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A mortgage loan calculator is a useful tool for anyone who is considering purchasing a home. It will help you estimate monthly payments, see total interest costs, and understand the impact of different down payment amounts and loan terms. Take a few minutes to learn how to use this calculator most effectively with this guide.
Key Points
• A Riverside mortgage calculator helps you estimate monthly loan payments and total loan costs for a home purchase.
• Down payment assistance programs can significantly reduce the upfront costs of buying a home for qualified buyers.
• The loan term, whether 15 or 30 years, impacts your monthly payment amount and total interest paid, with shorter terms saving on interest but requiring higher payments.
• This calculator takes into consideration property taxes in Riverside, as many lenders like borrowers to pay a portion of their taxes with each monthly payment.
• Your credit score significantly affects your mortgage terms and interest rate.
Riverside Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the agreed-upon purchase price between you and the home seller. This final figure may differ slightly from both the initial listing price and your initial offer.
• Down payment: The down payment is the initial amount you’ll pay upfront. It’s usually anywhere from 3% to 20%, with 20% being necessary to avoid paying for private mortgage insurance (PMI). A jumbo loan, which some buyers here will need, requires at least 10% down.
• Loan term: The loan term is the length of time you have to repay the home loan in full. Opting for a shorter term can save on interest but requires higher monthly payments.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. The type of mortgage loan you choose and your credit score are among the factors lenders will consider when determining your interest rate.
• Annual property tax: The property tax rate in Riverside County, where the city of Riverside is located, is .8209%. For the most accurate number, search for the ZIP code or county name where your property is located and “effective property tax rate.”
• Total monthly payment: The total monthly payment includes the principal loan amount, the interest accrued, and the portion of your property tax that you will pay into escrow.
• Total interest paid: The total interest paid represents the cumulative amount of interest you will pay over the entire life of the loan. This figure can be substantial, especially when considering longer loan terms.
• Total loan cost: The total loan cost represents the all-in amount you will be required to pay for the loan.
How to Use the Riverside Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon home price accurately to ensure precise mortgage estimates.
Step 2: Select a Down Payment Amount
Choose the down payment amount and you’ll quickly see how it affects your monthly mortgage payment. If you’re unsure about how much cash you need to get to 20% of the home price, use a down payment calculator.
Step 3: Choose a Loan Term
Select a term of between 10 and 30 years based on your financial goals and budget constraints.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point for accurate estimates.
Step 5: Add Your Property Tax
Enter the property tax rate as a percentage to estimate your total monthly payment.
Benefits of Using a Mortgage Payment Calculator
If you’re buying your first home, a free Riverside mortgage calculator will be especially helpful as you estimate your monthly mortgage payments. But even a seasoned buyer will find the calculator useful. You can try typing in different down payment amounts and loan terms to see how these affect your monthly and long-term costs. This will help in the decisionmaking process when it’s time to sign on to a home mortgage loan.
Deciding How Much House You Can Afford in Riverside
In Riverside, the median home sale price is well above the U.S. average, at around $617,000. Let’s use the free Riverside mortgage calculator to see what it would take to afford a home at this price, keeping in mind that lenders prefer that your monthly home costs not exceed 28% of your gross monthly income. If you bought this home with a 20% down payment and a 30-year mortgage at 6.50%, your monthly payment would be $3,542. In order to keep your payment under 28% of your gross income, you would need an annual income of $127,000. This assumes you aren’t paying off any other debts. If you were, you would need to earn more.
Another way to decide how much house you can afford is to use a home affordability calculator. In this case, you’ll type in your annual income and also record your recurring debts, such as a car payment or student loan. The calculator will take these into consideration when computing your budget.
If your search for a home is getting serious, you may want to go through the mortgage preapproval process to see if a lender feels you would qualify for a loan and, if so, what your potential loan amount and rate would be.
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 to purchase the home, while the interest is the cost of borrowing that principal. In the early years of your mortgage, a larger portion of your payment goes toward interest, but over time, more of it pays down the principal. Property tax is often included in mortgage payments and held in escrow until the tax payment is due. This calculator factors in property taxes for a more accurate estimate of your costs. Other things that may be included in your mortgage, depending on your situation, include: PMI, homeowners insurance premiums, and homeowners association (HOA) fees.
Buyers who are exploring a home loan guaranteed by the Federal Housing Administration (FHA) will have a slightly different cost structure and should try using an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
Meanwhile, a VA mortgage calculator will be useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Riverside
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 average cost of living in the U.S. 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.
If you’re considering buying your first home in Riverside, down payment assistance programs could potentially help you. These programs can provide much-needed financial aid for the down payment or closing costs, or even assistance with both. To qualify as a first-time homebuyer, you typically must not have owned a primary residence within the past three years. These programs can make homeownership more accessible to a wider range of people and reduce the initial financial burden often associated with purchasing a home.
Tips on Reducing Your Mortgage Payment
After you’ve purchased your home, there may still be a way to lower your monthly mortgage payments. Here are some options to consider.
• Drop PMI once you have 20% equity in your home, either as the result of regular payments or due to home appreciation. (Keep an eye on your home’s market value.)
• Consider mortgage recasting if you receive a bonus or other windfall. This process allows you to make a lump sum payment toward your mortgage principal. You can then request that your lender re-amortize the loan. The result is a new, smaller principal balance and lower monthly payments.
• Explore a mortgage refinance if rates have dropped or your credit score has made a big improvement.
• Appeal your property taxes if you believe they are too high. A successful appeal can lower your property tax bill.
• Ask your lender to modify your loan if you face financial hardship. Loan modifications can involve extending the loan term, reducing the interest rate, or forgiving a portion of the outstanding principal balance.
• Shop for a lower homeowners insurance rate. Consider options like increasing your deductible, bundling your homeowners and auto insurance policies, or making certain upgrades to your home’s security features and storm resistance.
The Takeaway
Using a mortgage calculator can provide valuable insights into your financial readiness for homeownership. It will help you estimate monthly payments, see total interest paid, and understand the overall cost of a mortgage. This will help you make smart decisions about how much house you can afford. Thinking about these costs is an important step toward choosing a lender who will be your partner on the home-buying journey.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
In 2025, the average monthly mortgage payment in Riverside County, where Riverside is located, was $3,730. But mortgage payment amounts can vary based on your down payment and interest rate. To get a more precise estimate tailored to your needs, consider using a mortgage calculator.
How does my credit score affect my mortgage loan interest rate?
A high credit score (think 700-plus) can mean a more favorable interest rate, potentially saving you thousands in interest over the life of the loan. To get a better rate, focus on paying bills on time, reducing outstanding debt, and exploring different loan options from various lenders to find the best deal available.
How much should I put down on a mortgage?
How much you’ll put down on a mortgage should depend on your individual financial situation. A larger down payment offers certain advantages: It reduces your monthly payments by lowering the amount that you borrow. And if you hit 20% down, you can likely eliminate the requirement for private mortgage insurance. But many buyers put down less than 20%, especially if it’s their first home purchase. It’s no fun to live without an emergency fund in order to make a down payment, so don’t push your budget to the max. If you’re finding yourself struggling to save for an adequate down payment, explore down payment assistance programs.
Should I choose a 30-year or 15-year mortgage term?
Use a mortgage calculator to see how different term lengths affect your monthly costs, then choose the term that yields the bill you can afford. You’ll want to make sure you aren’t skimping on other important things to pay your mortgage. A 30-year term offers lower payments but higher overall interest. A 15-year term has higher payments but saves significantly on interest.
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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