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Buying a home is exciting, but it’s also a major financial decision, and you’ll need to fully understand how your mortgage choice will impact your budget. This mortgage calculator can help you assess how much house you can afford by providing you with estimates of what your monthly cost and overall loan expense would be for different mortgages. It also lets you quickly and easily compare the impact of changing different variables in your mortgage (interest rate, loan term, etc), helping you find the best fit for your financial situation. Read on to see how the Puxico mortgage calculator works and what it can do for you.
Key Points
• The Puxico mortgage calculator can provide a quick overview of a home loan’s monthly payments, total interest paid, and total loan cost, based on the mortgage data you input.
• For a mortgage to be affordable, your mortgage payment should not exceed 28% of your gross monthly income and your total debt payments should be 36% or less.
• If you’re eligible, down payment assistance programs can help reduce your upfront mortgage costs.
• A longer loan term generally means that you’ll have lower monthly payments, while a shorter term lets you build equity faster and pay less total interest.
• A down payment of 20% or more generally allows you to avoid paying for private mortgage insurance (PMI).
Puxico, MO Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the purchase price you have agreed upon with the home seller. This figure will probably differ from both the listing price and your initial offer.
• Down payment: The down payment is the amount that you’ll pay upfront, often expressed as a percentage of the total purchase price of the home. Most buyers put down between 3% and 20% of this price. If that seems challenging, there may be down payment assistance programs that can help.
• Loan term: The loan term is the length of time that you have to repay your mortgage loan. The most common loan terms are 30 and 15 years. The term you choose will impact your monthly payments and overall interest costs.
• Interest rate: The interest rate is the cost of borrowing money, typically expressed as a percentage of the total loan amount. It has a significant influence on both your monthly payments and your expenses over the life of the loan
• Annual property tax: Property tax is levied by your local government every year and is typically expressed as a percentage of your home’s assessed value. As of late 2025, the effective property tax in Puxico is 0.67% Rates vary, so to find your current tax obligation, search online for your ZIP code or city and “effective property tax rate.”
• Total monthly payment: Your total monthly payment is the sum that you pay your lender each month and includes the principal on your loan, interest, and (if you entered your property tax rate in the calculator) property tax.
• Total interest paid: The total interest paid is the entire amount of interest you will pay over the life of your home loan. This amount is influenced by the interest rate, loan term, and the loan amount.
• Total loan cost: The total loan cost represents the all-in amount you will pay for your loan, encompassing both the principal and the total interest paid. This overall cost can be significantly impacted by the interest rate, the loan term, and the initial down payment you made.
How to Use the Puxico Mortgage Calculator
Using the Puxico mortgage calculator is easy. Simply input the home price, down payment percentage, loan term, interest rate, and tax rate to get your loan estimates. Here are the step-by-step directions.
Step 1: Enter Your Home Price
Input the amount that you and the seller have agreed that you will pay for the home.
Step 2: Select a Down Payment Amount
Choose what percentage of your home purchase price you will put down upfront. A down payment calculator can help you decide what will work for you.
Step 3: Choose a Loan Term
Select the loan term you’d like to opt for. Most homebuyers choose 30 or 15 years.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point (6.475%, for example). If you’re looking at an especially pricey property, you may want to check the rates available for a jumbo loan.
Step 5: Enter Your Home’s Annual Property Tax
Input the annual property tax you’ll pay as a percentage of the home’s value, not the dollar amount. For example, if your property tax rate is 0.670%, you’ll enter 0.670.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a powerful tool that helps you assess quickly and easily how much house you can afford. By inputting the particulars of a specific mortgage — home price, down payment, loan term, interest rate, and tax rate —- you can instantly get estimates of what your monthly payments and cost over the length of the entire loan would be. This Puxico calculator can also help you compare different loan scenarios, such as how a lower interest rate or a longer loan term would affect your payments and total costs. Using a mortgage calculator like this can help you make informed financial decisions so that your mortgage fits comfortably within your budget.
Remember that the Puxico mortgage calculator is intended for fixed-rate mortgages. However, if you opt for a type of mortgage loan that has a variable interest rate, you can still use this calculator to estimate costs. Just be aware that the results will be less precise due to the changes variable rates undergo.
Deciding How Much House You Can Afford in Puxico
In Puxico, as of late 2025, the median home sale price is approximately $100,000. If you purchase a home at that price, put down 20% as down payment, and finance the rest with a 30-year fixed-rate mortgage at a 7.00% interest rate, your monthly mortgage payment would be about $532 (factoring in only principal and interest, but not tax, homeowners insurance or any other potential costs).
Lenders often suggest the 28/36 rule to determine affordability: Mortgage payments should not exceed 28% of your gross monthly income, and total debt should be 36% or less. In the example above, this would mean you’d need to make about $23,000 per year to afford this home. You’d have only $152 to spend on other debt, however, such as credit card bills and car loans. If you have a debt load already, you might need a higher income to make this mortgage affordable.
There are other ways you can assess affordability, too. For instance, a home affordability calculator will give you an estimate of how expensive a home purchase your budget would permit. Going through the mortgage preapproval process with a potential lender can also give you a sense of how large a loan you can afford.
Components of a Mortgage Payment
The main components of your mortgage payment are the principal (the amount you originally borrowed) and the interest that accrues on it. These are the core parts of your loan repayment. In some cases, depending on your lender and your loan, other elements may be part of your payment as well, including property tax and homeowners insurance fees. Additionally, if you have less than 20% equity and need to pay private mortgage insurance (PMI), or if you are obliged to pay homeowners association (HOA) fees, those costs may be bundled in as well.
In addition, what your mortgage payment will include depends on the type of mortgage loan you take out, and specialized calculators can be helpful to factor in loan-specific costs. If you’re applying for a loan guaranteed by the Federal Housing Administration (FHA), you can 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 considering a loan backed by the U.S. Department of Veterans Affairs.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Puxico
Cost of living tends to have a strong impact on affordability as it affects not only housing costs, but also expenses like utilities, transportation, groceries, and more. Puxico is one of the best affordable places in the U.S. A small community in rural southeastern Missouri, Puxico offers miles of hiking, biking, and walking opportunities, fishing options in Stockton Lake, and an easy drive to larger cities like Dexter or Poplar Bluffs. But perhaps best of all, Puxico has an extremely comfortable cost of living — 26.4% less than the national average and 14% less than the average in Missouri.
To give you a sense of how Puxico stacks up against MIssouri’s metro areas, here’s a chart based on The Council for Community and Economic Research’s Cost of Living Index (COLI), on which 100 is the national average.
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.
Puxico’s First-Time Homebuyer Assistance Programs
If you’re considering buying your first home in Puxico, you’ll be pleased to know that the Missouri Housing Development Commission offers several first-time homebuyer assistance programs designed to help you access low-rate loans and/or help with your down payment to cover some of the costs associated with purchasing a property. If you’ve already owned a home, you may still be eligible.
Typically, to qualify as a first-time homebuyer for one of these programs you just can’t have owned a primary residence within the past three years. Options like these can make homeownership more accessible so they’re well worth exploring.
Tips on Reducing Your Mortgage Payment
Even after you’ve bought your home, you may still want to lower the amount of your monthly payments. Consider these options.
• Ask your lender to drop your PMI once you have 20% equity in your home.
• See if your lender can recast your loan if you put a lump sum — like a work bonus — toward your principal. This reamortizes your loan, which reduces your monthly payment without changing your interest rate or loan term.
• Appeal your property taxes if you think your assessment is too high. You’ll probably have to show your local tax authority supporting evidence, such as comparable sales in your area.
• Look into a mortgage refinance if you can get a lower interest rate. Consider closing costs when you assess whether this move makes financial sense for you.
• Request that your lender modify your mortgage to lower your monthly payments if you’re undergoing financial hardship.
Understanding your budget and financial capabilities is key when you’re considering homeownership. The Puxico mortgage calculator can help you take control of the home-buying process and find out quickly and easily just what will be affordable for you. What’s more, it will let you feel secure in your decisions, knowing that you’ve been able to access all the information you needed to make the right choice for you.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate for a mortgage loan. A higher credit score can lead lenders to consider you more creditworthy and offer you more favorable interest rates, reducing the total cost of your loan.
What are principal and interest on a mortgage loan?
Principal and interest are the two primary components of a mortgage payment. The principal is the amount you borrow to purchase your home, while interest is the cost of borrowing that principal.
Should I choose a 30-year or 15-year mortgage term?
The loan term that will be most appealing to you depends on your finances and preferences. A 30-year mortgage offers lower monthly payments, but will cost you more in interest over the life of the loan. A 15-year mortgage builds equity faster and reduces total interest paid, but it will mean you will face significantly higher monthly bills. If you can afford that, the 15-year term may ultimately be more economical.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, you can try to improve your credit score, save up to make a larger down payment, or shop around to find a lender who will offer you a more competitive rate.
SoFi Mortgages
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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