Free Oklahoma Home Mortgage Loan Calculator
Oklahoma Mortgage Calculator
By SoFi Editors | Updated September 26, 2025
As you’re house hunting, use our Oklahoma mortgage calculator to help alleviate some of the stress. By using this mortgage calculator, you can learn the monthly payment amount and total interest cost for your home purchase. You can experiment with a variety of scenarios by plugging in different home prices, down payment amounts, and interest rates to see if the payments work for your financial situation.
Key Points
• Use our Oklahoma mortgage calculator to help you estimate the monthly payment and total cost of borrowing money to buy a home.
• The calculator includes principal, interest, and estimated property tax.
• In general, your monthly mortgage payment should not exceed 28% of your gross monthly income.
• Oklahoma first-time homebuyer programs offer down payment and closing cost assistance.
• There are ways to reduce your mortgage payments, such as bundling insurance policies with your homeowners provider to get a discount.
Oklahoma Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you’ve negotiated with the seller. This price may differ from the initial listing price and your first offer.
• Down payment: The down payment is the amount you plan to pay upfront. It’s often expressed as a percentage of the total home price. Buyers put down anywhere from 3% to 20%. Down payment assistance programs help some buyers gather the necessary funds.
• Loan term: The loan term is the length of time you have to repay the home loan. Common terms are 15 or 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and loan type.
• Annual property tax: The annual property tax is levied by local governments on land and buildings within their jurisdiction, and is expressed as a percentage of a property’s assessed value.
• Monthly payment: The monthly payment represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property taxes. This calculator does not include home insurance, private mortgage insurance (PMI), or homeowners association (HOA) fees.
• Total interest paid: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost is the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the Oklahoma Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon cost of the property.
Step 2: Select a Down Payment Amount
Specify your down payment. Refer to a down payment calculator to help you understand the impact of different down payment amounts on your monthly mortgage payments. A larger down payment can reduce your monthly payments and eliminate the need for PMI.
Step 3: Choose a Loan Term
Select the duration of your mortgage, typically 15 or 30 years. This choice impacts your monthly payments and total interest paid.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point, such as 6.75%. This rate significantly affects your monthly payments and the total interest you’ll pay over the life of the loan.
Step 5: Add Your Annual Property Tax
Enter the home’s property tax rate as a percentage. For example, type 1.2 if the rate is 1.2%. You can use the average effective tax rate for Oklahoma, which is .82%, 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 helps you estimate how much house you can afford and provides a clear picture of what your monthly costs would be. It estimates these payments based on loan amount, interest rate, and term, and factors in the property taxes you’ll pay as well. An Oklahoma mortgage calculator is particularly helpful if you’re buying your first home, as it allows you to play with different scenarios (raising and lowering the down payment amount, for example).
If the type of mortgage loan you choose has a variable interest rate, you can estimate your costs using this calculator, but the estimate will be less precise due to the fluctuations of a variable rate.
Deciding How Much House You Can Afford
In Oklahoma, the median home sale price in mid-2025 was $254,400 — well below the national median of around $443,000, according to Redfin. Working under the 28/36 rule that says your maximum mortgage payment should be 28% of your gross income, you’d need to earn at least $57,000 in annual income if you were looking to afford a $250,000 home, factoring in a 20% down payment ($50,000), a 30-year mortgage at 7.00%, and an average Oklahoma annual property tax rate of 0.85%. Your other monthly debts shouldn’t exceed 36% of your gross income, or in this scenario, $382.
Going through the mortgage preapproval process with a lender can also help you estimate what loan size and type you can afford.
Recommended: Average Monthly Expenses for One Person
Components of a Mortgage Payment
Your mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). Your monthly payment, on the other hand, may also include property tax, which is based on your home’s value. If your down payment is less than 20%, PMI may be required. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
If you are considering purchasing with the help of a Federal Housing Administration (FHA) loan, you will have an upfront and ongoing mortgage insurance premium to pay. Use an FHA mortgage calculator with this type of loan, which is still very affordable and popular with first-time buyers. Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.
Lastly, if you happen to be purchasing a higher priced property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA).
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 Oklahoma
The cost of living reflects how much you can afford in a certain area. For instance, a dollar spent in Oklahoma City, would go further than a dollar spent in a major city like New York or Los Angeles. Higher cost of living areas typically have higher average home prices, utilities, home maintenance, transportation, and other necessities. You can refer to the cost of living index (COLI) to figure out how much money it takes for you to maintain a basic standard of living in a given place. For example, a COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive.
With a 2024 COLI of 86.0, Oklahoma is considered the most affordable state in the U.S., according to the Council for Community and Economic Research’s Cost of Living Index. Nearby states Texas and Kansas had 2024 COLI of 92.1 and 88.8, respectively.
As you consider purchasing a home in Oklahoma, this chart shows 2024 COLI figures for some of the major cities in Oklahoma:
| Oklahoma Cities’ Cost-of-Living Stats | |
|---|---|
| Edmond | 89.6 |
| Enid | 92.4 |
| Oklahoma City | 82.3 |
| Tulsa | 84.7 |
Source: Council for Community and Economic Research’s Cost of Living Index.
In fact, Edmond, Oklahoma, with a 2024 COLI of 89.6, is listed among the best affordable places in the U.S.
Use a home affordability calculator to go further in your planning by factoring in your income, debts, and local property costs. This tool can help you navigate the financial landscape of Oklahoma and ensure your home purchase aligns with your financial goals and constraints.
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
While home prices in Oklahoma are considered quite affordable compared to the national average, you still may be looking to reduce your monthly mortgage payment, because it’s a recurring expense. Here are some things you can do to lower your monthly mortgage payment:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• Review your property taxes regularly. If you think your property taxes are too high, go to your county assessor’s office and ask about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
Oklahoma First-Time Homebuyer Assistance Programs
If you’re buying your first home in Oklahoma, there are federal 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 must not have owned a primary residence within the past three years. On the state level, Oklahoma has a group of first-time homebuyer programs for Oklahoma residents.
For details and eligibility, go to the Oklahoma Housing Finance Agency (OHFA). You will see that some of the programs are geared toward first-time buyers, and some are tailored for individuals with low to middle incomes and for those employed in jobs that serve the community.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
An Oklahoma mortgage calculator is a powerful tool for first-time homebuyers. Use it to estimate monthly payments, including principal, interest, and property taxes, and to test different scenarios to determine the combination of home price, down payment, and interest rate that are appropriate for your situation. While a calculator offers valuable insights, you’ll also want to seek out a lender for a personalized assessment and to explore various loan options and down payment scenarios.
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 affects your mortgage interest rate. A higher score often leads to better loan terms and lower interest rates, while a lower score may result in higher rates and more stringent lending requirements. For the lowest mortgage interest rate, aim for a credit score of 700 or higher, which is well over the 620 score you’ll need to qualify for a home loan.
How much should my down payment be on a mortgage?
How much you put down should be what you feel comfortable with, taking into account your financial situation. A 20% down payment can help avoid having to have PMI and it could reduce monthly payments and overall loan cost. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home, while a repeat buyer may be able to contribute just 5%. To determine how much your down payment should be, review your entire financial picture and figure out what makes sense for you.
Should I choose a 30-year or 15-year mortgage term?
When choosing 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 much would the payment be on a $250,000, 30-year mortgage?
The cost of a $250,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For instance, at an interest rate of 6.00%, and a down payment of 20% ($50,000), your monthly payment would be $1,199. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi 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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Free North Dakota Home Mortgage Loan Calculator
North Dakota Mortgage Calculator
By SoFi Editors | Updated September 26, 2025
When you’re considering purchasing a home in North Dakota, understanding your potential mortgage payments is a big first step. A North Dakota mortgage calculator can provide clarity on what your monthly expenses might look like and assist you in making informed decisions. Try plugging in different purchase prices, down payment amounts, and loan figures to find out how each affects your budget before you commit.
Key Points
• The North Dakota mortgage calculator helps you estimate your monthly mortgage payments.
• Lenders prefer that monthly mortgage payments total no more than 28% of a homebuyer’s gross monthly income.
• Loan terms are typically 10 to 30 years and help govern overall costs.
• First-time homebuyer programs can help new buyers afford a down payment or closing costs.
• Tips for reducing mortgage payments after you own a home include dropping private mortgage insurance, refinancing, or appealing property taxes.
North Dakota Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you’ve negotiated with the seller. This price may differ from the initial listing price and your first offer.
• Down payment: The down payment is the amount you plan to pay upfront. It’s often expressed as a percentage of the total home price. Buyers put down anywhere from 3% to 20%. Down payment assistance programs help some buyers pull together the necessary funds.
• Loan term: The loan term is the length of time you have to repay the home loan. Common terms are 15 or 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and loan type.
• Annual property tax: Property tax is levied by local governments on land and buildings within their jurisdiction, and is expressed as a percentage of a property’s assessed value.
• Monthly payment: The monthly payment represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property taxes. Our calculator does not include home insurance, private mortgage insurance (PMI), or homeowners association (HOA) fees, which may also be rolled into your monthly payment.
• Total interest paid: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the North Dakota Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon cost of the property.
Step 2: Select a Down Payment Amount
Specify your down payment. Refer to a down payment calculator to help you understand the impact of different down payment amounts on your monthly mortgage payments. A larger down payment can reduce your monthly payments and eliminate the need for private mortgage insurance (PMI).
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Common terms include 30 years and 15 years. A 30-year mortgage offers lower monthly payments than a 15-year mortgage at the same rate, but results in more interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point, such as 6.75%. This rate significantly affects your monthly payments and the total interest you’ll pay over the life of the loan.
Step 5: Add Your Annual Property Tax
Enter the home’s property tax rate as a percentage. You can use the average effective tax rate for North Dakota, which is .99%, 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 North Dakota mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and term. Use this tool to compare costs, like how interest rates affect payments. Check out different loan terms to see their impact on expenses and total interest. The calculator can also help you see how your down payment figures in.
Deciding How Much House You Can Afford in North Dakota
In North Dakota, the median home sale price in mid-2025 was $350,000 — well below the national median of around $443,000, according to Redfin. The 28/36 rule suggests that your maximum mortgage payment be under 28% of your gross income. You’d need to earn at least $80,000 in annual income if you were looking to afford a $350,000 home, factoring in a 20% down payment ($70,000), a 30-year mortgage at 7.00%, and an average North Dakota annual property tax rate at 0.99%.
Under these guidelines, your other monthly debts shouldn’t exceed 36% of your gross income, or $535 in this scenario. Use an affordability calculator to estimate how much home you can afford based on your income and other factors. Going through the mortgage preapproval process with a lender can also help you estimate what loan size and type of loan you can afford.
Recommended: Average Monthly Expenses for One Person
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 primary components that a mortgage payment pays for are the principal that the homebuyer borrowed and the interest the lender charges on that principal. Our North Dakota mortgage calculator also factors in property tax, which is often included as part of your total monthly payment to the lender. Your monthly payment is also likely to cover homeowners insurance costs and may also include private mortgage insurance (PMI) or HOA fees, depending on your loan specifics.
If you’re considering an FHA loan — one that’s guaranteed by the Federal Housing Administration (FHA) — 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 North Dakota
The cost of living reflects how much you can afford in a certain area. For instance, a dollar spent in Fargo, would go further than a dollar spent in a major city like New York or Los Angeles. Higher cost of living areas typically have higher average home prices, utilities, home maintenance, transportation, and other necessities. You can refer to the cost of living index (COLI) to figure out how much money it takes for you to maintain a basic standard of living in a given place. For example, a COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive.
With a 2024 COLI of 91.4, North Dakota has a similar cost of living with nearby states like South Dakota (91.9) and Minnesota (94.6), according to the Council for Community and Economic Research’s Cost of Living Index. The chart below shows 2024 COLI figures for metropolitan areas in North Dakota and the Minnesota border:
| North Dakota Cities’ Cost-of-Living Stats | |
|---|---|
| Bismarck-Mandan | 90.9 |
| Fargo, ND/Moorhead, MN | 97.3 |
| Grand Forks | 90.1 |
| Minot | 89.4 |
Source: Council for Community and Economic Research’s Cost of Living Index.
As you launch into your home-buying journey, consider cities like Grafton, Jamestown and Valley City, which all landed on our best affordable places in the U.S. list. Use a home affordability calculator to go further in your planning by factoring in your income, debts, and local property costs. This tool can help you ensure your home purchase aligns with your financial goals and constraints.
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
If you are a homebuyer in North Dakota, you are probably looking to reduce your mortgage payment so you can allocate funds to other expenses or continue to build an emergency fund. Here are some things you can do to decrease your monthly mortgage payment:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• Review your property taxes regularly. If you think your property taxes are too high, go to your local board of equalization and ask about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• Look into loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate. Be prepared to show bank statements or tax returns to demonstrate your financial situation.
North Dakota First-Time Homebuyer Assistance Programs
If you’re buying your first home, there’s help available to guide you through the process. Often you can qualify as a first-time homebuyer even if you have owned a primary residence before, as long as it has not been within the past three years.
In North Dakota, there are a variety of first-time homebuyer assistance programs that provide financial aid to help cover the initial costs of purchasing a home, such as the down payment, closing costs, or both, which can be substantial. These programs can make homeownership more accessible. Check with the North Dakota Housing Finance Agency for more information.
If you are purchasing a pricey property, consider something called a jumbo loan. This type of mortgage loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA).
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
A North Dakota mortgage calculator estimates your monthly payments and total home costs. It can be useful for anyone considering a home loan, especially first-time homebuyers. The tool helps you understand the impact of different down payment amounts and explore various loan scenarios. By using the calculator, you can better prepare for the financial commitment of homeownership.
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 affects your mortgage loan interest rate. A higher score often leads to better loan terms and lower interest rates, while a lower score may result in higher rates and more stringent lending requirements.
How much should my down payment be on a mortgage?
You should put down an amount you feel comfortable with, taking into account your financial situation. A 20% down payment can help avoid private mortgage insurance (PMI) and could reduce monthly payments and overall loan cost. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home, while a repeat buyer may be able to contribute just 5%. To determine how much your down payment should be, review your financial picture and figure out what makes sense for you.
Should I choose a 30-year or 15-year mortgage term?
When choosing 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 much is the payment on a $350,000, 30-year mortgage?
The cost of a $350,000 mortgage with a 30-year term will depend on your interest rate and down payment. For instance, at an interest rate of 6.00%, and with a down payment of 20% ($70,000), your monthly payment would be $1,679. This estimate includes principal and interest but not property taxes, insurance, or other fees.
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 New York Home Mortgage Loan Calculator
New York Mortgage Calculator
By SoFi Editors | Updated September 22, 2025
Buying a home can feel daunting, but online tools can make the process more manageable. This New York mortgage calculator is invaluable for helping you understand what kind of obligations a specific mortgage will involve. You can also use it to compare different home loan offers and even see how changing factors in a mortgage -– like the interest rate or the loan term, for instance — will alter how much you’ll pay monthly and over the long term. The calculator is a great starting point for anyone looking to navigate the complexities of home buying in New York. Let’s take a closer look at what it can help you do.
Key Points
• A mortgage calculator lets you input information about a loan to find out what the monthly payment and total interest rate would be.
• A loan term of 30 years will translate into lower monthly payments, while a 15-year term will mean you pay your mortgage off faster and spend less on total interest.
• Lenders usually prefer that you spend no more than 28% of your gross monthly income on your monthly mortgage payment.
• While New York has a relatively high cost of living overall, there are cities in the state that are less expensive than the national average.
• Down payment assistance programs can help first-time homebuyers, a category that may include repeat buyers who haven’t owned a home in the last three years.
New York Mortgage Calculator
Calculator Definitions
• Home price: This is the price that you and the seller agree that you’ll pay for the property. It will probably differ from the listing price and from your initial offer.
• Down payment: This is the amount you will pay upfront for the property. It’s generally given as a percentage of the home price, typically between 3% and 20%. You can find down payment assistance programs in New York that may be able to help you cover this cost.
• Loan term: This is the time period during which you will repay your home loan. Typical loan terms are 15 or 30 years.
• Interest rate: This is what it costs to borrow money, and it’s usually described as a percentage of the loan amount.
• Annual property tax: Property tax is levied by local governments on land and buildings, and it’s expressed as a percentage of the home’s 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 what you’ll be billed for each month by your lender. The payment will go toward paying a number of costs, including your principal and interest, but possibly also your property tax, which this calculator will allow for if you enter your tax rate.
• Total interest paid: This is the accumulated amount of interest you’ll pay over the life of the loan. How much it will be is affected by your interest rate and loan term, among other factors.
• Total loan cost: This is the complete amount that you’ll repay, including principal and total interest.
How to Use the New York Mortgage Calculator
This calculator is designed to be easy to use. These step-by-step instructions tell you how.
Step 1: Enter Your Home Price
Input the price that you and the seller have agreed that you will pay for the property.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price that you will pay upfront. A down payment calculator can help you decide on the optimal amount for you.
Step 3: Choose a Loan Term
Select the duration over which you’ll repay the mortgage, which is typically 15 or 30 years. A longer term offers lower payments but higher interest costs over the long run.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. There are many expensive properties in New York, so you may want to look at rates that are likely to be available for a jumbo loan.
Step 5: Add Your Annual Property Tax
Enter the percentage of your home price that you will pay annually in property taxes. If your rate is 1.26%, for example, you’d enter 1.26. Including your tax rate helps ensure a more accurate estimate of your monthly mortgage expenses.
Benefits of Using a Mortgage Payment Calculator
There are several ways that using a mortgage calculator can be helpful when you’re trying to evaluate just how much you can afford to pay for a property — especially if you’re buying your first home. With the calculator, you can find out approximately how much your monthly payments and overall interest costs will be for a given mortgage amount, interest rate, and term. You can also compare alternatives by changing factors like your loan amount or interest rate to see how much impact the alterations might have on your budget.
This calculator is designed specifically for fixed-rate mortgages. If you opt for a type of mortgage loan that comes with a variable interest rate, you can still use this tool to estimate your costs, but be aware that the results will be less precise because of the fluctuations of variable rates.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford in New York
In New York, as of late 2025, the median home sale price is $583,000. If you’re buying a home at that price, putting 20% down and financing the rest with a 30-year mortgage at a 7.00% interest rate, your monthly mortgage payment on principal and interest will be about $3,103. (Note that this estimate doesn’t include tax or homeowners insurance payments.)
To figure out how affordable that might be for you, let’s use the rule that lenders frequently follow: Your mortgage payment should be no more than 28% of your gross monthly income and your total debt should be no more than 36%. In this case, that would mean that you need an annual income of about $133,000 to buy a property at this price. That would leave you about $887 per month for other debts, like credit card payments, student loans, and car loans.
You can also try using a home affordability calculator to get an estimate of how expensive a home purchase will be workable for you. Additionally, It may be useful to go through the mortgage preapproval process with a potential lender. It will not only set you up to apply for a loan but will also give you an idea of how large a loan you can afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are the loan principal (the amount that you originally borrowed) and the interest that accrues on it. Additionally, depending on your loan and lender, your monthly payment may cover property tax, which this calculator can account for if you enter your tax rate. In some cases, payments might also include homeowners insurance, homeowners association (HOA) fees, and private mortgage insurance (PMI), if applicable.
Certain kinds of loan may come with their own costs, and in these cases, specialized tools may be helpful. For example, if you’re interested in an FHA loan (one guaranteed by the Federal Housing Administration), you might use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums. Similarly, a VA mortgage calculator can be helpful if you’re considering a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in New York
Overall, New York has a high cost of living, averaging 25.1% more than the national average. As you’re figuring out your costs, it’s important to remember that areas with a higher cost of living tend to have higher prices not only for homes, but also for utilities, home maintenance, transportation, and other necessities.
That said, even though New York state is not one of the best affordable places in the U.S., cost of living can vary enormously within the state. The Council for Community and Economic Research’s Cost of Living Index (COLI) compares the cost of living in major metro areas against the national average, which is 100, and as you can see below, there is a wide range, with some cities even falling below the national average.
| New York Cities’ Cost-of-Living Stats | |
|---|---|
| Albany | 104.8 |
| Buffalo | 95.7 |
| Herkimer County | 92.9 |
| New York City (Brooklyn) | 161.1 |
| New York City (Manhattan) | 230.6 |
| New York City (Queens) | 149.9 |
| Otsego County | 99.7 |
| Rochester | 99.2 |
| Syracuse | 102.9 |
| Utica-Rome | 95.9 |
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.
Tips on Reducing Your Mortgage Payment
Depending on your situation, some of these strategies may help you whittle down the size of your mortgage payments.
• Think about making a larger down payment. Paying more upfront may help you avoid having to pay PMI and allow you to secure better loan terms.
• Work on improving your credit score. A higher score can help you qualify for lower interest rates.
• Explore down payment assistance programs. These programs often target people buying their first home, but if you haven’t owned a home in the last three years, you may qualify as a first-time homebuyer and be able to get financial help with your down payment.
• Drop PMI as soon as you’re eligible. Once you have 20% equity in your home, you can request that your lender cancel your PMI payments.
• Appeal high property taxes. If you believe that your property has been overvalued, you can appeal the assessment to your tax authority.
• Lower your homeowners insurance premiums. Increase your deductible, bundle policies for a discount, or shop around for a cheaper homeowners insurance policy.
• Consider a mortgage refinance. If you currently have a home loan and a refi can lower your interest rate or extend your term, that may lower your payments.
New York First-Time Homebuyer Assistance Programs
If this is the first home you’ve bought, you’ll be glad to know that in New York there are assistance programs available to help you with the costs. The State of New York Mortgage Agency and other organizations offer several assistance programs for first-time homebuyers to provide low-interest and low-down payment loans and help with down payment and closing costs. If you’re a repeat buyer, be aware that you may still be considered as a first-time homebuyer as long as you haven’t owned a primary residence within the past three years.
The Takeaway
Using a New York mortgage calculator can enable you to make smart home purchasing decisions by showing you the financial results of different loan terms. Whether you’re buying your first home or looking to refinance your existing mortgage, this indispensable tool can let you make well-informed choices about your home loan options and ensure that your mortgage fits comfortably 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 are principal and interest on a mortgage loan?
Principal is the amount of money that you borrow for your home loan, and interest is the cost you pay the lender of borrowing it.
Should I choose a 30-year or 15-year mortgage term?
The loan term that will work best for you will depend on your resources and needs. A 30-year term offers lower monthly payments, while a 15-year term lets you pay your loan off faster and pay less in total interest over the life of the loan.
How can I get a lower mortgage interest rate?
If you want to lower your mortgage interest rate, you can try to improve your credit score, shop around for lenders who might offer more favorable rates, or consider opting for a shorter loan term.
How much is a $600,000 mortgage payment for 30 years?
At a 7.00% interest rate, the monthly payment for a $600,000 mortgage over a 30-year term would be approximately $3,992. That estimate includes only principal and interest, not property taxes, homeowners insurance, or any 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-Q325-104
Get prequalified in minutes for a SoFi Home Loan.
Free New Mexico Home Mortgage Loan Calculator
New Mexico Mortgage Calculator
By SoFi Editors | Updated September 22, 2025
When you want to buy a home, you’ll have a lot of numbers to juggle — house prices, down payments, mortgage interest rates, loan terms, and more. Using an online mortgage calculator can go a long way toward helping you handle your home purchase and find the best options for you. When you enter a few basic facts about a mortgage, this New Mexico mortgage calculator can show you your monthly payment and overall interest cost in a flash. What’s more, it can help you compare different loans and see how, say, raising your down payment or getting a lower interest rate might impact your costs. Let’s explore how it works and what it can do for you.
Key Points
• A mortgage calculator can help you estimate what different mortgages would cost you on a monthly basis and over the long term.
• Lenders generally want your monthly mortgage payment to be no more than 28% of your gross monthly income.
• A down payment of 20% or more can let you avoid having to pay private mortgage insurance (PMI).
• A shorter loan term will mean higher monthly payments but lower interest costs overall, compared with a longer loan period.
• Down payment assistance programs are available in New Mexico to help first-time buyers and others.
New Mexico Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price that you and the seller have agreed upon after any negotiations. It’s likely that this number will differ from the listing price and from your initial offer.
• Down payment: This is the amount that you’ll pay upfront for your home purchase. It’s generally expressed as a percentage of the total purchase price, and most buyers put down between 3% and 20%. Down payment assistance programs available in New Mexico may help you cover this cost.
• Loan term: This is the length of time that you have to repay your home loan — usually 15 or 30 years. A 30-year term offers lower monthly payments, while a 15-year term can help you pay off your mortgage faster and save on overall interest costs.
• Interest rate: Expressed as a percentage of your loan amount, your interest rate is what you’ll pay your lender for loaning you the money. The interest rate a lender offers you is influenced by market trends, the type of loan, and your qualifications.
• Annual property tax: Local governments levy property tax on land and buildings. The tax is typically expressed as a percentage of your property’s 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 what you’ll be charged each month by your lender. Your payment will go toward your loan principal and interest but may also include your property tax, which is why this calculator allows you to enter your local tax rate to get a fuller view of your costs. While payments may also include homeowners insurance, private mortgage insurance (PMI) and/or homeowners association (HOA) fees, this calculator does not take those factors into account.
• Total interest paid: The total interest paid is the entire amount of interest you will pay over the life of the loan. It is significantly influenced by your interest rate, loan term, and the amount you borrowed.
• Total loan cost: This is the entire amount that you will pay for your home loan, including principal and interest.
How to Use the New Mexico Mortgage Calculator
It’s easy to get started with this mortgage calculator — you just need to enter a few numbers to find the monthly payment and total interest associated with a home loan. Use these step-by-step directions to begin exploring your options.
Step 1: Enter Your Home Price
Type in the final price for the property that you and the seller both approved to improve the accuracy of the calculator’s estimates.
Step 2: Select a Down Payment Amount
Choose the percentage of your home price that you plan to pay upfront — typically between 3% and 20%. A down payment calculator can help you find your optimal number.
Step 3: Choose a Loan Term
Select the time period in which you will pay back your loan — most often 15 or 30 years. A 30-year term will result in smaller payments, while a 15-year term will cost you less in total interest.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. If you’re interested in purchasing a very costly property, you may want to look at the rates available for a jumbo loan.
Step 5: Add Your Annual Property Tax Rate
Enter the annual property tax rate for the home’s location, which is typically shown as a percentage of the property’s value. If your rate is 0.61%, for instance, you would input 0.61.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator can help you make informed decisions about your home-buying budget. You can use it to estimate what your monthly costs and total interest would be for a specific loan. Additionally, it makes it easy to compare different mortgages and understand how altering factors like the down payment, interest rate, loan term, and even home price can change what your monthly and long-term costs would be. Whether you’re buying your first home or looking to refinance your current mortgage, having access to a free tool like this is essential for making smart, sustainable financial choices.
While the New Mexico mortgage calculator is meant for fixed-rate mortgages, if you choose a type of mortgage loan with a variable interest rate, this tool can still estimate your costs. However, the results will be 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 in New Mexico
As of late 2025, the median sales price for a home in New Mexico is $373,000. If you bought a house for that amount, put down 20% as your down payment, and financed the rest with a 30-year mortgage at 7.00% interest, your monthly payment would be approximately $1,985 a month.
Lenders generally advise following the 28/36 rule of mortgage affordability. This means that your monthly mortgage payment should be no more than 28% of your gross monthly income and your total debt burden should be no more than 36%. In the scenario above, you’d need to make $85,071. Also bear in mind that, per the rule, you’d have about $567 per month to spend on other debts, such as student loans or car loans.
You can also use a home affordability calculator to estimate what will work with your income level. And if you go through the mortgage preapproval process with one or more potential lenders, that can also give you a sense of how much you’ll be able to 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 new mexico to view current rates:
Components of a Mortgage Payment
When you send in your monthly mortgage payment, it gets applied to several costs. Primarily, it includes your principal (the amount you borrowed) and the interest it has accrued. The payment may also cover property tax and homeowners insurance, depending on the terms of your loan. If you need to pay for private mortgage insurance (PMI) and/or homeowners association (HOA) fees, those costs might also be bundled into your payment.
What exactly your mortgage payment might cover is also influenced by the type of mortgage loan you choose, and specialized calculators may be helpful here. If you’re applying for an FHA loan — guaranteed by the Federal Housing Administration (FHA) — you may want to use an FHA mortgage calculator, which allows for that loan’s mortgage insurance premiums. Likewise, a VA mortgage calculator can take into account relevant fees when you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in New Mexico
The cost of living in a state affects how much house you can afford. Areas with a higher cost of living typically have higher average home prices, too, but they also tend to come with increased prices for utilities, home maintenance, transportation, and other necessities.
The good news is that, with a cost of living 6.3% below the national average, New Mexico is a relatively affordable place to live for many. That said, it’s important to recognize that New Mexico offers a range of housing options. 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. New Mexico’s most populous city, Albuquerque, has a COLI of 95.0, while the nearby bedroom community of Sandoval-Rio Rancho has a 95.3. Las Cruces, the second largest city in New Mexico by population, gets an 89.7.
| New Mexico Cities’ Cost-of-Living Stats | |
|---|---|
| Albuquerque | 95.0 |
| Sandoval-Rio Rancho | 95.3 |
| Las Cruces | 89.7 |
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
After you’ve explored your options with the New Mexico mortgage calculator, you may still be interested in shaving a bit off your monthly payments. These tips may help.
• Put down a larger down payment. Paying more upfront may let you avoid having to pay PMI and help you to secure better loan terms.
• Work on your credit score. With a higher score, you may qualify for lower interest rates, which in turn can mean lower payments.
• Shop around for the best rates. Different lenders may offer you different rates and terms.
• Explore down payment assistance programs. If you haven’t owned a home in the last three years, you may qualify as a first-time homebuyer for one of these programs, which can help you afford your down payment and reduce monthly payment amounts.
• Appeal your property tax assessment. If you believe your assessed house value is too high, you can appeal to your tax authority.
• \ Lower your homeowners insurance premiums. Try raising your deductible, bundling policies for a discount, or checking around to see if other insurers will offer you a better price.
• Look into a mortgage refinance. If you currently have a mortgage and a refi would lower your rate or extend your term, that could potentially decrease your monthly payments.
Recommended: Average Monthly Expenses for One Person
New Mexico First-Time Homebuyer Assistance Programs
If you’re buying your first home, you’ll be glad to know that there are assistance programs available to help you cover the initial costs. The New Mexico Mortgage Finance Authority offers several assistance programs for first-time homebuyers to provide help with down payment/closing costs, as well as home loans. If you are a repeat buyer, it’s important to realize that you may still be considered as a first-time homebuyer as long as you haven’t owned a primary residence within the past three years.
The Takeaway
Using this New Mexico mortgage calculator can empower you to make well-informed decisions about your home purchase. This free online tool shows you the financial consequences of different scenarios, letting you assess different loans to find what will work best for you. Whether you’re buying your first home or looking to refinance an existing mortgage, this calculator can help you make strategic choices about your home loan options and ensure that your mortgage fits comfortably within your means.
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?
When you have a mortgage, every month you’ll make a payment to your mortgage servicer. This payment goes toward repaying your loan principal and interest, and it may also cover your property taxes and homeowners insurance payments. In some cases, the payment may also include private mortgage insurance (PMI) and/or homeowners association fees, if either is relevant.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly influences the mortgage interest rates you will be offered by lenders. A higher score generally will generally mean a lower rate, which can save you money over the life of your loan.
What are principal and interest on a mortgage loan?
Your mortgage principal is the amount of money you borrowed, and the interest is the cost of borrowing, usually expressed as a percentage of the principal.
How much should I put down on a mortgage?
The mortgage down payment amount that makes sense for you depends on your financial situation and the loan type. For a conventional loan, most borrowers put down somewhere between 3% and 20%. A down payment calculator may be able to help you decide what percentage you can afford for your down payment.
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-Q325-103
Get prequalified in minutes for a SoFi Home Loan.
Free Nebraska Home Mortgage Loan Calculator
Nebraska Mortgage Calculator
By SoFi Editors | Updated September 22, 2025
House hunting can be both thrilling and overwhelming. The Nebraska mortgage calculator simplifies this process by providing an easy-to-use online tool. Input a few key details to instantly estimate your monthly payments and total interest costs. You can also explore various scenarios to find the ideal home price, down payment, and interest rate that align with your financial goals.
Key Benefits:
• Estimate Monthly Payments: Quickly determine your monthly mortgage payments, including principal and interest.
• Explore Down Payment Options: Discover how different down payment amounts impact your payments and explore assistance programs to reduce upfront costs.
• Understand Affordability: Lenders generally recommend that your monthly mortgage payments do not exceed 28% of your gross monthly income.
• Analyze Loan Terms: See how different loan durations affect your monthly payments and overall interest paid.
• Consider Additional Costs: Beyond the calculator’s estimate, remember to account for other expenses like private mortgage insurance (PMI), homeowners insurance, and homeowners’ association (HOA) fees.
Nebraska Mortgage Calculator
Calculator Definitions
• Home Price: This is the final agreed-upon purchase price of the home, which may differ from the initial listing or your first offer.
• Down Payment: The upfront amount you plan to pay, typically expressed as a percentage of the home price. Down payments usually range from 3% to 20%, with down payment assistance programs available to help some buyers.
• Loan Term: The duration over which you will repay the home loan. Common terms are 15 or 30 years. Shorter terms can reduce total interest but increase monthly payments, while longer terms offer lower monthly payments but may lead to more overall interest.
• Interest Rate: The cost of borrowing money, shown as a percentage of the loan amount. Rates are influenced by borrower qualifications, market trends, and loan type.
• Annual Property Tax: Taxes charged by local governments on your land and buildings, based on state guidelines. You can find your specific property tax rate by searching online for your property’s town, county, or ZIP code along with “effective property tax rate.”
• Monthly Payment: The amount you pay each month towards the loan’s principal and interest, plus a portion for property taxes. This calculation does not include home insurance, private mortgage insurance (PMI), or homeowners association (HOA) fees.
• Total Interest Paid: The entire amount of interest you will pay over the life of your home loan. This can be reduced by making a larger down payment, securing a lower interest rate, or choosing a shorter loan term.
• Total Loan Cost: The complete amount you will pay for the loan, encompassing both the principal borrowed and all accumulated interest.
How to Use the Nebraska Mortgage Calculator
Step 1: Enter Your Home Price
Input the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget.
Step 3: Choose a Loan Term
Select the length of time, from 10 to 30 years, you would like to repay the mortgage. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Enter your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Type in the home’s property tax rate as a percentage. For example, type 1.2 if the rate is 1.2%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you determine how much house you can afford, which is particularly helpful if you’re buying your first home. You’ll be able to see an estimate of your monthly payments based on loan amount, interest rate, and term. You can compare different loan amounts and interest rates to see how big a bite they might take out of your budget. If the type of mortgage loan you choose has a variable interest rate, you can estimate your costs using this calculator, but the estimate will be less precise due to the fluctuations of a variable rate.
Recommended: The Cost of Living in the U.S.
Deciding How Much House You Can Afford
In Nebraska, the median home sale price in mid-2025 was $305,000 — well below the national median of around $443,000, according to Redfin. Knowing that lenders suggest a mortgage payment shouldn’t exceed 28% of your gross monthly income, you’d need to earn an annual income of about $70,114, if you were looking to afford a $305,000 home, factoring in a 20% down payment ($61,000), a 30-year mortgage at 7.00%, and an average Nebraska property tax rate (1.5%).
Because lenders typically recommend total debt payments stay under 36% of your gross monthly income, your other monthly debts shouldn’t exceed $589 in this case.
Use a home affordability calculator to help you crunch the numbers. It can also be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how large a loan you can afford.
Components of a Mortgage Payment
The main components of a mortgage payment are the principal amount borrowed and the interest charged. The Nebraska home mortgage calculator factors in property taxes, which are often included in the monthly payments. Your payment could also include PMI, home insurance, or HOA fees, depending on your situation.
If you’re looking into a home loan guaranteed by the Federal Housing Administration (FHA), then use an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
Look into using a VA mortgage calculator if you’re seeking a loan backed by the U.S. Department of Veterans Affairs.
And if you are looking into purchasing a very pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit, which is set by the Federal Housing Finance Agency (FHFA).
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 Nebraska
The cost of living reflects how much you can afford in a certain area. For instance, a dollar spent in Omaha, Nebraska, would go further than a dollar spent in a major city like New York or Los Angeles. You would expect to pay higher average home prices, utilities, home maintenance, transportation, and other necessities in places with a higher cost of living, so refer to the cost of living index (COLI) to figure out how much money it takes for you to maintain a basic standard of living in a given place. A COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive.
Nebraska’s 2024 COLI was 92.6, according to the Council for Community and Economic Research’s Cost of Living Index. That figure is a bit lower than Colorado’s 2024 COLI at 102.7, which means it’s less expensive to live in Nebraska than in Colorado. For another comparison, consider South Dakota’s 2024 COLI was 91.9, much more in line with Nebraska’s. New York and California, with COLI of 125.1 and 142.3, respectively, are much more expensive states.
To further help you compare the cost of living in Nebraska, look at Lincoln’s COLI at 94.4 and Omaha’s at 91.9. And if you’re considering buying a home in one of the best affordable places in the U.S., you can use this cost of living index as a tool to help you decide where to live.
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Tips on Reducing Your Mortgage Payment
If you are a homebuyer in Nebraska, you are probably looking to reduce your mortgage payment so you can allocate funds to other expenses or continue to build an emergency fund. Here are some things you can do to lower your monthly mortgage payment:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• When you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• Review your property taxes regularly. If you think your property taxes are too high, go to your county clerk or county assessor’s office and ask about the appeals process.
• See if your insurer offers a discount for bundling policies. Some insurers offer a discount if you purchase more than one policy with them, for example both a homeowners and auto policy.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
• Consider something called a loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate. Be prepared to show bank statements or tax returns to demonstrate your financial situation.
Nebraska 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
Using the Nebraska mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand mortgage components, and make informed decisions about your home loan. By using this tool, you can better navigate homeownership and align your budget with your goals. The Nebraska mortgage calculator can be a helpful resource for first-time homebuyers and those considering refinancing.
If you are looking into purchasing a very pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit, which is set by the Federal Housing Finance Agency (FHFA).
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much should my down payment be on a mortgage?
A larger down payment of 20% or more can result in lower monthly mortgage payments and potentially better loan terms. But certain types of mortgages will accept as little as 3% to 5% as a down payment, so explore your options. How much you decide to put down is an individual decision based on your financial situation and goals so use a Nebraska mortgage calculator to run the numbers.
Should I choose a 30-year or 15-year 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. The mortgage term that you choose is based on your financial goals and budget.
How can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work on improving your credit score by aiming for 700 or higher (this is well over the 620 credit score you’ll need to qualify for a home loan). If you go through the mortgage preapproval process with a variety of lenders, you can see how low a rate you might be able to obtain. Look into making a higher down payment, but only if it’s in line with your budget.
How much is the payment on a $600,000, 30-year mortgage?
The monthly payment on a $600,000 mortgage with a 30-year term will depend on your interest rate and a down payment, among other factors. For example, with an interest rate of 6.00% and a down payment of 20% ($120,000), your monthly payment would be $2,878 monthly. This estimate includes principal and interest but not property taxes, insurance, or other fees. Use the Nebraska mortgage calculator to help you refine the numbers to your situation.
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*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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