 per month, according to the National Association of Realtors®.
How does my credit score affect my mortgage loan interest rate?
A higher credit score can mean a more favorable interest rate. Focus on improving your credit score by paying bills on time, reducing outstanding debt to improve your debt-to-income ratio, and exploring different loan options from various lenders to find the best rate available.
How much should I put down on a mortgage?
A larger down payment reduces your monthly payments by lowering the amount that you borrow. And if you hit 20% down, you can likely eliminate the requirement for private mortgage insurance. But the amount you should put down on a mortgage ultimately depends on your individual financial situation. Don’t put yourself in a position where you are bankrupting your emergency fund to make a down payment.
Should I choose a 30-year or 15-year mortgage term?
Use a mortgage calculator to see how different term lengths affect monthly costs, then choose the term that yields the bill you can afford. A 30-year term offers lower payments but higher overall interest. A 15-year term has higher payments but saves significantly on interest.
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-Q325-128
Get prequalified in minutes for a SoFi Home Loan.
Credit Card Points Calculator
Credit Card Points Calculator
By SoFi Editors | October 3, 2025
Credit card rewards can be a great way to get extra value from your everyday spending. Whether you’re aiming for free flights, gift cards, or cash back, the key is knowing how many points your purchases can earn. That’s where SoFi’s credit card points calculator comes in.
By entering your monthly spending, rewards rate, and any bonus offers, you’ll see your total points earned, along with a breakdown of base points and bonus points. This makes it easy to compare cards, plan your rewards, and get the most out of your spending.
Key Points
• A points calculator estimates total rewards based on monthly spend, reward rate, and bonus offers.
• You can use our calculator to compare credit cards, visualize progress, and plan redemptions.
• The value of a point is often a penny but can vary depending on your redemption choice.
• Earning rates can be a flat percentage on all spending, or a higher rate in specific categories.
• Instead of points, some rewards cards offer miles or cash back.
Calculator Definitions
Before diving into the numbers, it’s important to understand the terms you’ll see in the calculator.
• Points per dollar: This refers to the earning rate of a credit card’s rewards program; it indicates how many points you get for every dollar you spend on the card.
• Points per bonus offer: Many rewards credit cards entice new customers with sign-up bonuses. Often, these bonuses require you to spend a minimum amount within a given time frame. This input represents the total number of points you will earn for meeting the spending requirements of a promotional offer.
• Total points earned: This is the grand total of points you’ll earn, which is the sum of your base points from everyday spending plus any bonus points from a sign-up promotion.
• Base points: These are the standard points you earn through your monthly spending, calculated as: Monthly Spend x Points per Dollar.
• Bonus points: This refers to the extra points you earn from a promotional offer. This can sometimes equal or exceed a year’s worth of base points, offering a significant jump-start on rewards.
How to Use the Credit Card Points Calculator
Using a credit card rewards calculator is straightforward. Just follow these simple steps:
1. Enter Your Average Monthly Spend
Think about how much you generally spend on your credit card each month, and enter that number here. If you want to generate the most accurate results (and don’t mind doing a bit of legwork), look at the last six months of your credit card statements, add up the total spend, and divide by six to get your average monthly spend.
2. Input Your Card’s Points per Dollar
Check your credit card’s rewards program. Many cards will offer a flat rate across purchases (such as one point for every $1.00 spent). If your card offers different rates depending on the spending category, use the one that reflects the majority of your spending.
3. Add the Points per Bonus Offer (If Applicable)
If you’ve recently signed up for a new card or plan to, include the bonus points you’ll earn once you meet the spending requirement. If you’re not using a bonus, leave this at zero.
4. View Your Results
The calculator will show your “total points earned” and break that down into “base points” (from monthly spending) and “bonus points” (from a promotion).
5. Compare Scenarios
Adjust the inputs to see how different spending levels, rewards rates, or bonuses impact your total. This can help you determine which card or spending habits yield the greatest value.
Benefits of Using a Credit Card Points Calculator
A credit card reward calculator provides a number of advantages. Here are some to keep in mind:
• See your rewards potential: Our calculator lets you quickly see how your spending translates into actual rewards. This can make the abstract idea of “rewards points” more concrete and help you visualize your progress toward a specific redemption goal, such as a flight or hotel stay.
• Make informed decisions on new card offers: It can be challenging to compare two rewards cards that have different point systems and sign-up bonuses. A credit card points calculator can help you compare different rewards structures apples to apples.
• Plan for specific redemptions: A credit card points calculator can help you determine how long it will take you to earn a valuable reward like a free flight, helping you plan trips or redemptions.
Recommended: Net Worth Calculator by Age
How to Use Credit Card Points Calculator Data to Your Advantage
The data you get from a credit card rewards calculator can help you make smarter financial decisions. For example, you can use our calculator to help you:
• Choose the right rewards card. If you find that one card earns thousands more points per month than another, that difference could translate into free flights, hotel stays, or gift cards.
• Plan your spending. Some sign-up bonus requires you to put a certain amount on the card within a set time period. For example, a card may offer 75,000 bonus points after you spend $5,000 on purchases in the first three months from account opening. Using the calculator can help you see whether your usual expenses will cover that threshold or whether you’ll fall short.
• Evaluate redemption goals. Knowing how many points you’ll earn per month, plus any sign-on bonus, can help you set realistic goals — such as a round-trip domestic flight (typically at least 25,000 points) or a hotel stay (which can range from 5,000 to 85,000 points per night).
What Are Credit Card Points?
Credit card points are a form of reward currency issued by card providers to encourage spending. For every dollar you charge to your credit card, you earn points that can be redeemed for travel, merchandise, gift cards, cash, or even account credits.
While points function similarly across many programs, their value can vary. Some programs value points at about $0.01 each, while premium travel programs can offer $0.02 or more per point when redeemed for certain purchases, such as travel. Understanding the value of your card’s points is essential to maximizing their worth.
Types of Credit Card Rewards
Credit card rewards programs can be structured in different ways. Broadly, however, they fall into three main categories:
• Points: This is a flexible reward system where you earn points for spending, and those points can be redeemed for various options: everything from travel to merchandise.
• Miles: Cards that allow you to earn “miles” are often cobranded with an airline (which may be featured on a card). Typically, you can redeem your miles for free flights on that airline. Many cobranded cards also offer perks like free checked bags or airport lounge access. However, miles tend to offer less flexibility than points.
• Cash Back: This is a simple rewards system where you earn a percentage of your spending as cash, which can usually be redeemed for statement credits, checks, or deposits. For example, a 2% cash back card gives you $2 for every $100 you spend. Cash back offers immediate tangible value, while points and miles offer the possibility of a paid-for vacation and (potentially) higher value for the rewards you earn.
Examples of Credit Card Point Reward Programs
Credit cards can award points in different ways. Here are three common structures:
Flat Rate
With this type of rewards program, also known as a fixed-rate system, you earn the same rate on all purchases. For instance, a flat rate card may give you one or one-and-a-half points per dollar spent on every transaction, regardless of category.
Tiered Earnings
These cards offer different reward levels depending on the spending category. For example, you might earn three points per dollar on dining, two points per dollar on groceries, and one point per dollar on everything else.
Rotating Categories
Some cards offer higher rewards in certain spending categories that change every quarter. For instance, you might earn five points per dollar spent on gas from January to March, then five points per dollar spent on groceries from April to June. In some cases, you need to activate categories each quarter to take advantage of the higher rate.
Maximizing Credit Card Points Tips
Want to get the most from your points? Here are some tried-and-true strategies:
• Match your card to your spending habits. If you’re in the market for a new credit card, look for one with a rewards program that aligns with where you spend the most. For example, if you often eat out, you might seek out cards with high rewards on dining.
• Time your purchases. Consider lining up large purchases (like appliances, furniture, or travel bookings) with a new card sign-up. This can help you hit bonus requirements and maximize your rewards without having to overspend.
• Factor in annual fees. Some of the most generous rewards cards come with annual fees. A fee is only worth it if the value of the card’s rewards and benefits (such as travel perks and welcome bonuses) exceed the cost of the fee.
• Redeem your rewards wisely. Before you cash in your points, be sure to calculate how much you’ll get in return. The value of your points can vary depending on whether you choose merchandise, a gift card, statement credit, travel, or another redemption option. A good rule of thumb is to aim for at least a one-to-one value, meaning one point is worth at least one penny.
• Pay your bill in full each month. While putting all of your purchases on a credit card can help you maximize your credit card rewards, you want to be careful not to overspend. If you carry a balance, interest charges will likely wipe out the value of any rewards you might earn.
• Check your credit. The best rewards credit cards generally require a FICO® score of at least 670. If you want better rewards but only have a so-so score, it may be worth taking steps to improve your credit profile (such as lowering your credit utilization ratio, always making on-time payments, and paying down debts) before applying for a rewards card.
Recommended: How Long Does It Take to Build Credit?
The Takeaway
Credit card rewards can be a powerful financial tool if used strategically. Using a credit card points calculator can help you gain a clear view of how your spending translates into base points and bonus points, as well as your overall earning potential. It can also help you compare credit cards to find the best deal.
Whether your goal is going on a luxury vacation or simply stretching your budget, using SoFi’s points calculator — as well as our other tools and trackers — can help you make most of every dollar you earn and spend.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights—all at no cost.
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FAQ
How does a credit card points calculator estimate the value of my rewards?
A credit card points calculator works by taking your average monthly spending, multiplying it by the number of points you earn per dollar, and then adding any bonus points from sign-up offers. This gives you an estimate of your total rewards for a given month. While the calculator doesn’t assign a dollar value to the points, it provides a clear picture of how quickly points add up and helps you understand your earning potential.
Can the calculator help me compare different credit cards and their rewards programs?
Yes, the calculator is a useful tool for comparing cards. By adjusting the “points per dollar” and “bonus offer” inputs, you can see how your total points would differ between programs. For example, one card may offer a higher sign-up bonus, while another might provide a higher reward rate. By running scenarios side by side, the calculator helps you determine which card aligns better with your spending patterns and goals. This makes comparisons more objective and data-driven.
How does the calculator account for bonus categories, such as dining or travel?
The calculator uses a general “points per dollar” input to reflect your rewards rate. If your card offers higher rewards in categories like dining or travel, you can estimate an average rewards rate based on how you spend. Alternatively, you can run separate calculations for each category to see how bonus categories can boost your total.
Can I use the calculator to see my potential points earned for different spending habits?
Yes, the calculator is designed to be flexible and allows you to change your monthly spending amount, reward rate, or bonus offer to test different scenarios. For example, you can estimate how many points you’ll earn if you add one-time travel expenses or move certain monthly expenses onto your card. You can quickly see how spending decisions can translate into more credit card points.
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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