Free Ventura County, CA Mortgage Loan Calculator
Ventura County Mortgage Calculator
By SoFi Editors | Updated October 28, 2025
A mortgage calculator is an important tool for anyone considering a home purchase in Ventura County. Put in a few basic facts, and you’ll learn the monthly payment amount and total interest cost for your home purchase. You can also use the calculator to try out different scenarios to find the home price, down payment, and loan term that are right for you.
Key Points
• A Ventura County mortgage loan calculator helps homebuyers quickly estimate the monthly and total costs of borrowing money to buy a home.
• One rule of thumb recommends that monthly housing payments not exceed 28% of gross income.
• Before using the calculator, learn key terms like total interest paid, and how that figure can help you compare scenarios and mortgage offers.
• Extending the mortgage loan term can reduce monthly payments, making home buying more affordable. Extending the term also increases your total costs over the life of the loan.
• First-time homebuyer programs offer down payment and closing cost assistance.
Ventura County Mortgage Calculator
Calculator Definitions
• Home price: The home price is the agreed-upon purchase price with the home seller. This may differ from the listing price or your initial 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, typically anywhere from 3% to 20%. A larger down payment can lower your monthly mortgage payments and eliminate the need for private mortgage insurance (PMI). Down payment assistance programs can help cover this cost.
• Loan term: The loan term is the length of time you have to repay the home loan, typically 15 or 30 years. A 15-year fixed mortgage has higher monthly payments but costs less in interest over the loan term, while a 30-year fixed mortgage offers lower monthly payments but results in more interest paid over time.
• Interest rate: The interest rate is the cost of borrowing money. It’s expressed as a percentage of the loan amount and varies based on your credit score, market trends, and the type of mortgage loan.
• Annual property tax: 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 includes the loan’s principal and interest. It may also factor in property taxes. Some lenders also include homeowners insurance and homeowners association (HOA) fees in payments.
• Total interest paid: The total interest paid represents the entire amount of interest you will pay over the life of the loan. By making a larger down payment, securing a lower interest rate, or choosing a shorter loan term, you can reduce your total interest paid.
• Total loan cost: The total loan cost is the global price you will pay for the loan, including the principal that you repay and the interest.
How to Use the Ventura County Mortgage Calculator
Step 1: Enter Your Home Price
Enter the purchase price into the calculator.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you plan to pay upfront. A larger down payment can reduce your monthly payments and eliminate the need for PMI. Use a down payment calculator to help you determine what percentage makes sense for you.
Step 3: Choose a Loan Term
Select the duration of your mortgage, typically 15 or 30 years. This choice impacts your monthly payments and total interest paid.
Step 4: Enter an Interest Rate
Input your expected interest rate to the second or third decimal point. A lower rate can significantly decrease your mortgage costs.
Step 5: Add Your Annual Property Tax
Enter the property tax rate as a percentage. The average effective property tax rate for Ventura County is 0.71%.
Benefits of Using a Mortgage Payment Calculator
A Ventura County mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and term. Use this tool to compare costs, like how interest rates affect payments. Check out different loan terms to see their impact on expenses and total interest. The calculator can also help you see how your down payment figures in.
Deciding How Much House You Can Afford in Ventura County
When you’re buying your first home, it’s good to research average home prices in the area you’re eyeing. In Ventura County, the median home sale price in late 2025 was $845,000 — pretty steep compared to the national median of around $439,000, according to Redfin.
Lenders suggest housing costs shouldn’t exceed 28% of your gross monthly income. You’d need to earn an annual income of about $215,000 if you were looking to afford a $850,000 home with a monthly payment of $5,027. That assumes a down payment of 20% ($170,000), an interest rate of 7.00% on a 30-year mortgage, and the property tax rate of 0.71%.
Because lenders recommend total debt payments stay under 36% of your gross monthly income, your other monthly debts shouldn’t exceed about $1,436 in this case.
For further help in making estimates, 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 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.
If you’re considering an FHA loan — one that’s guaranteed by the Federal Housing Administration (FHA) — you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
A VA mortgage calculator can be helpful too if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Finally, if you are purchasing a pricey property, consider something called a jumbo loan. 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). The 2025 FHFA conforming loan limit for a single-unit property in Ventura County is $1,017,750.
Cost of Living in Ventura County
As you consider purchasing a home in Ventura County, it’s helpful to research the cost of living to see how far your dollar will go to pay for necessities like housing, utilities, transportation, healthcare, and groceries.
Ventura County has a cost of living score of 154, according to BestPlaces.net, which means the total cost for necessities is 54% higher than the U.S. average. For comparison, nearby Kern County, home to Bakersfield, has a cost of living score of 99.8, about equal to the U.S. average. In fact, Bakersfield, along with Chico and Modesto, all landed on the best affordable places in the U.S. list.
California happens to be one of the most expensive states, with a 2024 cost of living index (COLI) of 142.3, according to the Council for Community and Economic Research.
For more help factoring in income, debts, and local property costs, try a home affordability calculator.
Recommended: The Cost of Living in the U.S.
Run the numbers on your home loan.
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Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
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Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
If you are a homebuyer in Ventura County, you may be looking to reduce your mortgage payment so you can allocate funds to other expenses or continue to build an emergency fund. Here are some things you can do to lower your monthly mortgage payment:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• Review your property taxes. If you think your property taxes are too high, the Ventura County Assessor’s office can inform you about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
• 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.
Ventura County First-Time Homebuyer Assistance Programs
If you’re considering buying your first home in Ventura County, there are down payment assistance programs available to help you cover the initial costs associated with purchasing property. Anyone who hasn’t owned a primary residence in the past three years is considered a first-time homebuyer.
Ventura County homebuyers can contact the California Housing Finance Agency (CalHFA), which offers both conventional and government-backed first mortgages to help with a down payment and/or closing costs.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
A Ventura County mortgage calculator is a powerful tool for anyone considering a home loan, and it’s extra useful for first-time homebuyers. This tool helps you estimate monthly payments, understand the impact of different down payment amounts, and explore various loan scenarios. By using this calculator, you can better prepare for the financial commitment of homeownership.
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.
How much should I put down on a mortgage?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t pinching your finances to the bone. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home, while repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance to your monthly bill. Look at the entire financial picture to determine what makes sense for your budget.
Should I choose a 30-year or 15-year mortgage term?
When choosing a mortgage term, consider that a 30-year term offers lower monthly payments but more interest over time, while a 15-year term has higher monthly payments but less interest paid overall. Assess your financial goals and budget when opting for a certain term.
How much is the payment on a $850,000 mortgage with a 30-year term?
The cost of a $850,000 mortgage with a 30-year term will depend on your interest rate and down payment. For example, at an interest rate of 6.00%, and a down payment of 20% ($170,000), your monthly payment would be $4,077. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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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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Monthly Income Calculator
Monthly Income Calculator
By SoFi Editors | October 28, 2025
Whether you get a paycheck weekly or every other week, it can be tough to keep tabs on what your total monthly earnings are. Fortunately, our monthly income calculator is here to help.
Use the calculator to see how your income adds up for the month, based on the hours you work per week. The calculator can help you keep track of the money you have coming in so that you can budget for your bills and expenses for the month — and direct some dollars into savings to help reach your financial goals.
Key Points
• The monthly income calculator helps track total monthly earnings.
• Estimation of monthly earnings is done by inputting average weekly hours worked and hourly wage rate.
• Understanding monthly income could potentially improve financial management, budget setting, expense tracking, savings, and debt repayment.
• There are generally three main types of income: active income, passive income, and portfolio/investment income.
• Popular methods of budgeting include the 50/30/20 budget, the envelope method, and zero-based budgeting, with each offering unique financial management benefits.
Calculator Definitions
When you use the calculator, there are different metrics you’ll need to fill in, plus the data the calculator gives you in return. Here are the terms to know before you get started.
Metrics to fill in:
Hours worked per week: This is the average number of hours you work each week. If your hours tend to vary — say you work 30 hours two weeks a month, and 35 the other two weeks of the month — simply add your weekly hours together and divide that number by four to get the average number of hours worked. In this example the formula would be:
30 + 30 + 35 + 35 = 130
130 hours / 4 = 32.5 hours.
Hourly wage: The amount you earn at your job per hour
Data the calculator provides:
Weekly income: This is your estimated weekly earnings. This amount comes from the information you entered into the calculator (your average hours worked per week plus your hourly wage).
Monthly income: Your estimated monthly earnings (before taxes and deductions) based on the information you input into the gross monthly income calculator. This is the full amount you earn, not your take-home pay.
How to Use the Monthly Income Calculator
Using the monthly income calculator is quick and easy. Just follow these simple steps:
1. With the calculator’s sliding scale tool, which ranges from 1 to 80, choose the average number of hours you work per week.
2. Enter your hourly wage.
3. The calculator will instantly show you both your estimated weekly and monthly earnings.
4. As the last step, you can use SoFi’s money tracker to help keep tabs on your financial information, set budgets, and track spending and savings.
Recommended: 14 Budgeting Questions to Ask
Benefits of Using a Monthly Income Calculator
Using a monthly income calculator can help you manage your finances. Knowing exactly how much you make each month allows you to keep track of how much cash you have coming in, the amount you’re spending, and how much you’re saving.
That, in turn, can help you set achievable goals for spending, saving, and paying off debt, which can give you more control over your finances.
A monthly calculator also gives you a realistic view of your financial situation, helping you understand what you can afford so that you don’t overspend. In fact, once you see the total amount of monthly income you have, you might decide that you want to cut back on certain expenses to pay off credit card debt faster, for example, or put a little extra money into your savings account.
Finally, knowing your monthly income can be helpful in specific instances, such as when you’re applying for a loan or a credit card.
💡 Quick Tip: What is credit monitoring good for? For one, maintaining a high credit score can translate to lower interest rates on loans and credit card offers with more perks.
How to Use Monthly Income Calculator Data to Your Advantage
You can use the information from the monthly income calculator to keep tabs on how much money you have coming in so that you can be more intentional about how you spend and save it. One way to do this is by creating a monthly budget using the data from the gross monthly income calculator. If you’re new to budgeting and not sure how to make a budget, there are several different methods to choose from.
For example, with the 50/30/20 method, the largest chunk of your money goes toward needs vs. wants. That means 50% of your income is allocated to needs such as rent, groceries, utilities, and bills; 30% goes toward wants such as entertainment and eating out; and the remaining 20% goes into savings.
Or there’s the envelope method, which involves creating spending categories and dedicating an envelope to each one with a certain amount of cash inside it for the month. Once the cash in the envelope is gone, you can’t spend anything more on that category until the next month rolls around (though you can borrow money from another spending category in a pinch).
Another one of the popular types of budgeting methods is the zero-based budget. The way it works is that you assign each dollar a purpose, whether it’s for rent, bills, savings goals, or discretionary items. The idea is to allocate every dollar so that no money is unaccounted for. Ideally, you meet all your needs and cover every expense, and also direct some money toward savings.
You could also use an online budget planner if you don’t want to keep track of your savings and spending on paper or with spreadsheets. That way your financial info is always at your fingertips and easy to access, no matter where you are.
Recommended: 10 Most Common Budgeting Mistakes
What Is Monthly Income?
Monthly income is the money you earn every month from a job or jobs, as well as other earnings you may have, such as overtime pay, a bonus or commissions, or income from a side hustle. Monthly income also includes earnings like interest on money in a savings account and dividends on any investments you may have.
There are different kinds of income, and they could factor into your monthly income equation.
Types of Income
There are three main types of income: active or earned income, passive or unearned income, and portfolio or investment income.
Active income is the money you earn by working. It includes your regular salary as well as any commissions, tips, and overtime. Active income also includes earnings from freelance work or a side hustle.
Passive income is money you earn without working a job for it. Passive income includes things like money you earn on an apartment you’re renting out, unemployment benefits, and Social Security benefits.
Portfolio income is money earned from your savings or investments. Interest you earn from money on a savings account is considered portfolio income, as is dividends earned on an investment.
Examples of Income Streams
An income stream is a regular flow of income that comes from one or more sources. As noted above, there are different types of income, and different types of income streams from each one. Here are some examples.
Active/earned income streams include:
• Salary from a full-time job
• Income from a part-time job or side hustle
• Bonuses
• Commissions
• Tips
Passive/unearned income streams include:
• Rental income
• Child support
• Unemployment
• Social Security
• Workers compensation
Portfolio/investment income streams include:
• Interest earned on a savings account, certificate of deposit (CD), or money market account
• Dividends earned on an investment like a stock or mutual fund
Income Calculation Tips
Once you’ve used our monthly income calculator to compute your gross monthly income earned from your job, you can add to that number any additional active, passive, or portfolio income sources you may have, as noted above.
If you earn tips, for instance, be sure to total up your tips for the month and add that sum to your salary. The same goes for any other type of income generated monthly, like interest on the money in your savings account or alimony payments.
Think about all the income streams you have, and include them in your total income for the month in question. Did your neighbor down the street pay you for walking their dog while they were on vacation? Add that figure to the mix. Did you sell some books you no longer need? That counts, too. You may have more income than you think you do!
The Takeaway
Knowing your monthly income can help you manage your finances and plan for your financial goals. By using a monthly income calculator to determine exactly how much money you have coming in each month, you can set up a budget to track your spending and saving.
Besides making sure all your monthly expenses are covered, you can also allocate money to pay off debt, or to put in savings for a down payment on a house or your retirement fund. Just be sure to count all the different types of income you have.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights—all at no cost.
See exactly how your money comes and goes at a glance.
FAQ
What is a monthly income calculator and how does it work?
A monthly income calculator calculates the income you earn in a month. Knowing exactly what you earn can help you keep track of the money you have coming in, the amount you’re spending, and what you’re saving. The calculator is easy to use — just plug in the average number of hours you work per week and your hourly pay, and the calculator instantly quantifies how much you earn per week and per month.
Can a monthly income calculator convert my annual or hourly salary into a monthly figure?
To convert your hourly salary into your monthly income, just input the average number of hours you work per week and your hourly pay into the calculator, and it will instantly give you your monthly income. To convert your annual salary into a monthly figure, simply divide your annual salary by 12 to get your monthly income.
How does the calculator account for different types of income, such as from multiple jobs or self-employment?
To use the calculator to figure out your income from multiple jobs or self employment, you can do different quick calculations for each job and then add them together to get the total. For example, if you earn $20 an hour and work an average of 30 hours a week at one job, input that information into the calculator to get the total, which is $2,400 a month. Then do the same for any other job you have — maybe you tutor for 10 hours a week for $22 an hour, for a total of $880 a month — and add the amounts together for an overall total. In this example, the overall monthly total would be $3,280.
Can I use the calculator to see the impact of a raise on my monthly pay?
Yes, you can use our calculator to see how a raise will impact your monthly pay. First calculate your current gross monthly income based on your current salary and number of hours worked, and note the total. Then calculate your new gross monthly income with your raise along with the number of hours worked. Compare the new total to the old total to see how much extra you’ll earn per month.
Is the estimated monthly income from the calculator a guaranteed amount?
No. The estimated monthly income from the calculator is an approximate figure based on the information you plug into it. The results will vary depending on the average number of hours you work each week and your hourly wage. Your weekly income might fluctuate, depending on things like overtime pay, for instance. Also, it’s important to note that this calculator determines your gross monthly pay, meaning your pay before taxes and other deductions are taken out, not your monthly take-home pay.
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.
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SoFi Checking and Savings
Earn an up to $300 bonus.
Open a new SoFi Checking and Savings account and earn a $50 or $300 cash bonus with eligible direct deposit of $1,000 or more. Terms apply.*
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New and existing SoFi members who have never set up direct deposit with SoFi are eligible for our Direct Deposit Bonus. Bonuses are limited to one per SoFi Checking and Savings account. In the case of a joint account, only the primary account holder (the member who signed up first) is eligible for a bonus.
How do I earn the Direct Deposit Bonus?
1. Set up your first Eligible Direct Deposit. SoFi must receive it on or before 1/31/26.
2. Once SoFi receives and recognizes your first Eligible Direct Deposit, we will add up the Total Eligible Direct Deposits received over the next 25 calendar days. This total will determine the bonus amount.
| Total Eligible Direct Deposit | Bonus Amount | Timing |
|---|---|---|
| $1.00 – $999.99 | $0 | To determine your bonus amount, SoFi will add up all your Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit. |
| $1,000.00 – $4,999.99 | $50 | |
| $5,000.00 or more | $300 |
3. You will receive the bonus amount in your SoFi Checking account within 7 business days of completing all requirements listed above. You are only eligible to receive one bonus amount. You must have an open SoFi Checking account in good standing at the time of the bonus payment.
What is an Eligible Direct Deposit?
Eligible: Recurring ACH deposit of regular income to your SoFi Checking or Savings account…
Not Eligible: Deposits that are not from an employer…
Although we do our best to recognize all Eligible Direct Deposits…
What else is important to know?
This promotion is available between 12/7/2023 at 12:01AM ET…
SoFi reserves the right to exclude any members…
SoFi members with Eligible Direct Deposit activity can earn…
Bonuses are considered income and may be reportable…
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Snap, submit, and you’re done. Mobile deposits take only a few minutes. No bank visits or envelopes required.
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Enter the check amount and choose if you want to deposit into your checking or savings account.
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Funds aren’t typically available instantly. Most clear within 1–5 business days. For faster access to money, consider setting up direct deposit with SoFi.
Timing varies, but funds usually clear within 1–5 business days. You’ll get an estimate in the app once you submit your deposit.
Make sure you have at least $500 deposited into your account to unlock mobile check deposit. You can transfer the funds using your paycheck (by setting up direct deposit) or through an external bank transfer.
With mobile deposit, you’re able to deposit funds into your SoFi bank account by simply taking photos of the front and back of the check. This means you never have to take your check to a physical bank and can make deposits from the comfort of your home.
Mobile check funds are available within 1-5 business days (more information here). Once you submit your mobile deposit, you’ll see more detailed information on when you can expect the funds.
You always need to endorse a check before you can deposit it. When depositing into SoFi, we require that you write the following after your signature: ‘For deposit to SoFi Checking & Savings’.
It’s a good practice to keep your check for 30 days after you deposit it, or at least until you see the funds added to your account. After you see the money in your account, destroy the check or mark it void.
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Car Prices Lay a Debt Trap as More Borrowers Fall Behind
Buying a car in the post-pandemic economy is expensive, and the data shows it’s catching up with people. A growing share of auto loans are going unpaid, with over 5% of all balances at least 90 days overdue in the third quarter, according to the latest analysis by the Federal Reserve Bank of New York. That’s the most for any quarter since 2020.
Americans are falling behind for multiple reasons, but the biggest is simply how quickly car prices have risen. In September, the average buyer paid over $50,000 for a new car — a record high and a good $10,000 more than they did in 2020. Analysts said tariffs have begun to work their way through the supply chain, though the average price was also inflated by a rush to buy pricier EVs before tax incentives expired at the end of September.
The spike in cost has had major ripple effects on financing, too. With monthly loan payments increasingly topping $1,000 a month, a growing number of people are opting to extend their loans in order to avoid that expense. In the second quarter, a record 22% of shoppers opted for seven-year loans rather than the more typical three- to five-year term, according to Edmunds data.
Not only do borrowers pay more overall interest when they extend their loan, but the longer the loan, the higher the interest rate tends to be. (Fewer financing incentives have also driven auto loan rates up — despite the fact that the Federal Reserve has started cutting benchmark rates.)
So what? Auto loans are often a necessity, given that many people can’t afford to buy a car outright and 45% of Americans lack access to public transportation. But there are risks, especially these days.
Since vehicle values decline with age, carrying debt on a car for an extended period puts you at greater risk of owing more on the loan than your car is worth. An underwater car loan can be especially problematic if you and your car part ways before you’ve paid it off. That was the case for more than one in four auto trade-ins in the second quarter of this year. When borrowers financed the remainder of their old loan with their new vehicle, it resulted in an extra large payment.
If you’re struggling to make your auto loan payments, contact your lender or servicer as soon as possible to see whether an arrangement can be made. You may be able to work something out before any missed payments damage your credit score — or force you to surrender your vehicle.
It’s also worth exploring your refinancing options. (SoFi’s marketplace helps you compare lender quotes quickly.) And remember: There are broader economic dynamics at play here. Rapidly rising prices, financing rates, insurance premiums and repair costs have made it harder for people to predict the cost of car ownership. Plenty of other people have also been caught off guard.
If you’re getting ready to buy a vehicle, here are some important things to keep in mind:
• Shop far and wide: Don’t be afraid to take a road trip to search for more affordable cars. And check with as many lenders as you can to make sure you’re getting the best rates.
• Prepare for dealership jiu-jitsu: You’re paying tens of thousands of dollars, so now’s the time to speak up. Try to negotiate incentives and question any markups you didn’t request. You may be surprised by how effective you are.
• Explore selling your car rather than trading it in: The used car market is hot right now, and you’ll often get more money selling directly than by trading it in to a dealership, according to Edmunds. Check your car’s resale price and what dealers are offering, just to be sure.
• Buy American-made to claim the new interest deduction: Through 2028, eligible borrowers can deduct up to $10,000 in auto loan interest on their taxes if they buy a new U.S.-made vehicle.
• Consider all of your auto-related costs: If you’re taking on a bigger car payment — or a first car payment — don’t forget there’s more to it than that. Make sure you can afford car insurance, repairs and maintenance, gas, and registration fees.
Related Reading
Take Control of Your Auto Loan (Consumer Financial Protection Bureau)
Cost of Car Ownership Calculator (Edmunds)
Should You Refinance Your Auto Loan or Trade in Your Car? (SoFi)
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