Free Evansville, IN Home Mortgage Loan Calculator
Evansville, IN Mortgage Calculator
By SoFi Editors | Updated October 6, 2025
When considering a home purchase in Evansville, Indiana, using our Evansville mortgage calculator helps potential homebuyers determine how much house they can afford. By inputting variables like home price, down payment, loan term, and interest rate, you can get a clear picture of your monthly payments and overall financial commitment.
Key Points
• With the Evansville mortgage calculator, you can estimate monthly payments and the total cost of the loan.
• The loan term, typically 15 or 30 years, significantly affects monthly payments and total interest paid, with 15-year terms offering greater interest savings but higher monthly payments.
• The calculator can estimate the impact of different interest rates, down payments, and loan terms.
• A larger down payment, such as 20%, can help avoid private mortgage insurance (PMI) and potentially secure better interest rates, making the mortgage more affordable.
• Down payment assistance programs in Evansville can help low-income buyers, veterans, and first-time homebuyers by offering grants or low-interest loans to cover part of the down payment.
Evansville 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 helps determine the size of your home loan and the overall cost of homeownership.
• 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 home loan. A 15-year term offers greater interest savings but higher monthly payments, while a 30-year term provides lower monthly payments but 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 can vary based on borrower qualifications, market trends, and the type of mortgage loan. To secure a more favorable rate, consider building your credit score, shopping around for lenders, and exploring different loan programs.
• Annual city property tax: The annual city property tax is a significant component of your monthly mortgage payment, typically a percentage of your home’s value. If you find the property tax to be too high, you can appeal your property taxes to potentially lower your annual bill.
• Total monthly payment: The total monthly payment includes the principal, interest, homeowners insurance, and property tax. Understanding these components helps you budget more effectively and make informed decisions about your mortgage options.
• 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 and is influenced by the interest rate, loan term, and the amount borrowed. A lower rate can make a major difference in your monthly payments and overall costs.
How to Use the Evansville, IN Mortgage Calculator
The Evansville home mortgage calculator estimates monthly payments and helps borrowers understand the financial impact of buying a home there. Follow these step-by-step instructions to get an estimate of your total monthly payment and overall cost of borrowing.
Step 1: Enter Your Home Price
The first step is to enter the agreed-upon purchase price of the home. This is not your loan amount, but rather the amount you intend to pay for the home.
Step 2: Select a Down Payment Amount
Next, enter in the amount you will put down on the purchase price of the home. The more you put down, the less the loan will cost you and the lower your monthly payments will be. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Common loan terms for mortgages are 15 years and 30 years. A longer term lowers your monthly payments but increases total interest over time, while a shorter term raises monthly payments yet significantly reduces the overall interest you’ll pay during the life of the loan.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. If you’re looking at large loan amounts, you’ll want to research rates for jumbo loans. Your interest rate will affect 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. Indiana’s average effective property tax rate is 0.77%.
Benefits of Using a Mortgage Payment Calculator
A mortgage payment calculator helps potential homebuyers estimate their monthly payments based on the loan amount, interest rate, and term. By comparing loan terms, you can see how the duration of the loan affects your monthly payments and total interest paid. This can be particularly helpful for those buying their first home. The calculator also shows how down payments impact your loan, helping you avoid private mortgage insurance (PMI) and potentially securing better interest rates.
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: The Cost of Living in the U.S.
Deciding How Much House You Can Afford
In August 2025, the median sale price in Evansville was $178,450. Lenders suggest that housing costs should not exceed 28% of your gross monthly income. Let’s assume you want to purchase a home for $175,000 and have a 20% down payment ($35,000). With a 7.00% interest rate and a 30-year loan term, your monthly payment would be $931. In order to afford this house, your yearly income should be close to $40,000.
Another approach to figure out how much house you can afford is to use a home affordability calculator. A home affordability calculator estimates how much house you can afford based on your income, expenses, down payment, and current mortgage rates.
It can also be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment include the principal and interest, which are the core parts of your loan repayment. The principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal.
Property taxes, typically a percentage of your home’s value, are another important component. In Evansville, property taxes can vary, but they are an essential part of your total monthly payment. Your mortgage payment may also include homeowners insurance, private mortgage insurance (PMI), and homeowners association (HOA) fees.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Evansville
Evansville has a relatively low cost of living, being 15% lower than the national average and 3% lower than the average city in Indiana. The cost of living index in Indiana is 91.0, and the state ranks #11 in the U.S. To help you compare the cost of living in Evansville to the U.S. average, here are the cost of living index numbers:
| Indiana Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 93.5 |
| Groceries | 94.4 |
| Housing | 71.6 |
| Utilities | 105.5 |
| Transportation | 99.3 |
| Health Care | 108.1 |
| Miscellaneous Goods/Services | 104.7 |
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.
Evansville’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Evansville, there are several down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. To qualify, you typically must not have owned a primary residence within the past three years.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
Reducing your mortgage payment can free up cash flow and make homeownership in Evansville more affordable. By exploring strategies such as refinancing, adjusting your loan terms, or cutting costs tied to your mortgage, you can potentially lower your monthly payments and relieve financial stress.
• Drop private mortgage insurance (PMI). Once you have 20% equity in your home, either through regular payments or home appreciation, you can drop PMI. This can significantly lower your monthly mortgage payment and reduce your overall housing costs.
• Appeal your property taxes. If you believe your property taxes are too high, you can appeal them. Property taxes are based on an assessment of your home and land, and if you think the assessment is inaccurate, you can challenge it to potentially lower your annual bill.
• Modify your loan. If you face financial hardship, explore options to modify or refinance your loan. Your lender may agree to change the terms of your mortgage to make monthly payments more manageable, such as extending the loan term or reducing the interest rate.
• Consider shopping around for a lower homeowners insurance rate. Taking the time to compare different insurance options can potentially lead to savings. You may be able to lower your premium by increasing your deductible, bundling homeowners insurance with auto insurance policies, or making upgrades that enhance your home’s security features or storm resistance.
The Takeaway
Using an Evansville mortgage calculator can provide you with a clearer understanding of the financial commitments involved in homeownership. You’ll be able to estimate monthly payments, understand total costs, and see the impact of different down payments and interest rates on your financial situation. By leveraging these helpful resources, you can make more informed decisions and ensure that your mortgage fits comfortably within your overall financial plan.
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 Evansville?
The average mortgage in Evansville can vary based on factors like home price, down payment, and interest rate. Using an Evansville mortgage calculator can help you estimate the typical monthly payment and total cost of a mortgage in the area. For example, a $200,000 home with a 20% down payment and a 30-year fixed-rate mortgage might have an average monthly payment of around $1,100.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate for a mortgage loan. A higher credit score can secure you more favorable interest rates, reducing your monthly payments and the total cost of the loan. Conversely, a lower credit score may result in higher interest rates, making the mortgage more expensive. Lenders use your credit score to assess your risk, so building your score can lead to better loan terms and more savings over the life of the mortgage.
How much should I put down on a mortgage?
The ideal down payment on a mortgage varies, but a common recommendation is 20% of the home’s purchase price to avoid private mortgage insurance (PMI). However, some lenders accept as little as 3% to 5%. Consider your financial situation and the loan terms to determine the best amount for you.
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 has higher payments but saves on interest and builds equity faster. If you can afford it, a 15-year mortgage saves money long-term. If you need budget flexibility, a 30-year term works better. Use a mortgage calculator to compare costs and payments for both terms to make a good choice.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, build your credit score. A higher score qualifies you for better rates, as lenders see you as a lower risk. Reduce debt, pay on time, and limit new credit inquiries. Shop around for lenders and compare rates.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q325-127
Get prequalified in minutes for a SoFi Home Loan.
Free Wyoming Home Mortgage Loan Calculator
Wyoming Mortgage Calculator
By SoFi Editors | Updated September 30, 2025
If you’re buying a home in Wyoming, you’ll need to juggle a lot of numbers — house prices, down payments, mortgage interest rates, loan terms, and more. The Wyoming mortgage calculator can help you handle the home-buying process and feel confident that you can determine the best option for you. Just enter a few basic facts about a mortgage, and this online tool will show you your monthly payment and overall interest cost. What’s more, it can help you compare different loans and see how raising your down payment or getting a lower interest rate, for example, could influence your costs. Let’s explore how this calculator works and what it can do for you.
Key Points
• The Wyoming mortgage calculator can help you estimate how much a mortgage will cost you on a monthly basis and over its entire lifespan.
• Lenders generally want borrowers to spend no more than 28% of their gross monthly income on mortgage payments.
• Down payments for conventional loans typically range from 3% to 20% of the home’s purchase price — 20% can help you avoid paying private mortgage insurance (PMI).
• Your loan term will impact your monthly payments and total interest costs, with a shorter term resulting in higher monthly payments but lower costs overall.
• Down payment assistance programs for first-time homebuyers can make homeownership more accessible.
Wyoming Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price you have agreed to with the home seller. It’s likely to differ from the listing price and from your first offer.
• Down payment: This is the amount you’ll pay upfront for your home, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20% — a 20% down payment will typically allow you to avoid private mortgage insurance (PMI). Down payment assistance programs for first-time homebuyers may provide some financial help.
• Loan term: This is the length of time you’ll have to repay your home loan, usually 15 or 30 years. A 15-year loan term generally results in higher monthly payments but lower total interest paid than a 30-year term.
• Interest rate: This is the cost of borrowing money, expressed as a percentage of the loan amount. A lower interest rate can significantly reduce both your monthly payments and your total interest paid.
• Annual property tax: Property tax is levied by local governments on land and buildings and is typically expressed as a percentage of the assessed value. To find the local tax rate where you’re buying a home, search online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: This is the amount you pay to your lender each month. The monthly payment shown by the Wyoming mortgage calculator includes what you would pay toward the principal and interest each month, with property tax added in if you input your tax rate. Other costs, such as homeowners insurance, PMI, and homeowners association (HOA) fees, might also be included in your payment in some cases.
• Total interest paid: This is the entire amount of interest that accumulates over the life of your home loan. It’s influenced by your loan term, interest rate, and down payment size.
• Total loan cost: This is the full amount you’ll pay on your loan, including both the principal (the amount you originally borrowed) and the total interest paid.
How to Use the Wyoming Mortgage Calculator
This mortgage calculator is free, won’t affect your credit score, and is easy to use. Here are step-by-step instructions.
Step 1: Enter Your Home Price
Input the purchase price that you and the seller agreed you would pay for the property.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price that you plan to pay upfront. A down payment calculator can help you figure out what will work for you.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage, usually 15 or 30 years.
Step 4: Enter an Interest Rate
Input your expected interest rate to the second or third decimal point. If you’re looking at particularly expensive properties, it’s a good idea to check typical rates for a jumbo loan.
Step 5: Add Your Annual Property Tax
Enter the percentage of your home’s value that you will pay each year in property taxes. If your tax rate is 0.55%, for instance, you can enter 0.55.
Benefits of Using a Mortgage Payment Calculator
As you review your home-buying options, the Wyoming mortgage calculator can help you make informed decisions. With it, you can estimate what your monthly costs and total interest would be for a specific loan. What’s more, it lets you compare different mortgage terms and see quickly and easily how changing loan elements like your down payment, interest rate, loan term, and even home price impacts what your monthly and long-term costs would be. Whether you’re buying your first home or moving up from your starter home, a tool like this is indispensable for making savvy financial choices.
Note that the Wyoming mortgage calculator is intended for fixed-rate mortgages, if you choose a type of mortgage loan that comes with a variable interest rate, this tool can still estimate your costs. However, the results may be somewhat less precise due to the fluctuations inherent in a variable rate.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford
As of late 2025, the median sales price of a home in Wyoming is about $480,000. If you buy a home at this price, putting down 20% and taking out a 30-year mortgage at 7.00% interest for the rest, your monthly payment for principal and interest (but not other costs) would be approximately $2,555.
When assessing affordability, lenders typically want to see that your mortgage payment is no more than 28% of your gross monthly income and that your monthly debt payments are no more than 36%. In the scenario above, that would mean you’d need an annual income of at least $109,500. Note that that would allow you about $730 per month for other debts, which could include your property tax and homeowners insurance payments as well as car loan and school loan payments and credit card bills. If you have a high level of debt already, you’d likely need a higher income to afford a house at this price.
There are also other ways to determine a home’s affordability. You can use a home affordability calculator, which will let you input your individual property tax and homeowners insurance costs for a detailed estimate of what will work with your income level. If you go through the mortgage preapproval process with a potential lender, you can get a sense of how much you’ll be able to afford, too.
Components of a Mortgage Payment
The mortgage payment you’re billed for every month goes mainly to pay back principal (the amount you borrowed) and the interest that has accrued on your loan. In addition, your monthly payment might include your property tax, which the Wyoming mortgage calculator can factor in if you enter your tax rate. The payment might cover homeowners insurance, too, depending on the terms of your loan. If HOA fees or PMI payments are applicable, they could be added in as well.
What exactly your mortgage payment will include also depends on what type of mortgage loan you choose, and specialized calculators may be helpful here. If you’re considering an FHA loan — guaranteed by the Federal Housing Administration (FHA) — you can use an FHA mortgage calculator, which allows for the loan’s mortgage insurance premiums. And a VA mortgage calculator can factor in relevant fees if you’re exploring 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 Wyoming
The cost of living in your state will not only impact your home price, but can also affect expenses like transportation, utilities, home maintenance, and other necessities. Wyoming’s cost of living is more than 6% below the national average, suggesting that it’s relatively affordable. Given that that rating is a state average, it’s smart to remember that the cost of living in different areas within Wyoming can vary.
The Council for Community and Economic Research’s Cost of Living Index (COLI) ranks the cost of living in major metropolitan areas in the U.S., according to a scale on which the national average is 100. On this scale, the state capital, Cheyenne, gets a 98.9, while nearby Laramie receives a 92.1. It’s worth noting that while the two cities differ, they’re both below the national average.
Recommended: Best Affordable Places to Live 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 on Reducing Your Mortgage Payment
As you assess the affordability of different home loans, you may wonder if there are any ways you can shave a little more off your monthly payments. Depending on your circumstances, these tips may help.
• Increase the size of your down payment. Paying more upfront may let you avoid having to pay PMI and can help you secure more favorable loan terms.
• Strengthen your credit score. A better score may qualify you for lower interest rates, which generally mean lower monthly payments and total interest paid.
• Shop around for better interest rates. Rates and terms can vary by lender, so it’s worth doing some research to find the best option for you.
• Look into down payment assistance programs for first-timers. If you haven’t owned a home in the past three years, you might qualify as a first-time homebuyer for one of these programs, which can provide help with your down payment and/or closing costs.
• Appeal a high property tax assessment. If your assessed house value seems too high, you can appeal to your tax authority.
• Pay less for homeowners insurance. Try raising your deductible, bundling policies for a discount, or checking around to see if other insurers provide better prices.
• Consider a mortgage refinance. If you have a mortgage already and a refi would lower your rate or extend your term, you could potentially decrease your monthly payments.
Recommended: Average Monthly Expenses for One Person
Wyoming First-Time Homebuyer Assistance Programs
For first-time homebuyers, there are programs that can make homeownership more achievable by reducing the upfront financial burden. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Down payment assistance programs, which can provide financial aid for the down payment, closing costs, or both, can help make homeownership more accessible.
For first-time homebuyers in Nebraska, the Nebraska Investment Finance Authority offers programs, some of which cater to veterans.
The Takeaway
The Wyoming mortgage calculator is an essential tool for potential homebuyers. By estimating monthly payments — including principal, interest, and potentially taxes —and total costs for different loans, it offers you a comprehensive understanding of what to expect if you opt for one of them. Armed with this knowledge, you’ll be better equipped to find the mortgage that works best for you.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How does my credit score affect my mortgage loan interest rate?
Lenders interpret your credit score as an indicator of your creditworthiness, so a higher credit score may lead to a lower interest rate, potentially saving you thousands of dollars over the life of the loan.
What are principal and interest on a mortgage loan?
For a mortgage loan, principal is the amount of money you borrow to purchase your home and interest is the cost of borrowing that principal. Principal is expressed as an amount of money, and interest is described as a percentage of that amount.
Should I choose a 30-year or 15-year mortgage term?
The loan term that will make the most sense for you depends on your finances and your preferences. A 30-year mortgage offers lower monthly payments but will cost you more over the life of the loan, while a 15-year mortgage has higher payments but costs less in total interest.
How can I get a lower mortgage interest rate?
To secure a lower mortgage rate, you can try improving your credit score, increasing your down payment amount, or shopping around for a lender who will offer you a more favorable rate. If you already have a mortgage, you might consider refinancing when rates drop.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q325-122
Get prequalified in minutes for a SoFi Home Loan.
Free Wisconsin Home Mortgage Loan Calculator
Wisconsin Mortgage Calculator
By SoFi Editors | Updated September 29, 2025
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.
If you’re unsure of how much home you can afford, another helpful tool is a home affordability calculator.
Deciding How Much House You Can Afford
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.
Recommended: Do You Qualify as a First-Time Homebuyer?
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.
| Wisconsin Cities’ Cost-of-Living Stats | |
|---|---|
| Eau Claire | 98.8 |
| Fond du Lac | 90.3 |
| Green Bay | 90.5 |
| Madison | 104.7 |
| Milwaukee-Waukesha | 100.5 |
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 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.
Wisconsin First-Time Homebuyer Assistance Programs
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.
Recommended: Average Monthly Expenses for One Person
The Takeaway
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.
FAQ
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.
SOHL-Q325-121
Get prequalified in minutes for a SoFi Home Loan.
Free Washington Home Mortgage Loan Calculator
Washington Mortgage Calculator
By SoFi Editors | Updated September 29, 2025
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.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford
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.
Recommended: Average Monthly Expenses for One Person
Cost of Living in Washington
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.
| Washington Cities’ Cost-of-Living Stats | |
|---|---|
| Bellingham | 121.0 |
| Kennewick-Richland-Pasco | 97.1 |
| Kent | 123.7 |
| Kitsap County | 116.2 |
| Moses Lake | 99.8 |
| Mount Vernon-Skagit County | 117.4 |
| Olympia | 112.4 |
| Seattle | 145.1 |
| Spokane | 96.5 |
| Tacoma | 127.0 |
| Yakima | 100.6 |
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 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.
FAQ
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.
SOHL-Q325-119
Get prequalified in minutes for a SoFi Home Loan.
Free Virginia Home Mortgage Loan Calculator
Virginia Mortgage Calculator
By SoFi Editors | Updated September 29, 2025
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.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford
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.
| Virginia Cities’ Cost-of-Living Stats | |
|---|---|
| Alexandria | 124.1 |
| Arlington | 135.1 |
| Blacksburg | 93.6 |
| Charlottesville | 103.1 |
| Danville City | 89.2 |
| Hampton Roads-SE Virginia | 94.1 |
| Lynchburg | 92.3 |
| Martinsville-Henry County | 89.2 |
| Richmond | 94.2 |
| Roanoke | 90.8 |
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 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.
Recommended: Average Monthly Expenses for One Person
The Takeaway
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.
FAQ
What is a mortgage payment?
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.
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