Free Cook County, IL Mortgage Loan Calculator
Cook County, IL Mortgage Calculator
By SoFi Editors | Updated October 23, 2025
Getting a mortgage in Cook County is easier when you’ve done your homework in advance. Put a few basic facts into this 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
• 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.
Cook County 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 Cook County Mortgage Calculator
Step 1: Enter Your Home Price
Type the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget.
Step 3: Choose a Loan Term
Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the home’s property tax rate as a percentage. The average effective property tax rate in Cook County is 2.02%.
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 Cook County 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 Cook County
In Cook County, the median home sale price in late 2025 was $365,000 — 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 $365,000 home, which comes to about $1,768. That payment amount assumes a 20% down payment ($73,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 2.02%.
Lenders also recommend total debt payments stay under 36% of gross monthly income; other debts shouldn’t exceed $505 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.
Recommended: Do You Qualify as a First-Time Homebuyer?
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.
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).
Recommended: Average Monthly Expenses for One Person
Cost of Living in Cook County
As you consider purchasing a home in Cook County, it’s helpful to research the cost of living to gauge how far your dollar will go to pay for necessities like housing, transportation, healthcare, and groceries. Cook County gets a score of 105.7, according to BestPlaces.net, which means the total cost for necessities is 5.7% higher than the U.S. average and 12.8% higher than the average for Illinois.
To further get a sense of the cost of living in Cook County, MIT’s Living Wage Institute says a family of two working adults (working full-time) and two children would need an hourly wage of $42.39 to support its household.
If you’re set on purchasing a new home in Illinois, Decatur, Rockford, and Peoria are considered some of the best affordable places in the U.S.
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
If you are a homebuyer in Cook County, 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 Cook County Assessor’s Office (CCOA) 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.
Cook County First-Time Homebuyer Assistance Programs
If you have your sights set on buying your first home in Cook County, there is support. You may qualify as a first-time homebuyer if you haven’t owned a primary residence within the past three years.
Illinois offers down payment assistance programs that can help with initial costs. For instance, the Illinois Housing Development Authority administers the IHDA Access Forgivable program for qualifying buyers — including first-time purchasers. The forgivable second loan is designed to be put toward a down payment, closing costs, or both.
It’s intended to be used alongside one of the different types of mortgage loans already available, including FHA, VA, USDA, and Fannie Mae HFA Preferred home loans.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
Using a Cook County 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 Cook County, 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
What are principal and interest on a mortgage loan?
The principal and interest are key components of a mortgage payment. The principal is the original loan amount, and interest is the money you pay to the lender for the privilege of borrowing that amount. Over time, more of your payment goes toward the principal, reducing the loan balance and interest paid. An amortization schedule, available with your loan, will tell you how much of your monthly payment is going to each of these buckets.
How much is the payment on a $350,000 mortgage with a 30-year term?
The cost of a $350,000 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% ($70,000), your monthly payment would be $1,679. 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. 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 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.
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-Q425-002
Get prequalified in minutes for a SoFi Home Loan.
Free Berkeley, CA Mortgage Loan Calculator
Berkeley, CA Mortgage Calculator
By SoFi Editors | Updated October 17, 2025
When you’re considering purchasing a home in Berkeley, California, understanding your potential mortgage payments is a big first step. A Berkeley 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 Berkeley 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.
Berkeley 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 Berkeley Mortgage Calculator
Step 1: Enter Your Home Price
Type the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget.
Step 3: Choose a Loan Term
Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the home’s property tax rate. The average effective property tax rate in Alameda County, where Berkeley is located, is 0.76%.
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 Berkeley 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 Berkeley
In Berkeley, the median home sale price in late 2025 was $1.3 million — well beyond the national median of around $443,000, 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 close to $300,000 if you were looking to afford a $1.3 million home with a $6,925 monthly payment. That payment factors in 20% down ($260,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 0.76%.
Because lenders typically recommend total debt payments stay under 36% of your gross monthly income, your other monthly debts shouldn’t exceed $1,979, 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). For 2025, the FHFA conforming loan limit for a single-unit property in Alameda County is $1,209,750.
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 Berkeley
Berkeley’s cost of living is 82% more expensive than the national average and 30% more expensive to live in than the average city in California, according to the Economic Research Institute (ERI). The cost of living reflects how far your dollar goes when purchasing a home, buying groceries, paying for utilities, transportation, health care, and other necessities. Your dollar in Berkeley wouldn’t go as far as it would in Reno, Nevada, or Salem, Oregon.
California ranks as one of the most expensive states in the country, with a 2024 cost of living index (COLI) of 142.3, according to the Council for Community and Economic Research. Nevada (100.2) and Oregon (111.8) are less expensive places to live.
The chart highlights cost of living numbers for major expenses in the Oakland-Berkeley Metro area:
| California Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 137.7 |
| Groceries | 117.2 |
| Housing | 170.0 |
| Utilities | 157.9 |
| Transportation | 140.5 |
| Health Care | 123.3 |
| Miscellaneous Goods/Services | 116.5 |
Source: Council for Community and Economic Research’s Cost of Living Index.
If purchasing a new home in Berkeley is a little out of reach, consider Bakersfield, Chico, and Modesto, California cities that landed on the best affordable places in the U.S. 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
Once you purchase a home in Berkeley, 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 California State Board of Equalization (BOE) 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.
Berkeley First-Time Homebuyer Assistance Programs
If you’re considering buying your first home in Berkeley, 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.
Berkeley homebuyers can contact the California Housing Finance Agency (CalHFA), which offers both conventional and government-backed first mortgages to help with a down payment and/or closing costs.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
Using a Berkeley 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 Berkeley, 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 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.
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 down payment. For instance, at an interest rate of 6.00%, and a down payment of 20% ($100,000) under this scenario, 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-Q425-001
Get prequalified in minutes for a SoFi Home Loan.
Free Hampton, VA Home Mortgage Loan Calculator
Hampton, VA Mortgage Calculator
By SoFi Editors | Updated October 14, 2025
When considering a home purchase in Hampton, Virginia, a Hampton mortgage calculator can help potential homebuyers estimate their monthly payments, total costs, and the impact of factors like down payments and interest rates. Here’s how to use the calculator to your advantage during your home search.
Key Points
• The Hampton mortgage calculator helps estimate monthly mortgage payments and total loan costs, providing a clear picture of financial obligations for homebuyers.
• A higher credit score and 20% down payment can lead to a lower interest rate, reducing monthly payments and total interest paid over the life of the loan.
• Property tax can be included in your monthly home loan payment. They’re administered by the local government and are typically a percentage of the home’s value.
• The loan term, whether 15 or 30 years, affects monthly payments and total interest paid, with shorter terms offering more interest savings but higher payments.
• Exploring down payment assistance programs can help first-time homebuyers and those with limited savings afford a home, making homeownership more accessible.
Hampton, VA 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 and your initial offer. It directly affects your monthly payments, total interest paid, and the overall cost of the home loan.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%. A 20% down payment can help you avoid 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 offers greater savings on interest but higher monthly payments, while a 30-year mortgage term provides lower monthly payments but costs more in interest over the life of the loan. Borrowers should consider their financial goals and budget when choosing a term.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and the type of mortgage loan. A higher credit score can lead to 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 can be included in your monthly home loan payment. Property taxes are administered by the local government and are typically a percentage of the home’s value. In Hampton, property taxes are 0.97%.
• Total monthly payment: The total monthly payment typically includes the principal home loan amount and the interest accrued. It may also include property taxes, homeowners insurance, private mortgage insurance, and HOA fees.
• 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 surprisingly substantial, particularly for loans with longer repayment terms.
• Total loan cost: The total loan cost represents the all-in amount you will be required to pay for the loan. This encompasses both the principal amount borrowed and the accrued interest over the life of the loan.
How to Use the Hampton, VA Mortgage Calculator
To use the Hampton mortgage calculator effectively, enter the home’s purchase price, your down payment amount, the loan term, and the expected interest rate. The calculator will then provide you with an estimate of your monthly payment, total interest paid, and the total loan cost. Here is a step-by-step guide on how to use the 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 percentage 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.
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, you’ll want to research rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage of your home’s value that you will pay each year to the local government. Property taxes vary by location, but are 0.97% in Hampton.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments based on loan amount, interest rate, and term. Use it before house hunting to assess affordability and understand your financial obligations. You can see how a higher down payment or a lower interest rate can significantly reduce your monthly payments and total interest costs. The calculator can also help you see the impact of different loan terms, such as a 15-year versus a 30-year mortgage, on your budget and long-term financial health.
Mortgage calculators are 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.
Recommended: Best Places to Live in Virginia
Deciding How Much House You Can Afford in Hampton
In Hampton, the median home sale price in August 2025 was $295,000. Lenders advise keeping housing costs (mortgage, taxes, insurance, HOA) below 28% of gross monthly income. To afford a $295,000 home, you’d need about $67,000 yearly income, assuming 20% down ($59,000) and a 7.00%, 30-year mortgage. The monthly payment would be $1,570.
Factors like your credit score, down payment, and interest rate can significantly influence your ability to afford a home. Using a home affordability calculator can help you estimate what you can afford based on your income, expenses, down payment, and current mortgage rates.
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:
Recommended: How to Get Preapproved for a Home Loan
Components of a Mortgage Payment
The main components of a mortgage payment are the principal and interest. The mortgage principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that money. In the early years of your mortgage, more of your payment goes toward interest, but over time, more of it pays down the principal.
This calculator also factors in property tax, which may be part of your monthly payment. Property tax varies by location and is typically a percentage of the home’s value. In Hampton, the property tax rate is 0.97%. Your monthly payment may also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
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 Hampton, VA
The cost of living impacts affordability, with higher costs for homes, utilities, and transportation in some areas. The national average cost of living is benchmarked at 100. In Hampton, the cost of living index is 94.1, about 6% lower than average, and housing is 18% lower. Here’s how Hampton compares to the national average in other areas:
| Hampton Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 94.1 |
| Groceries | 98.4 |
| Housing | 82.3 |
| Utilities | 104.4 |
| Transportation | 95.8 |
| Health Care | 110.9 |
| Miscellaneous Goods/Services | 96.5 |
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.
Hampton’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Hampton, there are several 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. To qualify, you typically must not have owned a primary residence within the past three years. Check with local government agencies and nonprofits to find the right program for you and make your home purchase more affordable.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
Whether you’re looking to lower your interest rate, decrease your principal, or adjust your payment schedule, there are several strategies to make your monthly payments more manageable, including:
• Drop private mortgage insurance (PMI) if your down payment was below 20%. Reaching 20% equity in your home, either through payments or home appreciation, lets you eliminate PMI, which can significantly lower your monthly mortgage payment.
• 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. The result is a new, smaller balance that translates to lower monthly payments.
• Appeal your property taxes if you believe they are too high. Start by researching recent comparable property assessments in your area. Gather evidence to support your case, such as photos of property conditions or recent sales data.
• Modify your loan if you’re facing financial hardships. Loan modifications can include lowering the interest rate, extending the loan term, or reducing the principal balance. Contact your lender without delay to discuss your options and provide any necessary documentation.
• Refinance your mortgage. If rates drop or you’ve built your credit score, consider a mortgage refinance. This 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 for a lower homeowners insurance rate. Increasing your deductible amount, bundling your homeowners and auto insurance policies, or making upgrades to enhance your home’s security features or storm resistance capabilities can all potentially help lower your premium costs.
The Takeaway
Estimating your monthly mortgage payments and understanding the full cost of homeownership is important when it comes to buying a home in Hampton. By inputting your home price, down payment, loan term, and interest rate into our Hampton mortgage calculator, you can get a clear picture of your financial obligations.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a large role in determining your interest rate for a mortgage loan. A higher credit score generally leads to a lower interest rate, which can save you thousands of dollars over the life of the loan. For conventional loans, a minimum score of 620 is typically required, while jumbo loans may require a score of 700 or higher.
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 money. 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.
How much should I put down on a mortgage?
The ideal down payment on a mortgage varies, but a common recommendation is 20% of the home’s purchase price to avoid private mortgage insurance (PMI) and secure better loan terms. However, most people put down much less. It all depends on your financial situation and the lender’s requirements.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, build your credit score and shop around for lenders to get the best available deal. You should also consider a shorter loan term, a larger down payment, or an adjustable-rate mortgage or government-backed loan — any of those options could lower your rate.
What income do you need for an $800,000 mortgage with a 6.50% interest rate?
To determine the income needed for an $800,000 mortgage with a 6.50% interest rate, use the 28/36 rule as a guideline. This rule suggests that your monthly mortgage payment should not exceed 28% of your gross monthly income, and your total debt payments should not exceed 36%. For a 30-year fixed mortgage at 6.50%, the monthly payment would be approximately $5,000. Therefore, you would need a gross annual income of about $214,284 to comfortably afford this mortgage while staying within the 28/36 rule.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q325-172
Get prequalified in minutes for a SoFi Home Loan.
Free Plano, TX Home Mortgage Loan Calculator
Plano, TX Mortgage Calculator
By SoFi Editors | Updated October 14, 2025
A Plano mortgage calculator helps prospective homebuyers estimate their monthly payments, total interest paid, and the overall cost of a home loan. Whether you’re a first-time buyer or a seasoned homeowner, understanding the financial implications of different mortgage scenarios helps you make informed decisions and create a budget you can confidently manage. Read on for how to use a Plano mortgage calculator.
Key Points
• A Plano mortgage calculator helps estimate monthly payments, total interest, and overall loan costs.
• The down payment, typically 3% to 20% of the home price, can significantly affect your monthly mortgage payments and total interest paid.
• Down payment assistance programs in Plano can provide grants or low-interest loans to eligible buyers, reducing the financial burden of purchasing a home.
• A 15-year mortgage term in Plano offers lower total interest paid but higher monthly payments compared to a 30-year term, which is more budget-friendly in the short-term but costlier in the long run.
• Building your credit score and shopping around for the best interest rates can help you secure a lower mortgage interest rate, significantly reducing your monthly payments and total interest paid.
Plano Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. It directly affects your monthly payments, total interest paid, and the overall cost of the home loan.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. A larger down payment can reduce your monthly mortgage payments and the total interest paid over the life of the loan.
• Loan term: The loan term is the length of time you have to repay the mortgage. A 15-year term offers lower total interest paid but higher monthly payments, while a 30-year term provides lower monthly payments but higher total interest over time.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. A lower interest rate can significantly reduce your monthly payments and the total interest paid over the life of the loan.
• Annual property tax: The annual property tax is an ongoing cost of homeownership. In Plano, it is typically around 1.66% of the home’s assessed value and is used to fund various public services.
• Total monthly payment: The total monthly payment includes the principal and interest you will pay each month.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. A lower interest rate can significantly reduce this figure, making it an important consideration when shopping for a home loan.
• Total loan cost: The total loan cost is the all-in amount you will pay for the loan, including both the principal and the interest.
Recommended: Average Down Payment on a House
How to Use the Plano, TX Mortgage Calculator
The calculator estimates your monthly payment, total interest paid, and total loan cost. Below is a step-by-step tutorial on how to use the Plano mortgage calculator.
Step 1: Enter Your Home Price
The home price is the purchase price of the home. This figure helps the calculator estimate your monthly mortgage payment, total interest paid, and the overall cost of the loan.
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
The loan term is the length of time you have to repay the mortgage, usually 15 or 30 years. A shorter term can result in higher monthly payments but significantly less interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Enter your desired interest rate. Your interest rate will have a major impact on your monthly payment and total loan cost. 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
Property taxes are what you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. Property taxes vary by location, with the Plano property tax rate being 1.66%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator offers detailed insights into the financial aspects of purchasing a home. It helps estimate your monthly payments, total interest paid, and the overall cost of the mortgage, allowing you to compare different scenarios and make informed decisions.
You can see how a higher down payment or a lower interest rate can significantly reduce your monthly payments and total interest costs. Additionally, the calculator can help you understand the impact of different loan terms, such as a 15-year versus a 30-year mortgage, on your budget and long-term financial health.
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 Texas
Deciding How Much House You Can Afford in Plano
In Plano, the median home sale price in August 2025 was $500,500. Lenders generally recommend keeping housing costs (mortgage, taxes, insurance, HOA) under 28% of your gross monthly income. For example, to afford a $500,500 home with a 20% down payment ($100,100) and a 7.00%, 30-year mortgage, you would need an annual income of about $114,000. This would result in a monthly mortgage payment of $2,664.
Factors like your credit score, down payment, and interest rate can significantly influence your ability to afford a home. Using a home affordability calculator can help you estimate what you can afford based on your income, expenses, down payment, and current mortgage rates.
It can also 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 principal and interest. The mortgage principal is the portion of the payment that goes toward paying down the loan balance, while the interest is the cost of borrowing the money. Additionally, your monthly payment may include property tax, which is 1.66% in Plano. Your monthly payment may also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
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 Plano, TX
Plano has a high cost of living, about 10% above the national average. Housing costs are particularly high, around 16% above average. The national average cost of living is indexed at 100; Plano’s index is 110.0. Here’s how Plano compares to the national average in other areas:
| Plano Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 110.0 |
| Groceries | 97.7 |
| Housing | 116.0 |
| Utilities | 118.7 |
| Transportation | 96.8 |
| Health Care | 103.9 |
| Miscellaneous Goods/Services | 112.5 |
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.
Plano’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Plano, you can take advantage of down payment assistance programs to help cover initial costs. These programs are designed for first-time homebuyers who have not owned a primary residence within the past three years. They offer financial aid for the down payment, closing costs, or both, making it easier to enter the housing market.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
If you’re looking to reduce your mortgage payment, whether before purchasing a home or after you close, consider the following tips:
• Make a 20% down payment. Putting down 20% (or more) of the purchase price of the home allows you to bypass private mortgage insurance, which can add hundreds of dollars to your monthly payment.
• Drop private mortgage insurance (PMI) once you reach 20% equity in your home. If you’re currently paying PMI, work at getting it dropped. This can be achieved through regular payments or home appreciation, significantly lowering your monthly mortgage payment.
• Consider mortgage recasting if you receive a bonus or other windfall. By making a lump sum payment toward your mortgage principal, your lender will re-amortize the loan, resulting in a new, smaller balance and lower monthly payments.
• Appeal your property taxes. If you believe your property assessment is too high, research recent sales of comparable properties in your area and present this information to your local tax assessor to potentially lower your property taxes.
• Modify your loan if you face financial difficulties. This process involves changing the terms of your mortgage to make it more manageable, such as extending the loan term to lower monthly payments.
• Refinance your mortgage. If rates drop or you’ve built your credit score, consider a mortgage refinance. This 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 for a lower homeowners insurance rate. Increasing your deductible, bundling policies, or making home improvements can lead to lower premiums, reducing your monthly mortgage payment.
The Takeaway
Using a Plano mortgage calculator helps you understand the financial implications of buying a home. It estimates monthly payments, total interest paid, and the overall cost of the mortgage. For a more comprehensive budget, consider your income, existing debts, and other financial variables to make informed decisions about how much house you can afford in Plano.
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 Plano?
The average mortgage amount in Plano varies based on the home price, down payment, and interest rate. In 2025, the median monthly mortgage payment in Plano was $3,180. To get a personalized estimate, use a mortgage calculator to factor in your specific financial details.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your mortgage interest rate. A higher credit score can help you secure more favorable rates, reducing your monthly payments and the total interest paid over the life of the loan. To build your credit score, pay all bills on time, keep credit card balances low, maintain a mix of credit types, and avoid frequent credit inquiries.
What are principal and interest on a mortgage loan?
The principal is the portion of the payment that goes toward paying down the loan balance, while the interest is the fee charged by the lender for providing the loan. Understanding these components helps with budgeting and making informed decisions about your mortgage.
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 of 20% is often recommended to avoid private mortgage insurance (PMI), but lower down payments are the most common, especially for first-time buyers. Use a down payment calculator to explore different scenarios and determine the best down payment amount that fits your budget and financial goals.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q325-171
Get prequalified in minutes for a SoFi Home Loan.
Free Auburn, MA Home Mortgage Loan Calculator
Auburn Mortgage Calculator
By SoFi Editors | Updated October 14, 2025
When purchasing a home in Auburn, MA, a mortgage calculator can help you estimate your monthly payments and total costs, ensuring you make an informed decision. By inputting key details such as the home price, down payment, loan term, and interest rate, you can get a clearer picture of what you can afford and how different scenarios might affect your budget.
Key Points
• The Auburn mortgage calculator helps estimate monthly payments and total costs, making it easier to understand the financial aspects of homeownership.
• Down payment assistance programs, especially for first-time homebuyers, can reduce upfront costs and make homeownership more accessible.
• A shorter loan term, such as 15 years, can result in higher monthly payments but less interest paid over the life of the loan compared to a 30-year term.
• Property taxes, roughly 0.97% of the home’s value in Auburn, are an ongoing cost that new homebuyers should budget for.
• To reduce your mortgage payment, you can refinance to a lower rate, drop PMI once you have 20% equity in your home, and shop for a lower homeowners insurance rate.
Auburn Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer. This figure helps determine the home loan amount and your monthly 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 allowing you to avoid private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the mortgage, usually 15 or 30 years. A shorter term can result in higher monthly payments but significantly less interest paid over the life of the loan.
• Interest rate: The interest rate is a percentage of the loan, representing the cost to borrow money. Rates vary based on borrower qualifications, market trends, and type of mortgage loan. A lower rate reduces monthly payments and total interest.
• Annual property tax: The annual property tax is an ongoing cost of homeownership, typically administered by the local government and expressed as a percentage of the home’s assessed value. In Massachusetts, property taxes are 0.97% of the home’s value.
• Total monthly payment: The total monthly payment with our calculator includes the principal and interest you pay each month, in addition to the property taxes. Monthly payments may also include homeowners insurance, private mortgage insurance, and homeowners association fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This can be a substantial figure, especially for longer loan terms. To minimize the total interest paid, consider strategies such as making extra payments, refinancing to a lower interest rate, or 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. This figure will vary based on the loan term and interest rate.
How to Use the Auburn, MA Mortgage Calculator
The Auburn mortgage calculator is designed to help you estimate your monthly mortgage payments and total costs. Below is a step-by-step breakdown of how to use the mortgage calculator and calculate your monthly payment.
Step 1: Enter Your Home Price
The home price is the amount listed in your contract. This figure helps the calculator estimate your monthly mortgage payment, total interest paid, and the overall cost of the loan.
Step 2: Select a Down Payment Amount
The down payment is the portion of the home price you agree to pay upfront. 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
The loan term is the length of time you have to repay the mortgage, usually 15 or 30 years. A shorter term can result in higher monthly payments but significantly less interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Enter your desired interest rate to the second or third decimal point. Your interest rate will have a major impact on your monthly payment and total loan cost. If you’re looking at large loan amounts, you’ll want to research rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
This is the amount you will pay each year to the local government. Enter the percentage of the home’s value, not the dollar amount. Auburn’s property tax rate is 0.97%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates your monthly mortgage payments and helps you understand the financial aspects of homeownership. It can help you assess how much house you can afford before you start house hunting, based on factors like loan amount, interest rate, and loan term.
By using a mortgage calculator, you can explore how different down payment sizes impact your loan and potentially avoid private mortgage insurance (PMI). Additionally, it can help you evaluate the cost savings of refinancing or prepaying your mortgage.
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 Massachusetts
Deciding How Much House You Can Afford in Auburn
In August 2025, Auburn’s median home sale price was $485,000. Lenders suggest housing costs shouldn’t exceed 28% of gross monthly income. To afford a $485,000 home with a 20% down payment ($97,000) and a 7.00%, 30-year mortgage, you’d need around a $110,000 yearly income. Your mortgage would be $2,581 monthly.
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.
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:
Recommended: What to Know About Getting Preapproved for a Home Loan
Components of a Mortgage Payment
A mortgage payment includes principal (the borrowed amount) and interest (borrowing cost). It may also include property tax, which is typically 0.97% of the home’s value in Auburn. Understanding these components helps with budgeting. Your monthly payment may also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
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 Auburn, MA
The cost of living in Auburn is 17% higher than the national average. However, it is 11% lower when compared to the average cost of living in Massachusetts. Housing, health care, and transportation are less affordable than the national average, with food being more affordable. The average salary for those living in Auburn is just over $70,000 per year.
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.
Auburn’s First-Time Homebuyer Assistance Programs
If you’re considering buying your first home, there are several down payment assistance programs available to help you through the process. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Down payment assistance programs provide financial aid to cover the initial costs of purchasing a home, such as the down payment and closing costs that are often required.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
Whether you’re looking to lower your interest rate, decrease your principal, or adjust your payment schedule, there are several strategies you can employ to make your monthly payments more manageable.
• Drop private mortgage insurance. You can drop private mortgage insurance once you have 20% equity in your home, either through regular payments or home appreciation. This can significantly reduce your monthly expenses.
• Consider mortgage recasting. If you receive a bonus or other windfall, apply a lump sum to your principal. Your lender can recalculate your monthly payment to a new, smaller balance.
• Appeal your property taxes if you believe the assessment is too high. By gathering supporting evidence and presenting a well-prepared case, you may be able to reduce your property tax bill.
• Modify your loan if you face financial hardship. Your lender may agree to reduce the interest rate, extend the loan term, or forgive a portion of the principal balance.
• Refinance your loan if rates have improved. If rates have improved or you’ve built your credit score, consider refinancing your mortgage to a new loan with a new interest rate.
• Shop for a lower homeowners insurance rate. Increasing your deductible, bundling policies, or making security upgrades can reduce your insurance premium and lower your total monthly mortgage payment.
The Takeaway
Using an Auburn mortgage calculator can help you fully understand your financial readiness and the true cost of homeownership. Simply enter in the purchase price of the home, down payment amount, loan term, interest rate, and property tax percentage. You’ll then calculate your monthly mortgage payment, total interest paid, and total cost of the loan. By being well-prepared, you can make more informed decisions and successfully avoid financial strain down the road.
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 Auburn?
As of 2025, the average monthly payment in Auburn was $2,930. However, the average mortgage amount varies considerably based on several factors, including the price of the home, the size of the down payment, and the prevailing interest rate.
What are principal and interest on a mortgage loan?
Principal and interest represent the two major components of a mortgage payment. The principal is the amount borrowed initially to purchase the home, while the interest represents the cost of borrowing that principal amount.
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 20% down payment can help you avoid private mortgage insurance (PMI) and secure a lower interest rate. However, if you’re a first-time homebuyer, you might consider down payment assistance programs that offer financial aid to cover the initial costs.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, focus on building your credit score. A higher score can qualify you for better rates, as lenders see you as less risky. Pay down existing debts, make timely payments, and avoid opening new credit lines before applying for a 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.
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