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The process of finding a home and getting a mortgage in Pennsylvania can be smoother when you use online tools such as this mortgage calculator. The calculator uses your chosen home price, down payment amount, interest rate, loan term, and property tax percentage to provide you with an estimate of your monthly payment amount, total interest paid, and total loan cost. Playing with different combinations of down payment amount, rate, and term can help you get a feel for how these choices impact your payments. Here, get tips on how to use a mortgage calculator for maximum benefit.
Key Points
• A mortgage calculator can estimate monthly payments, total interest, and overall loan costs.
• Input home price, down payment amount, loan term, interest rate, and property tax rate.
• First-time buyers may want to consider down payment assistance programs.
• The calculator is useful in planning your budget for a home purchase.
• Explore different loan scenarios to find the best fit.
Pennsylvania Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the purchase price agreed upon with the home seller. Input this figure to estimate monthly payments, including principal, interest, and other costs.
• Down payment: The down payment is the upfront amount you’ll pay. A larger down payment can reduce your home loan amount. If you hit 20%, you may avoid private mortgage insurance (PMI).
• Loan term: The loan term is the time period you have to repay the mortgage — buyers often choose 15 or 30 years. A shorter term means higher monthly payments but less total interest paid.
• Interest rate: The interest rate is the cost of borrowing, expressed as a percentage of the loan amount. A higher credit score can help secure a lower interest rate. The type of mortgage loan also has an impact on rates.
• Annual property tax: Property tax is a percentage of your home’s value levied each year by local governments.
• Monthly payment: The monthly payment includes principal, interest, and property tax. Some buyers will also pay for home insurance, PMI, and even homeowners association (HOA) fees as part of their monthly bill.
• Total interest paid: Total interest paid is the amount of interest over the loan’s lifetime. Reduce it by making a larger down payment, prepaying, or refinancing to a lower rate.
• Total loan cost: Total loan cost includes the principal and all accrued interest. Use the calculator to estimate this cost and align it with your financial plan.
How to Use the Pennsylvania Mortgage Calculator
Step 1: Enter Your Home Price
Type in the agreed-upon purchase price of the property.
Step 2: Select a Down Payment Amount
Choose how much of the home price you will pay upfront. (A down payment calculator can show you what percentage your payment would be.) A larger down payment lowers your loan amount and reduces your monthly payment and total interest paid.
Step 3: Choose a Loan Term
Select the length of time to repay the mortgage, anywhere from 10 to 30 years. A longer term lowers monthly payments but increases total interest.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. Lower rates reduce monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage of your property’s market value for annual property tax. Pennsylvania’s effective property tax rate averages 1.19%. For the specific percentage in your area, search online for the property’s town, county, or ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a powerful tool for prospective homebuyers, helping you assess how much house you can afford before you start house hunting, or allowing you to zero in on the right combination of down payment amount and loan term before committing to a mortgage. If you’re buying your first home, especially, you’ll want to spend some time running different scenarios to see how changing the down payment amount and loan term might affect your costs.
Buyers considering a home loan backed by the Federal Housing Administration will want to use an FHA mortgage calculator, which will factor in the upfront and ongoing mortgage insurance premium that comes along with loan type.
Similarly, a VA mortgage calculator is useful for those considering a loan backed by the U.S. Department of Veterans Affairs.
Deciding How Much House You Can Afford in Pennsylvania
In mid-2025, the median Pennsylvania home price was $325,000, according to Redfin. Lenders advise that mortgage payments should not exceed 28% of gross monthly income. To afford a $325,000 home with a 20% down payment ($65,000), you’d need about $78,000 in annual income. This assumes you obtain a 30-year mortgage at 7.00% interest, resulting in a $1,730 monthly payment, including property tax and home insurance. It also assumes you aren’t already making payments on debts such as a car loan or student loan, in which case you would need to earn more. You can use the mortgage calculator to run different scenarios, typing in various home prices, down payment amounts, and loan terms to see how these factors affect your costs.
You can also work backward from your income, using a home affordability calculator to compute your budget. This calculator takes into account other debts you may have. If you’re getting serious about a home purchase, you might want to proceed to the mortgage preapproval process, which can give you a fairly precise estimate of how much borrowing power you have. You’ll provide detailed financial information to a lender and learn what loan size you might qualify for.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. The principal is the amount borrowed, and interest is the cost of borrowing. The calculator also factors in property tax, determined by the local government as a percentage of your home’s value. Your monthly payment may include home insurance premiums, PMI if your down payment is less than 20%, and homeowners association (HOA) fees if applicable.
The cost of living in Pennsylvania can vary widely depending on the area, but the state’s overall cost of living index is 97.2, putting it below the cost of living in the U.S. as a whole.
Higher cost of living regions typically have higher average home prices — some properties in Pennsylvania will require a jumbo loan. These areas also tend to have increased costs for utilities, home maintenance, transportation, and other necessities.
Fortunately, some of the best affordable places in the U.S. are located in Pennsylvania: York, Scranton, and Bethlehem all make the list. The chart shows how different cities in the state stack up on a cost-of-living index where 100 is the national average, according to data from the Council for Community and Economic Research.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Homebuyers in Pennsylvania want to do whatever they can to lower their mortgage payment — even after purchasing. Here are some things you can do to lower the payment after you have a mortgage:
• Request that your lender drop PMI once you reach 20% equity.
• Recast the mortgage by paying a lump sum toward the principal and asking the lender to recompute your payments.
• Consider a mortgage refinance if loan rates have dropped significantly or your credit score has taken a big step up. Make sure you factor in closing costs when determining whether or not to refi.
• Appeal your property taxes to lower them. If you’ve made significant home improvements, use caution: Sometimes requesting a new evaluation can result in higher taxes.
• If you’re experiencing financial hardship, reach out to your lender to modify the loan.
• Extend the loan term to reduce monthly payments.
• Lower your homeowners insurance premiums by taking a higher deductible or bundling policies.
If you’re buying your first home, down payment assistance programs can help cover initial costs such as the down payment and closing fees. To qualify, you must not have owned a primary residence within the past three years.
Pennsylvania first-time homebuyer programs are run by the Pennsylvania Housing Finance Agency and can include grants or low-interest loans. Exploring these options can help you find the support you need to make your first home purchase a reality.
A Pennsylvania mortgage calculator is an indispensable tool for anyone considering homeownership. It helps estimate monthly payments, including principal, interest, and property taxes, and provides a comprehensive view of the financial commitment you would be making with your home purchase. Using the calculator can help you align your purchase budget with your financial goals, ensuring that you make a sound decision. Whether you’re a first-time buyer or trading up to your next property, these calculators offer valuable insights into the costs and savings associated with different mortgage 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.
A mortgage payment typically includes a portion of the loan principal, plus interest and is usually made monthly. It often also includes property taxes, homeowners insurance, and sometimes mortgage insurance. If this is the case, the mortgage company places the funds paid for taxes and insurance into an escrow account and makes the tax and insurance payments when they are due. This will all be detailed in your mortgage agreement, so read that document carefully.
How much should I put down on a mortgage?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t putting yourself in a difficult financial position. Don’t empty your emergency fund or stop making payments on other debt, for example. A qualified first-time homebuyer can sometimes put down just 3% toward the purchase price of a home. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill.
How can I get a lower mortgage interest rate?
If you’re obtaining the mortgage for the first time, try to improve your credit score, shop around and get rate quotes from multiple lenders, and consider government-backed loans. If you already have a mortgage, refinancing is the primary way to lower your rate.
How much is a $600,000 mortgage payment for 30 years?
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.
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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.
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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