Free Olympia, WA Mortgage Loan Calculator
Olympia, WA Mortgage Calculator
By SoFi Editors | Updated October 20, 2025
Getting a mortgage in Olympia is easier when you’ve done your homework in advance. Put a few numbers into this Olympia mortgage calculator, and you’ll learn the monthly payment amount and total interest cost for your home purchase. You can also use the calculator to try out different scenarios to find the home price, down payment, and interest rate that are the best combo for you.
Key Points
• A mortgage loan calculator helps homebuyers quickly estimate the monthly and total costs of borrowing money to buy a home.
• Generally speaking, monthly housing costs should not exceed 28% of gross income.
• The calculator includes the principal, interest, and estimated property tax in your monthly payment.
• Extending the mortgage loan term can reduce monthly payments, making home buying more affordable.
• First-time homebuyer programs offer help with a down payment, closing costs, or both.
Olympia 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: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the Olympia Mortgage Calculator
Step 1: Enter Your Home Price
Type in the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget.
Step 3: Choose a Loan Term
Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the home’s property tax rate as a percentage. The property tax rate in Thurston County, where Olympia is located, is 0.92%.
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.
An Olympia 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 Olympia
In Olympia, the median home sale price in late 2025 was $530,000 — substantially higher than the national median of around $439,000, according to Redfin.
Lenders suggest a mortgage payment not exceed 28% of your gross monthly income. You’d need to earn an annual income of about $121,000 if you were looking to afford a total monthly payment of $2,829 on a $530,000 home. That payment assumes 20% down ($106,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 0.92%.
Lenders also recommend total debt payments stay under 36% of gross monthly income. In this case, your other monthly debts shouldn’t exceed $808. If you want to factor in a car loan, student loan or other debts, 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.
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 Olympia is the baseline limit, which is currently $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). 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 Olympia
Olympia is an expensive city for purchasing a home, according to its cost of living. This metric gives you a sense of how far your dollar goes in a region, including paying for necessities like housing, utilities, groceries, health care, and transportation. The cost of living index (COLI) uses the national average as a baseline of 100 — a COLI higher than 100 means the region is more expensive than average, and a COLI below 100 indicates it is less expensive, according to the Council for Community and Economic Research’s Cost of Living Index.
Olympia’s 2024 COLI was 112.1, in line with the cost of living in Portland, Oregon (116.6), yet much less expensive than living in Seattle (145.1). Washington had a 2024 COLI of 114.1, making the state considerably more expensive than Idaho at 99.9.
The chart highlights cost of living numbers for major expenses in Olympia:
| Washington Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 112.4 |
| Groceries | 104.0 |
| Housing | 119.1 |
| Utilities | 90.6 |
| Transportation | 129.1 |
| Health Care | 117.5 |
| Miscellaneous Goods/Services | 110.9 |
Source: Council for Community and Economic Research’s Cost of Living Index.
If you’re seeking to live in a more economical city in the Evergreen state, check out Kennewick, Spokane, or Yakima, which all landed on the best affordable places in the U.S. list. Olympia takes high marks for its proximity to beauty — it’s on the best places to live in Washington state near nature list.
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
As a first-time homebuyer in Olympia, you are probably looking to reduce your mortgage payment so you can allocate funds to other expenses or continue to build an emergency fund. Here are some things you can do to lower your monthly mortgage payment:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• If you think your property taxes are too high, the Thurston County Assessor’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.
Olympia First-Time Homebuyer Assistance Programs
If you are buying your first home in Olympia, there is support. The Washington State Housing Finance Commission offers a variety of down payment assistance programs, including Here to Home. Most of these programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. To qualify, you typically must not have owned a primary residence within the past three years.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
Using an Olympia 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 Olympia, 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 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). 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 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 much is the payment on a $500,000, 30-year mortgage?
The cost of a $500,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For instance, at an interest rate of 6.00% and a down payment of 20% ($100,000), your monthly payment would be $2,398. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi 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-Q425-032
Get prequalified in minutes for a SoFi Home Loan.
Free Summerville, SC Mortgage Loan Calculator
Summerville, SC Mortgage Calculator
By SoFi Editors | Updated October 21, 2025
A mortgage loan calculator is a powerful tool for anyone considering purchasing a home in Summerville, South Carolina. It helps you estimate monthly payments, total interest, and the overall cost of a home loan. As a bonus, this calculator also helps you factor in property taxes. Whether you’re a first-time homebuyer or a seasoned investor, the Summerville mortgage calculator can provide insights to help you navigate the complex world of home financing.
Key Points
• The Summerville mortgage calculator helps estimate monthly payments, total interest, and overall loan costs, providing a clearer picture of financial obligations.
• Down payment assistance programs can significantly reduce the initial investment required for some buyers purchasing a home in Summerville.
• A 15-year mortgage term in Summerville offers greater interest savings but higher monthly payments compared to a 30-year term, which provides lower payments but more interest over the life of the loan.
• A higher credit score can secure a lower interest rate, reducing monthly payments and total interest paid.
• Dropping private mortgage insurance once 20% equity is reached or requesting a mortgage recast are ways to help lower monthly mortgage expenses.
Summerville Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may be different from the listing price or your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%. A 20% down payment is usually required to avoid paying for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the home loan, usually from 10 to 30 years. A longer term results in lower monthly payments but higher total interest paid over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Your interest rate will be determined by your credit score and type of mortgage loan, among other factors.
• Annual property tax: The annual property tax is a crucial factor in your total monthly mortgage payment. Many Summerville residents reside in Dorchester County, where the tax rate is .5808%. But some will reside in other counties. For the most precise estimate, search the property ZIP code and “effective property tax rate.”
• Total monthly payment: The total monthly payment includes the principal and interest. This calculator also includes property tax. It’s essential to understand these components to accurately assess your affordability.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure can be significantly reduced by choosing a shorter loan term.
• Total loan cost: The total loan cost is the all-in amount you will pay for the loan, including principal and interest.
How to Use the Summerville Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon amount you will pay the seller for the property. This figure might differ from the listing price or your initial bid.
Step 2: Select a Down Payment Amount
Choose the amount of the home price you agree to pay upfront. A down payment calculator can help you see how much you’ll need to hit the 20% mark that eliminates the need for PMI. If you need a jumbo loan, you may need to put down at least 10%.
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.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage of your home’s assessed value that you will pay each year to the local government. Property taxes vary by location.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate monthly payments on a home purchase based on home price, down payment amount, interest rate, loan term, and property taxes. You’ll quickly see whether the monthly payment will fit into your budget.
If you are buying your first home, you might find the calculator especially useful for running different possible financing scenarios. For example, you can put in a higher or lower down payment amount, or a shorter or longer loan term, to see how those might affect your costs.
Deciding How Much House You Can Afford in Summerville
In Summerville, the median home price in 2025 was $330,000, according to Redfin. Using the free Summerville mortgage calculator and factoring in a 20% down payment and an interest rate of 6.50% on a 30-year loan, you can see that your monthly payment amount, including property tax, would be $1,828.
Lenders generally recommend that housing costs stay below 28% of your gross monthly income. To afford a $1,828 mortgage payment and still be below that 28% threshold, you would need annual earnings of around $81,000. This assumes you don’t have any other debts; if you are paying down other debt, you would need to earn more.
Another way to set your home budget is to use a home affordability calculator. In this case, you’ll supply your annual income and list your debts and the calculator will recommend a purchase budget.
If you’re getting serious about looking for a property or have identified something you want to buy, consider going through the mortgage preapproval process. You’ll provide detailed information to a lender and, if you qualify for a loan, you’ll learn the amount you might borrow and at what interest rate.
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, the payment may include property tax, which is a percentage of your home’s value. After all, it’s in your lender’s interest for your taxes to be paid on time. Some lenders include home insurance premiums and even homeowners association fees in the payment. And if your down payment amount is less than 20%, you’ll also need to pay for PMI as part of your payment.
If you’re considering 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 your best bet if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Recommended: Average Monthly Expenses for One Person
Cost of Living in Summerville
Summerville, located within commuting distance of Charleston, has a cost of living of 98.2 on a scale where 100 equals the average cost of living in the U.S. The area is popular with families for its walkable communities and pleasant parks. All of this helped Summerville land on a list of the best affordable places in the U.S. For a family of two working adults (working full-time) and two children, MIT’s Living Wage Institute estimates that you would need an hourly wage of $42.86 to support your household in Summerville.
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.
Summerville’s First-Time Homebuyer Assistance Programs
If you’re considering buying your first home in Summerville, down payment assistance programs may be available to help you cover the initial costs associated with purchasing a home. These programs offer financial aid for a down payment, closing costs, or even both, making homeownership more accessible to a wider range of individuals.
To qualify for these programs, you typically must not have owned a primary residence within the past three years. Exploring these programs can significantly ease the financial burden of entering the housing market.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
It might be possible to reduce your mortgage payment even after you’re settled into your new place. Here are some strategies you can explore after you’ve made your home purchase.
• Request that your lender drop PMI once you have 20% equity in your home. This can be achieved through regular payments or home appreciation or, most often, a combination of both.
• If you receive a bonus or other windfall, mortgage recasting can be a smart financial move. You can make a lump sum payment toward your mortgage principal and request that your lender re-amortize the loan, resulting in a new, lower payment.
• Appeal your property taxes if you believe your assessment is too high. This process involves gathering evidence to support your claim, such as assessment information on comparable properties.
• If mortgage rates have dropped noticeably or your credit score has increased significantly, you could consider a mortgage refinance.
• Financial hardship can make it difficult to keep up with mortgage payments. In this case, it’s worth exploring with the lender the possibility of modifying your loan to make monthly payments more manageable and ease your financial burden.
• Shop for a lower homeowners insurance rate. Consider options such as increasing your deductible amount, bundling your homeowners and auto insurance policies together, or making upgrades that enhance your home’s security features or storm resistance.
The Takeaway
A mortgage calculator is a useful tool for estimating monthly home loan payments and understanding the financial implications of different loan scenarios. Whether you’re a first-time homebuyer or a seasoned homeowner, using a Summerville mortgage calculator can provide personalized insights, helping you make informed decisions about your home purchase and financing options.
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 Summerville?
The median monthly mortgage payment in Albany in the first quarter of 2025 was $2,300, according to the National Association of Realtors®. But as a mortgage calculator can reveal, payments can vary based on several factors, including the price of the home, the down payment amount, the interest rate, and the loan term length.
How does my credit score affect my mortgage loan interest rate?
Your credit score is a key factor in determining the interest rate you will receive on a mortgage loan. A higher credit score (aim for a score of at least 700) can help you secure a lower interest rate, reducing both your monthly payments and the total cost of the loan over its lifespan. Conversely, a lower credit score may result in higher interest rates and more stringent loan requirements from lenders.
How much should I put down on a mortgage?
The amount you should put down on a mortgage depends on your financial situation and the type of loan you choose. A larger down payment can lower your monthly payments and eliminate the need for private mortgage insurance (PMI). However, if you’re a first-time homebuyer, you might consider down payment assistance programs that can help you cover the initial costs with a smaller down payment.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term means lower monthly payments. 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 mortgage term in the U.S.
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-Q425-031
Get prequalified in minutes for a SoFi Home Loan.
Free Idaho Falls, ID Home Mortgage Loan Calculator
Idaho Falls, ID Mortgage Calculator
By SoFi Editors | Updated October 21, 2025
Whether you are buying your first home or looking to upgrade, an Idaho Falls, Idaho, mortgage calculator can help you determine your potential monthly payment, total interest paid, and total loan cost. Simply input your purchase price, down payment amount, loan term, interest rate, and property tax rate. Here’s a detailed guide on how to use the Idaho Falls calculator during your home search.
Key Points
• Using an Idaho Falls mortgage calculator can help you estimate the monthly payments and total loan cost to make a financially sound decision.
• The calculator allows you to see how different down payment amounts, interest rates, and loan terms affect your monthly payment.
• Building your credit score can help you secure a lower mortgage interest rate, leading to lower monthly payments and less interest paid over the life of the loan.
• Down payment assistance programs in Idaho can significantly reduce the initial financial burden for first-time homebuyers and those with limited savings.
• Strategies to reduce your housing expenses include dropping PMI once you have 20% equity, shopping for lower homeowners insurance rates, and refinancing after you’ve built your credit score.
Idaho Falls Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. A higher home price will generally result in a larger loan amount and higher monthly payments, so it’s important to consider your budget and the local market conditions when determining the right price for your new home.
• 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 larger down payment can reduce your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the mortgage. A 15-year mortgage term can help you build equity faster and pay less interest over the life of the loan, but it comes with higher monthly payments. Conversely, a 30-year term offers lower monthly payments, making it more manageable for many homebuyers.
• 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 score, market trends, and the type of mortgage loan you choose. A lower interest rate can significantly reduce your monthly payments and the total interest you pay over the life of the loan.
• Annual property tax: Property tax is administered by the local government and is usually expressed as a percentage of the home’s assessed value. In Idaho Falls, property taxes are 0.55%.
• Total monthly payment: The total monthly payment includes the principal and interest you will pay each month. This calculator also includes property tax. Additionally, your payment may incorporate homeowners insurance, homeowners association (HOA) fees, and private mortgage insurance (PMI).
• Total interest paid: This is the amount of interest you will pay over the life of the loan. This figure is influenced by the interest rate, the loan term, and the loan amount. A lower interest rate or a shorter loan term can significantly reduce this amount.
• Total loan cost: The total loan cost represents the all-in amount you will ultimately repay for the loan, encompassing both the principal amount and the accumulated interest.
How to Use the Idaho Falls, ID Mortgage Calculator
Using the Idaho Falls mortgage calculator is a straightforward process that can provide an estimate of your monthly payments, total interest paid, and total loan cost. You can also adjust additional costs like property taxes to get a more accurate picture of your financial commitment. Here is a step-by-step guide on how to use the calculator.
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property. This figure might differ from the listing price and your initial bid. The home price determines the size of the home loan you will need.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home. A larger down payment can reduce your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI). 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. 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
Enter the property tax percentage, not the dollar amount. The Bonneville County (Idaho Falls) property tax rate is 0.55%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps calculate monthly payments based on loan amount, interest rate, and term. You can compare scenarios and see how these factors impact payments.
The calculator also shows how down payments affect your loan. Larger down payments can help you avoid private mortgage insurance and lower your monthly payments. Depending on your financial situation, it may make sense to save up for a larger down payment prior to purchasing a home.
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 Idaho
Deciding How Much House You Can Afford in Idaho Falls
Idaho Falls’ median home sale price in 2025 was $369,000. Lenders suggest housing costs be under 28% of gross monthly income. Under that rule, affording a $369,000 home would require roughly $84,000 in annual income, assuming 20% down ($73,800), 7.00% interest, and a 30-year mortgage. Monthly payments would be $1,964.
Total debt should be within 36% of income, limiting other debts (student loans, auto loans, credit card payments) to $560 monthly, based on this example. To make a well-informed decision, consider your budget, income, and financial goals. 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 are the principal and interest. This calculator also factors in property taxes, which may be part of your monthly payment. In Idaho Falls, the baseline property tax rate is around 0.55% of the home’s assessed value, but additional local taxes and assessments can increase this.
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 Idaho Falls, ID
Cost of living significantly impacts affordability. Areas with higher costs of living usually have higher home prices, utilities, and transportation expenses. Idaho Falls’ cost of living index is about 17% below the national average, primarily due to its lower housing costs.
According to Payscale, housing in Idaho Falls is 41% lower than the national average, groceries are 4% lower, and utilities are 17% lower. Transportation costs are 2% higher than the national average.
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.
Idaho Falls’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Idaho Falls, there are several Idaho down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. To qualify, you 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
If you’re looking to reduce your monthly mortgage payment, the following strategies can help you save money and manage your home loan more efficiently:
• Drop private mortgage insurance (PMI) if your down payment was less than 20%. Once you reach 20% equity in your home, either through payments or home appreciation, you can request to remove PMI, further reducing your monthly expenses.
• Consider mortgage recasting if you receive a bonus or other windfall. 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, resulting in a new, smaller balance and lower monthly payments.
• Appeal your property taxes if you believe they are too high. Property taxes are based on an assessment of both your home and the land it sits on, and if you think this assessment is inaccurate or unfair, you are entitled to challenge it.
• Explore options to modify your loan if you face financial hardship. This might involve extending the loan term, reducing the interest rate, or lowering the principal balance.
• Refinance your mortgage if rates have dropped or you’ve built your credit score. A mortgage refinance allows you to potentially qualify for a lower rate or extend your loan term, both of which could lower your monthly payment. Keep in mind, though, that by extending your term, you’ll pay more in interest over the life of the loan.
• Shop around for a more affordable homeowners insurance rate. Comparing quotes from different providers can result in considerable savings. You may also reduce your premium by increasing your deductible amount, bundling your homeowners and auto insurance policies with the same provider, or making upgrades to your home that enhance its security features or storm resistance.
The Takeaway
Using an Idaho Falls mortgage calculator provides valuable insights into your estimated monthly payment and total loan cost. By considering all relevant factors — such as your down payment amount, interest rate, and loan term — the calculator can help you find a home that comfortably fits within your budget and aligns with your long-term 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 is the average mortgage in Idaho Falls?
The average mortgage payment in Idaho Falls in 2025 was $2,300 per month. However, payments vary based on the price of the home, the size of the down payment, and the interest rates at the time of purchase.
How much should I put down on a mortgage?
The amount you should put down on a mortgage depends on your financial situation and the type of loan you choose. A down payment calculator can help you estimate the required amount based on the home price and loan type, but most buyers put down between 3% and 20% of the purchase price of the home.
How can I get a lower mortgage interest rate?
To secure a lower mortgage interest rate, focus on building your credit score. A higher credit score can significantly reduce the interest rate you qualify for, leading to lower monthly payments and less interest paid over the life of the loan. You can build your credit score by paying all of your bills on time, keeping your credit utilization ratio low, and disputing any errors on your credit report.
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 would be approximately $3,992. This assumes no down payment and does not take into account property taxes, private mortgage insurance, or homeowners insurance. If you put down 20%, or $120,000, the payment would be $3,193 (assuming all other variables remain the same).
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-Q425-030
Get prequalified in minutes for a SoFi Home Loan.
Free Bay Area, CA Home Mortgage Loan Calculator
Bay Area, CA Mortgage Calculator
By SoFi Editors | Updated October 20, 2025
Buying a home in the Bay Area can be a major financial commitment, given the region’s competitive housing market and high property values. Our Bay Area, California, mortgage calculator helps you estimate your monthly payments and plan your home-buying budget with confidence. Keep reading to learn how to use the Bay Area mortgage calculator, what the cost of living is in the Bay Area, how to decide how much house you can afford, and more.
Key Points
• A Bay Area mortgage calculator helps estimate monthly payments, total interest, and overall loan costs.
• A higher credit score can secure a lower interest rate, reducing monthly payments and the total cost of the mortgage.
• The loan term significantly affects monthly payments and total interest paid, with shorter terms offering lower interest but higher payments.
• Down payment assistance programs in the Bay Area can help first-time homebuyers reduce the initial financial burden and make homeownership more accessible.
• Ways to lower monthly housing expenses include dropping PMI once you have 20% equity, refinancing your home loan, and shopping for lower homeowners insurance rates.
Bay Area Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to pay for the home. This figure may differ from the listing price and your initial offer. The home price helps determine the home loan amount.
• 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 larger down payment can reduce your monthly payments and potentially eliminate the need for private mortgage insurance.
• Loan term: The loan term is the length of time you have to repay the mortgage loan. Common terms include 15 or 30 years. A shorter term can result in higher monthly payments but less interest paid over the life of the loan. Conversely, a longer term may offer lower monthly payments but will increase the total interest paid.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percent of the home loan amount. Interest rates vary based on your credit score, market trends, and the type of mortgage loan.
• Annual property tax: The annual property tax is a significant component of your monthly mortgage payment. In the Bay Area, the property tax rate is typically around 0.68% of the home’s assessed value.
• Total monthly payment: The total monthly payment includes the principal and interest you pay each month. It may also include property taxes, homeowners insurance, private mortgage insurance, and HOA fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of your home loan. This figure can be substantial, especially for longer loan terms. Understanding this cost can help you make informed decisions about whether to opt for a shorter loan term or a lower interest rate to minimize your financial burden.
• Total loan cost: The total loan cost is the all-in amount you will pay for your home loan, including both principal and interest. This cost can vary significantly based on the loan term, interest rate, and down payment.
How to Use the Bay Area, CA Mortgage Calculator
To use the Bay Area mortgage calculator, input the home price, down payment amount, loan term, interest rate, and property tax rate. Here is a step-by-step guide on how to use the calculator.
Step 1: Enter Your Home Price
The home price, as stated in your purchase contract, represents the amount you’ve agreed to pay. This figure is very important for the Bay Area mortgage calculator because it directly influences the loan amount you can secure and, consequently, your monthly payments.
Step 2: Select a Down Payment Amount
The down payment represents the portion of the overall home price that you, as the buyer, agree to pay at the outset of the transaction. Utilizing a down payment calculator can be beneficial in helping you to figure out the optimal amount.
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
Enter your desired interest rate, specifying up to the second or third decimal point. A higher credit score can help you secure a lower interest rate, which can lead to lower monthly payments and a lower overall cost of the loan. If you’re looking at large loan amounts (over $800K), you’ll want to research rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
This represents the percentage of the home’s value you will pay each year to the local government as property taxes. Enter the property tax percentage, not the dollar amount. Property taxes vary by location; the Bay Area property tax rate is 0.68%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments based on loan amount, interest rate, and term. You can use it to assess affordability before house hunting and understand your budget. It allows you to compare rates and terms to see their impact on monthly payments, plus shows you how down payments affect your loan, with higher down payments lowering the loan amount and the monthly payment.
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.
Recommended: Best Places to Live in California
Deciding How Much House You Can Afford in the Bay Area
In 2025, the median Bay Area home sale price was $1.3 million. Lenders suggest housing costs (mortgage, taxes, insurance, HOA) shouldn’t exceed 28% of gross monthly income. To afford a $1.3 million home, you’d need about $296,500 in yearly income, assuming 20% down ($260,000) and a 7.00%, 30-year mortgage. The monthly payment would be $6,919 (not including property tax).
The Bay Area’s high cost of living and diverse housing market mean that understanding your financial situation is critical. Using a home affordability calculator can help you estimate what you can afford. A home affordability calculator estimates your home-buying power based on your income, expenses, down payment, and current mortgage rates.
Recommended: How to Get Preapproved for a Home Loan
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:
• Principal: The portion of your payment that goes toward paying down the original loan amount.
• Interest: The cost of borrowing money, calculated as a percentage of the remaining loan balance.
• Property taxes: Local government taxes based on the value of your property. In the Bay Area, the baseline property tax rate is around 0.68% of the home’s assessed value.
• 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, to protect the lender.
• 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 the Bay Area, CA
The cost of living in the Bay Area is significantly higher than the national average, with a cost of living index of 166.8, or about 66% higher. Housing costs are particularly steep, being about 163% higher. The national average cost of living is benchmarked at 100. Here’s how the Bay Area compares to the national average in other areas:
| Bay Area Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 166.8 |
| Groceries | 123.5 |
| Housing | 263.3 |
| Utilities | 160.5 |
| Transportation | 143.3 |
| Health Care | 128.0 |
| Miscellaneous Goods/Services | 119.4 |
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.
Bay Area’s First-Time Homebuyer Assistance Programs
If you’re a first-time homebuyer in the Bay Area, you have access to various down payment assistance programs that can help you cover the initial costs of purchasing a home. These programs often provide grants or low-interest loans to assist with the down payment and closing costs. To qualify, 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
There are several strategies you can explore to lower your mortgage payment. Here are some options to consider:
• Make a larger down payment to lower your loan amount and potentially eliminate the need for private mortgage insurance.
• Shop for a lower interest rate to significantly decrease your monthly payments.
• Extend the loan term to lower your monthly obligations, though this may increase the total interest paid over the life of the loan.
• Refinance your mortgage to potentially secure a lower interest rate or a more favorable loan term.
• Consider mortgage recasting if you receive a lump sum payment, which can lower your monthly payments without extending the loan duration.
• Appeal your property tax assessment if you believe it is too high, which can reduce your monthly mortgage payment.
The Takeaway
To use a Bay Area mortgage calculator, simply input the purchase price, down payment amount, interest rate, loan term, and property tax rate. It will then estimate your monthly payment, total interest paid, and total loan cost, helping you decide on a budget and figure out how much house you can afford.
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 the Bay Area?
As of 2025, the average mortgage payment was $8,550 per month. It can vary significantly, though, due to the high cost of living and diverse housing market. Purchase price, down payment, and interest rate will all affect your monthly mortgage payment.
What are principal and interest on a mortgage loan?
The principal on a mortgage loan is the amount borrowed to purchase the home, while the interest is the cost of borrowing that money, expressed as a percentage of the loan balance. Each monthly payment typically includes both, gradually reducing your loan balance while paying the lender for financing.
Should I choose a 30-year or 15-year mortgage term?
Consider your budget and goals when choosing between a 30-year or 15-year mortgage. A 30-year mortgage offers lower payments but more interest. A 15-year mortgage has higher payments but less interest and builds equity faster.
How can I get a lower mortgage interest rate?
You can get a lower mortgage interest rate by building your credit score, making a larger down payment, and choosing a shorter loan term. Shopping around and comparing multiple lenders, locking in rates at the right time, or buying mortgage points can also help reduce your overall rate.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q425-027
Get prequalified in minutes for a SoFi Home Loan.
Free Madison, WI Mortgage Loan Calculator
Madison, WI Mortgage Calculator
By SoFi Editors | Updated October 20, 2025
When you’re considering purchasing a home in Madison, understanding your potential mortgage payments is a big first step. A Madison 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 mortgage calculator involves inputting your estimated purchase price, down payment, interest rate, loan term, and property tax rate.
• A loan 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.
Madison 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: The property tax in the municipality where a home is located plays a role in determining your total 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: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the Madison Mortgage Calculator
Step 1: Enter Your Home Price
Type the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget. If you need a jumbo loan (for properties over $800K), you may need to put down at least 10%.
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 for Dane County, where Madison is located, is 1.78%.
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 Madison 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 Madison
In Madison, the median home sale price in late 2025 was $404,000 — more affordable than the national median of around $439,000, according to Redfin.
Lenders suggest a mortgage payment shouldn’t exceed 28% of your gross monthly income. You’d need to earn an annual income of about $92,000 to afford the monthly payment on a $400,000 home, which comes to about $2,144. That payment amount assumes a 20% down payment ($60,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 1.78%.
Lenders also recommend total debt payments stay under 36% of gross monthly income; other debts shouldn’t exceed $613 monthly in this case. If you want to factor in other debts, such as a car loan or student loan for example, 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.
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). 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 Madison
Madison is a relatively affordable city compared to the national average, according to its cost of living. This metric gives you a sense of what things cost in a region, including necessities like housing, utilities, groceries, health care, and transportation.
The cost of living index (COLI) higher than 100 means the region is more expensive than the national average, and a COLI below 100 indicates it is less expensive, according to the Council for Community and Economic Research’s Cost of Living Index. Madison’s 2024 COLI was 104.7, in line with Milwaukee (100.5), but higher than Green Bay (90.5) and Eau Claire (98.8).
The chart highlights cost of living numbers for major expenses in Madison:
| Wisconsin Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 104.7 |
| Groceries | 98.7 |
| Housing | 106.5 |
| Utilities | 99.0 |
| Transportation | 98.0 |
| Health Care | 113.5 |
| Miscellaneous Goods/Services | 107.8 |
Source: Council for Community and Economic Research’s Cost of Living Index.
While Madison did not rank on the best affordable places in the U.S., Brookfield, La Crosse, and Waukesha are all considered economical cities to live in Wisconsin.
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
As you explore your monthly bills, you may wonder how you can reduce your mortgage payment. Here are some ways borrowers can lower their payments:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• If you think your property taxes are too high, the City of Madison Assessor’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.
Madison First-Time Homebuyer Assistance Programs
If you’re buying your first home in Madison, there are down payment assistance programs available to help you cover the initial costs. To qualify, you must not have owned a primary residence within the past three years.
You can pursue different types of mortgage loans and financial assistance programs as a first time homebuyer in Wisconsin. For example, the Wisconsin Housing and Economic Development Authority offers the Advantage Conventional Loan. The property you’re buying must be your primary residence for the life of the loan, and the borrower must have a credit score of at least 620 and meet income limits.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
Using a Madison 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 help provide a clearer picture of your financial obligations and lead you to making informed decisions about your home loan, especially if you are a first-time homebuyer.
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?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t stretching your finances too much. A first-time homebuyer can sometimes put down as little as 3%, 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.
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 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). 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 is the payment on a $400,000 mortgage with a 30-year term?
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) under this scenario, your monthly payment would be $1,919. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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