New York Mortgage Refinance Calculator
New York Mortgage Refinance Calculator
By SoFi Editors | Updated October 24, 2025
Refinancing your mortgage can be a smart money move, offering opportunities to save on monthly payments, adjust loan terms, or access home equity. A mortgage refinance calculator helps you assess the financial impact of refinancing by providing estimates of potential savings and costs. This guide will walk you through the process of using a New York mortgage refinance calculator and help you make an informed decision about whether to trade your old loan for a new one.
Key Points
• A New York mortgage refinance calculator helps homeowners assess the financial impact of refinancing.
• The calculator estimates costs and potential savings associated with refinancing.
• Refinancing can lower monthly payments, shorten the loan term, or help owners access home equity.
• The break-even point, calculated using a refinance calculator, helps determine if the savings from refinancing outweigh the initial costs within a reasonable time frame.
• Improving your credit score can enhance your refinancing options and help you secure better interest rates, potentially saving you thousands of dollars over the life of the loan.
New York Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is what you still owe on your existing mortgage. If you’re wondering how soon you can refinance a mortgage, this number is key. Most lenders won’t consider a refi unless you have at least 20% equity. To determine if you’ve hit 20%, subtract your loan balance from your home’s value then divide by the estimated value for a percentage of equity.
• Current/New interest rate: Interest is a big part of mortgage payments, reflecting the percentage of the loan amount charged by the lender. Mortgage rates fluctuate based on market conditions and your credit score. A new, lower interest rate can reduce both your monthly payments and total interest paid.
• Loan term: The loan term is the duration over which you will repay your mortgage after refinancing. Shortening the term can save you money on interest, while extending it can reduce monthly payments. Use the calculator to estimate the impact of different terms.
• Points: Mortgage points are upfront fees paid to reduce your interest rate. Each point costs 1% of the loan amount and can lower your rate by 0.25%. Consider the long-term savings when deciding to purchase points.
• Other costs and fees: Refinancing incurs various costs, including origination fees, appraisal fees, attorney fees, and closing costs. These expenses typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly mortgage payment includes both principal and interest. Use the refinance calculator to compare your current payment with the estimated new payment. A lower monthly payment can free up cash flow, but that doesn’t always equate to long-term savings.
• Total interest: Total interest is the cost you pay to the lender for borrowing money, excluding the principal. Over the life of a mortgage, total interest can equal or surpass the initial loan amount. Compare the total interest paid before refinance with the projected total interest on a mortgage refinance to determine potential savings.
How to Use the New York Mortgage Refinance Calculator
Input your current loan details and proposed refinance terms into the New York mortgage refinance calculator to estimate potential savings and costs.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining home loan balance, which is the principal amount you still owe on your current mortgage.
Step 2: Add Your Current Interest Rate
Input the interest rate you have now, found on your latest mortgage statement or by contacting your lender.
Step 3: Estimate Your New Interest Rate
Estimate what your new interest rate would be by comparing offers from different lenders or checking online for current mortgage rates. A lower rate can reduce your monthly payments and total interest paid.
Step 4: Select Your Remaining Loan Term
Type in the number of years you have left on your current mortgage.
Step 5: Choose a New Loan Term
Select a new loan term, anywhere from 10 to 30 years. A shorter term can save on interest, while a longer term can lower monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Input any points you plan to purchase. Each point costs 1% of the loan amount and lowers your interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as application fees, appraisal fees, and attorney fees. Input these into the calculator to see their impact on your potential savings.
Step 8: Calculate Your Break-Even Point
Calculate your break-even point, the number of months required for any savings you might enjoy on your monthly payment to offset the closing costs. Use this information to decide if refinancing is beneficial.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a refinance calculator can help you evaluate whether refinancing is possible and beneficial. It provides a detailed comparison of your current and potential new mortgage, showing how different interest rates and loan terms could affect your monthly payment and total interest paid. Even a small reduction in your interest rate can result in substantial savings, especially for larger mortgages.
The calculator can also help you determine how to refinance a mortgage. It will help you consider the purpose of your refinance, whether it’s to lower your interest rate, switch to a different type of mortgage loan (such as a fixed-rate loan), or access home equity with a cash-out refinance.
What Is the Break-Even Point in Refinancing?
One of the most important things the mortgage refinance calculator can help you determine is the break-even point on a refinance. This is the time it takes to recoup all closing costs through monthly savings. To find your break-even point, subtract your estimated monthly payment after a refinance from your current mortgage payment. Then divide the total closing costs by whatever amount you are saving each month. (If you aren’t seeing any savings with a refi, that’s one sign it might not make sense to swap out your loan.)
For example, if your closing costs are $5,000 and you save $100 on your monthly payment, it would take 50 months to break even. If you plan to sell your home before reaching this point, refinancing might not be worth it.
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:
Typical Closing Costs for a Refinance in New York
Mortgage refinancing costs in New York are typically 2% to 5% of the loan. Fixed costs include application fees (up to $500), credit reports ($25-$75), appraisals ($600-$2,000), recording fees ($25-$250), and attorney fees ($500-$1,000+). Percentage-based costs include origination fees (0.5%-1%), title search/insurance (0.5%-1%), and points. Sometimes new title insurance and an inspection aren’t always required.
You can reduce costs by comparing lenders’ offers and negotiating fees. Some lenders offer a no-closing-cost refinance but these may come with a higher interest rate.
Not surprisingly, refinancing a jumbo loan may come with higher costs.
Tips on Reducing Your Mortgage Refinance Payment
There are ways to minimize your monthly mortgage payment in the context of a refinance. Try to do this before beginning the refinancing process:
• Build your credit score before refinancing to secure a lower interest rate.
• Shop around and compare offers from multiple lenders to find the best rates and terms.
• Consider extending the term of your loan to reduce monthly payments (remember that this could increase your total interest paid).
• Homeowners insurance premiums are often included in mortgage payments, so shop for a lower homeowners insurance rate by increasing your deductible or bundling policies.
The Takeaway
Refinancing your mortgage can sometimes mean saving on monthly payments and total interest paid. But taking this step requires careful consideration. A mortgage refinance calculator helps you estimate potential savings, both monthly and over the life of the loan. Studying your results and looking at the break-even point of a refi can help you decide if going through the refinancing process aligns with your financial 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 much does it cost to refinance your mortgage in New York?
Refinancing in New York involves closing costs ranging from 2% to 5% of the new loan amount. These costs may include application fees, credit report fees, appraisal fees, and title insurance. Shop around for lenders and compare rates to minimize expenses.
How much does it cost to refinance a $300,000 mortgage?
Refinancing a $300,000 mortgage could cost between $6,000 and $15,000 in closing costs. You would need to pay lender fees, appraisal fees, and title insurance, among other things. Using a refinance calculator can help you estimate your break-even point and see whether the costs are worth any savings you might enjoy.
Do you have to put 20% down to refinance?
Refinancing doesn’t require a 20% down payment. Instead, many lenders often require homeowners to have at least 20% equity in their home to be eligible to refinance. To determine whether you meet the equity goal, subtract the balance you owe on your mortgage principal from your home’s estimated value. Divid the answer by the home value and you’ll see your percentage of equity.
At what point is it not worth it to refinance?
Refinancing might not be worthwhile if the break-even point is too far in the future. For example, if closing costs are $6,000 and you save $100 monthly, it would take 60 months to break even. If you don’t plan to own the home for at least five years, refinancing might not be worth it.
What month is best to refinance?
The best month to refinance depends on prevailing mortgage rates and your financial readiness. Historically, rates are lower in fall and winter, but your best bet is to monitor current rates and ensure you’re financially stable before applying.
Which bank is best for refinancing?
Choosing the best bank for refinancing depends primarily on the interest rate and terms the lender offers. But you’ll also want to consider the lender’s reputation — especially for customer service.
What credit score do you need for refinancing?
Most lenders require a minimum credit score of 620 for conventional loans. A higher score, such as 700 or above, can secure better interest rates and terms. Check your credit report, and do what you can to polish your score until it shines before applying.
What are the advantages of refinancing your home?
Refinancing can offer several advantages, including a lower interest rate, reduced monthly payments, and the ability to switch from an adjustable-rate loan to a fixed-rate one. A cash-out refinance allows you to borrow more than you currently owe on your mortgage so that you can use the extra cash for various needs. Use a mortgage refinance calculator to determine whether refinancing confers financial benefits.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry, but the impact is usually minimal. Manage the new loan responsibly to recover and see your credit score improve over time.
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.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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Free Anaheim, CA Mortgage Loan Calculator
Anaheim Mortgage Calculator
By SoFi Editors | Updated October 23, 2025
When considering a home purchase in Anaheim, a mortgage calculator is a supremely helpful tool. You can quickly estimate your monthly mortgage payment, and see the total interest you would pay and the overall cost of the mortgage. This is especially useful if you are buying your first home and need to carefully plan your budget. This article will guide you through how to use this tool effectively, ensuring you make informed decisions about your home purchase.
Key Points
• An Anaheim mortgage calculator helps estimate monthly payments, total interest, and overall loan cost, providing a clearer financial picture for homebuyers.
• A 15-year mortgage term can help buyers build equity faster and will cost less in interest, but it comes with higher monthly payments compared to a 30-year term.
• Improving your credit score can help you secure a lower interest rate, reducing monthly payments and total interest paid.
• Anaheim home prices are significantly higher than the U.S. average.
• Down payment assistance programs can significantly reduce the initial financial burden for some first-time homebuyers and those with limited savings in Anaheim.
Anaheim Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer. This figure is needed to determine the amount of your home loan.
• Down payment: The down payment is what amount you would pay upfront. Most buyers put down between 3% and 20% of the purchase price. It takes a 20% down payment to avoid paying for private mortgage insurance (PMI). A jumbo loan usually requires a minimum 10% down.
• Loan term: The loan term is the length of time you have to repay the mortgage, from 10 to 30 years. A shorter term can help build equity faster and requires you to pay less interest overall, while a 30-year term offers lower monthly payments but costs more in the long run.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates can vary based on your credit history, market trends, and the type of mortgage loan you choose.
• Annual property tax: The effective property tax rate in Orange County, where Anaheim is located, is .6659%.
• Total monthly payment: The total monthly mortgage payment includes the principal loan amount and the interest accrued. Other additional costs, such as property tax, can also be factored into the total expense.
How to Use the Anaheim Mortgage Calculator
Step 1: Enter Your Home Price.
This figure is an important one for the mortgage calculator, as it determines the size of the home loan you will need.
Step 2: Select a Down Payment Amount.
The down payment represents the portion of the home price that you agree to pay upfront. A down payment calculator can show you what’s needed to reach the 20% payment necessary to avoid PMI.
Step 3: Choose a Loan Term.
The loan term is the length of time you have to repay the loan, typically 15 or 30 years. A 30-year term offers lower monthly payments, while a 15-year term can save you a significant amount in interest over the life of the loan.
Step 4: Enter an Interest Rate.
Enter your hoped-for interest rate to the second or third decimal point, such as 6.74%.
Step 5: Enter the Home’s Property Tax Rate
Enter the percentage of your property’s market value that’s used to compute property tax. For the specific percentage in your area, search online for the property’s town or ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps prospective homebuyers determine affordability by estimating monthly payments based on loan amount, interest rate, and loan term. This calculator also factors in property taxes in Anaheim.
When buying your first home, it can be especially helpful to see how different down payment amounts and loan terms might affect your costs, both monthly and over the long haul. Using a free home mortgage payment calculator helps to ensure you go through the process of getting a home loan with maximum information and confidence.
Deciding How Much House You Can Afford in Anaheim
Anaheim’s median home sale price in late 2025 was $899,000, according to Redfin. Let’s use the mortgage calculator to see how you could budget for a home purchase using this amount. If you put down 20% and got a 30-year loan with an interest rate of 6.50%, your monthly payment on the median-priced Anaheim home would be $5,045. This includes property taxes at the Anaheim rate.
Lenders advise keeping housing costs below 28% of gross monthly income. To afford a $5,045 loan payment and still be within 28%, you would need to earn at least $220,000 per year. This assumes you don’t have other debts. If you do, you would need to earn more.
There are two other ways to decide how much home you can afford in Anaheim. You can input your annual income and information about recurring debts (such as a student loan or car payment) into a home affordability calculator, which will quickly provide an estimated home-shopping budget. Or you can go through the mortgage preapproval process, submitting your info to a lender. If you are preapproved for a mortgage, you’ll learn how much and on what terms you can borrow.
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 interest. Additionally, your monthly payment may cover property tax, as shown in this calculator. Some lenders also like you to pay for your homeowners insurance as part of your monthly payment. (After all, your home is the collateral for the loan, so it is in your lender’s interest to make sure your taxes and insurance premiums are paid on time.) When your down payment requires that you purchase PMI, the cost of that will be added to your monthly payment as well. And some lenders even let you pay your homeowners association (HOA) dues through the mortgage servicer as well.
If you’re thinking about getting 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.
Cost of Living in Anaheim
You won’t find this Orange County city, home to Disneyland, on any list of the best affordable places in the U.S. Anaheim has a high cost of living, about 56% above the average cost of living in the U.S. Housing is a major expense for residents here; as noted, the median sale price for a home here is nearing $900,000. A living hourly wage for a family with two adults working full time and two children is $53.55, according to MIT’s Living Wage Institute. As you consider purchasing a home in Anaheim, a mortgage calculator can help you determine how your housing costs fit into your larger household budget. Take a look at how the cost of living breaks down in Anaheim.
| Anaheim Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 156.3 |
| Groceries | 109.8 |
| Housing | 260.8 |
| Utilities | 111.3 |
| Transportation | 133.4 |
| Health Care | 93.1 |
| Miscellaneous Goods/Services | 116.4 |
Run the numbers on your home loan.
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Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
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Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Anaheim’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Anaheim, there are several down payment assistance programs available to help qualified buyers cover front-end costs, including their down payment. Some programs provide a loan or grant for closing costs. To qualify as a first-time homebuyer, you typically must not have owned a primary residence within the past three years.
The California Housing Finance Agency is the primary program provider, offering below-market-interest-rate loans and down payment help for eligible low- and middle-income buyers. Consult a guide to first-time home-buying programs in California for advice.
Recommended: Average Monthly Expenses for One Person
Tips on Reducing Your Mortgage Payment
It is possible to reduce your monthly payment even after you settle into your new home. Here are some options:
• Once you have 20% equity in your home, you can request that your lender cancel PMI. Equity can change with home appreciation, so keep an eye on your home’s estimated value.
• If you receive a bonus or other windfall, mortgage recasting can be a smart move. You would make a lump-sum payment toward your mortgage principal and ask your lender to re-amortize the loan based on the new, smaller principal balance.
• Consider a mortgage refinance if interest rates have dropped significantly or your credit score has risen substantially.
• If you believe your annual property tax is too high, you can appeal your assessment. Start by researching recent comparable property assessments in your area.
• Financial hardships can make it difficult to manage your mortgage payments. If you face this, you can ask your lender to modify your loan to make it more affordable and help avoid foreclosure.
• To reduce your monthly mortgage payment, consider shopping for a lower homeowners insurance rate. You can increase your deductible, bundle your homeowners insurance with auto insurance, or make upgrades that enhance your home’s security or storm resistance.
The Takeaway
Using an Anaheim mortgage calculator is a key step in understanding the costs of homeownership. You’ll easily estimate monthly payments and total interest paid, and see the overall cost of a home loan. You’ll soon be on your way to a new home and bright financial future in Anaheim.
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 is the average mortgage in Anaheim?
The median monthly mortgage payment in Anaheim’s Orange county in the first quarter of 2025 was $6,310, according to the National Association of Realtors®. But as a mortgage calculator shows, the average payment can rise or fall based on several factors, including the price of the home, the prevailing interest rate, and the term length of the loan.
What income do you need for an $800,000 mortgage with a 6.50% interest rate?
You would need an income of around $240,000 to $300,000 to afford an $800,000 mortgage with a 6.50% interest rate. The exact amount will depend on whether you have any other debts in addition to the mortgage. When in doubt, a home affordability calculator is a good tool to use. You’ll input information about your income and debts to find a home price you can afford.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term means 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’s the most popular loan term among U.S. homebuyers.
How can I get a lower mortgage interest rate?
For a lower mortgage interest rate, improve your credit score, as lenders often offer better rates to borrowers with scores over 700. Shop around to compare lenders’ interest rate offers. Prepaying mortgage points, which are upfront fees paid to the lender, can also lower your interest rate. Look carefully at adjustable-rate vs. fixed-rate loan offers to determine whether going with an adjustable rate might provide a lower introductory rate without too much risk of rates rising later on.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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Free Salem, OR Mortgage Loan Calculator
Salem, OR Mortgage Calculator
By SoFi Editors | Updated October 24, 2025
When you’re considering purchasing a home in Salem, Oregon, understanding your potential mortgage payments is a big first step. A Salem 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 mortgage calculator and help you get the most out of this tool.
Key Points
• Using a Salem mortgage calculator involves inputting your estimated purchase price, down payment, interest rate, loan term, and property tax rate.
• A mortgage term is typically 10 to 30 years and helps govern overall costs.
• First-time homebuyer programs can help buyers afford a down payment, closing costs, or both.
• A mortgage calculator can help you determine what home price, down payment, and interest rate you can afford.
• There are ways to lower your monthly mortgage costs even after you make your home purchase.
Salem Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price that you have agreed upon with the home seller. This is a key figure when it comes to determining your home loan amount.
• Down payment: The down payment is the amount you pay upfront. Buyers typically put down between 3% and 20%. A down payment calculator can show you how much you would need to put down to reach 20%, which would likely eliminate the need to pay for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the loan. Common terms are 15 and 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the total loan amount. Interest rates vary based on factors such as your credit score and the type of mortgage loan you choose.
• Annual property tax: Property tax is often rolled into your monthly housing payment.
• Monthly payment: The monthly payment represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property tax. This calculator does not include home insurance, private mortgage insurance, or homeowners association (HOA) fees.
• Total interest paid: This is the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the Salem 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.
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. The average effective property tax rate in Marion County, where Salem is located, is 0.91%
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 repayment term. Use this tool to compare costs, like how the interest rate affects your monthly payments. Check out different loan terms to see their impact on expenses and total interest.
A Salem 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).
Deciding How Much House You Can Afford in Salem
In Salem, the median home sale price in late 2025 was $450,000 — slightly higher than the national median of around $439,000, according to Redfin. Lenders recommend that a mortgage payment not exceed 28% of your gross monthly income. You’d need to earn an annual income of about $102,000 if you were looking to afford a $450,000 home with a $2,403 monthly payment. That payment factors in 20% down ($90,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 0.91%.
Because lenders typically recommend total debt payments stay under 36% of your gross monthly income, your other monthly debts shouldn’t exceed $687, in this case. If you want to factor in other debts, such as a car loan or student loan, you can use a home affordability calculator.
A more reliable method to help you determine affordability is to go through the mortgage preapproval process with a lender, where you provide detailed financial information. The lender will let you know whether you qualify for a loan and, if so, in what amount and under what terms.
Finally, if you are purchasing a pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA). The 2025 FHFA conforming loan limit for a single-unit property in Marion County is $806,500.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). But your monthly payment might also include property tax, which is based on your home’s assessed value. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
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
Cost of Living in Salem
Salem’s cost of living is 100.0 — in line with the national average, making it no more or no less expensive than the average city across the U.S., according to data from the Economic Research Institute (ERI). The cost of living reflects how expensive necessities are like purchasing a new home, groceries, utilities, transportation, and health care. Your dollar in Salem would go further than it would in Eugene (107.3) or Portland (116.6), according to the Council for Community and Economic Research.
| Oregon Cities’ Cost-of-Living Stats | |
|---|---|
| Salem | 100.0 |
| Eugene | 107.3 |
| Portland | 116.6 |
If purchasing a new home in Salem is a little out of reach, consider Oregon cities on the best affordable places in the U.S. list, like Baker City, Coos Bay, and Dallas. While Salem didn’t make the cut as an economical place to live, it’s considered one of the best places in Oregon for young adults.
Recommended: The Cost of Living in the U.S.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips for Reducing Your Mortgage Payment
Once you purchase a home in Salem, it might still be possible to reduce your mortgage payment. Here are some strategies you can explore after you’re settled in.
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments.
• Review your property taxes regularly. If you think your property taxes are too high, the Marion County Clerk’s Office can inform you about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
Salem First-Time Homebuyer Assistance Programs
If you’re considering buying your first home in Oregon, there are down payment assistance programs available to help you cover the initial costs associated with purchasing property. Anyone who hasn’t owned a primary residence in the past three years is considered a first-time homebuyer.
Salem homebuyers can contact the Oregon Housing and Community Services (OHCS). One program OHCS offers is the First-Time Homebuyers Savings Account — a tax-advantaged savings account designed to be used toward funding a down payment on a single-family home.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
Using a Salem 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. Especially if you are a first-time homebuyer in Salem, the mortgage calculator can be a practical 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
Should I choose a 30-year or 15-year mortgage term?
A 30-year mortgage offers lower monthly payments, but you will pay more interest over time. A 15-year mortgage has higher monthly payments but saves on interest. Consider your financial goals and budget, and choose the shortest term that you feel you can comfortably afford.
How much is the payment on a $400,000, 30-year mortgage?
The cost of a $400,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For example, at an interest rate of 6.00%, and a down payment of 20% ($80,000), your monthly payment would be $1,919. This estimate includes principal and interest but not property taxes, insurance, or other fees.
How much should I put down on a mortgage?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t pinching your finances to the bone. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home. 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.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate for a mortgage loan. A higher credit score can secure you more favorable interest rates, reducing your monthly payments, and the total cost of the loan. Conversely, a lower credit score may result in higher interest rates, making the mortgage more expensive. Lenders use your credit score to assess your risk, so building your score can lead to better loan terms and more savings over the life of the mortgage.
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-Q425-047
Get prequalified in minutes for a SoFi Home Loan.
Free Riverside, CA Mortgage Loan Calculator
Riverside, CA Mortgage Calculator
By SoFi Editors | Updated October 23, 2025
A mortgage loan calculator is a useful tool for anyone who is considering purchasing a home. It will help you estimate monthly payments, see total interest costs, and understand the impact of different down payment amounts and loan terms. Take a few minutes to learn how to use this calculator most effectively with this guide.
Key Points
• A Riverside mortgage calculator helps you estimate monthly loan payments and total loan costs for a home purchase.
• Down payment assistance programs can significantly reduce the upfront costs of buying a home for qualified buyers.
• The loan term, whether 15 or 30 years, impacts your monthly payment amount and total interest paid, with shorter terms saving on interest but requiring higher payments.
• This calculator takes into consideration property taxes in Riverside, as many lenders like borrowers to pay a portion of their taxes with each monthly payment.
• Your credit score significantly affects your mortgage terms and interest rate.
Riverside Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the agreed-upon purchase price between you and the home seller. This final figure may differ slightly from both the initial listing price and your initial offer.
• Down payment: The down payment is the initial amount you’ll pay upfront. It’s usually anywhere from 3% to 20%, with 20% being necessary to avoid paying for private mortgage insurance (PMI). A jumbo loan, which some buyers here will need, requires at least 10% down.
• Loan term: The loan term is the length of time you have to repay the home loan in full. Opting for a shorter term can save on interest but requires higher monthly payments.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. The type of mortgage loan you choose and your credit score are among the factors lenders will consider when determining your interest rate.
• Annual property tax: The property tax rate in Riverside County, where the city of Riverside is located, is .8209%. For the most accurate number, search for the ZIP code or county name where your property is located and “effective property tax rate.”
• Total monthly payment: The total monthly payment includes the principal loan amount, the interest accrued, and the portion of your property tax that you will pay into escrow.
• Total interest paid: The total interest paid represents the cumulative amount of interest you will pay over the entire life of the loan. This figure can be substantial, especially when considering longer loan terms.
• Total loan cost: The total loan cost represents the all-in amount you will be required to pay for the loan.
How to Use the Riverside 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 amount and you’ll quickly see how it affects your monthly mortgage payment. If you’re unsure about how much cash you need to get to 20% 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
If you’re buying your first home, a free Riverside mortgage calculator will be especially helpful as you estimate your monthly mortgage payments. But even a seasoned buyer will find the calculator useful. You can try typing in different down payment amounts and loan terms to see how these affect your monthly and long-term costs. This will help in the decisionmaking process when it’s time to sign on to a home mortgage loan.
Recommended: The Best Affordable Places in the U.S.
Deciding How Much House You Can Afford in Riverside
In Riverside, the median home sale price is well above the U.S. average, at around $617,000. Let’s use the free Riverside mortgage calculator to see what it would take to afford a home at this price, keeping in mind that lenders prefer that your monthly home costs not exceed 28% of your gross monthly income. If you bought this home with a 20% down payment and a 30-year mortgage at 6.50%, your monthly payment would be $3,542. In order to keep your payment under 28% of your gross income, you would need an annual income of $127,000. This assumes you aren’t paying off any other debts. If you were, you would need to earn more.
Another way to decide how much house you can afford is to use a home affordability calculator. In this case, you’ll type in your annual income and also record your recurring debts, such as a car payment or student loan. The calculator will take these into consideration when computing your budget.
If your search for a home is getting serious, you may want to go through the mortgage preapproval process to see if a lender feels you would qualify for a loan and, if so, what your potential loan amount and rate would be.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. The principal is the amount borrowed to purchase the home, while the interest is the cost of borrowing that principal. In the early years of your mortgage, a larger portion of your payment goes toward interest, but over time, more of it pays down the principal. Property tax is often included in mortgage payments and held in escrow until the tax payment is due. This calculator factors in property taxes for a more accurate estimate of your costs. Other things that may be included in your mortgage, depending on your situation, include: PMI, homeowners insurance premiums, and homeowners association (HOA) fees.
Buyers who are exploring a home loan guaranteed by the Federal Housing Administration (FHA) will have a slightly different cost structure and should try using an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
Meanwhile, a VA mortgage calculator will be useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Riverside
Cost of living is an important factor when you’re thinking about your monthly mortgage payment, as it will affect how much cash you have on hand to pay your bills. The cost of living in Riverside County is roughly 16% higher than the average cost of living in the U.S. Here’s how Riverside County compares to the national average in other areas:
| Riverside County Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 115.9 |
| Groceries | 115.7 |
| Housing | 131.2 |
| Utilities | 113.7 |
| Transportation | 114.2 |
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.
Riverside’s First-Time Homebuyer Assistance Programs
If you’re considering buying your first home in Riverside, down payment assistance programs could potentially help you. These programs can provide much-needed financial aid for the down payment or closing costs, or even assistance with both. To qualify as a first-time homebuyer, you typically must not have owned a primary residence within the past three years. These programs can make homeownership more accessible to a wider range of people and reduce the initial financial burden often associated with purchasing a home.
Tips on Reducing Your Mortgage Payment
After you’ve purchased your home, there may still be a way to lower your monthly mortgage payments. Here are some options to consider.
• Drop PMI once you have 20% equity in your home, either as the result of regular payments or due to home appreciation. (Keep an eye on your home’s market value.)
• Consider mortgage recasting if you receive a bonus or other windfall. This process allows you to make a lump sum payment toward your mortgage principal. You can then request that your lender re-amortize the loan. The result is a new, smaller principal balance and lower monthly payments.
• Explore a mortgage refinance if rates have dropped or your credit score has made a big improvement.
• Appeal your property taxes if you believe they are too high. A successful appeal can lower your property tax bill.
• Ask your lender to modify your loan if you face financial hardship. Loan modifications can involve extending the loan term, reducing the interest rate, or forgiving a portion of the outstanding principal balance.
• Shop for a lower homeowners insurance rate. Consider options like increasing your deductible, bundling your homeowners and auto insurance policies, or making certain upgrades to your home’s security features and storm resistance.
The Takeaway
Using a mortgage calculator can provide valuable insights into your financial readiness for homeownership. It will help you estimate monthly payments, see total interest paid, and understand the overall cost of a mortgage. This will help you make smart decisions about how much house you can afford. Thinking about these costs is an important step toward choosing a lender who will be your partner on the home-buying 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 much is the average mortgage in Riverside?
In 2025, the average monthly mortgage payment in Riverside County, where Riverside is located, was $3,730. But mortgage payment amounts can vary based on your down payment and interest rate. To get a more precise estimate tailored to your needs, consider using a mortgage calculator.
How does my credit score affect my mortgage loan interest rate?
A high credit score (think 700-plus) can mean a more favorable interest rate, potentially saving you thousands in interest over the life of the loan. To get a better rate, focus on paying bills on time, reducing outstanding debt, and exploring different loan options from various lenders to find the best deal available.
How much should I put down on a mortgage?
How much you’ll put down on a mortgage should depend on your individual financial situation. A larger down payment offers certain advantages: It reduces your monthly payments by lowering the amount that you borrow. And if you hit 20% down, you can likely eliminate the requirement for private mortgage insurance. But many buyers put down less than 20%, especially if it’s their first home purchase. It’s no fun to live without an emergency fund in order to make a down payment, so don’t push your budget to the max. If you’re finding yourself struggling to save for an adequate down payment, explore down payment assistance programs.
Should I choose a 30-year or 15-year mortgage term?
Use a mortgage calculator to see how different term lengths affect your monthly costs, then choose the term that yields the bill you can afford. You’ll want to make sure you aren’t skimping on other important things to pay your mortgage. A 30-year term offers lower payments but higher overall interest. A 15-year term has higher payments but saves significantly on interest.
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-Q425-046
Get prequalified in minutes for a SoFi Home Loan.
Free Minneapolis, MN Home Mortgage Loan Calculator
Minneapolis, MN Mortgage Calculator
By SoFi Editors | Updated October 23, 2025
Our Minneapolis, Minnesota mortgage calculator helps potential homebuyers determine their monthly mortgage payments and total loan cost. By inputting the purchase price of the home, down payment amount, interest rate, loan term, and property tax rate, you can see exactly what your monthly mortgage payment will be, in addition to the total interest paid and total loan cost. Here’s our complete guide on how to use the calculator.
Key Points
• A Minneapolis mortgage calculator estimates monthly payments, total interest paid, and total cost of the loan.
• The calculator can help you estimate the impact of different down payments, interest rates, and loan terms on your monthly payments and overall loan cost.
• The loan term, typically 15 or 30 years, significantly impacts your monthly payments and total interest paid, with shorter terms leading to higher payments but less interest over time.
• The 28/36 rule, a guideline for mortgage affordability, suggests that your mortgage payment should not exceed 28% of your gross monthly income, and your total debt payments should not exceed 36%.
• Down payment assistance programs in Minneapolis can help first-time homebuyers and those with limited savings reduce the initial financial burden and secure better loan terms.
Minneapolis Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. This figure directly affects your down payment, home loan amount, and monthly mortgage payments.
• 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%, with a 20% down payment typically avoiding the need for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the mortgage. A shorter term, such as 15 years, can result in higher monthly payments but significantly less interest paid over the life of the loan. A longer term, like 30 years, offers lower monthly payments but higher total interest costs.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates can vary based on market trends, borrower qualifications, and the type of mortgage loan. A higher credit score and a larger down payment can often secure a lower interest rate, reducing your monthly payments and the total interest paid over the life of the loan.
• Annual property tax: The annual property tax is a component of your monthly mortgage payment. In Minneapolis, property taxes are typically around 1.15% of the home’s assessed value.
• Total monthly payment: The total monthly payment includes the principal and interest you will pay each month. This calculator also includes property tax. Other costs that may be rolled into a housing payment include homeowners insurance, private mortgage 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 30-year loan terms. A lower interest rate or a shorter loan term can significantly reduce the total interest, making homeownership more affordable in the long run.
• Total loan cost: The total loan cost is the all-in amount you will pay for the loan, including principal and interest. This figure helps homebuyers understand the true cost of homeownership.
How to Use the Minneapolis, MN Mortgage Calculator
Using the Minneapolis mortgage calculator is straightforward and can provide valuable insights into your home-buying budget. Here’s a step-by-step guide on how to use it:
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property, which will directly impact your home loan amount and monthly payment.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point. A lower interest rate can significantly reduce your monthly payments and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to look at rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Property taxes are what you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. The Hennepin County (Minneapolis) property tax rate is 1.15% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator has many benefits, including helping you assess affordability before house hunting. It estimates monthly payments based on loan amount, interest rate, and term. You can compare scenarios like interest rate changes and the impact of different down payments to help you realistically decide what you can afford.
Mortgage calculators are also particularly useful for first-time homebuyers who may not be aware of all that goes into a mortgage payment and how that payment is determined. Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
Recommended: Best Places to Live in Minnesota
Deciding How Much House You Can Afford in Minneapolis
In 2025, Minneapolis’ median home sale price was $353,000. Lenders advise keeping housing costs (mortgage, taxes, insurance, fees) below 28% of gross monthly income. Affording a $353,000 home requires approximately $80,000 in annual income with a 20% down payment, or $70,600, assuming a 7.00%, 30-year mortgage. The monthly mortgage would be $1,879.
Total debt should be within 36% of income, allowing for $530 in other monthly debts (student loans, auto loans, and credit cards). Use a home affordability calculator for a rough estimate based on income and debt obligations.
It can be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan 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
The main components of a mortgage payment include the principal and interest. Our Minneapolis mortgage calculator also factors in property tax, which is typically a percentage of the home’s assessed value.
Other components of a mortgage payment may include:
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value.
• HOA fees: Monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Minneapolis, MN
Minneapolis’ cost of living is just under 6% of the national average, with housing being nearly 18% below the national average. The only area that is above the national average, according to COLI 2024 Annual Average Data, is groceries.
Cost of living is benchmarked at 100. It measures the relative price of goods and services in different locations to help compare how expensive it is to live in one area versus another. In Minneapolis, the cost of living index is 93.6. Here’s how Minneapolis compares to the national average in other areas:
| Minneapolis’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 93.6 |
| Groceries | 102.6 |
| Housing | 82.8 |
| Utilities | 96.8 |
| Transportation | 96.2 |
| Health Care | 96.3 |
| Miscellaneous Goods/Services | 96.6 |
Overall, Minneapolis is an affordable area to live as a single adult or if you’re raising a family. There are plenty of areas and neighborhoods that should fit your lifestyle and budget.
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.
Minneapolis’s First-Time Homebuyer Assistance Programs
If you’re considering buying your first home in Minneapolis, there are several Minnesota down payment assistance programs available to help you cover the initial costs associated with homeownership. These programs can provide financial aid specifically designated for the down payment, closing costs, or potentially both. To qualify for these valuable resources, you typically must not have owned a primary residence within the past three years.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
Reducing your mortgage payment can make homeownership more manageable over time. Here are several ways to lower your monthly mortgage costs:
• Drop private mortgage insurance (PMI) once you reach 20% equity in your home. This can be achieved through making regular mortgage payments over time or through home appreciation, which increases your equity. Once you achieve this level of equity, you can formally request to remove the PMI from your loan, which can significantly lower your monthly mortgage payment.
• If you receive a bonus or other windfall, consider mortgage recasting. This involves making a lump sum payment toward your mortgage principal, which your lender will then re-amortize with the same interest rate and term. The result is a new, smaller balance that translates to lower monthly payments and can help you save on interest over the life of the loan.
• Extend the term of your loan to reduce monthly payments. For instance, if you originally had a 15-year mortgage, refinancing your mortgage to a 30-year loan term can significantly lower your monthly payments. However, this strategy comes with a trade-off: you’ll pay more in interest over the life of the loan.
• Appeal your property taxes if you believe your assessment is too high. Start by reviewing your annual property tax assessment to identify any discrepancies. While rare, a successful appeal can reduce your property tax bill, lowering your overall monthly mortgage payment.
• Shop for a lower homeowners insurance rate. By comparing quotes from different insurers, you can potentially save hundreds of dollars each year. A lower homeowners insurance rate can make a noticeable difference in your overall monthly costs.
The Takeaway
A Minneapolis mortgage calculator can offer valuable insights into determining your home-buying budget. It helps you estimate your monthly payments, understand total costs involved, and see the impact of different down payments and loan terms on your overall financial picture. Simply enter in the purchase price, down payment amount, interest rate, loan term, and property tax rate to view your results.
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 is the average mortgage in Minneapolis?
In 2025, the average mortgage in Minneapolis was $2,460. Mortgage payments for the same priced home can vary based on down payment and interest rate. Using a Minneapolis mortgage calculator can help you estimate your specific monthly payment.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate for a mortgage loan. A higher credit score can secure a lower interest rate, reducing your monthly payments and the total cost of the loan. A lower credit score may result in a higher interest rate, making the mortgage more expensive. Lenders use your credit score to assess your risk, so building your score can lead to better loan terms and savings over the life of the mortgage.
What are principal and interest on a mortgage loan?
The principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal. In the early years of your mortgage, a larger portion of your payment goes toward interest, but over time, more of it pays down the principal. Understanding this breakdown can help you make informed decisions about prepayments and refinancing to optimize your financial strategy.
Should I choose a 30-year or 15-year mortgage term?
When choosing between a 30-year and 15-year mortgage, weigh your finances. A 30-year term offers lower payments but higher overall interest. A 15-year term has higher payments but saves on interest and builds equity faster. If you can afford it, a 15-year mortgage is better for long-term savings. If you need budget flexibility, a 30-year mortgage provides breathing room while achieving homeownership.
How much is a $600,000 mortgage payment for 30 years?
For a 30-year fixed mortgage at a 7.00% interest rate, the monthly payment on a $600,000 home loan would be approximately $3,992. For a $600,000 home with 20% down ($120,000), the payment would be $3,193, assuming other variables remain the same.
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*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.
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