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.
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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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Get prequalified in minutes for a SoFi Home Loan.
Free Ohio Mortgage Home Loan Calculator
Ohio Mortgage Calculator
By SoFi Editors | Updated September 29, 2025
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.
Recommended: Do You Qualify as a First-Time Homebuyer?
Deciding How Much House You Can Afford
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.
| Ohio Cities’ Cost-of-Living Stats | |
|---|---|
| Cincinnati | 96.1 |
| Cleveland | 91.4 |
| Columbus | 95.4 |
| Dayton | 96.5 |
| Findlay | 92.9 |
| Lima | 92.8 |
| Toledo | 95.6 |
| Youngstown-Warren | 92.5 |
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
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.
Recommended: Average Monthly Expenses for One Person
The Takeaway
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.
FAQ
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.
SOHL-Q325-107
Get prequalified in minutes for a SoFi Home Loan.
Free Missouri Home Mortgage Loan Calculator
Missouri Mortgage Calculator
By SoFi Editors | Updated October 3, 2025
If you want to own a home in the Show Me State, it’s time to take essential steps to prepare. These include not only finding a dream house, but figuring out if you can handle the mortgage payments, and knowing exactly how you’ll pay them each month. This Missouri mortgage calculator can help you see how your monthly expenses might look in homeownership, and can assist you in making informed decisions about your down payment, loan term, and more. Keep reading to learn how to get the most out of this mortgage calculator as you look for your future home in Missouri.
Key Points
• To use the mortgage calculator, you’ll need to input the home’s purchase price, down payment, interest rate, and loan term.
• The home’s property tax rate in Missouri will impact the monthly payment amount. The statewide property tax rate is 0.82%.
• A loan’s term will have a huge impact on monthly and overall costs, and ranges from 10 to 30 years.
• Programs for first-time homebuyers can help resourceful buyers afford their down payment, or cover the closing costs when purchasing a property.
• The mortgage calculator can help you figure out what home price, down payment, and interest rate are going to make the best sense for your financial situation.
Missouri Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you and the property’s seller have agreed on. This number may not be the same as the listing price or the initial offer you made on the house.
• Down payment: The down payment is the amount you, as homebuyer, pay upfront. It’s often expressed as a percentage of the home price, and buyers commonly put down between 3% and 20%. You can use a down payment calculator to see how a certain percentage translates into a dollar amount.
• Loan term: Most homebuyers pay off their mortgages over a 15-year or 30-year term, but 10- and 20-year terms are also commonly available. Choose a longer term and you’ll have lower payments but also pay more interest over the life of the home loan. A shorter term means you’ll have higher monthly payments but earn equity faster and pay significantly less interest in the end.
• Interest rate: The interest rate is the cost of borrowing the money to buy a home, expressed as a percentage of the loan amount. Interest rates will vary based on your qualifications as a borrower, market trends, and the type of mortgage loan you apply for.
• Annual property tax: Property tax is expressed as a percentage of a home’s assessed value, and is levied by the local government on land and buildings. In Missouri, you’ll pay an annual property tax rate of 0.82%.
• Monthly payment: The monthly payment the Missouri calculator comes up with will include the loan principal, interest, and property taxes. You may also need to add some additional budget for private mortgage insurance (PMI), homeowners insurance, and/or homeowners association (HOA) fees.
• Total interest paid: This is how much the loan will accrue in interest over its entire life. This figure is larger if you choose a longer loan term, and either way it can be substantial. The Missouri mortgage calculator can show you how different down payment amounts, interest rates, and loan terms affect the interest you will pay on the money you borrow.
• Total loan cost: The total loan cost is the all-in amount you’ll pay, including principal and interest. This figure gives you a clear understanding of the long-term financial commitment you make when you buy a home.
How to Use the Missouri Mortgage Calculator
Step 1: Enter Your Home Price
Type in the final, negotiated amount you have agreed to pay the seller for the home. The calculator will use this as a basis to create an estimate of your monthly mortgage payment.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you’ll pay upfront as a down payment. A larger payment will make your future monthly mortgage payments more manageable. It might also potentially eliminate a need for PMI, usually required if you put down less than 20%.
Step 3: Choose a Loan Term
Select the amount of time you think you’ll need to repay your mortgage loan, typically 15 or 30 years. The longer the term, the lower the monthly payment but the higher the total interest paid.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This rate will significantly impact your monthly mortgage payment as well as the total loan cost.
Step 5: Add Your Property Tax
Enter the percentage of your home’s value the state or municipality will require you to pay each year as property tax. If your property tax rate is 0.82%, for instance, enter 0.82. Expect it to increase your total monthly mortgage payment.
Recommended: Do You Qualify as a First-Time Homebuyer?
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps a hopeful homebuyer estimate the affordability of various loan scenarios. You can calculate monthly payments and long-term costs by entering different loan amounts, interest rates, and terms. The calculator factors in funds to pay property taxes, which are often held in escrow by the mortgage company — this lets you pay it a little bit at a time, and not get socked with large annual tax payments. (It’s also in your lender’s best interest, since it ensures that your property stays out of tax arrears.)
If you’re buying your first home and mortgage rates and other variables like terms are new to you, you can easily get up to speed by using this calculator. It is particularly good at showing how different interest rates or down payment amounts can impact short- and long-term costs.
If you’re considering a Federal Housing Administration (FHA)-guaranteed home loan, you can use a tool called an FHA mortgage calculator, which factors in both upfront and ongoing mortgage insurance premiums that are specific to this option.
A VA mortgage calculator will be useful if you’re weighing the benefits of a loan backed by the U.S. Department of Veterans Affairs.
Deciding How Much House You Can Afford
The median sale price of a Missouri home in mid-2025 was around $283,000, very close to the U.S. average, according to Redfin data. Since lenders advise keeping mortgage payments below 28% of gross monthly income, to afford a home this price, you’ll need about $78,000 in annual income. This assumes a 20% down payment (that’s $56,600) on a 30-year loan with a 7.00% interest rate. The monthly payment, including home insurance and property tax, would be about $1,825. This calculation assumes you don’t have other sizable debts, so if you’re paying off a car or student loan, or credit card debt you’ve been carrying, you’d need to earn more.
Many buyers find it daunting to put down 20% on a pricier property, and decide to opt for a smaller down payment. Keep in mind that if you do this, it increases the loan size and in turn your monthly costs. It also triggers PMI, which adds to your monthly payment. But it can make sense if a smaller down payment is the feasible option for you.
A home affordability calculator can be another tool to check out as you explore loan options and your home-buying budget. You can also assess what you can cover with your income and in the context of your other debts by completing the mortgage preapproval process with one or more lenders.
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 parts of a mortgage payment are the principal and the interest. As mentioned previously, the Missouri calculator also factors in property tax, which will likely end up being part of your monthly payment. Lenders like to roll property taxes into homeowners’ monthly tabs. If your down payment is less than 20%, you’ll probably also pay for PMI as part of your monthly bill, as well as homeowners association (HOA) fees and other charges.
Cost of Living in Missouri
Local cost of living has a big impact on what you can afford as you house hunt. Costs are comparatively reasonable in Missouri. The state has a cost-of-living index of 89%, 11 points below the national average. Higher cost of living areas have higher average home prices and costs for utilities, home maintenance, transportation, and other necessities.
Some of the best affordable places in the U.S. can be found in Missouri, if you’re interested in exploring the housing markets in St. Louis, Kansas City, or Joplin, to name a few. Most buyers probably won’t need a jumbo loan in these locations.
Here’s how some of the larger cities in Missouri stack up on the Cost of Living Index compiled by C2ER, a nonprofit economic-development organization. It’s helpful to compare the cost of living in cities you’re considering to the general cost of living in the U.S. For comparison, 100 is the U.S. average.
| Missouri Cities’ Cost-of-Living Stats | |
|---|---|
| Columbia | 90.1 |
| Joplin | 85.9 |
| Kansas City | 91.1 |
| Springfield | 87.3 |
| St. Louis | 89.1 |
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
If you find your monthly mortgage bill too steep at some point, here are some avenues to explore that might help you lower it.
• Drop PMI once you’ve reached 20% home equity.
• Recast your mortgage. You can do this by making a lump-sum payment toward the principal balance, and then requesting that your lender recompute your payments.
• You might consider appealing your property taxes if you feel your assessment is too high. Tread carefully here, though. Sometimes inviting scrutiny of your home’s worth can result in a higher tax bill.
• Undertake a mortgage refinance if you believe you can get a lower interest rate in the current market, or if you’d like to extend your loan term. If you do the latter, it will, as we’ve noted, lower your monthly payments but raise your total costs.
• Shop for cheaper homeowners insurance, or get your costs down by increasing your deductible, bundling home and auto policies together, or making home improvements that will lower your rate. These might include adding a security system or putting a new roof on the house.
Recommended: Average Monthly Expenses for One Person
Missouri First-Time Homebuyer Assistance Programs
If you are buying your very first home, there is definitely help available to you in Missouri. To qualify as a first-time homebuyer, you must not have owned a primary residence in the last three years. Down payment assistance programs like those of the Missouri Home Development Corporation provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. There are three such first-time homebuyer programs in Missouri, and some cities such as Columbia and Springfield also have local programs.
The Takeaway
A Missouri mortgage calculator is an impressive tool for aspiring homeowners, and can also help you navigate the home-buying process by estimating monthly payments, ensuring you understand the impact of different down payment amounts and interest rates, and assessing the total cost of a home loan. Use the calculator to make informed decisions about your financial future and you’ll know that the home you choose — and the mortgage that accompanies it — will fit within your budget.
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 monthly mortgage payment includes your home loan’s principal and interest you are paying on it. If your down payment is less than 20%, your payment will also include PMI, or private mortgage insurance. Lenders often roll property tax, homeowners insurance, and/or homeowners association dues into the amount. Understanding what your loan payment includes can help you budget effectively.
How does my credit score affect my mortgage loan interest rate?
Your credit score is a big determiner of your mortgage interest rate. A higher score will reliably lead lenders to offer you a more favorable rate. A lower score may be a factor in your having to pay a higher rate. Either way, your score is also going to impact your home loan’s total cost.
What are the principal and interest on a mortgage loan?
Principal is the amount you borrow to pay the price of your home. Interest is the cost of borrowing that principal, and is expressed as a percentage. Your early mortgage payments will go in large part towards covering the interest, but as you continue to make monthly payments, you’ll gradually pay more and more to the principal. You also build more equity as you go.
Can I afford a $300K house on a $70K salary?
You are close to being able to do it, but would be wise to choose a home with a smaller price tag. Paying off a $300,000 property when you’re making $70,000 annually is likely to feel like a strain unless you can make a big down payment, which will bring down the loan principal. Advisors say you shouldn’t buy a home at a price higher than three times your total salary. You can try using a home affordability calculator to figure out just how much that down payment would need to be to be to make a $300,000 home doable.
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-Q325-097
Get prequalified in minutes for a SoFi Home Loan.
Free Mississippi Home Mortgage Loan Calculator
Mississippi Mortgage Calculator
By SoFi Editors | Updated September 30, 2025
If you are considering buying a home in the Magnolia State, you’ll want to have an understanding of your home budget, your down payment amount, and the mortgage interest rate on your home loan. A Mississippi mortgage calculator can be an invaluable tool for you. It can provide estimates on costs and allow you to run the figures on different scenarios as you look for the combination of price, down payment, and loan details that will be best for you. This guide walks you through how you can use the calculator. It explains monthly housing cost influences so you can make smart homeownership moves.
Key Points
Key Points
• The Mississippi mortgage calculator will estimate your monthly payments based on the home price, your down payment, interest rate, loan term, and property taxes.
• Using a calculator helps you as a buyer understand the true cost of homeownership. It can help you prepare and stay within your budget.
• It takes just minutes using the calculator to see how different scenarios may affect your payments.
• Down payment assistance programs in Mississippi can reduce your upfront costs, making homeownership more accessible.
• The mortgage preapproval process is another avenue to gaining an understanding of monthly payments, and exactly how much home you can afford to buy.
Mississippi Mortgage Calculator
Calculator Definitions
• Home price: Your home price is the purchase price you’ve agreed to with the home seller. Inputting this number accurately will ensure reliable estimates.
• Down payment: The amount you pay upfront is your down payment, which is often discussed as a percentage of the home price. A 20% down payment lets you avoid private mortgage insurance (PMI).
• Loan term: The loan term is the duration to repay the mortgage, typically 15 or 30 years. A 30-year term offers lower monthly payments, while a 15-year term reduces total interest paid.
• Interest rate: The interest rate is the cost of borrowing, expressed as a percentage of the loan amount. The higher rate you have, the more your monthly payments and total interest paid will be.
• Property tax: Property tax is typically a percentage of a home’s assessed value. The effective tax rate in Mississippi is 0.70%. Since property tax costs can be significant, they are often divided up and folded into your mortgage payment each month.
• Monthly payment: Your monthly payment will include the loan principal, interest, and most likely property tax.
• Total interest paid: The amount of interest you’ll be responsible for over the life of the loan is your total interest paid. It’s influenced by the loan interest rate, term, and principal amount.
• Total loan cost: Your principal and accumulated interest add up to the total loan cost. If you choose a longer term for your loan, it will result in a higher total loan cost.
How to Use the Mississippi Mortgage Calculator
Step 1: Enter Your Home Price
Type eifgebgidlcbnghlvndfftcnkncjfhuvjkbddltkhrbvin the home price you’ve agreed upon with the seller.
Step 2: Select a Down Payment Amount
Choose the down payment percentage. This number will significantly affect your monthly mortgage payments. If you’re unsure of how much cash you’ll need to get to a certain percentage of the home price, you can use a down payment calculator.
Step 3: Choose a Loan Term
Select a term of between 10 and 30 years, based on your financial goals as well as your budget constraints.
Step 4: Add an Interest Rate
Input your desired interest rate — or the one you’ve been offered by a lender — to the second or third decimal point for the most accurate estimates.
Step 5: Add Your Property Tax
Enter the property tax rate as a percentage. This will help the calculator estimate your total monthly payment. You can use the average effective tax rate for Mississippi, which is .64%, or look up the specific rate for the property by searching its ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator will estimate your monthly home loan payments based on the price of the property, the loan amount, and your interest rate and loan term. By factoring in the local property taxes, you’ll get a clearer picture of the total cost of owning the home.
If you are buying your first home, it can be particularly helpful to put different scenarios into a mortgage calculator so you can see how your choices will impact your expenses, both month-to-month and over the long term. You’ll get a good understanding of how the size of your down payment affects both your monthly and total costs.
The mortgage calculator works best for estimating the variables on fixed-rate mortgages. If the type of mortgage loan you choose has a variable interest rate, you can still estimate your costs, but the numbers will be less precise due to rate fluctuations.
Recommended: Average Monthly Expenses for One Person
Deciding How Much House You Can Afford
The median Mississippi home sale price in mid-2025 was a relatively affordable $265,700, well below the U.S. average of more than $440,000 reported by Redfin. Lenders recommend that your home loan payment should not exceed 28% of your gross monthly income. To buy a $270,000 home with a 20% down payment (that’s $54,000) and a 30-year mortgage at 7.00%, you’d need a minimum income of around $74,000, though you would need more income if your down payment was smaller or if you’re carrying other debts. Your monthly mortgage payment would be about $1,720 monthly.
You can use a home affordability calculator, too, which lets you work backward from your annual income, factor in your debts, and arrive at an ideal price for a home you can afford.
Another way to zero in on how much house fits into your budget is to participate with a lender in the mortgage preapproval process. You’ll follow steps and submit detailed financial information. If you qualify, the lender will provide you with a loan amount and an estimated interest rate.
Components of a Mortgage Payment
Principal and interest are a mortgage payment’s two primary components. This mortgage calculator factors in property taxes, too. They are often folded into monthly loan payments. (It’s in your lender’s best interest to make sure you are able to cover your tax bills, and breaking down what can be a large amount into 12 installments helps.) Your monthly payment may also include PMI (or private mortgage insurance, which is necessary if your down payment is under 20%) or homeowners association (HOA) fees, depending on your situation.
If you are thinking about a Federal Housing Administration (FHA)-guaranteed home loan, you’ll want to use an FHA mortgage calculator, which factors in the loan’s upfront mortgage insurance premiums.
Maybe you are looking at a loan backed by the U.S. Department of Veterans Affairs. In this case, a VA mortgage calculator is your best bet.
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 Mississippi
The cost of living in Mississippi is relatively low compared to the national average, which means you’ll get more for your dollar in this state. On an index where 100 is the U.S. average cost of living, Mississippi weighs in at 87.3 — it’s the 2nd most affordable state in the country. When you think about your housing budget, remember that you’ll have to pay for other things besides the house itself. Necessities like utilities and transportation-related costs are also below-average in Mississippi, but groceries may not be cheaper than they are in other states.
Relatively affordable living is abundant in Mississippi. Many cities here make a list of the best affordable places in the U.S., including Yazoo City, Greenville, and Meridian. Every major city in Mississippi enjoys a below-average cost of living index, according to COLI 2024 Annual Average Data.
| Mississippi Cities’ Cost-of-Living Stats | |
|---|---|
| Hattiesburg | 89.2 |
| Jackson | 89.6 |
| Meridian | 90.0 |
| Tupelo | 82.7 |
Recommended: The Cost of Living in the U.S.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Mississippi homebuyers have some options when a mortgage payment is too much. Here are some possible ways to reduce the amount you have to pay monthly:
• Recast your mortgage. Make a lump-sum payment toward the principal you still owe and then ask the lender to recalculate the payment.
• As soon as you reach 20% home equity, drop that PMI. (You’ll need to inform your lender that you no longer require the insurance.)
• Extend your loan term to lower your monthly payments.
• Look for a cheaper homeowners insurance policy.
• Think about appealing your property taxes — though only if you can really determine that they are too high. Inviting scrutiny of a property’s worth can result in a tax increase, which might actually up your payment. Exercise caution here.
• Discuss a loan modification with your lender if you’re facing financial hardship.
• If interest rates have dropped since you bought your home, consider a mortgage refinance.
Mississippi First-Time Homebuyer Assistance Programs
If you qualify as a first-time homebuyer in Mississippi, you may be able to tap into state programs and receive aid with your down payment or closing costs — resources are out there to make homeownership accessible to people with limited savings. You could even get new homebuyer perks if you haven’t owned a primary residence in the last three years. The Mississippi Home Corporation provides below-market-interest-rate assistance for eligible low- and middle-income buyers, including teachers.
Consult a guide to first-time homebuying programs in Mississippi for advice.
The Takeaway
Spending a little time with the Mississippi mortgage calculator can help you to understand the financial commitment you’ll be making when you close on your home and sign on the dotted line. It can help you to know just what taking out a mortgage can cost you, and to make an informed decision about which house you can afford. Whether you are a first-time homebuyer or have experience as a property owner, the calculator will provide you with valuable insights.
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 affects your mortgage interest rate in a big way. A higher score may win you better loan terms and a lower interest rate. A lower score could mean paying a higher rate and having to meet much stricter lending requirements.
How much does my down payment need to be on a mortgage?
You should put down the greatest amount you can feel comfortable with, your financial situation fully considered. If you can make a 20% down payment, it will let you avoid PMI, and reduce your monthly payments and the overall loan cost. A first-time homebuyer might be able to put down as little as 3% toward a home’s purchase price, and a repeat buyer may be able to pay only 5%. To determine what your down payment should be, take a close look at your financial picture and figure out what is realistic for you. Run the numbers, too, to see how paying more upfront can save you money in the long run.
Should I choose a 30-year or 15-year mortgage term?
When deciding on a mortgage term, consider that a 30-year loan will offer you lower monthly payments but mean you’ll pay more interest over time. A 15-year term, meanwhile, requires higher monthly payments but lets you save on interest overall. Assess your financial goals and budget and know that opting for the shortest term you can swing is the soundest choice.
How can I secure a lower interest rate?
Get your credit score up to 700 or higher to be eligible for the most competitive rates. You can go through the prequalification process with a few lenders, compare the rates you are offered, and pick the best one. If you can afford it, get together a larger down payment, which lenders tend to reward with better rates and terms. If you own a home already, explore mortgage refinancing if you think you can beat your old loan with one at a new, lower rate. (Don’t forget to factor in the closing costs.)
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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