Free West Virginia Home Mortgage Loan Calculator
West Virginia Mortgage Calculator
By SoFi Editors | Updated September 26, 2025
Finding the right home for you is a challenge, but fitting it into your budget can be even more difficult. Fortunately, the West Virginia mortgage calculator can make the process simpler and less stressful. This valuable resource for prospective homebuyers gives you estimates of the monthly payments and total costs for a given home loan once you enter a few relevant details. Having this information at your fingertips helps you get a clear picture of how different options will fit into your budget now and for years to come. Let’s explore how it works.
Key Points
• New and experienced homebuyers can use the West Virginia mortgage calculator to estimate what different mortgages would cost in monthly payments and over the entire lifetime of the loan.
• So that your mortgage is affordable, lenders typically prefer that your monthly mortgage payment be 28% or less of your gross monthly income.
• If you put down a down payment of 20% or more, you may be able to avoid the need to pay private mortgage insurance (PMI).
• A 15-year loan term usually means higher monthly payments but lower interest costs overall than you’d get with a 30-year term.
• There are homebuyer assistance programs in West Virginia that can make homeownership more affordable for first-time buyers and others.
West Virginia Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price that you and the home seller agree upon after negotiations. Chances are it will not be the same as the original listing price or your first offer.
• Down payment: This is the lump sum you’ll pay upfront. It’s usually expressed as a percentage of the total purchase price, and most buyers put down between 3% and 20%. If you can afford the latter amount, you may be able to avoid private mortgage insurance (PMI). Down payment assistance programs for first-time homebuyers (and sometimes others) may be able to provide some financial help.
• Loan term: This is the period of time over which you’ll repay your home loan. Most home loans have either 30-year or 15-year terms.
• Interest rate: This is the cost of borrowing your loan money, expressed as a percentage of the loan amount.
• Annual property tax: This is the tax local governments levy on land and buildings. It’s usually expressed as a percentage of the property’s assessed value. To find the local tax rate where you’re buying a home, search online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: This is the amount you will pay back to your lender each month. The monthly payment shown by the West Virginia mortgage calculator includes what you would pay toward the principal and interest each month, with property tax added in if you input your tax rate. Other costs, such as homeowners insurance, private mortgage insurance (PMI), and homeowners association (HOA) fees, might also be included in your payment in some cases.
• Total interest paid: This is the sum of all the interest you will pay over the life of the loan.
• Total loan cost: This is the complete amount you’ll repay for the loan, including both principal (the amount you originally borrowed) and total interest paid.
How to Use the West Virginia Mortgage Calculator
This mortgage calculator is free, won’t affect your credit score, and couldn’t be simpler to use. Here are step-by-step directions.
Step 1: Enter Your Home Price
Input the final home price that you and the seller have decided upon together.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price that you will pay upfront in a lump sum. A down payment calculator can help you figure out how large a percentage will work for you.
Step 3: Choose a Loan Term
Select the timeframe in which you’ll repay your mortgage. The most common loan terms are 30 years and 15 years.
Step 4: Enter an Interest Rate
Enter your desired interest rate to the second or third decimal point. If you’re looking at particularly expensive properties, it’s a good idea to check the rates likely to be available for a jumbo loan so that you can arrive at a more realistic estimate.
Step 5: Add Your Annual State Property Tax
Enter the percentage of your home’s value that you will pay each year to the local government. If your tax rate is 0.48%, for example, input 0.48.
Benefits of Using a Mortgage Payment Calculator
The West Virginia mortgage loan calculator can help you determine how affordable a home loan would be for you. When you enter basic information about a loan you’re considering, like the amount, interest rate, and loan term, this online tool can estimate the monthly payments and total interest costs. If you’ve provided information about your tax rate, it will incorporate taxes into its calculations, too. You can also use it to adjust factors like your loan term or interest rate, for example, to see how those changes would influence affordability. Being able to access this information quickly and simply is essential when you’re looking for the right loan for you.
The West Virginia mortgage calculator is designed for fixed-rate mortgages. If you decide on a type of mortgage loan that comes with a variable interest rate, you can still use this calculator to estimate your mortgage costs, but be aware that the results 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 West Virginia, the median sale price of a home is about $248,200 as of late 2025. If you buy a house at that price, putting 20% down and financing the rest with a 30-year mortgage at 7.00% interest, your monthly payment for principal and interest would be about $1,321.
How affordable is that? Lenders usually advise that homebuyers pay no more than 28% of their monthly income on mortgage payments and spend 36% or less on all debt. Following that rule, you’d need an annual income of at least $56,614 to afford this house. Bear in mind we haven’t factored in tax or homeowners insurance, and that, per the rule, you’d have just about $377 a month to spend on nonmortgage debt, which could include those costs as well as car loans, credit card bills, and student loans, for instance.
There are other ways you can evaluate affordability, too. You can use a home affordability calculator, which will allow you to enter a variety of costs that might be bundled with your principal and interest in your monthly payment, to get a more individualized estimate of how expensive a home purchase your budget allows. It can also be useful to go through the mortgage preapproval process with your potential lender to get an idea of how large a loan you can afford.
Components of a Mortgage Payment
Your monthly mortgage payment goes mainly to pay back principal (the amount you borrowed) and interest. Additionally, your monthly payment may include funds toward your property tax, which the West Virginia mortgage calculator will factor in if you enter your tax rate. In some cases the payment may cover homeowners insurance, depending on the terms of your loan. If HOA fees or PMI payments are relevant, they may be added in as well.
What precisely your mortgage payment will cover also depends on the type of mortgage loan you choose, and specialized calculators may be helpful. If you’re taking out an FHA loan — guaranteed by the Federal Housing Administration (FHA) — consider using 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 exploring 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 West Virginia
Your area’s cost of living greatly impacts its affordability, affecting not just housing but also other costs such as transportation, utilities, and groceries, to name just a few. Fortunately, West Virginia’s is almost 12% below the national average, making it one of the best affordable places in the U.S. It’s true that the cost of living can vary in different parts of the state. However, the Council for Community and Economic Research’s Cost of Living Index (COLI), which compares the cost of living in major metro areas against a national average of 100, rated Charleson at 84.1, meaning that even the state’s capital is quite affordable.
Recommended: Average Monthly Expenses for One Person
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
As you explore your choices with the West Virginia mortgage calculator, you may wonder if there are ways to whittle down your monthly payments a bit more. These tips may help.
• Pull together a larger down payment. If you can pay more upfront, you may be able to bypass PMI costs and possibly even secure better loan terms.
• Improve your credit score. The higher your score, the more likely you are to qualify for favorable interest rates, which translate to lower payments.
• Shop around for the best rates. Lenders’ offers often vary, so casting a wide net to find the most competitive interest rates can pay off.
• Research down payment assistance programs. If you haven’t owned a home in the past three years, you may qualify as a first-time homebuyer for one of these programs, which can help you with down payment costs and lower monthly payments.
• Appeal your property tax assessment. If you believe your assessed house value is too high, you can appeal to your tax authority.
• Lower your insurance costs. Try raising your deductible, bundling policies for a discount, or checking around to see if other insurers will offer lower premiums.
• Consider a mortgage refinance. If you have a mortgage now and a refi would lower your rate or extend your term, you might be able to lower your monthly payments.
West Virginia First-Time Homebuyer Assistance Programs
If you’re buying your first home, you may qualify for assistance programs covering initial home-buying costs. The good news, if you’re not a first-timer, is that as long as you haven’t owned a primary residence in the last three years, you’re still likely to be eligible. Homebuyer assistance programs from the West Virginia Housing Development Fund and local organizations offer low-interest loans and help with down payments and closing costs. Take advantage of these programs if you qualify to ease the initial financial strain of homeownership.
The Takeaway
The West Virginia mortgage calculator is an indispensable tool for anyone considering a home loan in this state. It helps you estimate monthly payments, assess the total cost of a mortgage, and understand how alterations in factors like your down payment, interest rate, and loan term can impact your financial obligations. Whether you’re a first-time homebuyer or an experienced homeowner, this calculator can provide you with valuable insights as you navigate the complexities of buying a home.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How does my credit score affect my mortgage loan interest rate?
Lenders use your score to assess how risky it might be to extend a loan to you. A higher credit score generally indicates creditworthiness and means that you’ll be offered a lower interest rate, which has the potential to save you thousands over the life of the loan.
What are principal and interest on a mortgage loan?
The principal on a mortgage is the original amount you borrowed. The interest is the cost of borrowing and is generally expressed as a percentage of the loan amount.
How much should I put down on a mortgage?
Down payment amounts can vary. On the higher end, conventional loans often require 20% if you want to avoid paying private mortgage insurance (PMI), though you may be able to put down as little as 3% if you are willing to pay PMI. On the lower end, FHA loans may allow 3.5% down payments, and VA loans sometimes require no down payment.
Should I choose a 30-year or 15-year mortgage term?
The loan term you should choose depends on your finances and your priorities. A 30-year mortgage offers lower monthly payments but costs you more in interest over time. A 15-year mortgage has higher payments but saves you money on total interest and builds equity faster.
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-Q325-120
Get prequalified in minutes for a SoFi Home Loan.
Free Rhode Island Home Mortgage Loan Calculator
Rhode Island Mortgage Calculator
By SoFi Editors | Updated September 22, 2025
Getting a mortgage in Rhode Island is a big step toward your home purchase. Use this mortgage calculator to figure out the monthly payment amount and total interest cost for your home purchase. Try out different purchase prices and down payments to find out how each of these factors affect the total loan price. Whether you’re a first-time homebuyer in Rhode Island or a seasoned property owner, the calculator provides valuable insights to help you come up with figures that are right for your budget and goals.
Key Points
• Use the Rhode Island mortgage calculator to help you estimate the monthly payment and total cost of borrowing money to buy a home.
• Learn key terms like total interest paid, and how that figure can help you compare scenarios and mortgage offers.
• In general, your monthly mortgage payment should not exceed 28% of your gross monthly income.
• Rhode Island first-time homebuyer programs offer down payment and closing cost assistance.
• There are ways to reduce your mortgage payments, such as bundling insurance policies with your homeowner insurance provider to get a discount.
Rhode Island Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price agreed upon 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 mortgage, 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 more interest paid over time. A Rhode Island mortgage calculator can help you compare how different loan terms affect your monthly payments.
• Interest rate: The interest rate is the cost of borrowing money. 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: Local governments charge property tax on your land and buildings within guidelines set by your state. To find your property tax rate, go online and search for the town, county, or ZIP code where the property is located and the phrase “effective property tax rate.”
• Monthly payment: The monthly payment includes the loan’s principal and interest. This calculator also factors 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, having a lower interest rate, or a shorter loan term, you can reduce your total interest paid.
• Total loan cost: The total loan cost is the entire price you will pay for the loan, including the principal that you repay and the interest.
How to Use the Rhode Island Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon cost of the property.
Step 2: Select a Down Payment Amount
Specify your down payment. Refer to a down payment calculator to help you understand the impact of different down payment amounts on your monthly mortgage bills. A larger down payment can reduce your monthly costs by eliminating the need for PMI.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Common terms include 30-year and 15-year fixed-rate mortgages. A 30-year fixed mortgage offers lower monthly payments than a 15-year mortgage at the same rate, but results in more interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point, such as 6.75%. The interest rate significantly affects your monthly payments and the total interest you’ll pay over the life of the loan.
Step 5: Add Your Annual Property Tax
Enter the home’s property tax rate as a percentage. For example, type 1.2 if the rate is 1.2%.
Benefits of Using a Mortgage Payment Calculator
A Rhode Island mortgage calculator helps you estimate how much house you can afford and provides a clearer picture of what your monthly costs would be. It estimates these payments based on loan amount, interest rate, and term, and factors in the property taxes you’ll pay as well. A Rhode Island mortgage calculator is particularly helpful if you’re buying your first home, as it allows you to play with different scenarios (for example by raising or lowering the down payment amount). Using a mortgage calculator allows you to consider multiple scenarios and avoid surprises.
If you’re considering a home loan guaranteed by the Federal Housing Administration (FHA), try using an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator will be useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Deciding How Much House You Can Afford
In Rhode Island, the median home sale price in mid-2025 was $516,000, according to Redfin. That’s almost 17% higher than the national median home sale price of $443,000. Meantime, Rhode Island has some of the highest property taxes in the U.S., so you will want to consider these factors as you decide how much you can afford.
Lenders suggest a mortgage payment not exceed 28% of your gross monthly income. You’d need to earn an annual income of about $114,557 if you were looking to afford a $500,000 home, with a 20% down payment ($103,200), a 30-year mortgage at 7.00%, and an average Rhode Island property tax rate (1.39%).
Because lenders typically recommend that you keep total debt payments under 36% of your gross monthly income, your other monthly debts shouldn’t exceed $764 in this case.
Another way to determine your housing budget in Rhode Island is to work backward from your income, using a home affordability calculator, which will take into consideration other debts you may have, such as a car loan or student loan payment.
You could also go through the mortgage preapproval process with a lender. You would provide detailed financial information and the lender would preapprove you, if you qualify, for a loan amount.
Recommended: Average Monthly Expenses for One Person
Components of a Mortgage Payment
A mortgage payment includes principal (the amount borrowed) and interest (borrowing cost). This Rhode Island mortgage calculator also includes property tax, because many lenders like taxes to be paid as part of the monthly payment. If your down payment is below 20%, you’ll likely also pay PMI. Some lenders also include home insurance and HOA fees in the payment.
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 Rhode Island
The cost of living in Rhode Island is relatively high compared to the average in the U.S., making it important to carefully consider your budget when buying a home. Basically, the cost of living reflects how much you can afford in a certain area, so a dollar spent in Providence would go further than a dollar spent in a major city like New York or Los Angeles. Higher cost of living areas typically have higher average home prices, utilities, home maintenance, transportation, and other necessities.
The cost of living index (COLI) helps you figure out how much money it takes for you to maintain a basic standard of living in a given place. A COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive.
Rhode Island’s 2024 COLI was 110.6, according to the Council for Community and Economic Research’s Cost of Living Index, in line with nearby Connecticut’s COLI, which was 112.7 but more affordable than neighboring Massachusetts, which has one of the highest cost of living figures at 141.2. For context, New York and California have some of the highest 2024 COLIs of 125.1 and 142.3, respectively.
To further help you understand the cost of living in Rhode Island, Providence’s 2024 COLI was 112.2, while nearby Boston’s was 145.9 and Hartford’s was 101.4. Consider the Rhode Island cities of Ashaway, Coventry, and Warwick as you look at some of the best affordable places in the U.S. for homeownership.
| Rhode Island Cities’ Cost-of-Living Stats | |
|---|---|
| Providence | 112.2 |
| Ashaway | N/A |
| Coventry | N/A |
| Warwick | N/A |
Recommended: The Cost of Living in the U.S.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
As you explore your monthly bills, you may wonder how you can reduce your mortgage payment. Here are some tips:
• Request that your lender drop PMI once you reach 20% home equity.
• Recast your mortgage by making a lump-sum payment toward the principal and asking your lender to recompute your payments.
• Review your property taxes regularly. If you think your property taxes are too high, go to your city or town assessor’s office (or local Board of Tax Assessment Review), and ask about the appeals process.
• Consider requesting a loan modification if you are experiencing financial hardship.
• Explore a mortgage refinance if interest rates are lower than your current rate. (Don’t forget to factor in closing expenses when you compare overall costs.)
• Extend your loan term to reduce the amount of your monthly payment.
• Shop for cheaper homeowners insurance by adjusting your deductible or bundling policies.
Rhode Island First-Time Homebuyer Assistance Programs
If you’re buying your first home, financial help is available. Pursue Rhode Island first-time homebuying assistance programs. Check with RIHousing, the state agency that administers housing programs, some of which provide low-interest mortgage loans and other financial assistance. Keep in mind, to qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
A Rhode Island mortgage calculator can empower you to make smart home purchasing decisions by showing you the financial implications of different scenarios. Especially for first-time homebuyers, this tool can help you make well-informed choices about your home loan options and ensure that your mortgage fits 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
What is a mortgage payment?
A mortgage payment is typically a monthly payment and includes principal and interest. It sometimes includes charges for property taxes and homeowners insurance, too. If a borrower is required to have mortgage insurance, that may also be included. The principal reduces the outstanding loan balance, while interest is the cost of borrowing.
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. You will need a 620 score to qualify for a home loan, and typically 700 and above to qualify for the lowest interest rates.
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 $500,000, 30-year mortgage?
The cost of a $500,000 mortgage with a 30-year term will depend on your interest rate and a down payment. At an interest rate of 6.00%, and a down payment of 20% ($100,000), your monthly payment would be $2,398. This estimate includes principal and interest but not property taxes, insurance, or other fees.
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-Q325-111
Get prequalified in minutes for a SoFi Home Loan.
Free Pennsylvania Home Mortgage Loan Calculator
Pennsylvania Mortgage Calculator
By SoFi Editors | Updated September 22, 2025
The process of finding a home and getting a mortgage in Pennsylvania can be smoother when you use online tools such as this mortgage calculator. The calculator uses your chosen home price, down payment amount, interest rate, loan term, and property tax percentage to provide you with an estimate of your monthly payment amount, total interest paid, and total loan cost. Playing with different combinations of down payment amount, rate, and term can help you get a feel for how these choices impact your payments. Here, get tips on how to use a mortgage calculator for maximum benefit.
Key Points
• A mortgage calculator can estimate monthly payments, total interest, and overall loan costs.
• Input home price, down payment amount, loan term, interest rate, and property tax rate.
• First-time buyers may want to consider down payment assistance programs.
• The calculator is useful in planning your budget for a home purchase.
• Explore different loan scenarios to find the best fit.
Pennsylvania Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the purchase price agreed upon with the home seller. Input this figure to estimate monthly payments, including principal, interest, and other costs.
• Down payment: The down payment is the upfront amount you’ll pay. A larger down payment can reduce your home loan amount. If you hit 20%, you may avoid private mortgage insurance (PMI).
• Loan term: The loan term is the time period you have to repay the mortgage — buyers often choose 15 or 30 years. A shorter term means higher monthly payments but less total interest paid.
• Interest rate: The interest rate is the cost of borrowing, expressed as a percentage of the loan amount. A higher credit score can help secure a lower interest rate. The type of mortgage loan also has an impact on rates.
• Annual property tax: Property tax is a percentage of your home’s value levied each year by local governments.
• Monthly payment: The monthly payment includes principal, interest, and property tax. Some buyers will also pay for home insurance, PMI, and even homeowners association (HOA) fees as part of their monthly bill.
• Total interest paid: Total interest paid is the amount of interest over the loan’s lifetime. Reduce it by making a larger down payment, prepaying, or refinancing to a lower rate.
• Total loan cost: Total loan cost includes the principal and all accrued interest. Use the calculator to estimate this cost and align it with your financial plan.
How to Use the Pennsylvania Mortgage Calculator
Step 1: Enter Your Home Price
Type in the agreed-upon purchase price of the property.
Step 2: Select a Down Payment Amount
Choose how much of the home price you will pay upfront. (A down payment calculator can show you what percentage your payment would be.) A larger down payment lowers your loan amount and reduces your monthly payment and total interest paid.
Step 3: Choose a Loan Term
Select the length of time to repay the mortgage, anywhere from 10 to 30 years. A longer term lowers monthly payments but increases total interest.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. Lower rates reduce monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage of your property’s market value for annual property tax. Pennsylvania’s effective property tax rate averages 1.19%. For the specific percentage in your area, search online for the property’s town, county, or ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a powerful tool for prospective homebuyers, helping you assess how much house you can afford before you start house hunting, or allowing you to zero in on the right combination of down payment amount and loan term before committing to a mortgage. If you’re buying your first home, especially, you’ll want to spend some time running different scenarios to see how changing the down payment amount and loan term might affect your costs.
Buyers considering a home loan backed by the Federal Housing Administration will want to use an FHA mortgage calculator, which will factor in the upfront and ongoing mortgage insurance premium that comes along with loan type.
Similarly, a VA mortgage calculator is useful for those considering a loan backed by the U.S. Department of Veterans Affairs.
Deciding How Much House You Can Afford in Pennsylvania
In mid-2025, the median Pennsylvania home price was $325,000, according to Redfin. Lenders advise that mortgage payments should not exceed 28% of gross monthly income. To afford a $325,000 home with a 20% down payment ($65,000), you’d need about $78,000 in annual income. This assumes you obtain a 30-year mortgage at 7.00% interest, resulting in a $1,730 monthly payment, including property tax and home insurance. It also assumes you aren’t already making payments on debts such as a car loan or student loan, in which case you would need to earn more. You can use the mortgage calculator to run different scenarios, typing in various home prices, down payment amounts, and loan terms to see how these factors affect your costs.
You can also work backward from your income, using a home affordability calculator to compute your budget. This calculator takes into account other debts you may have. If you’re getting serious about a home purchase, you might want to proceed to the mortgage preapproval process, which can give you a fairly precise estimate of how much borrowing power you have. You’ll provide detailed financial information to a lender and learn what loan size 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 amount borrowed, and interest is the cost of borrowing. The calculator also factors in property tax, determined by the local government as a percentage of your home’s value. Your monthly payment may include home insurance premiums, PMI if your down payment is less than 20%, and homeowners association (HOA) fees if applicable.
Recommended: Do You Qualify as a First-Time Homebuyer?
Cost of Living in Pennsylvania
The cost of living in Pennsylvania can vary widely depending on the area, but the state’s overall cost of living index is 97.2, putting it below the cost of living in the U.S. as a whole.
Higher cost of living regions typically have higher average home prices — some properties in Pennsylvania will require a jumbo loan. These areas also tend to have increased costs for utilities, home maintenance, transportation, and other necessities.
Fortunately, some of the best affordable places in the U.S. are located in Pennsylvania: York, Scranton, and Bethlehem all make the list. The chart shows how different cities in the state stack up on a cost-of-living index where 100 is the national average, according to data from the Council for Community and Economic Research.
| 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 |
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Homebuyers in Pennsylvania want to do whatever they can to lower their mortgage payment — even after purchasing. Here are some things you can do to lower the payment after you have a mortgage:
• Request that your lender drop PMI once you reach 20% equity.
• Recast the mortgage by paying a lump sum toward the principal and asking the lender to recompute your payments.
• Consider a mortgage refinance if loan rates have dropped significantly or your credit score has taken a big step up. Make sure you factor in closing costs when determining whether or not to refi.
• Appeal your property taxes to lower them. If you’ve made significant home improvements, use caution: Sometimes requesting a new evaluation can result in higher taxes.
• If you’re experiencing financial hardship, reach out to your lender to modify the loan.
• Extend the loan term to reduce monthly payments.
• Lower your homeowners insurance premiums by taking a higher deductible or bundling policies.
Pennsylvania First-Time Homebuyer Assistance Programs
If you’re buying your first home, down payment assistance programs can help cover initial costs such as the down payment and closing fees. To qualify, you must not have owned a primary residence within the past three years.
Pennsylvania first-time homebuyer programs are run by the Pennsylvania Housing Finance Agency and can include grants or low-interest loans. Exploring these options can help you find the support you need to make your first home purchase a reality.
Recommended: Average Monthly Expenses for One Person
The Takeaway
A Pennsylvania mortgage calculator is an indispensable tool for anyone considering homeownership. It helps estimate monthly payments, including principal, interest, and property taxes, and provides a comprehensive view of the financial commitment you would be making with your home purchase. Using the calculator can help you align your purchase budget with your financial goals, ensuring that you make a sound decision. Whether you’re a first-time buyer or trading up to your next property, these calculators offer valuable insights into the costs and savings associated with different mortgage scenarios.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What is a mortgage payment?
A mortgage payment typically includes a portion of the loan principal, plus interest and is usually made monthly. It often also includes property taxes, homeowners insurance, and sometimes mortgage insurance. If this is the case, the mortgage company places the funds paid for taxes and insurance into an escrow account and makes the tax and insurance payments when they are due. This will all be detailed in your mortgage agreement, so read that document carefully.
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 putting yourself in a difficult financial position. Don’t empty your emergency fund or stop making payments on other debt, for example. A qualified first-time homebuyer can sometimes put down just 3% toward the purchase price of a home. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill.
How can I get a lower mortgage interest rate?
If you’re obtaining the mortgage for the first time, try to improve your credit score, shop around and get rate quotes from multiple lenders, and consider government-backed loans. If you already have a mortgage, refinancing is the primary way to lower your rate.
How much is a $600,000 mortgage payment for 30 years?
The cost of a $600,000 mortgage with a 30-year term will depend on your interest rate. At an interest rate of 6.00%, for example, you would pay $3,597.30 per month. At 8.00%, the payment would rise to $4,402.59. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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Free Oklahoma Home Mortgage Loan Calculator
Oklahoma Mortgage Calculator
By SoFi Editors | Updated September 26, 2025
As you’re house hunting, use our Oklahoma mortgage calculator to help alleviate some of the stress. By using this mortgage calculator, you can learn the monthly payment amount and total interest cost for your home purchase. You can experiment with a variety of scenarios by plugging in different home prices, down payment amounts, and interest rates to see if the payments work for your financial situation.
Key Points
• Use our Oklahoma mortgage calculator to help you estimate the monthly payment and total cost of borrowing money to buy a home.
• The calculator includes principal, interest, and estimated property tax.
• In general, your monthly mortgage payment should not exceed 28% of your gross monthly income.
• Oklahoma first-time homebuyer programs offer down payment and closing cost assistance.
• There are ways to reduce your mortgage payments, such as bundling insurance policies with your homeowners provider to get a discount.
Oklahoma Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you’ve negotiated with the seller. This price may differ from the initial listing price and your first offer.
• Down payment: The down payment is the amount you plan to pay upfront. It’s often expressed as a percentage of the total home price. Buyers put down anywhere from 3% to 20%. Down payment assistance programs help some buyers gather the necessary funds.
• Loan term: The loan term is the length of time you have to repay the home loan. Common terms are 15 or 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and loan type.
• Annual property tax: The annual property tax is levied by local governments on land and buildings within their jurisdiction, and is expressed as a percentage of a property’s assessed value.
• Monthly payment: The monthly payment represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property taxes. This calculator does not include home insurance, private mortgage insurance (PMI), or homeowners association (HOA) fees.
• Total interest paid: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost is the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the Oklahoma Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon cost of the property.
Step 2: Select a Down Payment Amount
Specify your down payment. Refer to a down payment calculator to help you understand the impact of different down payment amounts on your monthly mortgage payments. A larger down payment can reduce your monthly payments and eliminate the need for PMI.
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 desired interest rate to the second or third decimal point, such as 6.75%. This rate significantly affects your monthly payments and the total interest you’ll pay over the life of the loan.
Step 5: Add Your Annual Property Tax
Enter the home’s property tax rate as a percentage. For example, type 1.2 if the rate is 1.2%. You can use the average effective tax rate for Oklahoma, which is .82%, or look up the specific rate for the property by searching its ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford and provides a clear picture of what your monthly costs would be. It estimates these payments based on loan amount, interest rate, and term, and factors in the property taxes you’ll pay as well. An Oklahoma mortgage calculator is particularly helpful if you’re buying your first home, as it allows you to play with different scenarios (raising and lowering the down payment amount, for example).
If the type of mortgage loan you choose has a variable interest rate, you can estimate your costs using this calculator, but the estimate will be less precise due to the fluctuations of a variable rate.
Deciding How Much House You Can Afford
In Oklahoma, the median home sale price in mid-2025 was $254,400 — well below the national median of around $443,000, according to Redfin. Working under the 28/36 rule that says your maximum mortgage payment should be 28% of your gross income, you’d need to earn at least $57,000 in annual income if you were looking to afford a $250,000 home, factoring in a 20% down payment ($50,000), a 30-year mortgage at 7.00%, and an average Oklahoma annual property tax rate of 0.85%. Your other monthly debts shouldn’t exceed 36% of your gross income, or in this scenario, $382.
Going through the mortgage preapproval process with a lender can also help you estimate what loan size and type you can afford.
Recommended: Average Monthly Expenses for One Person
Components of a Mortgage Payment
Your mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). Your monthly payment, on the other hand, may also include property tax, which is based on your home’s value. If your down payment is less than 20%, PMI may be required. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
If you are considering purchasing with the help of a Federal Housing Administration (FHA) loan, you will have an upfront and ongoing mortgage insurance premium to pay. Use an FHA mortgage calculator with this type of loan, which is still very affordable and popular with first-time buyers. Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.
Lastly, if you happen to be purchasing a higher priced 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).
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 Oklahoma
The cost of living reflects how much you can afford in a certain area. For instance, a dollar spent in Oklahoma City, would go further than a dollar spent in a major city like New York or Los Angeles. Higher cost of living areas typically have higher average home prices, utilities, home maintenance, transportation, and other necessities. You can refer to the cost of living index (COLI) to figure out how much money it takes for you to maintain a basic standard of living in a given place. For example, a COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive.
With a 2024 COLI of 86.0, Oklahoma is considered the most affordable state in the U.S., according to the Council for Community and Economic Research’s Cost of Living Index. Nearby states Texas and Kansas had 2024 COLI of 92.1 and 88.8, respectively.
As you consider purchasing a home in Oklahoma, this chart shows 2024 COLI figures for some of the major cities in Oklahoma:
| Oklahoma Cities’ Cost-of-Living Stats | |
|---|---|
| Edmond | 89.6 |
| Enid | 92.4 |
| Oklahoma City | 82.3 |
| Tulsa | 84.7 |
Source: Council for Community and Economic Research’s Cost of Living Index.
In fact, Edmond, Oklahoma, with a 2024 COLI of 89.6, is listed among the best affordable places in the U.S.
Use a home affordability calculator to go further in your planning by factoring in your income, debts, and local property costs. This tool can help you navigate the financial landscape of Oklahoma and ensure your home purchase aligns with your financial goals and constraints.
Recommended: The Cost of Living in the U.S.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
While home prices in Oklahoma are considered quite affordable compared to the national average, you still may be looking to reduce your monthly mortgage payment, because it’s a recurring expense. 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 regularly. If you think your property taxes are too high, go to your county assessor’s office and ask about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
Oklahoma First-Time Homebuyer Assistance Programs
If you’re buying your first home in Oklahoma, there are federal down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. To qualify, you must not have owned a primary residence within the past three years. On the state level, Oklahoma has a group of first-time homebuyer programs for Oklahoma residents.
For details and eligibility, go to the Oklahoma Housing Finance Agency (OHFA). You will see that some of the programs are geared toward first-time buyers, and some are tailored for individuals with low to middle incomes and for those employed in jobs that serve the community.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
An Oklahoma mortgage calculator is a powerful tool for first-time homebuyers. Use it to estimate monthly payments, including principal, interest, and property taxes, and to test different scenarios to determine the combination of home price, down payment, and interest rate that are appropriate for your situation. While a calculator offers valuable insights, you’ll also want to seek out a lender for a personalized assessment and to explore various loan options and down payment scenarios.
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. For the lowest mortgage interest rate, aim for a credit score of 700 or higher, which is well over the 620 score you’ll need to qualify for a home loan.
How much should my down payment be on a mortgage?
How much you put down should be what you feel comfortable with, taking into account your financial situation. A 20% down payment can help avoid having to have PMI and it could reduce monthly payments and overall loan cost. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home, while a repeat buyer may be able to contribute just 5%. To determine how much your down payment should be, review your entire financial picture and figure out what makes sense for you.
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 would the payment be on a $250,000, 30-year mortgage?
The cost of a $250,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For instance, at an interest rate of 6.00%, and a down payment of 20% ($50,000), your monthly payment would be $1,199. This estimate includes principal and interest but not property taxes, insurance, or other fees.
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-Q325-108
Get prequalified in minutes for a SoFi Home Loan.
Free North Dakota Home Mortgage Loan Calculator
North Dakota Mortgage Calculator
By SoFi Editors | Updated September 26, 2025
When you’re considering purchasing a home in North Dakota, understanding your potential mortgage payments is a big first step. A North Dakota mortgage calculator can provide clarity on what your monthly expenses might look like and assist you in making informed decisions. Try plugging in different purchase prices, down payment amounts, and loan figures to find out how each affects your budget before you commit.
Key Points
• The North Dakota mortgage calculator helps you estimate your monthly mortgage payments.
• Lenders prefer that monthly mortgage payments total no more than 28% of a homebuyer’s gross monthly income.
• Loan terms are typically 10 to 30 years and help govern overall costs.
• First-time homebuyer programs can help new buyers afford a down payment or closing costs.
• Tips for reducing mortgage payments after you own a home include dropping private mortgage insurance, refinancing, or appealing property taxes.
North Dakota Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you’ve negotiated with the seller. This price may differ from the initial listing price and your first offer.
• Down payment: The down payment is the amount you plan to pay upfront. It’s often expressed as a percentage of the total home price. Buyers put down anywhere from 3% to 20%. Down payment assistance programs help some buyers pull together the necessary funds.
• Loan term: The loan term is the length of time you have to repay the home loan. Common terms are 15 or 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and loan type.
• 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 represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property taxes. Our calculator does not include home insurance, private mortgage insurance (PMI), or homeowners association (HOA) fees, which may also be rolled into your monthly payment.
• Total interest paid: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the North Dakota Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon cost of the property.
Step 2: Select a Down Payment Amount
Specify your down payment. Refer to a down payment calculator to help you understand the impact of different down payment amounts on your monthly mortgage payments. A larger down payment can reduce your monthly payments and eliminate the need for private mortgage insurance (PMI).
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Common terms include 30 years and 15 years. A 30-year mortgage offers lower monthly payments than a 15-year mortgage at the same rate, but results in more interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point, such as 6.75%. This rate significantly affects your monthly payments and the total interest you’ll pay over the life of the loan.
Step 5: Add Your Annual Property Tax
Enter the home’s property tax rate as a percentage. You can use the average effective tax rate for North Dakota, which is .99%, or look up the specific rate for the property by searching its ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A North Dakota 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 North Dakota
In North Dakota, the median home sale price in mid-2025 was $350,000 — well below the national median of around $443,000, according to Redfin. The 28/36 rule suggests that your maximum mortgage payment be under 28% of your gross income. You’d need to earn at least $80,000 in annual income if you were looking to afford a $350,000 home, factoring in a 20% down payment ($70,000), a 30-year mortgage at 7.00%, and an average North Dakota annual property tax rate at 0.99%.
Under these guidelines, your other monthly debts shouldn’t exceed 36% of your gross income, or $535 in this scenario. Use an affordability calculator to estimate how much home you can afford based on your income and other factors. Going through the mortgage preapproval process with a lender can also help you estimate what loan size and type of loan you can afford.
Recommended: Average Monthly Expenses for One Person
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The primary components that a mortgage payment pays for are the principal that the homebuyer borrowed and the interest the lender charges on that principal. Our North Dakota mortgage calculator also factors in property tax, which is often included as part of your total monthly payment to the lender. Your monthly payment is also likely to cover homeowners insurance costs and may also include private mortgage insurance (PMI) or HOA fees, depending on your loan specifics.
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.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in North Dakota
The cost of living reflects how much you can afford in a certain area. For instance, a dollar spent in Fargo, would go further than a dollar spent in a major city like New York or Los Angeles. Higher cost of living areas typically have higher average home prices, utilities, home maintenance, transportation, and other necessities. You can refer to the cost of living index (COLI) to figure out how much money it takes for you to maintain a basic standard of living in a given place. For example, a COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive.
With a 2024 COLI of 91.4, North Dakota has a similar cost of living with nearby states like South Dakota (91.9) and Minnesota (94.6), according to the Council for Community and Economic Research’s Cost of Living Index. The chart below shows 2024 COLI figures for metropolitan areas in North Dakota and the Minnesota border:
| North Dakota Cities’ Cost-of-Living Stats | |
|---|---|
| Bismarck-Mandan | 90.9 |
| Fargo, ND/Moorhead, MN | 97.3 |
| Grand Forks | 90.1 |
| Minot | 89.4 |
Source: Council for Community and Economic Research’s Cost of Living Index.
As you launch into your home-buying journey, consider cities like Grafton, Jamestown and Valley City, which all landed on our best affordable places in the U.S. list. Use a home affordability calculator to go further in your planning by factoring in your income, debts, and local property costs. This tool can help you ensure your home purchase aligns with your financial goals and constraints.
Recommended: The Cost of Living in the U.S.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
If you are a homebuyer in North Dakota, you are probably 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 decrease 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 regularly. If you think your property taxes are too high, go to your local board of equalization and ask about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• Look into loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate. Be prepared to show bank statements or tax returns to demonstrate your financial situation.
North Dakota First-Time Homebuyer Assistance Programs
If you’re buying your first home, there’s help available to guide you through the process. Often you can qualify as a first-time homebuyer even if you have owned a primary residence before, as long as it has not been within the past three years.
In North Dakota, there are a variety of first-time homebuyer assistance programs that provide financial aid to help cover the initial costs of purchasing a home, such as the down payment, closing costs, or both, which can be substantial. These programs can make homeownership more accessible. Check with the North Dakota Housing Finance Agency for more information.
If you are purchasing a pricey property, consider something called a jumbo loan. This type of mortgage loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA).
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
A North Dakota mortgage calculator estimates your monthly payments and total home costs. It can be useful for anyone considering a home loan, especially first-time homebuyers. The tool helps you understand the impact of different down payment amounts and explore various loan scenarios. By using the 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 loan 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 my down payment be on a mortgage?
You should put down an amount you feel comfortable with, taking into account your financial situation. A 20% down payment can help avoid private mortgage insurance (PMI) and could reduce monthly payments and overall loan cost. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home, while a repeat buyer may be able to contribute just 5%. To determine how much your down payment should be, review your financial picture and figure out what makes sense for you.
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 $350,000, 30-year mortgage?
The cost of a $350,000 mortgage with a 30-year term will depend on your interest rate and down payment. For instance, at an interest rate of 6.00%, and with a down payment of 20% ($70,000), your monthly payment would be $1,679. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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