Free Oahu, HI Home Mortgage Loan Calculator
Oahu, HI Mortgage Calculator
By SoFi Editors | Updated October 20, 2025
An Oahu, Hawaii, mortgage calculator helps you understand the financial commitment involved by estimating your monthly payments and the total cost of the mortgage. Simply input the home price, down payment, loan term, interest rate, and property tax rate. Here’s how to use the Oahu calculator to your advantage during your home search.
Key Points
• The Oahu mortgage calculator provides estimates of monthly payments and total loan costs.
• Your credit score plays a crucial role in determining your mortgage interest rate, with a higher score generally leading to better loan terms and lower monthly payments.
• A 30-year mortgage term offers lower monthly payments, while a 15-year term results in higher payments but less total interest paid over the life of the loan.
• A larger down payment can reduce monthly mortgage payments and total interest paid over the life of the loan, making homeownership more affordable.
• Down payment assistance programs in Hawaii can help reduce the initial financial burden, making homeownership more accessible for first-time buyers.
Oahu Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price of the home that you have agreed to with the home seller. This figure may differ from the listing price and your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%. A larger down payment can reduce your monthly 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. Common terms are 30 or 15 years, though 10- or 20-year terms exist. A shorter 15-year term can save you a significant amount in interest over the life of the loan, but it comes with higher monthly payments.
• 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, debt-to-income ratio, and market trends.
• Annual property tax: The annual property tax is a significant factor in your total monthly mortgage payment. Property taxes are around 0.28% of your home’s value in Oahu.
• 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: This is the amount of interest you will pay over the life of the loan. This figure can be substantial, especially for longer loan terms. To minimize the total interest paid, consider strategies like 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 the principal and the total interest paid. This figure gives you a clear picture of the long-term financial commitment involved in homeownership.
How to Use the Oahu, HI Mortgage Calculator
The Oahu mortgage calculator will provide an estimate of your monthly payment, total interest paid, and the overall loan cost. Here is a step-by-step guide on how to use the calculator.
Step 1: Enter Your Home Price
The home price is the amount listed in your contract. The purchase price directly influences the home loan amount you can secure and, consequently, your monthly payments.
Step 2: Select a Down Payment Amount
The down payment represents the portion that you, as the buyer, agree to pay at the outset of the transaction. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
The loan term is the duration for repaying 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. A lower interest rate can significantly reduce your monthly payments and the total interest paid over the life of the loan. If you’re looking at large loan amounts (over $1.2 million), you’ll want to research rates for jumbo loans. Building your credit score, shopping around for lenders, and negotiating can help you achieve a better rate.
Step 5: Add Your Annual Property Tax Rate
The annual property tax is the amount you will pay each year to the local government. In Oahu, this rate is 0.28% of your home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments and the true cost of homeownership. It allows you to see how interest rates, down payment amounts, and loan terms affect payments. This helps you set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
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: Average Monthly Expenses for One Person
Deciding How Much House You Can Afford in Oahu
Oahu’s median home sale price in 2025 was $795,000. Lenders suggest housing costs (mortgage, taxes, insurance, HOA) shouldn’t exceed 28% of gross monthly income. To afford a $795,000 home with 20% down ($159,000), you’d need about $181,000 in annual income for a 30-year mortgage at 7.00%. The monthly mortgage payment would be $4,231.
Total debt should stay within 36% of gross monthly income, allowing for around $1,200 in other debt payments (student loans, auto loans, credit cards). If other debts exceed $1,200 per month, you’ll need a higher income to afford a home at this price. Use a home affordability calculator for an 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
A mortgage payment mainly includes principal and interest. Mortgage principal is the borrowed amount; interest is the borrowing cost, a percentage of the principal. Other components of a mortgage payment may include:
• Property taxes: Local government taxes based on the assessed value of your property.
• 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 Oahu, HI
Oahu’s cost of living is extremely high, roughly 87% above the national average. This is mostly due to high housing and utility expenses; however Oahu does rank higher-than-average in other categories, as well, such as groceries and transportation.
The national average cost of living is benchmarked at 100. Here’s how Oahu compares to the national average in other areas:
| Oahu Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 186.9 |
| Groceries | 130.4 |
| Housing | 310.0 |
| Utilities | 198.0 |
| Transportation | 133.3 |
| Health Care | 121.1 |
| Miscellaneous Goods/Services | 130.5 |
Exploring the best affordable places within Hawaii can help you find a home that fits your budget while considering the high cost of living.
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.
Oahu’s First-Time Homebuyer Assistance Programs
If you’re buying your first home on Oahu, there are several Hawaii first-time homebuyer assistance programs available to help you. To qualify, you must not have owned a primary residence within the past three years. These programs often include down payment assistance programs that provide financial aid to cover the initial costs of purchasing a home, such as the down payment and closing costs. This can make homeownership more accessible and affordable for first-time buyers.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
There are strategies to reduce your payment if you choose. The following tips can help you lower your monthly mortgage payment:
• Drop private mortgage insurance (PMI). Once you have 20% equity in your home, either through payments or home appreciation, you can request to get rid of private mortgage insurance. This can significantly lower your total monthly payment and improve your financial standing.
• 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.
• Modify your loan if you are experiencing financial hardship. This involves changing the terms of your existing mortgage agreement, such as reducing the interest rate or extending the payment period, to make monthly payments more affordable.
• 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 for a lower homeowners insurance rate. You may be able to lower your premium significantly by increasing your deductible, bundling policies, or making home upgrades. Comparing quotes from different insurance providers can help you find the best deal.
The Takeaway
Using our free Oahu, Hawaii, mortgage calculator is an easy way to estimate your monthly mortgage payments and plan your home-buying budget with confidence. By adjusting inputs like home price, down payment, loan term, and interest rate, you can see how each factor affects affordability, allowing you to find a mortgage that fits your lifestyle in beautiful Oahu.
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 Oahu?
The average mortgage payment in Oahu was $5,640 in 2025. Mortgage payments fluctuate based on current interest rates, your chosen loan term, and your personal credit profile.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a major role in determining your mortgage loan interest rate. Borrowers with higher credit scores are seen as lower risk and typically receive lower interest rates, saving money over time. Conversely, lower credit scores often lead to higher rates and more expensive monthly payments.
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 (20% or more) can reduce your monthly payments and potentially eliminate the need for private mortgage insurance (PMI), while a smaller down payment may help you get into a home sooner. Most people put down between 3% and 20% of the purchase price.
Should I choose a 30-year or 15-year mortgage term?
When choosing between 30-year and 15-year mortgages, consider your finances. A 30-year term offers lower payments but higher overall interest. A 15-year term, on the other hand, has higher payments but less interest paid.
Can I afford a $500K house on a $100K salary?
Lenders recommend your monthly mortgage payment should not exceed 28% of your gross monthly income. A $500,000 house with a 30-year fixed mortgage, a 6.50% interest rate, and a 20% down payment ($100,000) would result in a monthly payment of around $2,500 (excluding taxes and insurance). The ideal salary for a $2,500 mortgage would be $107,000. That means someone with a $100K salary would find a $500K home a financial stretch, if they even qualify 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.
SOHL-Q425-012
Get prequalified in minutes for a SoFi Home Loan.
Free Honolulu, HI Mortgage Loan Calculator
Honolulu, HI Mortgage Calculator
By SoFi Editors | Updated October 20, 2025
When you’re considering purchasing a home in Honolulu, understanding your potential mortgage payments is a big first step. A Honolulu 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.
Honolulu 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 factors into 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 Honolulu, HI 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 Honolulu County, where Honolulu is located, is 0.28%.
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 Honolulu 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 Honolulu
In Honolulu, the median home sale price in late 2025 was $600,000 — much more costly 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 $137,000 to afford the monthly payment on a $600,000 home, which comes to about $3,196. That payment amount assumes a 20% down payment ($120,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 0.28%.
Lenders also recommend total debt payments stay under 36% of gross monthly income; other debts shouldn’t exceed $913 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 Honolulu
Honolulu is an extremely expensive city to live in 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.
Honolulu’s 2024 COLI was 186.9, making it one of the most high-cost cities in the U.S., similar to California cities San Jose (180.7) and San Francisco (166.8). New York City, with a 2024 COLI of 230.6, is more costly.
The chart highlights cost of living numbers for major expenses in Honolulu:
| Hawaii Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 186.9 |
| Groceries | 130.4 |
| Housing | 310.0 |
| Utilities | 198.0 |
| Transportation | 133.3 |
| Health Care | 121.1 |
| Miscellaneous Goods/Services | 130.5 |
Source: Council for Community and Economic Research’s Cost of Living Index.
While Honolulu did not rank on the best affordable places in the U.S., it is listed as a best place to live in Hawaii for families.
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 and County of Honolulu Real Property Assessment Division (RPD) 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.
Honolulu First-Time Homebuyer Assistance Programs
If you’re buying your first home in Honolulu, 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 Hawaii. For example, the Hawaii Housing Finance and Development Corporation’s Affordable Resale Program offers previously owned condos repurchased by the agency for sale to qualified residents through a public drawing or lottery process.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
Using a Honolulu 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 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.
How much is the payment on a $600,000 mortgage with a 30-year term?
The cost of a $600,000 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% ($120,000), your monthly payment would be $2,878. This estimate includes principal and interest but not property taxes, insurance, or other fees.
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.
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-Q425-011
Get prequalified in minutes for a SoFi Home Loan.
Free Milwaukee, WI Mortgage Loan Calculator
Milwaukee, WI Mortgage Calculator
By SoFi Editors | Updated October 20, 2025
When you’re considering purchasing a home in Milwaukee, understanding your potential mortgage payments is a big first step. A Milwaukee 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.
Milwaukee 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 Milwaukee 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 Milwaukee County, where Milwaukee is located, is 2.16%.
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 Milwaukee 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 Milwaukee
In Milwaukee, the median home sale price in late 2025 was $235,000 — much less expensive 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 $54,000 to afford the monthly payment on a $235,000 home, which comes to about $1,269. That payment amount assumes a 20% down payment ($47,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 2.16%.
Lenders also recommend total debt payments stay under 36% of gross monthly income; other debts shouldn’t exceed $363 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 Milwaukee
Milwaukee is an 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.
A cost of living index (COLI) that is 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. Milwaukee’s 2024 COLI was 100.5, making it slightly more expensive than Eau Claire (98.8) and Green Bay (90.5).
The chart highlights cost of living numbers for major expenses in Milwaukee:
| Milwaukee Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 100.5 |
| Groceries | 100.7 |
| Housing | 104.1 |
| Utilities | 94.2 |
| Transportation | 102.5 |
| Health Care | 105.3 |
| Miscellaneous Goods/Services | 97.8 |
Source: Council for Community and Economic Research’s Cost of Living Index.
While Milwaukee did not rank on the best affordable places in the U.S., it is considered a best place to live in Wisconsin for young adults.
Recommended: The Cost of Living in the U.S.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips for Reducing Your Mortgage Payment
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 Milwaukee 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.
Milwaukee First-Time Homebuyer Assistance Programs
If you’re buying your first home in Milwaukee, 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 Milwaukee 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
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 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.
How much is the payment on a $250,000 mortgage with a 30-year term?
The cost of a $250,000 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% ($50,000), your monthly payment would be $1,199. 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-Q425-010
Get prequalified in minutes for a SoFi Home Loan.
Free Springfield, MO Home Mortgage Loan Calculator
Springfield Mortgage Calculator
By SoFi Editors | Updated October 14, 2025
Buying a home is one of the most significant financial decisions you’ll make, and understanding your budget is crucial. For those in Springfield, Missouri, a Springfield mortgage calculator can provide estimated monthly payments based on home price, down payment amount, loan term, and interest rate. Keep reading to learn how to use the Springfield mortgage calculator to your advantage during your home search.
Key Points
• A Springfield mortgage calculator helps you determine your monthly payments based on home price, down payment amount, loan term, and interest rate.
• Your credit score significantly impacts your mortgage interest rate, with a higher score leading to better rates and lower overall costs.
• The down payment, typically 3% to 20% of the home price, also affects your monthly mortgage payments and total interest paid.
• Loan terms are typically 15 or 30 years. They affect monthly payments and total interest paid, with longer terms increasing total interest paid but decreasing monthly payments.
• Down payment assistance programs can reduce upfront costs and make homeownership more accessible.
Springfield 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. This figure directly affects the home loan amount and 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 helping to avoid private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the mortgage, typically 15 or 30 years. A 15-year term can help you build equity faster and pay less interest over the life of the loan, while a 30-year term offers lower monthly payments.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: The annual property tax represents an ongoing cost associated with homeownership. This tax is typically expressed as a percentage of the home’s assessed value.
• Total monthly payment: The total monthly payment in this calculator includes the principal loan amount and the interest accrued, in addition to property taxes. Other expenses may include private mortgage insurance, homeowners insurance, and HOA fees.
• Total interest paid: This represents the total amount of interest you will pay over the life of the loan. This figure is influenced by the interest rate, loan term, and initial loan amount.
• Total loan cost: The total loan cost is the all-in amount you will repay for the loan, including both principal and interest. A longer loan term generally results in higher total costs due to more interest paid over time, while a shorter term can reduce these costs.
How to Use the Springfield Mortgage Calculator
Using the Springfield mortgage calculator is straightforward and can provide valuable insights into your home loan options. Start by entering the home price, down payment percentage, loan term, and interest rate.
Step 1: Enter Your Home Price
Type in the purchase price of the property. This is not your loan amount, but rather the amount you intend to pay for the home.
Step 2: Select a Down Payment Amount
Enter the down payment amount you plan to pay. The higher your down payment, the lower your monthly payment will be. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the time you’ll need to repay the home loan. Most consumers choose a mortgage with either a 30-year or a 15-year term. A 15-year term will result in higher monthly payments but less paid in interest overall; whereas a 30-year term will provide lower monthly payments but higher interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This affects your monthly payment and total loan cost. 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
Enter the percentage representing the annual property tax rate. Springfield’s average effective rate is 0.72%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments, helping you understand the financial commitment of homeownership and assess affordability based on loan amount, interest rate, and term. It allows you to compare different scenarios, such as the impact of lower interest rates or shorter loan terms.
You can also see how the size of your down payment affects your loan and potentially helps you avoid private mortgage insurance (PMI). For refinancing, the calculator can compare your current mortgage with potential offers to see if new terms save you money.
Mortgage calculators are also particularly useful for first-time homebuyers who may not fully understand what goes into a mortgage payment or how it’s calculated.
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 Missouri
Deciding How Much House You Can Afford in Springfield
In Springfield, the median home sale price in 2025 was $220,000. Lenders suggest that housing costs should not exceed 28% of your gross monthly income. To afford a home priced at $220,000 with a 20% down payment ($44,000) and a 7.00%, 30-year mortgage, you would need an annual income of about $50,000. Your monthly mortgage payment would be $1,171.
Lenders also recommend that total debt should stay within 36% of your gross monthly income. In this case, your other debts (student loans, auto loans, credit cards) shouldn’t exceed $329 a month; if they do, you’ll need a higher income to afford a home at this price. 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 principal and interest. The mortgage principal is the amount you borrowed, and the interest is the cost of borrowing that money. Additionally, your monthly payment may include property tax, which is typically a percentage of your home’s assessed value.
In some cases, you may also pay for private mortgage insurance (PMI) if your down payment is less than 20%. Homeowners association (HOA) fees can also be part of your monthly payment, especially if you’re buying in a community with shared amenities. And finally, homeowners insurance is another expense you may have to add on to your mortgage payment.
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 Springfield, MO
Springfield’s cost of living is about 13% lower than the national average. Housing costs are particularly low, at nearly 25% below the national average. The national average cost of living is indexed at 100; Springfield’s index is 87.3. Here’s how Springfield compares to the national average in other areas:
| Missouri Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 87.3 |
| Groceries | 94.6 |
| Housing | 75.9 |
| Utilities | 82.8 |
| Transportation | 87.3 |
| Health Care | 95.5 |
| Miscellaneous Goods/Services | 93.5 |
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.
Springfield’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Springfield, there are several down payment assistance programs readily available to help you cover the initial costs associated with purchasing a property. To qualify for these programs, you typically must not have owned a primary residence within the past three years. These programs can provide valuable financial aid for the down payment itself, closing costs, or even both.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
You’re not stuck with the same monthly mortgage payment forever, as there are strategies to reduce your payment if you choose. The following tips can help you lower your monthly mortgage payment:
• Drop private mortgage insurance (PMI) once you have 20% equity in your home. This can be done through additional payments or home appreciation. Dropping PMI can reduce your overall monthly mortgage 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 lower monthly payment.
• Appeal your property taxes if you believe they are too high. Property taxes are based on an assessment of your home and land. Successfully appealing this assessment can reduce your annual city property tax burden, lowering your total monthly payment.
• Modify your loan if you’re facing financial hardship. This can involve extending the loan term, reducing the interest rate, or forgiving a portion of the principal balance. While this can lower your monthly payments, it may increase the total loan cost over the full term.
• Refinance your mortgage. If you’ve built your credit score or rates have improved since you purchased your home, consider refinancing your mortgage. A lower interest rate can significantly decrease your monthly payments.
• Shop for a lower homeowners insurance rate. Compare different policies to find a lower premium. You can often lower your premium by increasing your deductible, bundling policies, or making home upgrades that enhance security or storm resistance.
The Takeaway
Determining what your monthly mortgage payment will be is a crucial step in the home-buying process. Whether you’re a first-time homebuyer or a seasoned homeowner, a Springfield mortgage calculator can provide personalized estimates based on your home purchase price, down payment, interest rate, and loan term.
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 Springfield?
The average mortgage amount in Springfield in 2025 was $1,570. However, payments vary based on the price of the home, the size of the down payment, and the prevailing interest rate. A Springfield mortgage calculator can provide an estimate of the typical monthly mortgage payment based on your individual circumstances.
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’re considering. Most buyers put down between 3% and 20% of the home’s value. A larger down payment can reduce your monthly payments and potentially eliminate the need for private mortgage insurance (PMI), making homeownership more affordable.
Should I choose a 30-year or 15-year mortgage term?
When choosing between a 30-year and 15-year mortgage, consider your finances. A 30-year term offers lower monthly payments but higher overall interest. A 15-year term has higher monthly payments but saves on interest and builds equity faster. Compare costs and payments to make an informed decision.
How can I get a lower mortgage interest rate?
To get a better mortgage rate, build your credit score, shop around and compare lender rates, and consider a larger down payment to decrease your risk and loan-to-value ratio. Monitor market conditions and economic trends, as they impact rates. These steps can potentially save you thousands on your mortgage.
How much is a $600,000 mortgage payment for 30 years?
Assuming a 7.00% interest rate, the monthly payment for a $600,000 home over a 30-year loan term would be approximately $3,992. This figure is based on the principal and interest rate, and assumes no down payment. To get a more accurate estimate, factor in local property taxes and insurance costs.
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-Q425-009
Get prequalified in minutes for a SoFi Home Loan.
Free Seattle, WA Mortgage Loan Calculator
Seattle, WA Mortgage Calculator
By SoFi Editors | Updated October 17, 2025
Getting a mortgage in Seattle is easier when you’ve done your homework in advance. Put a few numbers into this Seattle 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.
Seattle 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 Seattle, WA 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 average effective property tax rate in King County, where Seattle is located, is 0.85%.
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 Seattle 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 Seattle
In Seattle, the median home sale price in late 2025 was $900,000 — well above the national median of around $443,000, 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 $206,000 if you were looking to afford a total monthly payment of $4,797 on a $900,000 home. That payment assumes 20% down ($180,000), an interest rate of 7.00% on a 30-year mortgage, and an effective property tax rate of 0.85%.
Lenders also recommend total debt payments stay under 36% of gross monthly income. In this case, your other monthly debts shouldn’t exceed $1,371. 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). For 2026, the FHFA conforming loan limit for a single-unit property in Seattle, which is considered a high-cost area, is $1,063,750. (The baseline limit for most of the U.S. is $832,750.)
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). 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 Seattle
Seattle 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) is measured on a scale of 100 — a 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.
Seattle’s 2024 COLI was 145.1, much higher than Olympia (112.4) and Portland, Oregon (116.6). Washington had a 2024 COLI of 114.1, making the state more expensive than Idaho at 99.9.
The chart highlights cost of living numbers for major expenses in Seattle:
| Seattle Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 145.1 |
| Groceries | 110.3 |
| Housing | 212.1 |
| Utilities | 101.6 |
| Transportation | 128.1 |
| Health Care | 128.9 |
| Miscellaneous Goods/Services | 122.5 |
Source: Council for Community and Economic Research’s Cost of Living Index.
If living in Seattle is a little beyond your pocketbook, consider Kennewick, Spokane, or Yakima, which all 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
If you are a homebuyer in Seattle, 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.
• Review your property taxes regularly. If you think your property taxes are too high, the King County Board of Appeals and Equalization 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.
Seattle First-Time Homebuyer Assistance Programs
If you are buying your first home in Seattle, 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 a Seattle 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 Seattle, 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
How can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work to cultivate a strong credit score (aim for 700 or more, which is well over the 620 score you’ll need to qualify for a home loan). Go through the online prequalification process with multiple lenders to see how low a rate you might be able to obtain. A higher down payment may help, too, if you can afford to make one. If you already own a home, you can explore a mortgage refinance and compare the costs of your old loan versus a new one (plus closing costs) at a new, lower rate.
How much 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.
Should I choose a 30-year or 15-year mortgage term?
A 30-year mortgage offers lower monthly payments, but you will pay more interest over time. A 15-year mortgage has higher monthly payments but saves on interest. Consider your financial goals and budget, and choose the shortest term that you feel you can comfortably afford.
How much is the payment on a $900,000, 30-year mortgage?
The cost of a $900,000 mortgage with a 30-year term will depend on your interest rate and down payment. For example, at an interest rate of 6.00% and a down payment of 20% ($180,000), your monthly payment would be $4,317. 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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