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Buying a home in San Diego can be a major financial undertaking, and understanding how your mortgage will impact your budget is essential. This San Diego mortgage calculator can help you navigate the complexities of home financing by giving you a clear picture of what a particular mortgage will mean for your finances. When you enter basic information about a home loan, such as the home price, down payment, interest rate, and loan term, the calculator will estimate how much you’ll pay each month and what your costs will be over the course of the loan. It can even factor in your property tax if you enter your tax rate.
Whether you’re a first-time homebuyer or an experienced homeowner, this resource can help ensure that you will stay within your financial comfort zone as you secure your dream home.
Key Points
• Using a San Diego mortgage calculator can help you estimate monthly payments, total interest paid, and total costs for different mortgages.
• A down payment of 20% or more can help you avoid private mortgage insurance (PMI) and possibly secure a lower interest rate.
• A 30-year mortgage term offers lower monthly payments but costs more in total interest over time than a 15-year loan.
• Your credit score significantly influences the interest rates you’ll be offered by lenders, with higher scores leading to more favorable terms and lower costs.
• Down payment assistance programs in San Diego can help first-time buyers (and sometimes others) reduce upfront home-buying costs.
San Diego Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase amount you agree to with the home seller, which will probably not be the same as the listing price or your initial offer.
• Down payment: The down payment is the amount you’ll pay in a lump sum upfront, often expressed as a percentage of the purchase price. Most buyers put down between 3% and 20%, with a 20% down payment letting them avoid private mortgage insurance (PMI). If raising that kind of sum sounds challenging, down payment assistance programs may be able to help you with the cost.
• Loan term: The loan term is the length of time you have to repay the mortgage. A 30-year term offers lower monthly payments but costs more in interest paid over the life of the loan. A 15-year term results in higher monthly payments but costs less in overall interest.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount.
• Annual property tax: Annual property tax is levied by your local government every year on land and the buildings on it. It’s typically expressed as a percentage of your property’s assessed value. As of late 2025, the effective property tax in San Diego is 0.719%. Rates can vary, so to find your current tax obligation, search online for your ZIP code or city and “effective property tax rate.”
• Total monthly payment: The total monthly payment represents what you will be expected to pay toward the loan principal and interest each month. If you entered your tax rate in the calculator, it will also include property tax costs.
• Total interest paid: The total interest paid is the entire amount of interest you will pay over the life of your home loan. The amount can be influenced by your interest rate, loan term, and loan amount.
• Total loan cost: The total loan cost represents the all-in amount you will repay over the life of the loan, including both the initial principal and all accrued interest.
How to Use the San Diego Mortgage Calculator
This free online tool is easy to use. Here are the step-by-step directions.
Step 1: Enter Your Home Price
Input the purchase price for the property that you and the seller have agreed on.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price that you’re going to pay upfront. A down payment calculator can help you decide what will work for you.
Step 3: Choose a Loan Term
Select the period of time over which you’ll repay your home loan. A shorter term will result in higher monthly payments but will cost you less in total interest, while a longer term offers more affordable monthly payments but will be more expensive in interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Input the interest rate you’re considering to the second or third decimal point — for example, 6.675%. If you’re looking at especially expensive properties, you may want to check interest rates available specifically for a jumbo loan.
Step 5: Enter Your Home’s Annual Property Tax
Input the tax as the percentage of the home’s value rather than the dollar amount. For example, if your property tax rate is 0.719%, you’ll enter 0.719.
Benefits of Using a Mortgage Payment Calculator
If you’re buying a home, a mortgage calculator is a powerful tool. When you enter a few pieces of information about a potential mortgage — such as your home price, down payment, interest rate, and loan term — it will provide you with estimates of the monthly payment and overall costs for that loan, letting you see how well the loan might work into your budget. It also has the ability to factor in your property tax if you enter your rate, giving you an even more comprehensive view of the costs. Additionally, the calculator can help you compare different interest rates and loan terms, making it easier to decide among the options you have and feel sure that you’re making a savvy, well-informed choice.
Note that the San Diego mortgage calculator is meant to be used for fixed-rate mortgages. However, if you choose a type of mortgage loan with 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 fluctuations of variable rates.
Deciding How Much House You Can Afford
The median sales price of a home in San Diego is $960,000 as of late 2025, according to Redfin. Let’s say you buy a house for that amount, pay a 20% down payment, and finance the rest with a 30-year fixed-rate mortgage at 7.00%. Your monthly payment would be about $5,110 (for principal and interest only).
Lenders often gauge affordability with the 28/36 rule, according to which you should spend no more than 28% of your gross monthly income on your mortgage and 36% or less on your total debt. Per this rule, for the above scenario to be affordable, you’d need to make approximately $219,000 per year and would have about $1,460 remaining to pay for other debts, such as student loans, credit card bills, and car payments. If you have a significant debt load, you might need a higher yearly income to make this an affordable mortgage for you.
The 28/36 rule isn’t the only way to assess affordability. A home affordability calculator can give you an estimate of how costly a home purchase your income might accommodate. Going through the mortgage preapproval process with a potential lender can also provide you with a sense of how large a loan you can afford.
Components of a Mortgage Payment
The primary components of your mortgage payment are the principal (the amount of money that you borrowed from your lender) and the interest. A portion of every payment you make will go toward paying off those two components. Depending on your lender and your loan type, other expenses might also be included in your payment, such as your property tax and homeowners insurance fees. Additionally, if you are paying PMI or homeowners association (HOA) fees, they could be included in your mortgage payment as well.
Exactly what your mortgage payment includes also depends on the kind of loan you have, so specialized calculators may be helpful in some cases. If you’re interested in a loan guaranteed by the Federal Housing Administration (FHA), you can try an FHA mortgage calculator, which allows for that loan’s mortgage insurance premiums. Likewise, a VA mortgage calculator takes into account relevant fees and can be useful if 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 San Diego, CA
With its perpetual sunshine, 70-degree weather, and miles of beautiful ocean beaches, San Diego is a popular city, the home of approximately 1.4 million people and host to more than 30 million visitors a year. Perhaps that’s why the city’s cost of living is significantly higher than the national average.
Let’s look at San Diego costs a little more closely. 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. The chart below shows the COLI numbers for a variety of expenses in San Diego, and you’ll note that all costs listed here are higher than the 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.
San Diego’s First-Time Homebuyer Assistance Programs
If you’re considering buying your first home in San Diego, there are several down payment assistance programs available that may be able to help you cover the initial costs associated with purchasing property. (Though some of these programs are for first-timers, as long as you haven’t owned a primary residence within the past three years, you may be able to qualify as a first-time homebuyer.)
The California Housing Finance Agency offers down payment assistance and loans (both conventional and government-backed). Particularly in San Diego’s competitive and pricey housing market, programs like these can go a long way toward making home ownership more affordable.
After you’ve purchased your home, you may wonder if there’s anything else you can do to lower your monthly payments a bit more. Consider these options.
• Drop PMI as soon as you reach 20% equity in your home. You’ll need to make a request to your lender, though the payments should be cancelled automatically once you have 22% equity.
• If you receive a bonus or other windfall, ask your lender to recast your mortgage. After you make a lump sum payment toward your principal, your lender may be willing to reamortize your loan, resulting in lower monthly payments.
• If you believe your property taxes are too high, you can appeal your property assessment to your tax authority. Start by researching recent comparable property assessments in your area to support your case. Successfully appealing could reduce your tax payments.
• Your lender may be willing to modify your loan if you suffer a significant financial hardship. Ask if it’s possible to get the terms of your mortgage changed, perhaps by lowering your interest rate or extending your loan term.
• Try to lower your homeowners insurance costs. You could increase your deductible, bundle insurance policies for a discount, or shop around for a less expensive policy.
• If interest rates go down or your credit improves, think about a mortgage refinance. Lowering your rate or extending your term can reduce how much you pay on a monthly basis.
The Takeaway
Using the San Diego mortgage calculator can provide you with useful insights into your financial readiness for homeownership. Knowing what a mortgage will cost you each month and in the long term can help you figure out what options will work best with your budget. Armed with this information, you can make well-informed decisions about what you need in a mortgage to afford the home of your dreams.
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.
What are principal and interest on a mortgage loan?
Your mortgage principal refers to the amount of money you borrowed to purchase your home, while interest is the cost of borrowing that principal amount.
Should I choose a 30-year or 15-year mortgage term?
Whether a 30-year or a 15-year mortgage term will work better for you depends on your finances. The longer term offers lower payments but higher overall interest. The 15-year term has higher payments but costs less in total interest and builds equity faster. If you can afford it on a monthly basis, a 15-year mortgage is a more economical choice over the long haul. If you prefer budget flexibility, a 30-year term may be better.
How can I get a lower mortgage interest rate?
To nab a lower mortgage interest rate, you can try improving your credit score, making a larger down payment, or shopping around for a lender willing to offer you a more favorable rate.
What income do you need for an $800,000 mortgage with a 6.50% interest rate?
To determine the income needed to afford an $800,000 mortgage, we’ll use the 28/36 rule, which suggests that your mortgage payment should not exceed 28% of your gross monthly income, and your total debt payments should be 36% or less. Let’s say you buy a home for $1 million, put 20% down, and finance the remaining $800,000 with a 30-year fixed-rate mortgage. Your monthly payment (for principal and interest only) would be approximately $5,057, meaning you’d need to make about $217,000 per year for this mortgage to be affordable. Bear in mind that you’d have about $1,445 per month to spend on other debts, which could include car loans, credit card bills, and student loans, for example. If you already have a significant debt load, you might need a higher yearly income to make this mortgage affordable.
SoFi Mortgages
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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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