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.
SOHL-Q325-089
Get prequalified in minutes for a SoFi Home Loan.
Free Kansas Home Mortgage Loan Calculator
Kansas Mortgage Calculator
By SoFi Editors | Updated September 17, 2025
Thinking of buying a home in the Sunflower State? A Kansas mortgage calculator can be a valuable tool to help you estimate your potential monthly mortgage payments and understand the overall costs associated with a home loan. Whether you’re a first-time homebuyer or looking to trade up to your next nest, this guide will walk you through how to use the calculator and what factors influence your mortgage.
Key Points
• A Kansas mortgage calculator helps estimate monthly payments and total costs for a home loan.
• Key factors influencing mortgage payments include home price, down payment amount, interest rate, loan term, and property taxes.
• Using the calculator can help buyers determine affordability and assess the impact of different loan terms and interest rates.
• Many lenders recommend keeping mortgage payments under 28% of gross monthly income.
• Tips for reducing mortgage payments after you own a home include dropping private mortgage insurance, refinancing, or appealing property taxes.
Kansas Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price that you and the home seller have mutually agreed upon. This amount 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 home price. Some first-time homebuyers might put down as little as 3%. You can use a down payment calculator to explore what percentage might work for you.
• Loan term: The loan term represents the length of time you have to repay the home loan — anywhere from 10 to 30 years. A shorter term can lead to higher monthly payments but less interest paid overall. A longer term offers lower monthly payments but more total interest paid.
• Interest rate: The interest rate is what you pay to borrow money, expressed as a percentage of the total 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 governments on land and buildings within their jurisdiction and is typically expressed as a percentage of the property’s assessed value.
• Monthly payment: The monthly payment includes a portion of the principal loan amount and accrued interest. This calculator also includes property tax. Other costs that might be included in the monthly payment are private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid is the cumulative amount of interest over the loan’s duration. It is influenced by the interest rate and loan term.
• Total loan cost: The total loan cost includes the principal amount borrowed and all accrued interest over the life of the loan.
How to Use the Kansas Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon purchase price. This will help estimate your potential home loan payments and overall costs.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid.
Step 3: Choose a Loan Term
Select a 15- or 30-year term. A 30-year term offers lower monthly payments, while a 15-year term reduces total interest paid.
Step 4: Enter an Interest Rate
Input your desired interest rate precisely, including decimals. This impacts your monthly payment and total loan cost.
Step 5: Add Your Property Tax Rate
Enter the property tax percentage. This helps estimate your monthly mortgage payment, including property taxes. Find your effective tax rate by searching for your county, city, or ZIP code and “effective property tax rate.” Or use the average for Kansas of 1.19%.
Recommended: The Cost of Living in the U.S.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you determine how much house you can afford. It’s particularly useful if you’re buying your first home, because it allows you to quickly understand how different home prices, down payment amounts, interest rates, and loan terms impact your monthly payments. Try playing around with different combinations of numbers in the calculator — it can be a good way to get a sense of how your home-buying choices affect your costs.
Considering a home loan backed by the Federal Housing Administration? An FHA mortgage calculator will factor in the upfront and ongoing mortgage insurance premium that comes along with this borrowing method.
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 Kansas
In Kansas, the median sale price of a home in mid-2025 is around $314,000, nicely below the U.S. average. Lenders advise keeping mortgage payments below 28% of gross monthly income. To afford this home, expect to need about $72,000 in annual income. This assumes a 20% down payment (that’s $62,800) on a 30-year loan with a 7.00% interest rate and includes home insurance. The monthly payment would be $1,671. This calculation also assumes you don’t have any other significant debts. If you’re paying off a car or student loan or carrying credit card debt, you would need to earn more.
A home affordability calculator can be another useful tool as you’re exploring your home-buying budget and loan options. You can also home in on what you can cover with your income and in the context of your other debts by going through the mortgage preapproval process with a lender.
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. This calculator also factors in property tax, which may be part of your monthly payment. Lenders like to roll property taxes into homeowners’ payments because it helps ensure the coverage doesn’t lapse. If your down payment is less than 20%, you will typically also need to pay for private mortgage insurance (PMI) as part of your monthly payment. Some owners also pay homeowners association (HOA) fees.
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 Kansas
The cost of living affects how much house you can afford, and fortunately costs are pretty reasonable in Kansas. Most buyers won’t need a jumbo loan here. The state has a cost-of-living index of 88.1%, almost 12 points below the national average. Higher cost of living areas have higher average home prices and costs for utilities, home maintenance, transportation, and other necessities. Some of the best affordable places in the U.S. can be found in Kansas, if you’re interested in exploring the housing markets in Salina, Wichita, or Topeka.
Here’s how some of the larger cities in Kansas stack up in terms of cost on the Cost of Living Index compiled by C2ER, a nonprofit economic-development organization. In this case, 100 is the U.S. average.
| Kansas Cities’ Cost-of-Living Stats | |
|---|---|
| Hutchinson | 89.6 |
| Manhattan | 91.0 |
| Pittsburg | 82.1 |
| Salina | 83.3 |
| Wichita | 88.8 |
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
Even after you make a home purchase in Kansas, your mortgage payments could change. If you find yourself needing to lower your monthly bill, here are some avenues to explore.
• Drop PMI once you reach 20% home equity.
• Recast your mortgage by making a lump-sum payment toward the principal balance and requesting that your lender recompute your payments.
• Appeal property taxes if you feel your assessment is too high. Tread carefully here, however, as sometimes inviting scrutiny of your home’s worth can result in a higher tax bill.
• Undertake a mortgage refinance if you can obtain a lower interest rate in the current market, or if you want to extend your loan term. Doing the latter will, as we’ve noted, lower your monthly payments but raise your total cost.
• Shop for cheaper homeowners insurance. Options might include increasing your deductible, bundling your home and auto policies, or making home improvements that lower your rate, such as adding a security system or putting on a new roof.
Recommended: Average Monthly Expenses for One Person
Kansas First-Time Homebuyer Assistance Programs
If you’re buying your first home, there’s help available. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Down payment assistance programs provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. There are three such first-time homebuyer programs in Kansas, and some cities such as Leavenworth, Topeka, and Wichita, also have local programs.
The Takeaway
A Kansas mortgage calculator is a powerful tool for anyone navigating the home-buying process. It helps you estimate monthly payments, understand the impact of different down payment amounts and interest rates, and assess the total cost of a home loan. Use this calculator to make informed decisions about your financial future and ensure the home you choose — and the mortgage that accompanies it — fits 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, usually made monthly, typically includes a portion of the loan principal, plus interest. It often includes other costs as well, such as 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.
Should I choose a 30-year or 15-year mortgage term?
A 15-year term could save you thousands of dollars in interest 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. A 30-year term offers lower monthly payments, making homeownership more accessible — no wonder it’s the most commonly chosen mortgage term.
How much income do you need for a $400,000 mortgage?
You’ll probably need to make around $130,000 a year to qualify for a $400,000 mortgage, assuming it’s a 30-year loan at an interest rate of 7.00%, and you aren’t burdened by other big debts. One general rule of thumb is that your home price shouldn’t be more than three times your gross income, assuming you don’t have other significant debts.
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-Q325-088
Get prequalified in minutes for a SoFi Home Loan.
Free Idaho Home Mortgage Loan Calculator
Idaho Mortgage Calculator
By SoFi Editors | Updated September 18, 2025
As you’re house hunting, use our Idaho 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 Idaho mortgage calculator to help you estimate the monthly payment and total cost of borrowing money to buy a home.
• Good news for homebuyers: Idaho’s cost of living is in line with the national average.
• In general, your monthly mortgage payment should not exceed 28% of your gross monthly income.
• Idaho 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.
Idaho Mortgage Calculator
Calculator Definitions
• Home price: The home price is the agreed-upon purchase price with the home seller. This may differ from the listing price and 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. The Idaho 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 can vary based on a variety of factors, including your credit score, market trends, and the type of loan.
• Annual property tax rate: 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. Our 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 global price you will pay for the loan, including the principal that you repay and the interest.
How to Use the Idaho Mortgage Calculator
Step 1: Enter Your Home Price
Type the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget.
Step 3: Choose a Loan Term
Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
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 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.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford
In Idaho, in mid-2025, the median home sale price was just over $490,000, not too far off from the national median of around $443,000, according to Redfin. Knowing that lenders suggest a mortgage payment doesn’t exceed 28% of your gross monthly income, you’d need an annual income of about $112,000 for a $490,000 home, with a 20% down payment ($98,000), a 30-year mortgage at 7.00%, and the average Idaho property tax rate (0.55%).
Use a home affordability calculator for an estimate of how much house you can afford based on your income.
Going through the mortgage preapproval process with a lender can also help you estimate what loan size and type you can afford.
Components of a Mortgage Payment
The main components of a mortgage payment are the principal amount borrowed and the interest charged. This Idaho home mortgage calculator also factors in property taxes, which are often included in the monthly payments. Your payment could also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees, depending on your situation.
If you’re looking into a home loan guaranteed by the Federal Housing Administration (FHA), then use an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator is the right tool if you’re seeking a loan backed by the U.S. Department of Veterans Affairs.
Recommended: Down Payment Calculator
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 Idaho
The cost of living in Idaho reflects how much you can afford. For instance, a dollar spent in Boise, Idaho would go further than a dollar spent in a major city like New York. Higher cost of living areas typically have higher average home prices, utilities, home maintenance, transportation, and other necessities. The cost of living index (COLI) is a helpful benchmark that indicates how much money it takes for you to maintain a basic standard of living in a given place. For example, a COLI above 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive.
Idaho’s 2024 COLI was 99.9, according to the Council for Community and Economic Research’s Cost of Living Index. For context, New York’s 2024 COLI was 125.1 and California’s was 142.3. You can see that it would be much less expensive to live in Idaho than these other states.
To further help you compare the cost of living in Idaho, consider that Boise’s 2024 COLI was 102, while nearby Portland, Oregon’s was 116.6; Billings, Montana’s was 99.8; and Seattle’s was 145.1.
| Idaho Cities’ Cost-of-Living Stats | |
|---|---|
| Boise | 102 |
| Portland, Oregon | 116.6 |
| Billings, Montana | 99.8 |
| Seattle | 145.1 |
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
Your mortgage payment is probably your largest recurring expense, so reducing this monthly payment, even slightly, could free up resources to tackle other debts or help you build that emergency fund. Here are some tips to help you lower your mortgage payment:
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Take a closer look at your property taxes. If you think you’re paying too much in property taxes, go to your local County Board of Equalization (BOE) and ask about the appeals process.
• Look into bundling with your insurance provider. Sometimes if you purchase more than one policy with them — both a homeowners and an auto policy, for example — they may offer a discount.
• If you are experiencing financial difficulties, consider a loan modification. 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 proof of financial hardship with bank statements or tax returns.
Recommended: Average Monthly Expenses for One Person
Idaho First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are programs that can make homeownership more achievable by reducing the upfront financial burden. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Down payment assistance programs provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. The Idaho Housing and Finance Authority offers several programs for first-time homebuyers in Idaho. Check with local housing authorities or financial institutions to determine your eligibility in Idaho.
The Takeaway
Using an Idaho mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand the impact of different down payment amounts, and compare various loan terms and interest rates. This tool can provide a clearer picture of your financial obligations and help you make informed decisions about your home loan. Whether you’re a first-time homebuyer in Idaho or looking to refinance, the Idaho mortgage calculator can be a helpful resource in planning your homeownership journey.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly affects your mortgage interest rate. A higher score often leads to better loan terms and lower interest rates, while a lower score may result in higher rates and more stringent lending requirements.
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 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 can I secure a lower interest rate?
Improve your credit score to 700 or higher for the most competitive rates. Go through the prequalification process with a variety of lenders and compare rates. If you can afford it, consider putting down a larger down payment. If you already own a home, you can explore a mortgage refinance and compare the cost of your old loan versus a new one (plus closing costs) at a new, lower rate.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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