Free Florida Home Mortgage Loan Calculator
Florida Mortgage Calculator
By SoFi Editors | Updated September 15, 2025
When you’re considering purchasing a home in the Sunshine State, understanding your potential mortgage payments is a big first step. A Florida mortgage calculator can provide clarity on what your monthly expenses might look like and assist you in making informed decisions about your down payment, loan term, and more. This article will guide you through using a Florida mortgage calculator and help you get the most out of this tool.
Key Points
• Using a mortgage calculator involves inputting purchase price, down payment, interest rate, and loan term.
• Typing in the home’s Florida property tax rate will also impact the monthly payment amount.
• A loan term might be 10 to 30 years and will help govern overall costs.
• First-time homebuyer programs can help new buyers afford a down payment or closing costs.
• Using a mortgage calculator can help you determine what home price, down payment, and interest rate you can afford.
Florida Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. It may differ from the listing price and your first 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 what percentage of the home price your chosen payment is.
• Loan term: The loan term represents the length of time a borrower has to repay the mortgage. Terms come in lengths of either 10 to 30 years. A shorter term means paying less interest over the life of the loan. A 30-year term offers lower monthly payments.
• 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 type of mortgage loan.
• Annual property tax: Property tax typically expressed as a percentage of the property’s assessed value. In Florida, the average effective property tax rate is 0.82%. For your specific number, search the city, county name, or ZIP code and “effective property tax rate.”
• Monthly payment: The monthly payment includes the principal loan amount and the interest accrued, as well as the property tax. Additional costs, such as private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees, are sometimes included in a mortgage payment.
• Total interest paid: The total interest paid is the amount of interest you will pay over the entire life of the loan. A mortgage calculator can help you explore different scenarios to minimize this cost.
• Total loan cost: The total loan cost includes both the principal loan amount and the accumulated interest. Factors such as loan term, interest rate, and down payment size influence this cost.
How to Use the Florida Mortgage Calculator
Step 1: Enter Your Home Price
Type in the agreed-upon purchase price of the property.
Step 2: Select a Down Payment Amount
Choose the down payment you plan to pay upfront. You can type in the dollar amount or use a percentage.
Step 3: Choose a Loan Term
Select the time you’ll need to repay the home loan. Common terms are 15 or 30 years.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This affects your monthly payment and total loan cost.
Step 5: Add Your Property Tax
Enter the percentage representing the rate of the property’s annual property taxes. Florida’s average effective property tax rate is 0.82%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford and provides a clear picture of what your monthly costs would be. It estimates these payments based on loan amount, interest rate, and term, and factors in the property taxes you’ll pay as well. A Florida mortgage calculator is particularly helpful if you’re buying your first home, as it allows you to play with different scenarios (raising and lowering the down payment amount, for example) to find your sweet spot. Using a mortgage calculator allows you to consider multiple scenarios and avoid surprises.
If you’re considering a home loan guaranteed by the Federal Housing Administration (FHA), try using an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator will be useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Recommended: Do You Qualify as a First-Time Homebuyer?
Deciding How Much House You Can Afford in Florida
In Florida, the median home sale price is around $400,000. Lenders advise a mortgage payment of no more than 28% of gross monthly income. To afford a $400,000 home with a 20% down payment ($80,000), a 7.00%, 30-year mortgage requires about $95,000 in annual income, before taxes. Your monthly payment would be $2,139, excluding homeowners insurance or HOA fees.
This assumes that you don’t have any other significant debts — if you do, then you might need more earnings. A home affordability calculator can also help you estimate what you can afford relative to your income, simplifying Florida home-buying decisions.
Another way to get a clear picture of what your budget can bear is to go through the mortgage preapproval process with a lender. You’ll provide some detailed financial information, they’ll check your credit score and assess your stats and if you qualify, you’ll be preapproved for a loan amount.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are the principal and the interest accrued on the loan. This Florida home mortgage loan calculator also factors in property tax, which is often included in a monthly mortgage payment. (It’s the lender’s way of making sure your home stays insured.) Your monthly payment could also include private mortgage insurance (PMI, paid if the homebuyer’s down payment is less than 20% of the purchase price) or homeowners association (HOA) fees, depending on the specific type of mortgage loan.
Cost of Living in Florida
Florida’s cost of living affects what you can afford when you’re shopping for a home. Higher cost of living areas typically have higher average home prices and above-average costs for utilities, home maintenance, transportation, and other necessities. Florida is somewhat expensive compared to the rest of the country, with a state average composite cost of living of 102%. Some coastal areas, such as Palm Beach and Miami, may require a jumbo loan.
Pensacola and Ocala are more budget-friendly cities, however, and even landed on a list of the best affordable places in the U.S.
Take a look at how some major Florida cities compare to the national average. In the chart, 100 equals the average cost of living in the U.S.
| Florida Cities’ Cost-of-Living Stats | |
|---|---|
| Cape Coral-Fort Myers | 104.9 |
| Daytona Beach | 99.1 |
| Fort Lauderdale | 121.8 |
| Jacksonville | 92.9 |
| Miami-Dade County | 120.8 |
| Orlando | 96.4 |
| Tallahassee | 93.0 |
| Tampa | 97.6 |
| Vero Beach-Indian River | 98.4 |
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
Wherever you decide to put down roots in Florida, you may find that you get settled and wonder if there’s a way to reduce your monthly mortgage payment. You have a few options:
• Reach out to your lender to make sure that your PMI is dropped once you reach 20% equity in your home.
• Consider a mortgage recast: Make a lump-sum payment toward your loan principal and ask your lender to redo the math on future payments.
• Undertake a mortgage refinance if interest rates are lower now than they were when you purchased your home. Compare all-in costs of refinancing, as there will be closing costs as well.
• Appeal property taxes if you think yours are too high. Take care here, as sometimes asking for a property tax evaluation can result in higher taxes. If you have made major home improvements, for example, this might not be a good idea.
• Ask your lender to modify your loan if you are facing hardship.
• Extend your loan term (note that this will increase your total interest paid).
• Shop for cheaper homeowners insurance. You might adjust your deductible, bundle your home and auto policies, or request a discount for improving your home security.
Florida First-Time Homebuyer Assistance Programs
If you’re buying your first home, there could be financial help available. (To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years.) The Florida Housing Finance Corporation offers down payment assistance programs, closing cost assistance, and low-interest rate mortgage loans to low-to-moderate-income homebuyers, making homeownership more accessible.
There are also local Florida homebuyer assistance programs, including programs for civil servants.
Recommended: Average Monthly Expenses for One Person
The Takeaway
A Florida mortgage calculator is a valuable tool, especially if you are seeking to estimate your monthly mortgage payments and understand the total cost of homeownership. It helps you assess affordability based on your down payment amount, interest rate, loan term, and even includes property taxes. By using a mortgage calculator, you can make well-informed decisions and find a home and loan that 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
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly impacts your mortgage interest rate. Higher scores mean lower rates, while lower scores can lead to higher rates. Improving your score can secure a better rate and save you thousands in interest over a loan’s duration.
How much should I put down on a mortgage?
The down payment amount depends on your financial situation and the type of loan. A larger down payment can reduce monthly payments and total interest paid, and help avoid private mortgage insurance (PMI), which is paid when the down payment is below 20%. A smaller down payment preserves cash for other financial goals. Particularly if this is your first home purchase, it may be tough to come up with a large down payment, especially given the market’s high home prices.
How can I get a lower mortgage interest rate?
Improve your credit score, shop around for lenders, and increase your down payment. These actions can lead to a more affordable mortgage and long-term savings.
Can I afford a $300K house on a $70K salary?
It would be tough to afford a $300,000 property on earnings of $70,000 unless you can make a significant down payment or have another source of income or savings besides your salary. One general rule is that your house price should not exceed three times your salary. So a home priced around $210,000 would be a better bet.
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-Q325-073
Get prequalified in minutes for a SoFi Home Loan.
Free Connecticut Home Mortgage Loan Calculator
Connecticut Mortgage Calculator
By SoFi Editors | Updated September 15, 2025
When you’re preparing to buy a home, whether it’s your first house or your forever home, a mortgage calculator can be an invaluable asset as you navigate the housing market. This free tool can show you how different home prices, interest rates, and loan terms would affect your monthly mortgage payments and your overall loan cost so that you can develop a realistic budget for homeownership.
Key Points
• A mortgage calculator is a valuable tool for navigating the Connecticut housing market and developing a viable plan for homeownership.
• The calculator uses inputs such as home price, down payment, loan term, interest rate, and annual property tax to estimate monthly mortgage payments.
• Lenders often prefer that monthly mortgage payments total no more than 28% of a homebuyer’s gross monthly income.
• To reduce mortgage payments, consider making a larger down payment, strengthening your credit score, and shopping with multiple lenders for the best rates.
• First-time homebuyer assistance programs are available in Connecticut to help cover down payment and closing costs, making homeownership more accessible.
Connecticut Mortgage Calculator
Calculator Definitions
• Home price: This is the home purchase price that you and the seller both agree upon. This final price may differ from both the initial listing price and the amount of your first offer.
• Down payment: This is the amount of money that you pay upfront when you get your loan. The amount is often expressed as a percentage of your total purchase price. Most buyers put down between 3% and 20% of the home’s value for a conventional loan. Down payment assistance programs may be available in Connecticut to help you cover this cost.
• Loan term: This is the length of time you have to repay your home loan. Terms are usually structured as either 15 or 30 years. The shorter term can significantly lower the total interest you’ll pay over the loan’s duration, but it typically comes with higher monthly payments. Carefully consider your financial situation and goals when you’re choosing your mortgage term.
• Interest rate: This is the cost of borrowing money and is typically expressed as a percentage of the total loan amount. The rates you’ll be offered will depend on market conditions and on potential lenders’ assessment of your financial situation and creditworthiness.
• Annual property tax: Local governments levy these taxes on both land and buildings within their jurisdiction. These taxes are typically expressed as a percentage of the property’s assessed value. Find your property tax rate by searching online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: This is the amount that you’ll be charged each month toward the principal loan amount and accruing interest. Usually, it will also include payments toward your property tax as well, and may also include money for homeowners insurance and homeowners association (HOA) fees or private mortgage insurance (PMI) if your down payment was less than 20%.
• Total interest paid: This is the cumulative amount of interest that you will be required to pay over the entire duration of your loan. This total can be substantial, especially for longer loan terms. Choosing a larger down payment or a shorter loan term can reduce the total interest you pay over time.
• Total loan cost: This is the entire amount of money you will repay for the loan, including both the principal and the accumulated interest over the loan’s term. Elements like the length of your loan term, your interest rate, and your down payment amount play into the total cost of your loan.
How to Use the Connecticut Mortgage Calculator
Using the Connecticut mortgage calculator is simple to do: Just follow these step-by-step instructions. And don’t worry — the calculator is free, and accessing it won’t affect your credit rating.
Step 1: Enter your home price
Input the agreed-upon amount you will pay the seller for the property. This step is important for getting an accurate estimate of your anticipated monthly mortgage payment and associated costs.
Step 2: Select a down payment amount
Choose the appropriate percentage for a down payment to see how it affects your monthly mortgage payment and total interest cost. A down payment calculator can help you decide on your number.
Step 3: Choose a loan term
Select either a 30-year or 15-year mortgage term. Opting for the longer term can lower your monthly payments, but increase the total interest paid. The shorter term will result in higher monthly payments, but cost less in overall interest.
Step 4: Enter an interest rate
Input the interest rate you want to the second or third decimal point to view its effect on your monthly payment and total loan cost. If you’re trying to buy an expensive property, you may want to look specifically at the rates that are likely to be available for a jumbo loan.
Step 5: Input your annual property tax
Add in the annual property tax rate percentage for the property’s area to get a more accurate estimate of your monthly mortgage costs. For example, if your rate is 1.8%, input 1.8.
Benefits of Using a Mortgage Payment Calculator
Utilizing a mortgage calculator can be a smart move when you’re trying to assess just how much you can afford to pay for a new home. It can be particularly helpful when you’re buying your first home. With the calculator, you can estimate how much your monthly payments will be for a specific mortgage amount, interest rate, and term. The tool can also help you compare different loan amounts and interest rates and see how much impact they might have on your monthly budget.
Bear in mind that this calculator is designed for fixed-rate mortgages. If you choose a type of mortgage loan with a variable interest rate, you can still estimate your costs with this calculator, but be aware that the results will be less precise due to the fluctuations of a variable rate.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford
As of late 2025, the median sale price for a Connecticut home is about $492,000. Lenders often follow the 28/36 rule, according to which mortgage payments should be less than 28% of gross monthly income and total debt payments below 36%.
For example, if you’re buying a $492,000 home with a 20% down payment and a 7.00% 30-year mortgage, your monthly payment will be about $2,619, and according to the 28/36 rule, you’ll need a yearly income of about $112,243. Per the 36% part of the rule, you’d have about $748 per month left to cover other monthly debts, like car loans and student loans.
Another approach to figure out how much house you can afford is to use a home affordability calculator to get an estimate of how expensive a home purchase your budget can handle.
It can also be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how large a loan you can afford.
Components of a Mortgage Payment
The primary components that a mortgage payment pays for are the principal that the homebuyer borrowed and the interest the lender charges on that principal. This calculator also factors in property tax, which is also often included as part of your total monthly payment to the lender. Your monthly payment is also likely to cover homeowners insurance costs and may also include private mortgage insurance (PMI) or homeowners association (HOA) fees, depending on your loan specifics.
If you’re considering an FHA loan — one that’s guaranteed by the Federal Housing Administration (FHA) — you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
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 Connecticut
The cost of living in your area will affect how much house you can afford. Connecticut is relatively expensive compared to other states in the U.S., but it provides some range of housing options, even if it’s not one of the best affordable places in the U.S. The Council for Community and Economic Research’s Cost of Living Index (COLI) compares the cost of living in major metro areas against the national average, which is 100. The state’s capital, Hartford, scored a 101.4, barely above the average, while New Haven received a 108.2 and Stamford, within commuting distance of expensive New York City, got a 127.3.
| Connecticut Cities’ Cost-of-Living Stats | |
|---|---|
| Hartford | 101.4 |
| New Haven | 108.2 |
| Stamford | 127.3 |
Recommended: Average Monthly Expenses for One Person
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Once you’ve explored your options with the Connecticut mortgage calculator, if you’re concerned about whether you can afford the payments, don’t worry. These tips may help you figure out ways to lower the payments.
• Consider a larger down payment. Paying more upfront can help you avoid having to pay PMI and let you secure better loan terms.
• Work on strengthening your credit score. A higher score can mean that you qualify for lower interest rates, which can then translate to lower payments.
• Shop around for the best rates. Different lenders may offer you different rates and terms.
• Explore down payment assistance programs. If you haven’t owned a home in the last three years, you may qualify as a first-time homebuyer for one of these programs, which can help you afford your down payment and reduce monthly payment amounts.
• Appeal your property tax assessment. If you believe your assessed house value is too high, you can appeal to your tax authority.
• Consider a mortgage refinance. If you already have a mortgage and a refi can lower your rate or extend your term, that may decrease your monthly payments.
Connecticut First-Time Homebuyer Assistance Programs
If you’re buying your first home, there’s help available to guide you through the process, and often you can qualify as a first-time homebuyer even if you have owned a primary residence before, as long as it has not been within the past three years. In Connecticut, there are a variety of first-time homebuyer assistance programs to provide financial aid to help homebuyers cover the initial costs of purchasing a home, such as the down payment, closing costs, or both, which can be substantial. These programs can make homeownership more accessible and reduce the financial burden of entering the housing market, so they are well worth researching.
The Takeaway
Using a Connecticut mortgage calculator can empower you to make smart home purchasing decisions by showing you the financial implications of different scenarios. Whether you’re a first-time homebuyer or looking to refinance your current mortgage, this tool can help you make well-informed choices about your home loan options and ensure that your mortgage fits comfortably within your budget.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much should I put down on a mortgage?
Most buyers put down between 3% and 20% of the home’s value on a conventional mortgage. Bear in mind that a down payment of 20% or more can help you avoid paying private mortgage insurance and secure better loan terms.
Should I choose a 30-year or 15-year mortgage term?
The loan term that’s best for you depends on your financial situation and preferences. A 30-year term offers lower monthly payments, but will cost you more in interest over the life of the loan. A 15-year term will mean higher monthly payments but will be less expensive in terms of overall interest.
How much income do you need for a $400,000 mortgage?
In general, you’ll probably need an income of about $130,000 a year to qualify for a $400,000 mortgage. That assumes that you’re opting for a 30-year loan at an interest rate of 7.00%, and that you don’t have any other major debt obligations.
How much is a $600,000 mortgage payment for 30 years?
The monthly payment for a $600,000 home loan with a 30-year term depends on the interest rate. If the interest rate is 6.50%, for instance, you could expect to pay $3,792.41 per month. At 8.00%, the payment would be $4,402.59. These estimates include both 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-Q325-079
Get prequalified in minutes for a SoFi Home Loan.
Free Arkansas Home Mortgage Loan Calculator
Arkansas Mortgage Calculator
By SoFi Editors | Updated September 15, 2025
A mortgage calculator can be a tremendously useful tool when you’re exploring a home purchase in Arkansas. Particularly if you’re a first-time homebuyer and have never had a mortgage before, seeing how different home prices, interest rates, and loan terms affect monthly payments and your overall loan cost can help you create a budget for homeowning happiness.
Key Points
• Mortgage calculators help determine affordability and aid homebuyers in managing their finances.
• Mortgage payments in Arkansas include principal, interest, taxes, and insurance.
• Arkansas has a lower cost of living compared to the national average.
• Programs are available to assist first-time homebuyers with down payments and closing costs.
• Tips to reduce mortgage payments include exploring a recast or refinance; consider appealing property taxes.
Arkansas Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you and the home seller have agreed upon. This price may differ from the initial listing price and your first offer. It helps determine your down payment and monthly mortgage payments.
• Down payment: This is a buyer’s initial payment for a property. It can be from 3% to 20% of the home price. 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, usually between 10 and 30 years. A shorter term means higher monthly payments but less interest paid over the life of the loan. A longer term offers lower monthly payments but increases total interest costs.
• Interest rate: The interest rate is the cost of borrowing funds, expressed as a percentage of the total loan amount. It varies based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Local governments charge property tax based on your land and buildings within guidelines set by your state. You can find your property tax rate by searching online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: The monthly payment includes the loan’s principal and interest. Some lenders also include property taxes. Homeowners insurance and homeowners association fees may also be included in payments by some lenders.
• Total interest paid: Total interest paid is the entire amount of interest you will pay over the loan’s term. It is influenced by the loan amount, the interest rate you obtain, and the loan term you choose. A larger down payment, lower interest rate, and shorter loan term can reduce total interest paid.
• Total loan cost: Total loan cost is the all-inclusive amount you will pay for the loan, including the principal that you repay and the interest.
How to Use the Arkansas Mortgage Calculator
Step 1: Enter Your Home Price
Type in the purchase price you’ve negotiated with the seller. This figure will help the calculator accurately estimate your monthly mortgage payment and total interest cost.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce your monthly mortgage payment and total interest paid. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the duration to repay the mortgage, from 10 to 30 years. A longer home loan term means lower monthly payments, but more interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate can reduce monthly payments and total interest paid. If you are purchasing a very pricey property, look specifically at rates that might be available for a jumbo loan.
Step 5: Add Your Annual Property Tax Rate
Enter the home’s property tax rate as a percentage. For example, input 1.2 if the rate is 1.2%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you determine how much house you can afford, which is particularly helpful if you’re buying your first home. You’ll be able to see an estimate of your monthly payments based on loan amount, interest rate, and term. You can compare different loan amounts and interest rates to see how big a bite they might take out of your budget. 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: The Cost of Living in the U.S.
Deciding How Much House You Can Afford in Arkansas
In Arkansas, the median home sale price in late 2025 is around $273,000. Lenders typically prefer a mortgage payment of no more than 28% of gross monthly income. The mortgage payment in this 28% equation includes your principal, interest, taxes, and homeowner’s insurance, or PITI.
To afford a $273,000 home following this formula, an annual income of roughly $79,000 would be needed, assuming a 20% down payment ($54,600) with a 7.00% 30-year mortgage. The estimated monthly mortgage payment would be $1,828. This assumes you don’t have other significant debts burdening your budget, however. If you are paying for a car, or a student loan, or carrying credit card debt, you may need more earnings to afford this mortgage.
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 give you a clear picture of 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 Arkansas 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), home insurance, or homeowners association (HOA) fees, depending on your situation.
If you’re thinking about a home loan guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator is helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Arkansas
The cost of living in your area affects how much you can afford. Higher-cost areas tend to have higher average home prices and above-normal costs for utilities, maintenance, transportation, or all of the above. So if you’re thinking of buying in one of the best affordable places in the U.S., you’re in luck. Understanding the local cost of living helps you make an informed decision about your home purchase and budgeting.
This chart shows how the cost of living in major metropolitan areas in Arkansas compares to the national average of 100 on the Cost of Living Index compiled by C2ER, a nonprofit economic-development organization. Fortunately, Arkansas has a relatively low cost of living.
| Arkansas Cities’ Cost-of-Living Stats | |
|---|---|
| Conway | 83.9 |
| Fayetteville | 94.0 |
| Jonesboro | 83.3 |
| Little Rock-North Little Rock | 93.4 |
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
There are ways you can minimize your mortgage payment, both before your purchase and after you have a home loan.
• Explore down payment assistance programs. Some of these are specific to buyers who qualify as a first-time homebuyer. The good news is that in many cases, you can qualify even if you have owned a home before, as long as you haven’t owned a primary residence in the past three years.
• Appeal your property taxes if they seem too high. Tread carefully here, however, as inviting more scrutiny of your home value can sometimes result in a tax increase.
• Reach out to your lender to ensure that PMI is dropped from your monthly payment once you have reached 20% home equity.
• Undertake a mortgage refinance if rates drop significantly after your purchase.
• Recast your mortgage by making a lump sum payment toward the principal and asking your lender to recalculate your payments.
• Modify your loan type or extend the term. Remember that a longer term generally means less interest on a monthly basis, but more interest paid over the life of the loan.
Recommended: Average Monthly Expenses for One Person
Arkansas First-Time Homebuyer Assistance Programs
If you’re considering buying your first home or haven’t owned a primary residence in three years, there’s assistance available. Down payment assistance programs provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. The Arkansas Development Finance Authority offers several programs for first-time homebuyers in Arkansas. Some programs are restricted to first-timers and those with limited incomes, but others are more widely available based on a home’s location or purchase price.
The Takeaway
Using an Arkansas mortgage calculator is a smart first step in understanding the financial commitment of a home loan. By considering factors like your down payment, loan term, and interest rate, the calculator can help you make an informed decision about how much house you can afford. Whether you’re a first-time homebuyer or a seasoned homeowner, the calculator provides valuable insights to ensure you are well-prepared for your home purchase.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What is a mortgage payment?
A mortgage payment is typically a monthly payment and includes principal and interest. It often includes a charge for property taxes and homeowners insurance, too. If a borrower is required to have mortgage insurance, that may also be included. The principal reduces the outstanding loan balance, while interest is the cost of borrowing. 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 does my credit score affect my mortgage loan interest rate?
Your credit score significantly impacts your mortgage interest rate. A higher score can lead a lender to offer its most attractive interest rate, reducing the total cost of your mortgage. A lower score may result in 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 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. 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 how much of your monthly payment each month is going to each of these buckets.
How much should I put down on a mortgage?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t pinching your finances to the bone. Don’t empty your emergency fund or stop making payments on other debt, for example. In fact, feel free to take advantage of the low down payments available to some buyers if you feel it’s the right time to buy. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home. And repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill. Look at the entire financial picture to determine if that makes sense for you.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term offers lower monthly payments, making homeownership more accessible. 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. But particularly if this is your first home purchase, don’t feel bad about locking in 30 years. It is, after all, the most popular choice of mortgage term in the U.S.
How can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work to cultivate a strong credit score (aim for 700 or more, which is well over the 620 score you’ll need to qualify for a home loan). Go through the online prequalification process with multiple lenders to see how low a rate you might be able to obtain. A higher down payment may help, too, if you can afford to make one. If you already own a home, you can explore a mortgage refinance and compare the costs of your old loan versus a new one (plus closing costs) at a new, lower rate.
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 significant 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.
Can I afford a $300K house on a $70K salary?
It would be 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 cost of a $600,000 mortgage with a 30-year term will depend on your interest rate. At an interest rate of 6.00%, for example, you would pay $3,597.30 per month. At 8.00%, the payment would rise to $4,402.59. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q325-077
Get prequalified in minutes for a SoFi Home Loan.
Free Arizona Home Mortgage Loan Calculator
Arizona Mortgage Calculator
By SoFi Editors | Updated September 17, 2025
When you’re thinking about buying a home, you need clear, helpful information to make the best financial choices for your individual situation. Our Arizona mortgage calculator lets you find the monthly and overall costs for different mortgages in minutes so that you can compare and contrast your options effectively. Free and easy to use, the calculator can be one of the most important tools you’ll rely on during your search. Let’s take a closer look.
Key Points
• Mortgage calculators can help you determine monthly and overall costs for different mortgages when you input factors like home price, down payment, loan term, and interest rate.
• Lenders prefer your mortgage payments to be less than 28% of your gross monthly income.
• Mortgage payments may include principal, interest, property taxes, homeowners insurance, and potentially private mortgage insurance (PMI), or homeowners association (HOA) fees.
• Options that may help you reduce mortgage payments include dropping PMI once you reach 20% equity, appealing high property taxes, and refinancing to a lower rate, among others.
• First-time homebuyers in Arizona may be able to access a variety of financial assistance programs offered through the state and local organizations.
Arizona Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price for the property that you and the seller agree on. As the final price, it will probably differ from both the initial listing price and the amount of your first offer.
• Down payment: This is the amount that you pay upfront for the property, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%. A down payment of 20% or more will let you avoid paying private mortgage insurance (PMI). Down payment assistance programs may be available to help you cover this cost.
• Loan term: This is the length of time you have to repay your home loan, usually 15 or 30 years. A shorter term means higher monthly payments but less interest charged over the life of the loan. A longer term can make monthly payments more manageable but cost more in the long run.
• Interest rate: This is the cost of borrowing money and is typically expressed as a percentage of the total loan amount. The rate a lender offers you will depend on market trends and your personal financial situation, among other factors.
• Annual property tax: Property tax is levied by local governments on land and buildings and is generally expressed as a percentage of a property’s assessed value. Find your property tax rate by searching online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: The amount you’ll pay your lender each month includes both mortgage principal and interest. It may also cover estimated property taxes, homeowners insurance, and possibly any homeowners association (HOA) fees. If your down payment was less than 20% and you need to pay for private mortgage insurance (PMI), that’s generally also part of the monthly payment.
• Total interest paid: This figure is the cumulative amount of interest you’ll pay over the entire duration of the loan. That amount can be substantial, especially with longer loan terms. Opting for a larger down payment or a shorter loan term can reduce the total interest paid over time.
• Total loan cost: This is the entire amount you’ll pay during the life of the loan, including the principal amount you borrowed and all the interest accrued throughout the loan term. Factors like loan term length, interest rate, and down payment amount all play into the total loan cost.
How to Use the Arizona Mortgage Calculator
Using the calculator is quick and easy. Just follow these step-by-step instructions. And don’t worry — the calculator is free, and accessing it won’t affect your credit rating.
Step 1: Enter your home price
Input the purchase price you’ve agreed on with the seller to generate an estimate of your monthly payments and overall loan costs.
Step 2: Select a down payment amount
Choose the down payment percentage you’d like to pay to see how it affects your monthly mortgage payment and total interest paid. A down payment calculator can help you decide.
Step 3: Choose a loan term
Select a 15- or 30-year term to see how it impacts your monthly payments and total interest costs.
Step 4: Enter an interest rate
Input your desired interest rate to the second or third decimal point to see its impact on your monthly payment and total loan cost. If you are purchasing a very expensive property, you may want to look specifically at rates likely to be available for a jumbo loan.
Step 5: Input your annual property tax
Enter the annual property tax rate percentage to get an accurate estimate of your monthly mortgage costs. For example, if your rate is 0.44%, input 0.44.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator can be extremely helpful as you determine how much house you can afford. It’s especially useful when you’re buying your first home. The calculator will show you an estimate of how much your monthly payments will be, depending on a specific mortgage amount, interest rate, and term. You can use the tool to compare different loan amounts and interest rates and how much impact each combination might have on your monthly budget.
This calculator is designed for fixed-rate mortgages, so if you choose a type of mortgage loan that has a variable interest rate, you can still estimate your costs with this calculator, but the results will be less precise due to the fluctuations of a variable rate.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford in Arizona
In Arizona, with a median home sale price of about $439,000 in late 2025, how affordable a home is for you depends in large part on your income. Lenders prefer that your mortgage payments are less than 28% of your gross monthly income.
For a $439,000 house with a 30-year mortgage term at a 7.00% interest rate, assuming a 20% down payment, you’d typically pay $2,337 per month. To follow the 28% rule, this would mean you’d need to make approximately $100,157 annually. Lenders would also like to know that your total debt will stay, ideally, below 36% of your gross income; Here, that will leave you just under $668 for other debts.
You can also try a home affordability calculator to get an estimate of how much house your income allows you to afford.
It may also be helpful to know that going through the mortgage preapproval process with a prospective lender is another way to get a clear picture of how large a loan you can afford.
Components of a Mortgage Payment
The major components your mortgage payment goes toward paying will be the principal amount you borrowed and the interest your lender charged. This Arizona home mortgage calculator also includes your property taxes, which are often part of the monthly payments you pay to your mortgage servicer. Potentially, the payment might also include homeowners insurance and private mortgage insurance (PMI) or homeowners association (HOA) fees, depending on what’s relevant.
If you’re looking at home loans guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which allows for that type of loan’s mortgage insurance premiums.
Similarly, a VA mortgage calculator may be useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Arizona
The cost of living in Arizona can impact how much house you can afford. While Arizona is fairly expensive compared to the average cost of living in the U.S., it offers a range of housing options, even if it’s not one of the best affordable places in the U.S. You can see that in this breakdown of the cost of living in Arizona’s major metropolitan areas, according to the Council for Community and Economic Research’s Cost of Living Index (COLI).The COLI is measured on a scale on which 100 is the national average.
| Arizona Cities’ Cost-of-Living Stats | |
|---|---|
| Bullhead CIty | 92.8 |
| Flagstaff | 121.6 |
| Lake Havasu City | 125.2 |
| Phoenix | 106.3 |
| Prescott-Prescott Valley | 120.2 |
| Surprise | 102.9 |
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
There are steps you can take that may help lower your monthly mortgage payment, depending on your individual situation.
• Explore down payment assistance programs. Don’t be discouraged that many of these are specific to buyers who qualify as first-time homebuyers. In many cases that category includes people who haven’t owned a primary residence in the last three years. A larger down payment can mean lower monthly payments and even help you avoid paying mortgage insurance.
• Drop PMI as soon as possible. If you’re paying private mortgage insurance on your mortgage, once your home equity reaches 20%, you can request that your lender cancel it.
• Recast your mortgage with a lump sum payment. If you get a windfall and apply it toward your mortgage, you can request that your lender recast your loan, meaning that it will reamortize it while keeping your rate and term the same. This typically lowers your payments.
• Appeal high property taxes. If you believe your property was assessed at too high a value and you’re being taxed too much, you can appeal and ask that your property be reassessed.
• Consider a mortgage refinance. If you already have a mortgage, and rates drop significantly or your credit improves, you may be able to score a better rate and lower payments.
• Shop for cheaper homeowners insurance. You can look for a carrier who charges less, raise your deductible, or bundle policies to obtain a discount.
Recommended: Average Monthly Expenses for One Person
Arizona First-Time Homebuyer Assistance Programs
If you’re interested in purchasing your first home or if you haven’t owned a primary residence in the past three years, there’s a good chance you’ll be able to find some assistance in Arizona. In particular, the area has a number of down payment assistance programs that provide financial aid for your down payment, closing costs, or both.
Programs for first-time homebuyers in Arizona may be on the state level but are often local, so it’s worth investigating options in the county or town where you’d like to live. Some programs are restricted to first-timers and people with limited incomes, but others serve a wider audience.
The Takeaway
Using an Arizona mortgage calculator can be a smart strategic move when you’re planning your home purchase. The tool helps you estimate monthly payments, understand the impact of different down payments, and explore various loan terms. By factoring in local property taxes, it can give you a more comprehensive view of the financial obligations attached to different loans. Whether you’re a first-time homebuyer or a homeowner looking to refinance, this calculator can provide the valuable insights you need to help you make informed decisions and achieve your homeownership goals.
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 has a significant impact on your mortgage interest rate. Higher scores generally lead to lower rates, reducing the total cost of your loan.
What are principal and interest on a mortgage loan?
The principal is the original amount borrowed by the homebuyer, and the interest is the cost of borrowing that amount, usually expressed as a percentage of the principal.
How much should I put down on a mortgage?
Conventional home loans often require a minimum down payment of 3%, but putting down 20% can eliminate the need to pay private mortgage insurance (PMI).
How much is a $600,000 mortgage payment for 30 years?
A $600,000 mortgage with a 30-year fixed rate at 7.00% would result in a monthly payment of approximately $3,992. This estimate doesn’t include property taxes, homeowners insurance, or HOA 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-Q325-076
Get prequalified in minutes for a SoFi Home Loan.
Free Alaska Home Mortgage Loan Calculator
Alaska Mortgage Calculator
By SoFi Editors | Updated September 19, 2025
If you’re looking around in hopes of buying a home in Alaska, a mortgage calculator can be a useful tool for you. It will be particularly helpful if you’re a first-time homebuyer who’s never held a mortgage. Exploring how various home prices, interest rates, and loan terms may affect your monthly payments and the ultimate cost of your home loan can help you budget responsibly.
Key Points
• A mortgage calculator can help a homebuyer determine affordability and aid in their future finance management.
• Your mortgage payments in Alaska will include principal, interest, and taxes, and may also comprise insurance and other fees.
• Alaska ranked fifth in the U.S. among states with the highest cost of living in late 2025, and has higher than-average home prices and utility, maintenance, and transportation costs.
• Programs to assist first-time homebuyers with their down payments and closing costs are available.
• If you need to reduce your monthly mortgage payment, you can look into a recast or refinance, and also consider appealing property taxes.
Alaska Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase amount a buyer and seller agree on. If you’re buying your first home in Alaska, it will be an important determiner of your mortgage loan amount and monthly payment.
• Down payment: The down payment is the first installment on a home purchase, usually from 3% to 20% of the home price. Down payment assistance programs can help you cover this cost, especially if you are a first-time homebuyer. A healthy down payment can help you avoid private mortgage insurance (PMI), too.
• Loan term: This is the time you can take to repay your home loan. A 15-year term will carry higher monthly payments — but in the end you’ll pay a lot less interest. A 30-year mortgage, generally the longest term, offers you lower monthly payments but you’ll rack up more interest over the life of the loan.
• Interest rate: The interest rate, expressed as a percentage of the loan amount, is the cost of borrowing the money to buy a home. Your rate can will based on the type of mortgage you apply for, market trends, and your qualifications.
• Annual property tax: Local governments levy property taxes on land and buildings based on guidelines set by your state. You can find your property tax rate by searching online for the town, county, or ZIP code where the property is located and “effective property tax rate.” Understanding rates in your area can help you plan your budget.
• Monthly payment: This is the amount you’ll pay toward your mortgage each month. It typically includes principal and interest, and may comprise property taxes and homeowners insurance. If a down payment is less than 20% of the home price, private mortgage insurance (PMI) may be a line item.
• Total interest paid: The cumulative amount of interest you’ll pay over your mortgage loan’s life is total interest paid. It’s influenced by loan term, interest rate, and down payment. A longer term or a higher rate will increase your total interest paid. A larger down payment can help reduce this amount.
• Total loan cost: This all-in amount is what your loan expense will be, including the principal and interest. A 30-year mortgage will have a higher total loan cost than a 15-year mortgage, due to its longer repayment period and more interest accrued.
How to Use the Alaska Mortgage Calculator
Step 1: Enter Your Home Price
Input the purchase price you and the seller have negotiated. Using this figure, the calculator can estimate both your monthly mortgage payment and total interest cost.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you’ll pay upfront from the menu. With a larger down payment, you can reduce your monthly mortgage payment as well as what you’ll pay in total interest. A down payment calculator can help you decide the ideal amount to put down.
Step 3: Choose a Loan Term
Select the amount of time you’ll need to pay off the mortgage, from 10 to 30 years. A longer home loan term means you’ll have lower monthly payments, but more interest paid in time.
Step 4: Enter an Interest Rate
Input your estimated interest rate. The number should be to the second or third decimal point. Remember that a lower rate may reduce monthly payments and the total interest you pay. Purchasing a pricey property? Look at rates that might be available for a jumbo loan.
Step 5: Add Your Annual Property Tax Rate
Enter the property tax rate for the new home as a percentage. For example, if the rate is 1.2%, input 1.2.
Benefits of Using a Mortgage Payment Calculator
Using a mortgage calculator, you can easily determine just how much house you can afford. This is particularly helpful if you are buying a home for the first time. You can see an estimate of your monthly payments based on loan amount, interest rate, and term, and compare different loan amounts and interest rates to see how they might bite into your budget.
If the type of mortgage loan you choose has a variable interest rate, estimate your costs using this calculator. But know that the estimate will be less precise due to variable rate fluctuations.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford in Alaska
In Alaska, the median home sale price in late 2025 is around $423,000. Lenders typically prefer a mortgage payment to be no more than 28% of your gross monthly income. The mortgage payment in this 28% equation will include principal, interest, taxes, and homeowner’s insurance, or PITI.
To afford a $423,000 home following this formula, you’d need to have an annual income of roughly $109,000, assuming you could make a 20% down payment ($97,290) and qualify for a 30-year mortgage at 7.00%. Your estimated monthly mortgage payment would be about $2,542. This equation does not account for other significant debts you may be carrying around, though. If you have a car or student loan payment, or you’re carrying credit card debt, you may not be able to afford this mortgage unless you have a higher income.
A home affordability calculator can help you create an estimate of how much house you can afford, based on your income. You can also participate in the mortgage preapproval process with a lender, which will give you a clear picture of the loan type and size you can afford.
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
Principal and the interest are a mortgage payment’s two primary parts. This mortgage calculator also factors in property taxes, which are often included in monthly loan payments. (It’s definitely in your lender’s interest to make sure you don’t lapse on tax bills.) Your monthly payment might also include private mortgage insurance (PMI, necessary if your down payment is under 20%) or homeowners association (HOA) fees, depending on your situation.
If you are considering a Federal Housing Administration (FHA)-guaranteed home loan, use an FHA mortgage calculator. It will factor in the loan’s upfront mortgage insurance premiums.
Looking at a loan backed by the U.S. Department of Veterans Affairs? A VA mortgage calculator is your best bet.
Recommended: Down Payment Calculator
Cost of Living in Alaska
The cost of living in your area affects how much you can afford when buying a home. Higher-cost areas, including Alaska — which had the fifth highest composite cost of living index in the U.S. in late 2025 — tend to have above-average home prices and higher-than-normal costs for utilities, maintenance, transportation, or all of the above.
Alaska’s biggest cities rank very high in the Cost of Living Index (COLI), with Anchorage at 122.8; Fairbanks at 121.5; and Juneau at 127.2. Needless to say, you won’t find many Alaska towns on a list of the best affordable places in the U.S..
Recommended: Average Monthly Expenses for One Person
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Homebuyers in Alaska are smart to do whatever they can to lower their mortgage payment. Here are some possible ways to reduce the amount you have to come up with monthly to make your payment:
• Drop PMI as soon as you reach 20% home equity. (You will need to inform your lender when you’re ready to do this.)
• Recast your mortgage. You can do this by making a lump-sum payment toward the principal you still owe, and then asking the lender to recalculate your payment.
• Think about appealing your property taxes — though only if you can really determine that they are too high. Inviting scrutiny of a property’s worth can also result in a tax increase, which might increase your payment, so exercise caution here.
• Request that your lender modify your loan if you find yourself facing financial hardship.
• Extend your loan term, which can lower monthly payments.
• Shop around for a cheaper homeowners insurance policy.
• Consider a mortgage refinance if mortgage rates have dropped since you bought your home.
Alaska First-Time Homebuyer Assistance Programs
If you qualify as a first-time homebuyer in Alaska, you may be able to tap into programs that aid with down payments or closing costs to make homeownership accessible to people with limited savings. To top it off, you could get extra perks when you qualify as a new homebuyer — meaning you haven’t owned a primary residence in the last three years. The Alaska Housing Finance Corporation provides below-market-interest-rate loans and down payment help for eligible low- and middle-income buyers.
Consult a guide to first-time homebuying programs in Alaska for advice.
The Takeaway
Spending some time with the Alaska mortgage calculator is a great step to understanding the financial commitment you make when you take on a home loan. It can help you make an informed decision about how much house you can afford. Whether you’re a first-time homebuyer or a seasoned property owner, the calculator will provide valuable insights to ensure you’re well-prepared for your purchase.
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?
It’s typically a monthly payment including principal and interest, but it may include amounts for property taxes and homeowners insurance, ensuring that these expenses are covered throughout the loan term and that the home remains insured. If mortgage insurance is a requirement, that may also be in the total.
How does my credit score affect my mortgage loan interest rate?
Your credit score impacts your mortgage interest rate significantly. A lender may offer its most attractive interest rate to a borrower with a higher score, reducing the total cost of the mortgage. A lower score may result in a higher interest rate, not to mention stricter lending conditions — if you are approved at all.
What are principal and interest on a mortgage loan?
They are two key components of a mortgage payment. The principal is the original loan amount, while interest is the money you pay to the lender for the privilege of borrowing that amount. In time, as you pay off your loan, more of your payment will go toward the principal, reducing the loan balance and interest you will pay. Look for an amortization schedule with your loan documents; it will tell you how much of your payment each month goes into each bucket.
How much should I put down on a mortgage?
You should pay as much as you comfortably can toward a down payment on your home, while taking care not to pinch your finances to the point that you have no cushion. Don’t empty your emergency fund or stop paying on other debts, for example. One smart move would be to take advantage of low down payments available to first-time buyers. New homebuyers can put down as little as 3% in some cases, and repeat buyers may be able to contribute just 5%. Put down less than 20%, and you’ll likely have to add private mortgage insurance payments to your monthly bill. Always look at the entire financial picture to determine what makes sense.
Should I choose a 30-year or 15-year term for my mortgage?
A 30-year term will offer you lower monthly payments and make homeownership more accessible. A 15-year term will require a higher monthly payment but could save you thousands of dollars in interest. If your budget can accommodate a term of 15 or even 20 years, it’s a smart way to go. But don’t feel bad choosing to lock in 30 years, particularly if this is your first home purchase. It’s the most popular choice of mortgage term in the U.S.
How can I get a lower mortgage interest rate?
To gain access to the most desirable mortgage interest rates, work on cultivating a strong credit score (700 or higher, well over the 620 you’ll need to qualify for a home loan). Complete the prequalification process online with multiple lenders to see how low a rate you can get. Saving to make a higher down payment may help, too, if you can afford to. If you own your home already, explore a mortgage refinance and compare your old loan’s costs compared to those on a new one at a new, lower rate. Remember to consider the closing costs.
How much income do you need to get a $400,000 mortgage?
You’ll probably have to earn around $130,000 annually to qualify for a $400,000 mortgage with a 30-year term and a 7.00% interest rate. This assumes you aren’t burdened by other significant debts. One general rule to consider: Your home price shouldn’t be more than three times your gross income. Always adjust for other substantial debts you’re carrying.
Can I afford a $300K house on a $70K salary?
It would be a stretch. Buying a $300,000 property on a salary of $70,000 is going to be tough unless you can make a large down payment. Advisors suggest that the price of your house should not exceed three times your salary — which in this case should be $210,000. Crunch the numbers using a home affordability calculator to see how much down payment you’ll need to make a $300,000 home doable.
How much is the payment on a $600,000, 30-year mortgage?
What a $600,000 mortgage with a 30-year term will cost you monthly depends on your interest rate. At 6.00%, for example, you’d pay $3,597.30 per month. At 8.00%, your payment would rise to $4,402.59. This estimate includes principal and interest, but property taxes, insurance, and other fees will make it increase.
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-Q325-075
Get prequalified in minutes for a SoFi Home Loan.
Stay up to date on the latest business news and stock market happenings.