Free New Jersey Home Mortgage Loan Calculator
New Jersey Mortgage Calculator
By SoFi Editors | Updated September 19, 2025
Deciding how much mortgage you can afford can be stressful, but online tools can help. A mortgage calculator shows how the home price, down payment, interest rate, loan term, and property tax affect your monthly mortgage payments. It also allows you to play with different combinations (higher down payment? shorter term?) to see what works best for your finances. Follow this guide to use the New Jersey mortgage calculator to best advantage.
Key Points
• Use a mortgage calculator to estimate monthly mortgage payment, total interest, and overall loan cost.
• Understand how different down payment amounts and loan terms affect your financial commitment.
• Consider down payment assistance programs for first-time homebuyers and those with limited savings.
• Go through the mortgage preapproval process to understand your borrowing capacity.
• Avoid financial strain by calculating different possible combinations of home price, down payment, and loan term with this simple tool.
New Jersey Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer.
• Down payment: The down payment is the amount you would pay upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%. A larger down payment can reduce your monthly mortgage payment and the total interest paid.
• Loan term: The loan term is the length of time you have to repay the mortgage, between 10 and 30 years. The longer the term, the lower your monthly payments — but the more interest you’ll pay over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. It can vary based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Property tax is levied by local governments on land and buildings and is expressed as a percentage of the home’s assessed value. Search for the ZIP code or county name where the property is located and “effective property tax rate” to find the number, or use the New Jersey average of 1.77%.
• Monthly payment: This is what you would pay toward the principal, interest, and property taxes each month. Your monthly payment may also include private mortgage insurance (PMI) if your down payment is less than 20%, homeowners insurance, and homeowners association (HOA) fees, if applicable.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. It is influenced by the principal amount, interest rate, and loan term. A higher interest rate or longer loan term will result in more interest paid.
• Total loan cost: The total loan cost is the all-in amount you will repay for the home loan, including principal and interest.
How to Use the New Jersey Mortgage Calculator
Step 1: Enter Your Home Price
Enter the amount you would pay the seller for the property.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you will pay upfront. A down payment calculator can show you what’s necessary to hit the 20% mark if you wish to avoid PMI.
Step 3: Choose a Loan Term
Select the duration over which you will repay your home loan. Consider your financial goals and budget when choosing the term.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This significantly impacts your monthly payment and total loan cost.
Step 5: Add Your Annual Property Tax
Enter the percentage of your home’s value that you will pay each year to the local government. Property taxes vary by location.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments based on loan amount, interest rate, loan term, and property taxes, as noted above. Having this tool is especially helpful if you’re buying your first home and obtaining a mortgage is new to you. Putting different numbers into the calculator can help you compare costs, showing how various factors affect your payments. For example, you’ll see that a 15-year mortgage has higher monthly payments but less total interest than a 30-year one.
Deciding How Much House You Can Afford in New Jersey
In New Jersey the median home sale price in mid-2025 was around $586,000. Let’s use that as an example to see how monthly costs would shape up, to give you a sense of how much home you can afford. Lenders advise mortgage payments be under 28% of gross monthly income. To afford a $586,000 home with 20% down ($117,200), you’d need an annual income of about $135,000, assuming you don’t have other significant debts and the interest rate on a 30-year loan was 7.00%. Your monthly payment would be roughly $3,100.
If you want to work backward from your income to determine your home-buying budget, try using a home affordability calculator, which also takes into account any other debts you may have. Or go to the gold standard method: Seek out specifics of the loan you might qualify for by going through the mortgage preapproval process with a lender. You’ll provide detailed financial information for the lender to consider.
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
As noted above, your mortgage payment’s main components are principal (the borrowed amount) and interest (your borrowing cost). Your monthly payment might also include property tax — after all, it is in the lender’s interest for you to keep current on tax payments, as your home is the collateral for your loan. If your down payment is below 20%, you may also need private mortgage insurance (PMI). Home insurance and HOA fees round out the list of things that lenders might want included in your payment.
Recommended: Do You Qualify as a First-Time Homebuyer?
Cost of Living in New Jersey
The cost of living in New Jersey is relatively high, weighing in at 115.1 on an index where 100 is the average cost of living in the U.S. So living in the Garden State isn’t exactly a walk in the park, financially speaking. Happily, there are some towns that landed on a list of the best affordable places in the U.S., including Pennsauken Township, Gloucester Township, and Trenton.
Some properties in New Jersey may require a jumbo loan, a type of mortgage loan for higher-cost properties, and these properties can have minimum down payment amounts of 10% and up. As you can see on the chart, the Bergen-Passaic area is particularly expensive. Understanding how costs for food, utilities, transportation, and health care might impact your monthly budget if you are moving to the area for the first time is another important part of the home-buying process. Take a look at how New Jersey cities compare on affordability. These stats come from the Council for Community and Economic Research.
| New Jersey Cities’ Cost-of-Living Stats | |
|---|---|
| Bergen-Passaic | 119.1 |
| Middlesex-Monmouth | 115.6 |
| Morristown | 109.5 |
| Newark-Elizabeth | 114.1 |
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’re not entirely satisfied with your interest rate or monthly housing costs once you are in a home, there are ways to lower your payments. Here are your options:
• Request that your lender drop PMI once you reach 20% home equity.
• Make a substantial payment toward your principal owed and request that the lender recast your mortgage, which will recompute your monthly payment.
• Appeal property taxes if they seem to be higher than the local market. Note that this can sometimes backfire, though. Particularly if you have made any significant home improvements, it may be unwise to request a reassessment.
• Undertake a mortgage refinance if lower rates or a longer term will reduce monthly payments. Don’t forget to factor in closing costs when considering this option.
• Shop for cheaper homeowners insurance.
New Jersey First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are often assistance programs available to help you cover the initial costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Down payment assistance programs can provide financial aid to help you with the down payment, closing costs, or both. By leveraging New Jersey down payment assistance programs, you can better manage your budget and ensure a smoother homebuying process.
Recommended: Average Monthly Expenses for One Person
The Takeaway
Understanding the components of a mortgage payment and using a New Jersey mortgage calculator are essential steps for prospective homebuyers. These tools help you estimate your monthly payments, total interest, and overall loan costs, ensuring you make informed financial decisions. Whether you’re a first-time buyer or a seasoned homeowner, spending some time running different combinations of numbers in a mortgage calculator can provide valuable insights and can help you avoid financial strain.
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
Should I choose a 30-year or 15-year mortgage term?
Which mortgage term you choose depends on your financial goals and situation, but it’s best to choose the term that yields a payment amount that you can manage every month without straining your budget. A 30-year term offers lower monthly payments, but choosing this term means you’ll pay more interest over the life of the loan. A 15-year term has higher monthly payments but you’ll pay less interest overall. Remember if you can’t swing a shorter term now, you can always make extra payments along the way to chip away at what you owe and lower overall costs.
How can I get a lower mortgage interest rate?
Improve your credit score, shop around for lenders, and consider a shorter loan term to secure a lower interest rate.
Can I afford a $300K house on a $70K salary?
Lenders might find it hard to give the okay to a $300,000 home purchase if you have a salary of $70,000 per year, unless you are able to put down a large down payment or have another source of income in addition to your salary. One general rule is that your house price should not exceed three times your salary.
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, so the best way to estimate your payment is to use a mortgage calculator online. But for example: You would pay $3,597.30 per month at an interest rate of 6.00%. At 8.00%, the payment would be $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.
SOHL-Q325-102
Get prequalified in minutes for a SoFi Home Loan.
Free New Hampshire Home Mortgage Loan Calculator
New Hampshire Mortgage Calculator
By SoFi Editors | Updated September 19, 2025
House hunting is fun, but it’s often stressful, too. Today’s online tools can make the process of purchasing a home smoother and help you be more informed. A mortgage calculator is a useful tool for estimating monthly payments and understanding the components of a home loan, such as principal, interest, and property taxes. Type in a few numbers, and you’ll get a clear picture of your financial commitment and determine if your home is within your budget.
Key Points
• A home affordability calculator can help you make a sound financial decision.
• Input accurate home price, down payment, loan term, interest rate, and property tax rate.
• Try different down payment amounts and loan terms to see how these would affect your budget.
• Consider down payment assistance programs to reduce upfront costs.
• Decide on a loan term that aligns with your financial goals.
New Hampshire Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer. This figure helps determine the size of your home loan.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%. A down payment calculator can be helpful if you are unsure about your percentage.
• Loan term: The loan term is the duration over which you will repay your mortgage, usually 15 or 30 years, though it could be as short as 10 years. The shorter the loan term, the larger the monthly payments and the less interest you’ll pay over the life of the loan.
• Interest rate: The interest rate is how your lender computes the price you will pay to borrow money. Rates vary based on your qualifications, market trends, and type of mortgage loan. A better credit score can mean a lower interest rate.
• Property tax: Property tax is levied by local governments on land and buildings, and is expressed as a percentage of a home’s assessed value. In New Hampshire, the effective property tax rate varies depending on the location, but on average, it is 1.41%. To find your precise number, search for the property’s ZIP code or town name and “effective property tax rate.”
• Monthly payment: The monthly payment is what you would pay toward the principal and interest each month, with property tax factored in. Private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees can sometimes be factored into your monthly payment.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure is influenced by the principal amount, interest rate, and loan term. A higher interest rate or longer loan term will result in more interest paid.
• Total loan cost: The total loan cost is the all-in amount you will repay for the home loan, including principal and interest. This figure provides a clear picture of the financial commitment you are making and helps you compare different loan options.
How to Use the New Hampshire Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon amount you will pay the seller for the property. This ensures an accurate estimate of your financial commitment.
Step 2: Select a Down Payment Amount
Choose the portion of the home price you plan to pay upfront, from 3% to 20%. If you are seeking a jumbo loan, your minimum down payment may be 10% or more.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage, between 10 and 30 years. Consider your financial goals and budget.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This significantly affects your monthly payment and total cost.
Step 5: Add Your Property Tax Rate
Enter the percentage of your home’s value that you will pay each year to the local government. This helps estimate your total monthly payment.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a powerful tool for estimating your monthly payments and understanding the financial implications of different mortgage scenarios. Some homebuyers will use it to assess how much house they can afford before beginning the house hunt. Particularly if you are buying your first home, it’s helpful to see how factors like home price, down payment amount, interest rate, and loan term come together to create monthly costs.
If you’re thinking about a home loan guaranteed by the Federal Housing Administration (FHA), there’s a calculator specifically for you: An FHA mortgage calculator takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator is 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 New Hampshire
A median-priced New Hampshire house will cost you around $513,000. If you purchased that property with 20% down and obtained a 30-year, 7.00% mortgage, you would need an annual income of around $128,000 to afford your monthly payments of $2,730, assuming you don’t have other significant debts. (Lenders like to see that your monthly housing costs don’t exceed 28% of your monthly income.) This monthly bill would include principal, interest, property taxes, and home insurance. You can play with numbers in the mortgage calculator to see what your costs would be like at different home prices and interest rates.
If you want to work backward from your annual income to determine your housing budget, a home affordability calculator will come in handy. If you run the numbers and decide it’s time to pursue a home loan, consider going through the mortgage preapproval process to get a detailed picture of what loan amount, rate, and terms a lender would offer you based on your credit score and other financial details.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
Mortgage payments include principal (the borrowed amount) and interest (the borrowing cost). Your monthly payments might also include property tax. Some lenders also wrap in private mortgage insurance (PMI, required if your down payment is less than 20%). Home insurance and homeowners association (HOA) fees, if applicable, can also be included in some mortgage payments.
Recommended: Average Monthly Expenses for One Person
Cost of Living in New Hampshire
New Hampshire’s somewhat high cost of living affects home affordability. The state’s cost-of-living index is 111.4, meaning it’s about 11% more expensive than the average cost of living in the U.S. Fortunately there are some towns here that land on a list of the best affordable places in the U.S., including Claremont, Rochester, and Bedford. Understanding these costs is vital for realistic budgeting and ensuring you can comfortably afford your new home.
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
Once you purchase a home, your mortgage payment could still change. Here are some steps borrowers can take to lower payments.
• Reach out to your lender to request that you drop PMI once you have reached 20% equity in your home.
• Make a lump sum payment toward your loan principal, and ask your lender to recompute your payments.
• Appeal your property taxes. Tread carefully here, as requesting that your property be reassessed can sometimes trigger higher taxes.
• If you are experiencing financial hardship, reach out to your lender to request a loan modification.
• Consider a mortgage refinance if interest rates are noticeably better now than when you made your purchase (or if your credit score has increased significantly).
• Shop for cheaper homeowners insurance. Consider raising your deductible or bundling policies.
New Hampshire First-Time Homebuyer Assistance Programs
Coming up with a down payment is often a challenge for today’s first-time homebuyers. But there is good news: Programs are available to help you cover initial property costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Down payment assistance programs can provide financial aid to help with the down payment, closing costs, or both. New Hampshire first-time homebuyer programs are largely run by New Hampshire Housing, a state program, though there are also federal programs such as FHA loans available.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
A mortgage calculator can help you quickly estimate monthly home loan payments and understand how your down payment, interest rate, loan term, and property taxes affect your short- and long-term costs. Running different combinations of down payment and loan term can help you get a feel for the range of costs that might be possible for you, helping you move into the conversation with a lender with more confidence.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What is a mortgage payment?
A mortgage payment is usually a monthly payment that includes principal and interest. It often also includes a charge for property taxes and homeowners insurance. 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. Including property taxes and insurance in the monthly bill helps ensure that these expenses are covered throughout the loan term (and that the home remains insured).
How much should I put down on a mortgage?
The down payment can significantly impact your monthly mortgage payment and overall loan costs, so you should put down as much as you can without squeezing your budget tightly, bankrupting your emergency fund — and ideally without jeopardizing contributions to a retirement plan where you receive an employer match. If you put down less than 20% you will likely have to pay private mortgage insurance (PMI) with your monthly mortgage. Weigh the costs of that against other elements in your budget.
Can I afford a $300K house on a $70K salary?
It would be a bit of a stretch to afford a $300,000 property on a salary of $70,000 unless you can make a significant down payment. One general rule is that your house price should be no more than three times your salary. Use a home affordability calculator to assess if you can make a $300,000 home work with a large down payment.
How much is the payment on a $600,000, 30-year mortgage?
The monthly 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. 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.
SOHL-Q325-101
Get prequalified in minutes for a SoFi Home Loan.
Free Massachusetts Home Mortgage Loan Calculator
Massachusetts Mortgage Calculator
By SoFi Editors | Updated September 18, 2025
House hunting can be both fun and stressful, but online tools can help ease your home-buying anxieties. A Massachusetts mortgage calculator estimates monthly payments, including principal, interest, and property taxes. You simply type in your home price, down payment amount, interest rate, and tax rate to get a clear picture of your payment and total interest paid. You can try out different scenarios to simplify the purchase process. You’ll have your home-buying budget sorted out in no time.
Key Points
• A mortgage calculator is a valuable resource for prospective homebuyers, helping them understand the financial implications of different mortgage options.
• Key components of a mortgage payment include the principal, interest, and property taxes.
• The calculator can assist in comparing various down payment scenarios, loan terms, and interest rates.
• Exploring down payment assistance programs can help first-time buyers and those with limited savings to enter the housing market more easily.
• For buyers looking at more expensive properties, a jumbo loan might be necessary.
Massachusetts Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront. Most buyers put down between 3% and 20%, with a 20% down payment eliminating the need for private mortgage insurance (PMI). A down payment calculator computes the percentage you’d be putting down based on your dollar amount.
• Loan term: The loan term is the length of time you have to repay the mortgage, which can be from 10 to 30 years. A longer term offers lower monthly payments but results in more interest paid over the life of the loan. Conversely, a shorter term has higher monthly payments but can save you a lot of interest.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the home loan amount. Interest rates can vary based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Property tax is levied by local governments on land and buildings, and is expressed as a percentage of a property’s assessed value. The average rate in Massachusetts is 0.97%; for a specific rate, search for the property’s town name or ZIP code and “effective property tax rate.”
• Monthly payment: The monthly mortgage payment includes the principal and interest, and this calculator also includes property taxes. Some borrowers will also have homeowners insurance and PMI rolled into their payments.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure can be significantly affected by the interest rate and loan term.
• Total loan cost: The total loan cost is the all-in amount you will repay for the loan, including the principal and interest. This cost is influenced by the loan amount, interest rate, and loan term.
How to Use the Massachusetts Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon cost of the property.
Step 2: Select a Down Payment Amount
Choose the amount of the home price you agree to pay upfront. A down payment calculator can help you understand the impact of different down payment amounts on your monthly mortgage payments.
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 but results in more interest paid over the life of the loan than a 15-year mortgage at the same rate.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point, such as 6.74%. 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 state property tax rate to get a more comprehensive view of your monthly mortgage payment with property taxes factored in.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments for a potential home purchase and gives you a good sense of the true cost of homeownership. Particularly if you are buying your first home, a mortgage calculator can be key to helping you determine how much home fits in your budget.
A home affordability calculator works slightly differently but can also be a big help when you’re buying a home, as it allows you to work backward from your income level to determine what home price you can afford. Another way to home in on your purchase budget and ideal down payment is to go through the mortgage preapproval process with a lender.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford
Massachusetts’ median single-family home sale price in the spring of 2025 was $630,000; it is one of the more costly housing markets in the country. Lenders advise a mortgage payment within 28% of gross monthly income, so affording a home that’s $630,000 would require an income of about $145,000 per year. This assumes the buyer puts down 20% ($126,000) and obtains a 30-year mortgage at 7.00%. The monthly payment on this loan, including principal, interest, property taxes, and insurance, would be $3,353. For a higher-priced property, some homebuyers will need to seek out a jumbo loan, which may require a specific minimum down payment.
Many buyers will find it daunting to put down 20% on a pricier property, and will opt for a smaller down payment, which would increase the loan size and monthly costs, not to mention triggering PMI. But with rents also high, it often makes sense to buy even with a smaller down payment. A mortgage calculator can help you run the numbers to make your decision.
If you’re thinking about a home loan guaranteed by the Federal Housing Administration (FHA), you can use 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.
Components of a Mortgage Payment
A mortgage payment includes principal (the amount borrowed) and interest (borrowing cost). This Massachusetts 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 homeowners association (HOA) fees in the payment.
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:
Cost of Living in Massachusetts
The cost of living in Massachusetts is relatively high compared to the national average, affecting how much you can afford to spend on a home. On an index where 100 is the U.S. average cost of living, the Bay State weighs in at 141.2. When you’re thinking about your housing budget, don’t forget that you will also need to pay for other necessities, such as utilities and home maintenance.
There are pockets of more affordable living in Massachusetts, and Leominster, Adams, and Springfield all make a list of the best affordable places 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 end up with an interest rate or payment amount that isn’t really workable for you long-term, there are ways to lower your monthly mortgage payment. Consider these options:
• Ask your lender to remove the charge for PMI once you have reached 20% equity.
• Recast your mortgage by making a lump sum payment toward the principal, then asking the lender to recompute your payments.
• Pursue a mortgage refinance if rates and overall costs are potentially a savings for you.
• Appeal your property taxes if you feel yours are unnecessarily high. Use caution, however, as sometimes asking for a reassessment can backfire, resulting in a tax increase.
• If you are experiencing financial hardship, ask your lender to modify your loan.
• Shop for lower-cost homeowners insurance by increasing your deductible or bundling policies.
Massachusetts First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are down payment assistance programs available to help cover initial costs. Best of all, you can qualify as a first-time homebuyer if you haven’t owned a primary residence in three years. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. By leveraging Massachusetts first-time homebuyer resources, you can reduce the upfront financial burden and potentially secure better loan terms.
The Takeaway
A Massachusetts mortgage calculator is a powerful tool for prospective 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 rate and terms that are best 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
Should I choose a 30-year or 15-year mortgage term?
Which mortgage term you choose depends on your financial goals and situation, but it’s best to choose the term that yields a payment amount that you can manage every month without straining your budget. A 30-year term offers lower monthly payments but choosing this term means you’ll pay more interest over the life of the loan. A 15-year term has higher monthly payments but less interest overall.
How can I get a lower mortgage interest rate?
Improve your credit score, shop around for lenders, and consider a shorter loan term to secure a lower interest rate.
Can I afford a $300K house on a $70K salary?
Many lenders would find it hard to give the greenlight to a $300,000 home purchase if you have a salary of $70,000 per year, unless you are able to put down a large down payment or have another source of income in addition to your salary. One general rule is that your house price should not exceed three times your salary.
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, so the best way to determine it is to use a mortgage calculator online. But for example: You would pay $3,597.30 per month at an interest rate of 6.00%. At 8.00%, the payment would be $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.
SOHL-Q325-093
Get prequalified in minutes for a SoFi Home Loan.
Free Maryland Home Mortgage Loan Calculator
Maryland Mortgage Calculator
By SoFi Editors | Updated September 18, 2025
House hunting can be stressful, but online tools like the Maryland mortgage calculator can make the process smoother. Just input a few numbers, and the calculator will quickly tell you your monthly payment and the total interest you’ll pay over the life of the home loan. Whether you’re a first-time homebuyer or a seasoned property owner, these calculators provide valuable insights to help you come up with a comfortable budget for your home loan.
Key Points
• A mortgage calculator can help homebuyers understand the financial aspects of purchasing a home.
• Down payments can range from 3% to 20% of a home’s purchase price.
• Down payment assistance programs are available to help some consumers.
• The Maryland mortgage calculator estimates monthly mortgage payments and total interest.
• Loan terms are typically from 10 to 30 years.
Maryland Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. This may differ from the listing price and your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%. A down payment calculator can show you the dollar amount of different percentages.
• Loan term: Most mortgages are paid off over a 30-year or 15-year term, though 10- and 20-year terms are also available. A longer term will have lower payments but more interest paid over the life of the home loan. A shorter term means higher monthly payments but less interest paid 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 the type of mortgage loan.
• Annual property tax: Property tax is levied by local governments on land and buildings, and is expressed as a percentage of the assessed value. Look up the property tax rate by searching the ZIP code or town name and “effective property tax rate” or use the average Maryland rate of 0.9%
• Monthly payment: The monthly payment shown by the Maryland calculator includes the principal, interest, and property taxes. Remember that you may also need to pay for private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure can be substantial, especially for longer loan terms. By using a mortgage calculator, you can see how different down payment amounts, interest rates, and loan terms affect the interest paid.
• Total loan cost: The total loan cost is the all-in amount you will repay for the loan, including principal and interest. This figure gives you a clear understanding of the long-term financial commitment you’re making.
How to Use the Maryland Mortgage Calculator
Step 1: Enter Your Home Price
Enter the final negotiated price you will pay the seller for the property. This helps the calculator provide a more accurate estimate of your monthly mortgage payments.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you will pay upfront. A larger down payment can reduce your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI).
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage, typically 15 or 30 years. A longer term results in lower monthly payments but higher total interest paid.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This significantly affects your monthly mortgage payment and the total cost of the loan.
Step 5: Add Your Property Tax
Enter the percentage of your home’s value that you will pay each year as property tax. Property taxes can vary by location and impact your total monthly mortgage payment.
Recommended: Do You Qualify as a First-Time Homebuyer?
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps homebuyers estimate affordability by calculating monthly payments and total loan costs based on loan amount, interest rate, and term. This calculator also factors in your property taxes, which are often held in escrow by your mortgage company and then paid to the insurer. (It’s in the lender’s interest for your property to remain insured.)
Particularly if you are buying your first home and the world of mortgage rates is new to you, you can easily get up to speed on how different interest rates or down payment amounts might impact costs by using this calculator.
Deciding How Much House You Can Afford in Maryland
In Maryland, the median home sale price in mid-2025 was around $461,000, according to Redfin. Given that lenders advise keeping mortgage payments below 28% of gross monthly income, you’d likely need a minimum income of $107,000 to purchase a home worth $461,000, assuming you don’t have any other significant debts. This assumes a 20% down payment ($92,200) for a 30-year, 7.00% mortgage. The monthly payment including property tax and home insurance would be $2,454.
Another way to determine your housing budget in Maryland 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 payment 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.
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 below 20%, private mortgage insurance (PMI) may be required. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
Homebuyers who are considering purchasing with the help of a Federal Housing Administration (FHA) loan will have an upfront and ongoing mortgage insurance premium to pay. These loans are still very affordable and are popular with first-time buyers. If you are considering an FHA loan, use an FHA mortgage calculator. Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.
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:
Cost of Living in Maryland
The cost of living in Maryland can impact how much house you can afford. Maryland is considered fairly expensive, with a cost of living that is 15 points above the average cost of living in the U.S., according to the Missouri Economic Research and Information Center.
The state’s median home price is above the U.S. average, and utilities and groceries tend to be priced higher here, too. If you’re exploring where you might live in Maryland, the Bethesda area has a noticeably higher cost of living than Baltimore and its environs, and there are definitely homes that would require a jumbo loan.
But there is good news for those on a tight budget: Salisbury, Havre de Grace, and Aberdeen all made a list of the best affordable places 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
The interest rate you get when you buy your home could change if you explore one of these options for curbing monthly payments.
• Once you have built up 20% equity in your home, request that your lender drop PMI.
• Recast your mortgage by making a lump sum payment toward the principal and asking the lender to recompute your costs.
• Do a mortgage refinance if rates have dropped (or your credit score has improved in a big way, which might qualify you for a lower rate). Make sure you consider closing costs when you look at refinancing.
• Appeal property taxes if you feel yours are unusually high. Use caution, however, if you have done any home improvements, as these can sometimes trigger a higher tax assessment versus a reduction.
• If you are experiencing financial hardship, ask your lender to modify your loan to lower payments.
• Extend the loan term to reduce monthly payments. This will help in the short term, but you will pay more interest over the life of the loan.
• Shop for lower-cost homeowners insurance. You might raise your deductible, bundle policies, or seek out a discount for a home security system, for example.
Maryland First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are down payment assistance programs available to help you cover the initial costs. To qualify, you must not have owned a primary residence within the past three years. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. The state has a pretty robust group of first-time homebuyer programs for Maryland residents. For example, the Maryland Department of Housing and Community Development offers various assistance options, including grants and low-interest loans to cover part of the down payment.
The Takeaway
A Maryland mortgage calculator is a powerful tool for anyone considering a home loan in the Old Line State. It helps estimate monthly payments, total interest, and the overall cost of the mortgage, taking into account your down payment amount and property tax rate. The calculator provides a solid starting point; getting preapproved for a mortgage can give you an precise assessment of your mortgage options and to ensure you meet the lender’s requirements.
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 includes principal and interest on a mortgage loan used to purchase a home or other property. If you put down less than 20% on the property, the payment will likely also include private mortgage insurance (PMI). Some lenders also roll property taxes, homeowners insurance costs, and even homeowners association dues into the monthly payment. Understanding which of these components are part of your loan can help you budget more effectively.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly influences your mortgage interest rate. A higher score generally leads to more favorable rates, while a lower score may result in higher rates, increasing the total cost of your loan.
What are principal and interest on a mortgage loan?
Principal is the amount you borrow, and interest is the cost of borrowing that principal, expressed as a percentage. When you start a mortgage, your early payments will go mostly toward interest; as you make more monthly payments, the amount that goes toward the principal gradually shifts and you build more equity in your property.
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 8.00%, the payment would be $4,402.59. If you obtained a rate of 6.00%, you would pay less: $3,597.30 per month. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q325-092
Get prequalified in minutes for a SoFi Home Loan.
Free Kentucky Home Mortgage Loan Calculator
Kentucky Mortgage Calculator
By SoFi Editors | Updated September 18, 2025
When considering a home purchase in the Bluegrass State, understanding your home budget, down payment amount, and mortgage interest rate is key. A Kentucky mortgage calculator can be an invaluable tool, providing estimates and allowing you to run different scenarios to arrive at the right combination of price, down payment, and loan details. This guide will walk you through how to use such a calculator and explain the factors that influence your monthly housing costs, helping you make smart homeownership moves in Kentucky.
Key Points
• A Kentucky mortgage calculator estimates monthly payments based on home price, down payment, interest, and property taxes.
• Using a calculator helps buyers understand the true cost of homeownership and stay within a budget.
• It takes mere minutes to see how different scenarios affect your payments.
• Down payment assistance programs can reduce upfront costs and make homeownership more accessible.
• The mortgage preapproval process is another way to gain a clear understanding of monthly payments.
Kentucky Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. Accurate input ensures reliable estimates.
• Down payment: The down payment is the amount paid upfront, often a percentage of the home price. A 20% down payment avoids private mortgage insurance (PMI).
• Loan term: The loan term is the duration to repay the mortgage, typically 15 or 30 years. A 30-year term offers lower monthly payments, while a 15-year term reduces total interest paid.
• Interest rate: The interest rate is the cost of borrowing, expressed as a percentage of the loan amount. A higher rate increases monthly payments and total interest paid.
• Property tax: Property tax is a percentage of the home’s assessed value. The average effective tax rate in Kentucky is .73%, but rates range considerably (Louisville, for example, is .857%) so for the most accurate estimate, search for your city or ZIP code and “effective tax rate.”
• Monthly payment: The monthly payment includes principal, interest, and property tax. A Kentucky mortgage calculator provides a detailed estimate, helping you plan effectively.
• Total interest paid: Total interest paid is the amount of interest over the life of the loan. It is influenced by the interest rate, loan term, and loan amount.
• Total loan cost: The total loan cost includes principal and accumulated interest. Longer terms result in higher total interest payments.
How to Use the Kentucky Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon home price accurately to ensure precise mortgage estimates.
Step 2: Select a Down Payment Amount
Choose the down payment percentage to see how it affects your monthly mortgage payments. If you’re unsure about how much cash you need to get to a certain percentage of the home price, use a down payment calculator.
Step 3: Choose a Loan Term
Select a term of between 10 and 30 years based on your financial goals and budget constraints.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point for accurate estimates.
Step 5: Add Your Property Tax
Enter the property tax rate as a percentage to estimate your total monthly payment.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments based on home price, loan amount, interest rate, and loan term. By factoring in local property tax, it gives a clearer picture of the total cost of homeownership.
Particularly if you are buying your first home, it’s helpful to put different scenarios into a mortgage calculator to see how your choices might affect your expenses, both month by month and over the long term. You’ll emerge with a good understanding of the downstream effects of different down payment sizes.
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.
Recommended: Average Monthly Expenses for One Person
Deciding How Much House You Can Afford
The median home sale price in Kentucky in mid-2025 was a relatively affordable $280,000, well below the U.S. average of more than $440,000 reported by Redfin. Lenders recommend that your home loan payment should not exceed 28% of your gross monthly income. To buy a $280,000 home with a 20% down payment (that’s $56,000) and a 30-year mortgage at 7.00%, you would need a minimum income around $67,000, though you would need more income if your down payment was smaller or if you are also carrying other debts. Your monthly mortgage payment would be $1,490.
You can also use a home affordability calculator to work backward from your annual income, factoring in your debts, to arrive at your ideal home price.
Another way to zero in on how much house you can afford is to go through the mortgage preapproval process with a lender. You’ll submit detailed financial information and if you qualify for a loan, the lender will provide you with an amount and estimated rate.
Components of a Mortgage Payment
The main components of a mortgage payment are the principal amount (the lump sum you borrow to buy the home) and the interest charged. A Kentucky mortgage calculator also factors in property tax. If your down payment is less than 20%, you would also need to pay for PMI. Some buyers also pay homeowners association (HOA) fees through monthly payments.
Homes purchased with a loan backed by the Federal Housing Administration (FHA) will have both upfront and annual mortgage insurance premium costs, so if you’re exploring an FHA loan, use an FHA mortgage calculator. And if you are thinking about a U.S. Department of Veterans Affairs (VA) mortgage, there’s a custom VA mortgage calculator for you.
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 Kentucky
The cost of living in Kentucky can significantly influence how much house you can afford, and fortunately the state has a noticeably lower cost of living, weighing in at 92.5% of the U.S. average, according to the Missouri Economic Research and Information Center. Food costs can be on the high side in the state, while housing and utilities expenses are relatively low. There are still some properties here that will require a jumbo loan, however.
Of the two major metro areas, Lexington is the least expensive, at 91.9% of the U.S. composite index. Louisville, the other large city, scores 94.1%. But for bargain living, you’ll want to put down roots in Owensboro, Ashland, or one of the other best affordable places in the U.S. that are located here.
| Kentucky Cities’ Cost-of-Living Stats | |
|---|---|
| Lexington | 91.9% |
| Louisville | 94.1% |
| Owensboro | Not available |
| Ashland | Not available |
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
Once you own a home, you aren’t always stuck with your monthly payment amount for the duration. There are ways to reduce your payments. Check out these options:
• Request that your lender drop private mortgage insurance (PMI) once you reach 20% equity.
• Recast your mortgage by making a lump sum payment to reduce the principal, then asking the lender to recompute payments.
• Do a mortgage refinance to a lower interest rate to save money. Make sure you compare all-in costs, including closing costs, when you make this decision.
• Appeal your property tax assessment to lower your tax bill. Use caution when doing this — if you’ve made significant improvements to the property, a reassessment could backfire.
• Request that the lender modify your loan to reduce monthly payments if you face financial hardship.
• Extend the loan term to lower monthly expenses. This can get you out of a monthly budget crunch but it does increase total interest paid.
Recommended: The Cost of Living in the U.S.
Kentucky First-Time Homebuyer Assistance Programs
Kentucky down payment assistance programs can help cover initial needs if you’re struggling to come up with a down payment or closing costs to buy a home. Some programs are only accessible to those who qualify as a first-time homebuyer, though it’s possible to qualify if you haven’t owned a primary residence in the last three years. Many first-time homebuyer programs in Kentucky are run by the Kentucky Housing Corporation, although Lexington and Louisville each have city-specific programs.
The Takeaway
A Kentucky mortgage calculator is a valuable tool for estimating monthly mortgage payments and understanding the true cost of homeownership. It helps you determine if you’re within your budget by factoring in principal, interest rates, and property taxes. After using the calculator, explore prequalification and preapproval processes with lenders for a clearer idea of your potential loan terms and amount.
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 impacts your mortgage interest rate. A higher score can result in a lender offering its most attractive interest rate, reducing the total cost of your mortgage. A lower score may mean a higher interest rate and stricter lending conditions — if you are approved at all.
What are principal and interest on a mortgage loan?
The principal and interest are the two key components of a mortgage payment. The principal is the original loan amount, and interest is the money you pay to the lender for the privilege of borrowing that amount. Each monthly payment you make on your loan includes some of each. Over time, more of your payment goes toward the principal, reducing the loan balance and interest paid. An amortization schedule, available with your loan documents, will tell you in detail how much of your monthly payment goes to cover each expense.
How much should I put down on a mortgage?
A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home and for many buyers, this is a good idea. Bottom line? You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t bankrupting your emergency fund or stopping payments on other debt. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill. Use a mortgage calculator to run different down payment scenarios and see how they impact costs.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term offers lower monthly payments. A 15-year term could save you thousands of dollars in interest over the life of the loan, but will require a higher monthly payment. If you can make a 15-year or 20-year term work with your budget, go for it. But particularly if this is your first home purchase, don’t feel bad about locking in 30 years — many people choose this option.
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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