If so, you are in the right place! Get started by entering your personal confirmation number below.
Received an offer from us?
If so, you are in the right place! Get started by entering your personal confirmation number below.
Leaving SoFi Website
You are now leaving the SoFi website and entering a third-party website. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. We recommend that you review the privacy policy of the site you are entering. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website.
A mortgage calculator can help Riverside County homebuyers estimate their monthly payments, interest, and total loan cost. Inputting different loan scenarios can help you understand the full commitment of homeownership, and save you time and money. Here’s how to use the Riverside County mortgage calculator to your advantage during your home search.
Key Points
• A Riverside County mortgage calculator helps estimate monthly payments, interest, and total loan cost, providing a clear financial picture before you invest in a home.
• The total monthly mortgage payment in this calculator includes principal, interest, and property tax.
• The loan term, typically 15 or 30 years, affects monthly payments and total interest paid, with longer terms increasing total interest paid but decreasing monthly payments.
• Down payment assistance programs in Riverside County can help first-time homebuyers and those with limited funds, making homeownership more accessible.
• Property tax in Riverside County is typically around 0.70% of the home’s assessed value.
Riverside County Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. It determines the loan amount and the type of mortgage loan you will need. For example, if you agree to purchase a home for $500,000, input 500,000.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%. A larger down payment can potentially lead to better loan terms.
• Loan term: The loan term is the length of time you have to repay the mortgage, typically 15 or 30 years. A shorter term can result in higher monthly payments but less interest paid over the life of the loan. For example, a 15-year fixed-rate mortgage will generally have a higher monthly payment than a 30-year fixed-rate mortgage, but the total interest paid will be significantly lower.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. It varies based on borrower qualifications and market trends. A lower interest rate can significantly reduce your monthly payments and the total interest paid over the life of the loan.
• Annual property tax: The annual property tax is often rolled into your monthly mortgage payment. In Riverside County, the annual property tax rate is 0.82%.
• Total monthly payment: The total monthly payment includes the principal, interest, and property tax with our calculator. Your monthly mortgage payment may also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the home loan. This figure is influenced by the interest rate, loan term, and principal amount. Understanding this figure helps you evaluate the long-term financial impact of different mortgage scenarios.
• Total loan cost: The total loan cost represents the all-in amount that you will ultimately pay for the loan. This includes both the principal amount borrowed and the accumulated interest over the life of the loan.
How to Use the Riverside County, CA Mortgage Calculator
The Riverside County mortgage calculator will provide you with an estimate of your monthly payment, total interest paid, and the total loan cost. Below is a step-by-step guide.
Step 1: Enter Your Home Price
The home price is the amount listed in your contract. This figure determines the size of the home loan you will need. For instance, if the home price is $500,000, and you plan to make a 20% down payment, the remaining loan amount will be $400,000.
Step 2: Select a Down Payment Amount
The down payment is the portion of the home price you agree to pay upfront. A larger down payment can reduce your monthly mortgage payments and the total interest you’ll pay over the life of the loan. For example, a 20% down payment on a $300,000 home would be $60,000, while a 3.5% down payment would be $10,500. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Most mortgages come with a loan term of 30 or 15 years, though other terms are available. The 30-year or 15-year mortgage term you choose will significantly impact your monthly payments and the total interest you pay.
Step 4: Enter an Interest Rate
Enter your desired interest rate. The interest rate significantly impacts your mortgage payment and total interest paid. To obtain a better rate, build your credit score, shop around, and explore different loan options. If you’re looking at large loan amounts (over $800K), you’ll want to research rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
This is the amount you will pay each year to the local government. Enter the percentage of the home’s value, not the dollar amount.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps estimate monthly payments and understand the financial implications of different loan scenarios. It allows you to assess affordability before house hunting, ensuring you stay within budget. By inputting the home price, down payment, interest rate, and loan term, you can see how these factors impact your monthly payments and total loan cost.
Mortgage calculators are also particularly useful for first-time homebuyers, who may not be aware of all that goes into a mortgage payment and how that payment is determined. Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
Deciding How Much House You Can Afford in Riverside County
In Riverside County, the median home sale price in August 2025 was $605,000. Lenders advise keeping housing costs (mortgage, taxes, insurance, HOA) below 28% of gross monthly income. For a $605,000 home with 20% down ($121,000), a 30-year mortgage at 7.00% yields a monthly payment of $3,220. To afford that home, you should have an annual income of $138,000.
Another rule of thumb: Total debt should stay within 36% of your gross monthly income. Assuming the $138,000 salary above, gross monthly income is $11,500. Total debt should not exceed 36% of that, or $4,140. After a $3,220 mortgage payment, you’d have $920 remaining for other debt obligations. Use a home affordability calculator for a rough estimate based on your income and debt obligations.
It can also be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are the principal and interest on a mortgage loan. The mortgage principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that money. In the early years of your mortgage, a larger portion of your monthly payment goes toward interest, but over time, more of it pays down the principal.
Property tax is another component, typically around 0.82% of the home’s value in Riverside County. The monthly payment may also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Riverside County, CA
Cost of living is an important factor when you’re thinking about your monthly mortgage payment, as it will affect how much cash you have on hand to pay your bills. The cost of living in Riverside County is roughly 16% higher than the national average. Here’s how Riverside County compares to the national average in other areas:
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.
Riverside County, CA First-Time Homebuyer Assistance Programs
If you’re buying your first home in Riverside County, there are several first-time homebuyer assistance programs available to help you. These programs offer financial aid to cover the initial costs of purchasing a home, such as the down payment and closing costs. Qualifying as a first-time homebuyer typically means you haven’t owned a primary residence within the past three years.
If you’re looking to reduce your monthly mortgage payment, here are some tips to help you save money and manage your home loan more efficiently:
• Drop private mortgage insurance.Drop private mortgage insurance (PMI) once you have 20% equity in your home, either through payments or home appreciation. This can significantly reduce your monthly payment.
• Consider mortgage recasting. If you receive a bonus or other windfall, consider mortgage recasting. This involves making a large payment toward your mortgage principal, which your lender will then re-amortize with the same loan term and interest rate.
• Appeal property taxes. If you believe your annual city property tax is too high, you can appeal your property taxes. Property taxes are based on an assessment of your home and land. By challenging the assessment, you may be able to lower your tax bill.
• Modify your loan. Financial hardship can create significant challenges, making it difficult to keep up with mortgage payments. Exploring options to modify your loan could be beneficial in making monthly payments more manageable and affordable.
• Refinance your mortgage. If you’ve built your credit score or rates have improved since you purchased your home, consider refinancing your mortgage. A lower interest rate can significantly decrease your monthly payments.
• Shop for a lower homeowners insurance rate. You may be able to lower your premium by increasing your deductible amount, bundling your homeowners and auto insurance policies, or making upgrades that enhance your home’s security features or storm-resistance capabilities.
The Takeaway
A Riverside County mortgage calculator helps estimate your monthly mortgage payments by inputting purchase price, down payment, loan term, interest rate, and annual property tax. Whether you’re a first-time homebuyer or considering refinancing an existing mortgage, this calculator helps you fully understand the true cost 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.
In 2025, what was the average monthly mortgage payment in Riverside County?
In 2025, the average monthly mortgage payment in Riverside County was $3,730. The average mortgage amount can fluctuate based on local market conditions and interest rates. To get a more precise estimate tailored to your situation, consider using a mortgage calculator.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly impacts your interest rate for a mortgage loan. A higher credit score can secure a lower interest rate, reducing your monthly payments and the total interest you’ll pay over the life of the loan. Conversely, a lower credit score may result in a higher interest rate.
What is the difference between principal and interest in a mortgage?
The principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that money. In the early years of your mortgage, a larger portion of your monthly payment goes toward interest, but over time, more of it pays down the principal.
How much should I put down on a mortgage?
The amount you should put down on a mortgage depends on your financial situation and the type of loan you choose. A larger down payment (>20%) can reduce your monthly payments and potentially eliminate the need for private mortgage insurance (PMI). However, most homebuyers put down much less — as little as 3% to 5%. If you’re a first-time homebuyer, you might consider down payment assistance programs that offer financial aid to help cover the initial costs.
Should I choose a 30-year or 15-year mortgage?
When choosing between a 30-year or 15-year mortgage, consider your finances. A 30-year mortgage offers lower payments but higher overall interest. A 15-year mortgage has higher payments but lower interest and faster equity building. Choose the shortest term you can comfortably afford.
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-Q425-003
