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Buying a house is a big life event. It’s also a major money move, and a Wisconsin mortgage calculator can help you take the right steps forward. Just input a few numbers, and the calculator quickly tells you your monthly payment and the total interest you’ll pay over the life of the loan. You can experiment with combinations of home price, down payment amount, and loan term to see how these factors affect your costs. Ready to get started? Learn how to use a mortgage loan calculator to your advantage here.
Key Points
• A mortgage calculator is one tool to help you understand how much house you can afford.
• Mortgage calculators factor in the home price, down payment amount, interest rate, loan term, and property taxes into a monthly payment and total payment calculation.
• A mortgage calculator is particularly useful for first-time homebuyers.
• A loan term might be 10, 20, or 30 years and will govern overall costs.
• Buyers can explore down payment assistance programs for financial support.
Wisconsin Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price that you and the home seller have mutually agreed upon. This figure is important for accurately estimating your prospective home loan payments.
• Down payment: The down payment is what you pay for the home upfront. This could be anywhere from 3% to 20%, with a 20% down payment allowing you to forego private mortgage insurance (PMI). To determine the percentage down payment on a home, use a down payment calculator.
• Loan term: The loan term represents the length of time a borrower has to repay the mortgage in its entirety, with common terms set at 15 or 30 years. A shorter term, such as 15 years, will result in higher monthly payments but less total interest paid.
• Interest rate: The interest rate represents the cost of borrowing money, typically expressed as a percentage of the total loan amount. The type of mortgage loan you choose and your credit score are among the factors that determine the rate you’ll be offered.
• Annual property tax: Property tax is levied by local governments on both land and buildings. It’s typically expressed as a percentage of assessed value. You can use the average Wisconsin effective property tax rate of 1.25% or you can search for your ZIP code or city name and “effective property tax rate.”
• Monthly payment: This calculator shows what you would pay to cover the principal and interest each month. It also includes property tax. If you need to pay PMI, that would be added on to your payment. Some lenders include homeowners insurance and homeowners association costs as well.
• Total interest paid: This represents the total amount of interest paid over the life of the loan.
• Total loan cost: This is the all-in amount you will pay for the loan, encompassing both the principal and the interest.
How to Use the Wisconsin Mortgage Calculator
Step 1: Enter Your Home Price
Type in the agreed-upon purchase price of the property.
Step 2: Select a Down Payment Amount
Choose the down payment you plan to pay upfront. You can type in the dollar amount or use a percentage.
Step 3: Choose a Loan Term
Select the time you’ll need to repay the home loan. Common terms are 15 or 30 years.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This affects your monthly payment and total loan cost.
Step 5: Add Your Property Tax
Enter the percentage representing the rate of the property’s annual property taxes. As noted above, Wisconsin’s average effective property tax rate is 1.25%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments based on loan amount, interest rate, and term. Using it can help you determine affordability before house hunting — it will be particularly helpful if you’re buying your first home, because having a mortgage may be entirely new to you.
Comparing rates and terms aids in choosing the type of mortgage loan you will pursue — for example, whether you will have a fixed or variable interest rate. The calculator shows how a down payment impacts your loan.
A Wisconsin mortgage calculator helps you understand how much house you can afford by showing you your monthly payment amount based on home price, down payment amount, interest rate, loan term, and property taxes. Particularly if you are buying your first home, it’s helpful to compare loan terms and down payment amounts to see how they impact monthly expenses and total interest.
If you’re thinking about getting a home loan guaranteed by the Federal Housing Administration (FHA), try using an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator will be useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Deciding How Much House You Can Afford in Wisconsin
In Wisconsin the median home sale price was $343,000 in mid-2025, so let’s use that number to examine how much house you might be able to afford if you keep your mortgage costs within 28% of gross monthly income, as most lenders advise. If you made a 20% down payment ($68,600) on a 30-year, 7.00% mortgage, your monthly payment would be $1,825, including property tax at the average Wisconsin rate and home insurance. You’d need an annual income of around $83,000 — more if you have other significant debts such as a car payment, student loan payment, or credit card debt.
Want to work backward from your current annual income to determine your housing budget? Use a home affordability calculator, which takes into account your earnings as well as your debts. And for the ultimate budget guidance, go through the mortgage preapproval process with a lender. You’ll provide detailed financial information, and the lender will let you know if you would likely qualify for a loan and, if so, what rate and terms you would be eligible for.
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 consists of principal (the borrowed amount) and interest (your borrowing cost). This calculator also includes property tax. In real-world conditions, your payment might also include PMI (if your down payment is less than 20% of the home price), home insurance costs, and HOA fees. Wrapping taxes and insurance into mortgage payments is the lender’s way of making sure you stay current on these important charges. After all, your home is the collateral for your loan.
Cost of Living in Wisconsin
The local cost of living significantly impacts how much home you can afford. Higher cost areas have pricier homes and increased expenses for utilities, maintenance, and transportation. Fortunately, most buyers in Wisconsin won’t need a jumbo loan to make their dreams a reality. Wisconsin weighs in with a cost of living index of 97.7, just below the cost of living in the U.S. as a whole, which equals 100 on this scale.
In fact, some of the best affordable places in the U.S. are in the Badger State, including LaCrosse, Waukesha, and Brookfield. Here’s a look at some popular Wisconsin cities and how they rank.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Wherever you decide to purchase a home in Wisconsin, you may find that you get settled and then wonder if there’s a way to reduce your monthly mortgage payment. You have a few options:
• Ask your lender to drop PMI charges once you reach 20% equity through payments or appreciation.
• Consider a mortgage recast: You would pay a lump sum toward your principal and then ask the lender to recompute your payments based on the smaller loan amount.
• Appeal your property tax assessment if you feel your taxes are too high. Use caution, though. If you have made improvements on the property you could emerge with a higher assessment.
• Undertake a mortgage refinance if you can get to a lower rate. Factor in closing costs to make sure it’s a true cost savings.
• Shop for cheaper homeowners insurance by adjusting your deductible or bundling policies. Or ask your insurer to give you an updated quote if you’ve put on a new roof or installed a security system.
First-time homebuyers in Wisconsin can access assistance programs to help with initial costs. If you haven’t owned a primary residence in three years, you likely qualify as a first-time homebuyer. Down payment assistance programs offer financial aid for down payments, while other programs can help cover closing costs with a loan or a grant, making homeownership more attainable. Most first-time homebuyer programs in Wisconsin are offered by the Wisconsin Housing and Economic Development Authority, but there are also city-specific programs, including in Madison.
A Wisconsin mortgage calculator helps prospective buyers estimate monthly payments, interest, and total loan costs. Running numbers through the calculator allows you to see how changing your down payment amount or loan term might affect your costs, both now and over the long haul. A calculator is a great starting point, and when you’re ready to take the next step toward a home loan, seek out interest rates from a trusted lender, and consider going through the mortgage preapproval process to set yourself up for home-buying success.
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.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly impacts your mortgage interest rate. Higher scores mean lower rates, while lower scores can lead to higher rates. Improving your score can secure a better rate and save you thousands in interest over a loan’s duration.
How much should I put down on a mortgage?
Your ideal down payment amount depends on your financial situation and the type of loan. A larger down payment can reduce monthly payments and total interest paid, and help avoid private mortgage insurance (PMI), which is paid when the down payment is below 20%. A smaller down payment preserves cash for other financial goals. Particularly if this is your first home purchase, it may be tough to come up with a large down payment, especially given the market’s high home prices.
How can I get a lower mortgage interest rate?
To qualify for the lowest available mortgage interest rate, try to improve your credit score, shop around for lenders, and increase your down payment. These actions can lead to a more affordable mortgage and long-term savings.
Can I afford a $300K house on a $70K salary?
It would be tough to afford a $300,000 property on earnings of $70,000 unless you can make a significant down payment or have another source of income or savings besides your salary. One general rule is that your house price should not exceed three times your salary. So a home priced around $210,000 would be a better bet.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice. Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Buying a home is easier with online tools that simplify the process and help you make well-informed decisions. Just input a few numbers into this Washington mortgage calculator, and you can learn what your monthly mortgage payment would be, as well as the total interest you’ll pay over the life of the home loan. You can experiment with different scenarios to find the combination of home price, down payment, loan term, and interest rate that suits your budget.
Key Points
• A mortgage calculator can help homebuyers understand key factors affecting home affordability.
• Use a home affordability calculator to estimate monthly payments and total costs.
• Consider the impact of different home prices, down payment amounts, loan terms, and interest rates on your budget.
• It’s easy to factor in property taxes with this calculator.
• First-time homebuyers can seek out help with their down payment and closing costs.
Washington Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price 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 potentially eliminate the need for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the home loan, anywhere from 10 to 30 years. A 30-year term offers lower monthly payments but results in more interest paid over the life of the loan. A shorter term can help you build equity faster and pay less interest.
• 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 lower interest rate can significantly reduce your monthly payments.
• Annual property tax: Property tax is levied by local governments on land and buildings as a percentage of its assessed value. To find your property tax rate, search the ZIP code or county name and “effective property tax rate” or use the Washington State average of .75%.
• Monthly payment: The monthly payment is what you pay toward the principal and interest each month. This calculator also includes property taxes. Additional costs like PMI, homeowners insurance, and HOA fees can further impact your budget.
• Total interest paid: This is the amount of interest you will pay over the life of the loan.
• Total loan cost: This is the all-in amount you will repay for the loan, including principal and interest.
How to Use the Washington Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon amount you will pay the seller for the property. This figure might differ from the listing price or your initial bid.
Step 2: Select a Down Payment Amount
Choose the 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. If you need a jumbo loan you may need to put down at least 10%.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point. A lower interest rate can significantly reduce your monthly payments and total loan cost.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage of your home’s value that you will pay each year to the local government. Property taxes vary by location.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps homebuyers estimate affordability. Input a home price, down payment amount, interest rate, loan term, and property tax rate, and the calculator will quickly estimate monthly payments and total cost. Particularly if you are buying your first home, it is helpful to use a mortgage calculator to explore how different down payments, loan terms, and interest rates impact monthly costs and total interest. A mortgage payment calculator is an invaluable aid in responsible financial planning.
In Washington State, the median home sale price in mid-2025 was $647,000, well above the national average. To afford a home at this price, a buyer who can put down 20% ($129,400) would need an annual income of around $144,000. This assumes that you contribute 28% of your monthly income to your mortgage payment (the maximum lenders like to see). With a 7.00%, 30-year mortgage, your monthly payment would be $3,444, factoring in property tax and homeowner’s insurance. If you have other big debts, like a car loan, you might need to earn more to make the numbers work.
It might be helpful to also work backward from your income, using a home affordability calculator to compute the maximum home price you can afford based on your earnings and debts. You could also go through the mortgage preapproval process with a lender, submitting complete financial details and getting the lender’s evaluation of whether you would likely qualify for a loan and, if so, how much you might be able to borrow.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
A mortgage payment includes principal (loan balance) and interest (borrowing cost). This mortgage calculator also factors in property tax, because property taxes are often included as part of monthly loan payments. (It’s in your lender’s interest to make sure you keep up on your tax bills, after all.) Your monthly payment could also include private mortgage insurance (PMI, necessary if your down payment is below 20%), home insurance, and homeowners association (HOA) fees, depending on your specific situation.
If you’re considering a home loan guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums. A VA mortgage calculator is your best bet if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Washington’s relatively high cost of living could have an impact on your budget. The state has a cost of living index of 114.1 on a scale where the U.S. average equals 100. Higher home prices are typical, as we see in the median sale price listed above. Utilities, maintenance, health care, and transportation are often more costly in a high cost of living area.
While not the most affordable state, Washington does have some areas that landed on a list of the best affordable places in the U.S., including Yakima, Kennewick, and Spokane. A longer list of cities and their cost-of-living indices is shown here, from data compiled by the Council for Community and Economic Research.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Homebuyers in Washington are looking to do whatever they can to lower their mortgage bill. Here are some things you can do after purchasing a home to reduce the payment:
• Request that your lender remove PMI when you reach 20% home equity.
• Recast your mortgage by making a lump-sum payment toward the principal and asking your lender to recompute your payments.
• Undertake a mortgage refinance if current rates are lower (or if your credit score has improved significantly and you can qualify for a sweet rate). Factor in closing costs when you’re determining whether a refi is a wise move.
• Appeal your property taxes if you feel they are unusually high.
• If you have encountered true financial hardship, request that your lender modify your loan.
• Shop for cheaper homeowners insurance by increasing your deductible or bundling policies.
Washington First-Time Homebuyer Assistance Programs
Those in Washington State who qualify as a first-time homebuyer may be eligible for assistance programs that cover some or all of the initial costs of buying a home. A first-time buyer is someone who hasn’t owned a primary residence in three years. Down payment assistance programs help with down payments and/or closing costs, making homeownership more accessible and easing the financial burden. There are several Washington first-time homebuyer programs available through the Washington State Housing Finance Commission.
The Takeaway
When considering a home loan in Washington, the Washington mortgage calculator is a key tool. It helps you estimate your monthly payment, total interest, and overall loan cost, taking into account factors like your down payment, interest rate, and even property taxes. Using this calculator can help you better understand your financial capacity and make informed decisions about the home you can afford.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
How does my credit score affect my mortgage loan interest rate?
A higher credit score generally leads to a lower mortgage rate, while a lower score may result in a higher rate. Aim for a score of at least 700. Lenders perceive buyers with higher credit scores to be less risky and reward them with lower rates.
What are principal and interest on a mortgage loan?
Principal is the portion of your mortgage payment that goes to repay the original amount you borrowed. Interest is what a lender charges you for the privilege of borrowing. An amortization schedule provided by your lender will show you how much of each payment you make on your home loan will go toward principal versus interest (the proportion changes over the life of your loan).
How much should I put down on a mortgage?
A down payment of 20% of the home’s purchase price can help you avoid having to pay for private mortgage insurance (PMI) and also helps you secure better interest rates. But many buyers — especially first-time buyers — don’t put down that much. If a down payment is challenging, explore down payment assistance programs and government-backed loans.
Should I choose a 30-year or 15-year mortgage term?
A 30-year mortgage offers lower monthly payments, but if you go this route, 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. A 30-year term is the most popular choice.
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.
House hunting is fun, but figuring out how to pay for a house can be stressful. A Virginia mortgage calculator can make the process smoother. Just input a few numbers, and the calculator will tell you your monthly payment amount and the total interest you’ll pay over the life of a home loan. Try playing with different numbers to see what combination of down payment and loan term best suit your financial situation and goals.
Key Points
• Use our Virginia mortgage loan calculator to understand how different aspects of a mortgage influence your costs.
• Choose a loan term that fits your budget and financial goals.
• Understand how interest rates affect both monthly payments and total loan cost.
• This calculator factors in property taxes for a more accurate assessment of funding needs.
• Down payment assistance programs can help some buyers afford initial costs.
Virginia Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the agreed-upon purchase price between you and the home seller.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the purchase price. Most buyers put down 3% to 20%. A large down payment can reduce monthly payments and may eliminate the need for private mortgage insurance (PMI).
• Loan term: The loan term represents the length of time you have to repay the mortgage in its entirety, anywhere from 10 to 30 years. A 30-year term offers lower monthly payments, while a 15-year term requires higher payments but saves you thousands in interest over time.
• Interest rate: The interest rate represents the cost of borrowing money, expressed as a percentage of the total loan amount. The rate you’ll obtain will be determined in part by your credit score and financial profile, as well as by the type of mortgage loan you choose.
• Annual property tax: Property tax is levied by local governments and typically expressed as a percentage of the assessed value. You can use the average effective tax rate for Virginia, which is .77%, or look up the specific rate for the property by searching its ZIP code and “effective property tax rate.”
• Monthly payment: In this calculator, the monthly payment amount includes the principal loan amount, interest, and property taxes. If your down payment is less than 20%, you may also need to pay for private mortgage insurance (PMI). Some lenders also like to wrap property insurance and homeowners association (HOA) costs into the loan payment.
• Total interest paid: This is the amount of interest you will pay over the entire life of the loan. It is influenced by the interest rate and loan term. A longer term or higher rate increases total interest paid.
• Total loan cost: The total loan cost is the all-in amount you will repay over the life of the loan, including the principal and accumulated interest. It gives you a complete picture of your financial commitment.
How to Use the Virginia Mortgage Calculator
Step 1: Enter Your Home Price
Input the negotiated price of the property to help create accurate home loan payment estimates.
Step 2: Select a Down Payment Amount
Choose the percentage of the home’s purchase price you plan to pay upfront. A down payment calculator can help you determine a percentage.
Step 3: Choose a Loan Term
Select a 15-year or 30-year term. A longer term means lower monthly payments but higher total interest paid.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point for precise estimates.
Step 5: Add Your Annual Property Tax Rate
Enter the effective property tax rate for your chosen property or use the average of .77%.
Benefits of Using a Mortgage Payment Calculator
This mortgage calculator estimates monthly payments based on home price, down payment amount, interest rate, loan term, and property tax rate, helping you determine affordability. You can run different scenarios to see how a longer or shorter loan term might affect your payments, and also examine different down payment amounts.
Particularly if you are buying your first home, taking some time to experiment with different numbers can give you a feel for how your choices will affect your monthly payments.
Using a mortgage calculator is one way to zero in on whether you can afford to buy a home in Virginia, and if so, how much you might be able to pay. The median sale price of a home in the state as of mid-2025 is about $466,000, according to Redfin. Given that lenders advise keeping mortgage payments below 28% of gross monthly income, you’d likely need a minimum income around $107,000 to purchase a home worth $466,000, assuming you don’t have any other significant debts. This assumes a 20% down payment ($93,200) for a 30-year, 7.00% mortgage. The monthly payment including property tax and home insurance would be $2,480.
Another way to determine your home budget is to use a home affordability calculator. This tool works backward from your annual income, taking into account your debts (car payment, student loan payment, etc.) to arrive at your purchase price estimate.
You can also go through the mortgage preapproval process with a lender, providing detailed financial information and seeking conditional approval for a loan. The lender will tell you if you qualify and, if so, how much you can borrow and with what loan terms.
Components of a Mortgage Payment
The main components of a mortgage payment are the principal and interest. This calculator also factors in property tax, which is a yearly tax determined by the local government and can be part of your monthly payment. Your monthly payment may also include PMI if your down payment is less than 20%, and homeowners insurance. Some lenders even include HOA payments in the monthly bill, if applicable.
If you’re thinking about a home loan guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums. A VA mortgage calculator is helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Virginia
The cost of living in Virginia can significantly affect how much you can afford to spend on a home. Virginia’s cost of living is almost exactly the average in the U.S., so prices for homes, utilities, home maintenance, transportation, health care, and other necessities are roughly the U.S. average.
As the chart shows, some areas of Virginia are well over the average, however, and may require a jumbo loan due to high property values. But other cities in Virginia are on a list of the best affordable places in the U.S., including Big Stone Gap, Bluefield, and Pulaski.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
• Request that your lender remove PMI once you have 20% home equity.
• Make a lump-sum payment toward the loan’s principal and request that your lender recompute your payments.
• Appeal your property taxes if you feel they are unusually high. Use caution, however, as sometimes this can invite an increased assessment, particularly if you have made improvements on the property.
• Undertake a mortgage refinance if a lower interest rate might be available to you.
• Shop for cheaper homeowners insurance.
Virginia First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are several Virginia down payment assistance programs available to help you cover the initial costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible.
There are nine Virginia first-time homebuyer programs in all, a rich resource for newbie buyers. Many are run by the Virginia Housing Development Authority.
A Virginia mortgage calculator is an essential tool for anyone considering a home loan. It helps you estimate monthly payments by taking into account the home price, your down payment amount, as well as loan term, interest rate, and property tax rate. Seeking out rate quotes from multiple leaders can help you get the best rate possible and ensure your mortgage payment is manageable.
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.
A mortgage payment includes principal and interest on a loan used to purchase a home or other property. If you put down less than 20% on the property, the payment will likely also include private mortgage insurance (PMI). Some lenders also roll property taxes, homeowners insurance costs, and even homeowners association dues into the monthly payment. Understanding which of these components are part of your loan can help you budget more effectively.
How does my credit score affect my mortgage loan interest rate?
Your credit score has a major influence on your mortgage interest rate. A higher score generally leads to more favorable rates, while a lower score may result in higher rates, increasing the total cost of your loan.
Should I choose a 30-year or 15-year mortgage term?
When deciding on a mortgage term, consider that a 30-year term offers lower monthly payments but more interest over time, while a 15-year term has higher monthly payments but less interest paid overall. Assess your financial goals and budget when opting for a certain term.
How can I secure a lower interest rate?
Improve your credit score to 700 or better for the most competitive rates. Go through the mortgage prequalification process with multiple lenders and compare the rates you’re offered. If you can afford it, consider putting down a larger down payment. If you already own a home, you can explore a mortgage refinance and compare the cost of your old loan versus a new one (plus closing costs) at a new, lower rate.
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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*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.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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.
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.
House hunting is a big job, and online tools can make it easier — even fun. The Ohio mortgage calculator helps you estimate your monthly mortgage payment and total interest over the life of a home loan. By inputting key figures like home price, down payment amount, interest rate, and more, you gain a clearer financial picture of whether a home is affordable for you. Ready to give it a try? Follow these tips.
Key Points
• The type of mortgage loan, credit score, and down payment all influence your mortgage.
• Down payment assistance programs can help reduce upfront costs and make homeownership more accessible.
• Property tax is levied by local governments and can vary widely based on location and home value.
• The monthly mortgage payment includes principal and interest, and may include property tax, insurance, and other costs.
• Ways to lower mortgage payments after purchasing include a recast, refinance, and reducing home insurance costs.
Ohio Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. This figure may differ from the listing price or your initial offer.
• Down payment: The down payment is the amount you pay upfront. Most buyers put down between 3% and 20%. A 20% down payment usually eliminates the need for private mortgage insurance (PMI). If you’re unsure about how much cash you need to get to a certain percentage, use a down payment calculator.
• Loan term: The loan term is the length of time you have to repay the mortgage, between 10 and 30 years. A longer term offers lower monthly payments but results in more interest paid over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and the type of mortgage loan. A higher credit score can lead to a better interest rate, reducing your monthly payments.
• Annual property tax: Property tax is levied by local governments on land and buildings, and is expressed as a percentage of assessed value. When using this mortgage calculator, you can search by ZIP code for the “effective property tax rate” of the home or use the Ohio average of 1.31%.
• Monthly payment: The monthly mortgage payment includes the principal and interest each month and may include property tax, PMI, homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure can be substantial, especially for longer loan terms. The Ohio mortgage calculator helps you understand the impact of different interest rates and loan terms on the interest paid.
• Total loan cost: The total loan cost is the all-in amount you will repay for the loan, including principal and interest.
How to Use the Ohio Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon amount you will pay the seller for the property. This ensures accurate estimates of your monthly mortgage payments, total interest paid, and overall loan costs.
Step 2: Select a Down Payment Amount
Choose the down payment percentage to see how it affects your monthly home loan payments. A jumbo loan may have a minimum down payment requirement of 10% or more.
Step 3: Choose a Loan Term
Select a term of between 10 and 30 years based on your financial goals and budget constraints.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point for accurate estimates.
Step 5: Add Your Property Tax
Enter the property tax rate as a percentage to estimate your total monthly payment.
Benefits of Using a Mortgage Payment Calculator
A mortgage payment calculator helps prospective homebuyers estimate affordability. Particularly if you are buying your first home, it can be helpful to use an Ohio mortgage calculator to see how different aspects of a purchase (home price, down payment amount, loan term, and interest rate) affect your monthly payments. This calculator also includes property taxes, which are often paid as part of the mortgage payment. Some lenders also include home insurance and homeowners association (HOA) fees in the mortgage payment. And if you put down less than 20%, you would pay for PMI in your payment as well.
Ohio’s median home sale price in mid-2025 was $272,000, well below the national average. Lenders advise a mortgage payment of no more than 28% of gross monthly income. To afford a $272,000 home, you would need an income of $67,000. This assumes a 20% down payment ($54,400) on a 30-year, 7.00% interest mortgage. The monthly payment would be $1,445 with property taxes and home insurance factored in.
You can use an Ohio mortgage calculator to play with different numbers for home price, down payment amount, loan term, and interest rate to arrive at the monthly payment amount that suits your budget. Or you can work backward from your annual income, factoring in your debts, with a home affordability calculator.
Another way to decide how much house you can afford in Ohio is to submit your financial details to a lender and go through the mortgage preapproval process. The lender will examine your stats and tell you what size loan you could potentially qualify for.
Components of a Mortgage Payment
The main components of a mortgage payment are the principal and interest. The principal is the borrowed amount, and the interest is the cost to borrow that money. The Ohio mortgage calculator also factors in property tax, which is determined by the local government and based on your home’s assessed value. Your monthly payment may also include home insurance, PMI, and HOA fees, as noted above.
Homes purchased with a loan backed by the Federal Housing Administration (FHA) will have both upfront and annual mortgage insurance premium costs, so if you’re exploring an FHA loan, use an FHA mortgage calculator. And if you are thinking about a U.S. Department of Veterans Affairs (VA) mortgage, there’s a custom VA mortgage calculator for you.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Ohio
Ohio, fortunately, has a relatively low cost of living. On a scale where the average cost of living in the U.S. equals 100, Ohio measures 94.3. Some of its cities, including Youngstown, Van Wert, and Springfield, landed on a list of the best affordable places in the U.S. When you’re looking for a home in Ohio it’s nice to know that when considering the many factors that contribute to cost of living, including utilities, health care, transportation, and more, Ohio remains a relative bargain. Take a look at how some of its major metropolitan areas compare.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Homebuyers in Ohio are looking to do whatever they can to lower their mortgage payment. Here are some things you can do after purchasing a home to curb costs:
• Request that your lender drop PMI as soon as you reach 20% home equity.
• Recast your mortgage by making a lump sum payment toward the principal and requesting the lender recompute your payments.
• Undertake a mortgage refinance if you think you could get a lower interest rate now than when you purchased. Remember to factor in closing costs when comparing costs.
• Appeal a high property tax assessment. Use caution if you have made any home improvements as sometimes inviting an examination of your home’s value results in increased taxes.
• If you are facing financial hardship, consider requesting a loan modification or extending the loan term.
• Shop for cheaper homeowners insurance by opting for an increased deductible or bundling policies.
Ohio First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are down payment assistance programs available to help you cover the initial costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years.
Ohio first-time homebuyer assistance programs offer financial aid for down payments, closing costs, or both. The state also offers a mortgage tax credit, which is an added benefit. These programs can make homeownership more accessible.
Understanding the financial aspects of buying a home in Ohio will help you make informed decisions about the home price, down payment amount, and loan term you will choose. The Ohio mortgage calculator is a powerful tool that can help you estimate your monthly payment, total interest, and overall loan costs. Whether you’re a first-time homebuyer or a seasoned homeowner, use a calculator to obtain valuable insights to guide your home purchase 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.
How does my credit score affect my mortgage loan interest rate?
Your credit score has a major impact on your mortgage interest rate. A higher score can lead a lender to offer its most attractive interest rate, reducing the total cost of your mortgage. A lower score may result in a higher interest rate and stricter lending conditions — if you are approved at all.
How much should I put down on a mortgage?
A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home and for many buyers, this is a good idea. Bottom line? You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t bankrupting your emergency fund or stopping payments on other debt. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill. Use a mortgage calculator to run different down payment scenarios and see how they impact costs.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term offers lower monthly payments. A 15-year term could save you thousands of dollars in interest over the life of the loan, but will require a higher monthly payment. If you can make a 15-year or 20-year term work with your budget, go for it. But particularly if this is your first home purchase, don’t feel bad about locking in 30 years — many people choose this option.
How much is the payment on a $600,000, 30-year mortgage?
The cost of a $600,000 mortgage with a 30-year term will depend on your interest rate. At an interest rate of 6.00%, for example, you would pay $3,597.30 per month. At 8.00%, the payment would rise to $4,402.59. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice. Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
