Free Reno, NV Home Mortgage Loan Calculator
Reno, NV Mortgage Calculator
By SoFi Editors | Updated October 21, 2025
A Reno, Nevada, mortgage calculator is helpful for anyone considering purchasing a home in the “Biggest Little City in the World.” It can help you estimate monthly payments and understand the true cost of homeownership, allowing you to determine how much house you can afford based on your financial situation. Simply input the purchase price, down payment amount, interest rate, loan term, and property tax rate to view your potential monthly payment, total interest charges, and total cost of the loan. Here’s a complete guide on using the Reno mortgage calculator.
Key Points
• A Reno mortgage calculator estimates monthly payments, total interest paid, and total cost of the loan.
• Your credit score significantly impacts your mortgage interest rate, with a higher score securing more favorable rates and reducing the total cost of your loan.
• A 15-year mortgage term can help you build equity faster and pay less interest over the life of the loan, but it comes with higher monthly payments compared to a 30-year term.
• Down payment assistance programs can significantly ease the financial burden for first-time or low-income buyers, making homeownership more accessible.
• To reduce your monthly housing expenses, consider strategies like dropping private mortgage insurance (PMI) once you reach 20% equity, extending the loan term, or shopping for lower homeowners insurance rates.
Reno Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the purchase price of the home, which may differ from the initial listing price or the offer you initially made. Accurate input of the home price ensures that your financial estimates, including your home loan, are reliable.
• Down payment: The down payment is the amount the homebuyer pays upfront, typically expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%, with a 20% down payment often eliminating the need for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the mortgage. A 15-year term can help you build equity faster and pay less interest over the life of the loan, but it comes with higher monthly payments. A 30-year term offers lower monthly payments but results in more interest paid over time.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates can vary based on your credit score, debt-to-income ratio, and the type of mortgage loan. To secure a more favorable rate, consider building your credit score, reducing debt, or exploring different loan options.
• Annual property tax: The annual property tax is a component of your monthly housing costs, typically administered by the local government. This tax is often expressed as a percentage of the home’s assessed value.
• Total monthly payment: The total monthly payment includes the principal, interest, and property taxes. It may also include homeowners insurance, private mortgage insurance, and HOA fees.
• Total interest paid: This is the amount of interest you will pay over the life of the loan. This can be a substantial sum, especially for longer loan terms. To reduce the total interest paid, consider strategies like refinancing to a lower interest rate or opting for a shorter loan term.
• Total loan cost: The total loan cost represents the all-in amount you will pay for the loan. This includes both the original principal amount borrowed and all accrued interest over the life of the loan. The loan term plays a significant role in determining this total cost.
How to Use the Reno, NV Mortgage Calculator
Here is a step-by-step guide on how to use the Reno mortgage calculator effectively:
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property. The purchase price will directly impact your home loan amount and monthly payment.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point. A lower interest rate can significantly reduce your monthly payments and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to look at rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Property taxes are what you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. The Washoe County (Reno) property tax rate is 0.46% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments and homeownership costs, helping you determine affordability based on loan amount, interest rate, and term. It allows you to compare scenarios with different down payments or interest rates, and understand the impact of loan terms on your monthly expenses and total interest.
By using a mortgage calculator, you can gain a granular understanding of how various factors affect your financial commitment, ensuring that you make informed decisions and secure a home that fits your budget and financial goals.
This tool is invaluable for first-time homebuyers and those looking to refinance, as it provides a clear and detailed financial picture.
Recommended: Best Places to Live in Nevada
Deciding How Much House You Can Afford in Reno
In Reno, the median home sale price in 2025 was $530,000. Lenders advise keeping housing costs (mortgage, taxes, insurance, fees) under 28% of gross monthly income. To afford a $530,000 home, assuming a 20% down payment ($106,000) and a 7.00%, 30-year mortgage, you’d need roughly $121,000 in annual income. Your monthly mortgage payment would be about $2,821.
Total debt should stay under 36% of income, allowing for about $800 in other debt (student loans, auto loans, and credit cards). Use a home affordability calculator for a rough estimate based on income and debt obligations.
It can 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. The mortgage principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal.
Other components of a mortgage payment may include:
• Property taxes: Property taxes are local government taxes based on the value of your property. In Reno, the property tax rate is around 0.46% of the home’s assessed value.
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value.
• HOA fees: Monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
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 Reno, NV
Reno’s cost of living is about 4% lower than the national average. But housing is almost 11% higher, and transportation is more than 23% higher.
Cost of living is benchmarked at 100. In Reno, the cost of living index is 104.1. Here’s how Reno compares to the national average in other areas:
| Reno’s Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 104.1 |
| Groceries | 102.8 |
| Housing | 110.9 |
| Utilities | 93.6 |
| Transportation | 123.2 |
| Health Care | 88.7 |
| Miscellaneous Goods/Services | 98.7 |
Recommended: Average Monthly Expenses for One Person
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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.
Reno’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Reno, there are several Nevada down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both. To qualify, you typically must not have owned a primary residence within the past three years. These programs can make homeownership more accessible, especially for those with limited savings.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
Lowering your mortgage payment can free up room in your budget and make homeownership more manageable over time. Here are several ways to reduce your monthly mortgage costs:
• Get rid of PMI. Drop private mortgage insurance (PMI) once you reach 20% equity in your home, either through regular payments or home appreciation. This can significantly lower your monthly mortgage payment and reduce the overall cost of homeownership.
• Extend the term of your loan. While this increases the total interest paid, it can reduce your monthly payments, making the mortgage more manageable in the short term.
• Appeal your property taxes if you believe your assessment is too high. Start by gathering evidence, such as recent comparable home sales in your area, to support your case. While rare, a successful appeal can reduce your property tax bill, lowering your overall monthly mortgage payment.
• Modify your loan if you’re facing financial hardship. This can involve changing the interest rate, extending the loan term, or reducing the principal, helping you avoid foreclosure and stay in your home.
• Shop for a lower homeowners insurance rate. You may be able to lower your premium by increasing your deductible, bundling homeowners and auto insurance, or making upgrades that enhance your home’s security or storm resistance.
The Takeaway
A Reno mortgage calculator gives you a look at your potential monthly mortgage payment and total loan cost, allowing you to understand the full financial picture of purchasing a home before signing on the dotted line. It also helps you see how interest rates, down payment amounts, and loan terms affect your payment and total cost.
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.
FAQ
How much is the average mortgage in Reno?
The average mortgage payment in Reno was $3,490 in 2025. But payments for the same priced home vary based on down payment and interest rate.
What are principal and interest on a mortgage loan?
The principal on a mortgage loan is the amount you borrow 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 monthly payment goes toward interest, with the balance gradually shifting toward the principal over time.
How much should I put down on a mortgage?
How much you should put down on a mortgage depends on your individual financial situation. Most homebuyers put down between 3% and 20% of the purchase price of the home. A larger down payment can reduce your monthly mortgage payment and the total interest paid over the life of the loan. However, if you’re a first-time homebuyer or have limited savings, a smaller down payment may be your only option. If that’s the case, down payment assistance programs can help.
Should I choose a 30-year or 15-year mortgage term?
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 15-year option if you can afford the payments. If you need more budget flexibility, the 30-year term might be better.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, focus on building your credit score. A higher credit score can secure more favorable interest rates, as lenders view you as a lower risk. Pay down existing debts, make timely payments, and avoid opening new lines of credit before applying for a mortgage. Additionally, shop around for lenders and consider refinancing if market rates drop.
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-Q425-041
Get prequalified in minutes for a SoFi Home Loan.
Free Franklin, TN Home Mortgage Loan Calculator
Franklin, TN Mortgage Calculator
By SoFi Editors | Updated October 21, 2025
A Franklin, Tennessee, mortgage calculator can help you navigate the home-buying process by estimating your monthly mortgage payments, total interest paid, and total cost of the loan. By understanding the components of your mortgage payment and the total cost of homeownership, you can make informed decisions and avoid financial strain. Here’s an in-depth look at how to use the Franklin mortgage calculator.
Key Points
• A Franklin mortgage calculator can provide a realistic estimate of your monthly mortgage payment.
• To use the calculator, input your purchase price, down payment amount, loan term, interest rate, and property tax rate.
• The loan term affects your monthly payments and total interest paid; a longer term offers lower monthly payments but more interest over the life of the loan.
• Building your credit score can lead to more favorable interest rates, reducing both your monthly mortgage payments and the total interest paid over the life of the loan.
• Down payment assistance programs can significantly reduce the initial financial burden of homeownership, making it more accessible for first-time homebuyers and those with limited savings.
Franklin Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the agreed-upon purchase price between you and the home seller. It determines the home loan amount and your monthly payment obligation.
• Down payment: The down payment is the initial amount a homebuyer pays upfront when purchasing a property. It is often expressed as a percentage of the total purchase price, typically between 3% and 20%.
• Loan term: The loan term is the duration over which you will repay your mortgage. A longer term typically results in lower monthly payments but higher total interest paid over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the total mortgage loan amount. It can fluctuate based on borrower qualifications and market trends.
• Annual property tax: The annual property tax is a key component of your monthly mortgage payment, administered by the local government. It is typically expressed as a percentage of the home’s assessed value.
• Total monthly payment: The total monthly payment for a home includes the principal loan amount and the accruing interest. It helps you understand the complete financial commitment associated with homeownership.
How to Use the Franklin, TN Mortgage Calculator
The Franklin mortgage calculator will provide an estimate of your monthly payment, total interest paid, and total loan cost. Here’s how to use it:
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property. This figure might differ from the listing price and your initial bid.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home. A larger down payment can reduce your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI). A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the length of time over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point. A lower interest rate can significantly reduce your monthly payments and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to look at rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Property taxes are what you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. The Williamson County (Franklin) property tax rate is 0.43% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments and aids in understanding homeownership finances. It allows you to see how different down payment amounts, interest rates, and loan terms affect your monthly payments and overall cost of the loan.
If you’re refinancing your mortgage, the calculator allows you to compare your current mortgage with potential offers to find savings. Keep in mind, though, that if you lengthen your loan term, your payment may go down but your overall interest will increase.
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.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
Recommended: Best Places to Live in Tennessee
Deciding How Much House You Can Afford in Franklin
In Franklin, the median home sale price in 2025 was $778,000. Lenders advise keeping housing costs (mortgage, taxes, insurance, fees) below 28% of your gross monthly income. For a $778,000 home, you’d need about a $177,000 annual income with a 20% down payment ($155,600), for a 30-year mortgage at 7.00%. The monthly mortgage would be $4,141, not including property tax, HOA fees, or homeowners insurance.
Total debt shouldn’t exceed 36% of your income. That means other debts, such as student loans, auto loans, and credit cards, should not exceed $1,183 monthly. If other debts do exceed $1,183 per month, you’ll need a higher income to afford a home at this price. Use a home affordability calculator for a rough estimate based on income and debt obligations.
It can 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
A mortgage payment mainly includes principal and interest. Principal is the borrowed amount, while interest is the cost of borrowing. Different types of mortgage loans have varying interest rates and terms, which can affect how much of your monthly payment goes toward each component.
This calculator also factors in property taxes, which may be part of your monthly payment. In Franklin, the property tax rate is 0.43% of the home’s assessed value. Other components of a mortgage payment may include:
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value.
• HOA fees: Monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
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 Franklin, TN
According to BestPlaces, Franklin has a high cost of living, around 39.4% above the national average. Housing is a major factor, costing around 32% more than average. Expect high expenses for utilities, maintenance, and transportation, as well.
For a single person to live in Franklin, BestPlaces suggests a monthly income of $5,467 ($65,600 per year). For a family, that number increases to $12,510 per month, or $150,120 per year.
If you find Franklin to be out of your budget, consider surrounding cities, such as Thompson’s Station or Spring Hill. These cities sit further south than Franklin, but are full of family-friendly activities, restaurants, and schools.
Recommended: Average Monthly Expenses for One Person
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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.
Franklin’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Franklin, Tennessee, there are several Tennessee down payment assistance programs available to help you cover initial costs. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. To qualify, you typically must not have owned a primary residence within the past three years.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
If you’re looking to lower your mortgage payment, consider the following strategies:
• Drop private mortgage insurance (PMI) once you reach 20% equity in your home. Dropping PMI, either through payments or home appreciation, can significantly lower your monthly mortgage payment and reduce your overall expenses.
• Consider mortgage recasting if you receive a bonus or other windfall. This involves making a lump sum payment toward your loan amount, which your lender will then re-amortize. The result is a new, lower monthly payment based on the reduced principal, providing immediate financial relief and long-term savings.
• Appeal your property taxes if you believe they are excessively high. Start by reviewing the assessment to ensure it accurately reflects your home’s current market value. Gather supporting evidence, such as records of recent comparable sales, and present it to your local tax assessor for consideration.
• Modify your loan if you face financial hardships. This process involves negotiating with your lender to change the loan term, adjust the interest rate, or alter other terms of the agreement. Loan modifications can provide financial relief and help you stay in your home during tough times, but they often require proof of financial distress and a good faith effort to repay the loan.
• Refinance to a longer loan term to reduce your monthly payments. For example, switching from a 15-year to a 30-year mortgage can lower your payments, making the loan more affordable in the short term. However, extending the term means you’ll pay more in interest over the life of the loan.
• Shop for a lower homeowners insurance rate. Increasing your deductible can lower your premium, and bundling policies can provide discounts. Compare quotes from different insurance providers to find the best deal.
The Takeaway
Using a Franklin mortgage calculator can provide valuable insights into your financial readiness for homeownership. The calculator estimates your monthly mortgage payments based on purchase price, down payment amount, interest rate, loan term, and property tax rate. Knowing your monthly payment will ensure that buying a home in Franklin aligns well with your financial goals and overall financial well-being.
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.
FAQ
How much is the average mortgage in Franklin?
The average mortgage amount in Franklin was $4,930 in 2025. However, payments for the same priced home can vary based on down payment and interest rate. A Franklin mortgage calculator can help you get a more accurate estimate based on current local conditions and your specific financial situation.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly influences your mortgage loan interest rate. A higher credit score generally leads to more favorable interest rates, reducing the total cost of the loan. Conversely, a lower credit score may result in higher interest rates, increasing your monthly payments and the overall amount you pay over the life of the loan. Building your credit score before applying can help you secure better terms.
What are principal and interest on a mortgage loan?
Your mortgage payment consists of two main components: principal and interest. The principal is the portion of the payment that reduces the loan balance, while the interest is the cost of borrowing the money. 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.
How much should I put down on a mortgage?
Deciding on a down payment is a crucial step in the homebuying process. A larger down payment can reduce your monthly payments and potentially eliminate the need for private mortgage insurance (PMI). However, the minimum down payment varies by loan type. Conventional loans may require as little as 3%, while FHA loans need a minimum of 3.5%. Use a down payment calculator to explore different scenarios and find the best balance between affordability and financial security.
Should I choose a 30-year or 15-year mortgage term?
When choosing between a 30-year and 15-year mortgage, consider your finances. A 30-year loan offers lower payments but more interest. A 15-year loan saves on interest but has higher payments. Use a mortgage calculator to compare costs and payments for each term to make an informed decision.
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-Q425-037
Get prequalified in minutes for a SoFi Home Loan.
Free Las Vegas, NV Home Mortgage Loan Calculator
Las Vegas, NV Mortgage Calculator
By SoFi Editors | Updated October 21, 2025
A Las Vegas, Nevada, mortgage calculator helps estimate monthly payments for those looking to purchase a home in the City of Lights. In addition to monthly payments, the calculator shows your total interest paid and total cost of the loan, helping you see the full financial implications of buying a home. Here’s an in-depth guide on how to use the Las Vegas mortgage calculator.
Key Points
• A Las Vegas mortgage calculator helps estimate monthly payments, total interest, and overall loan costs, making the homebuying process more informed and manageable.
• The calculator allows you to see how different down payment amounts, interest rates, and loan terms affect your monthly payment.
• A 20% or more down payment can help you avoid private mortgage insurance (PMI) and lower your monthly mortgage payments.
• A shorter loan term, such as 15 years, can result in lower total interest paid but higher monthly payments, while a 30-year term has the opposite effect.
• Exploring down payment assistance programs can make the initial investment more manageable, especially for first-time homebuyers in Las Vegas.
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer. It directly affects the amount of your home loan you might qualify for.
• 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%, with a 20% down payment typically recommended to avoid private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the mortgage. A shorter term can result in lower total interest paid over the life of the loan but higher monthly payments. Borrowers should consider their financial situation and goals when choosing a loan term.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates can vary based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: The annual property tax is administered by the local government and expressed as a percentage of the home’s assessed value.
• Total monthly payment: The total monthly payment includes the principal, interest, and property tax. It may also include homeowners insurance, private mortgage insurance, and HOA fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure can be substantial, especially for longer loan term options. By making a larger down payment or choosing a shorter loan term, you can reduce the total interest paid, potentially saving thousands of dollars over the life of the loan.
• Total loan cost: The total loan cost is the all-in amount you will pay for the loan, including both principal and interest. A longer loan term will result in a higher total loan cost due to the additional interest paid over the extended period.
How to Use the Las Vegas, NV Mortgage Calculator
To use the Las Vegas mortgage calculator, follow these steps:
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property. The purchase price will directly impact your home loan amount and monthly payment.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point. A lower interest rate can significantly reduce your monthly payments and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to look at rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Property taxes are what you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. The Clark County (Las Vegas) property tax rate is 0.50% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a valuable tool for estimating your monthly mortgage payments and understanding the financial implications of different loan scenarios. It can help you assess how much house you can afford before you start house hunting, based on factors like the loan amount, interest rate, and loan term. Plus it shows how different interest rates and loan terms affect your payments.
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.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
Recommended: Best Places to Live in Nevada
Deciding How Much House You Can Afford in Las Vegas
In Las Vegas, the median home sale price in 2025 was $445,000. Lenders advise keeping housing costs (mortgage, taxes, insurance, fees) under 28% of gross monthly income. To afford a $445,000 home, assuming a 20% down payment ($89,000) and a 7.00%, 30-year mortgage, you’d need roughly $101,000 in annual income. Your monthly mortgage payment would be $2,368.
Lenders also advise that total debt should stay within 36% of your income. That means other debts, such as student loans, auto loans, and credit cards, should not exceed $675 monthly. If other debts do exceed $675 per month, you’ll need a higher income to afford a home at this price. Use a home affordability calculator for a rough estimate based on income and debt obligations.
It can 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 include:
• Principal: The mortgage principal is the portion of your payment that goes toward paying down the original loan amount.
• Interest: The interest is the cost of borrowing money, calculated as a percentage of the remaining loan balance. Here’s a good mortgage interest rate right now.
• Property taxes: Property taxes are local government taxes based on the value of your property. In Las Vegas, the property tax rate is around 0.50% of the home’s assessed value.
• Homeowners insurance: Homeowners insurance provides protection against damage to your home and personal property.
• Private mortgage insurance (PMI): PMI is required if your down payment is less than 20% of the home’s value, to protect the lender.
• HOA fees: These are monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
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 Las Vegas, NV
Las Vegas’ cost of living is just below the national average. Health care is almost 15% below, but housing, utilities, and transportation are all above the national average.
Cost of living is benchmarked at 100. In Las Vegas, the overall cost of living index is 98.5. Here’s how Las Vegas compares to the national average in other areas:
| Las Vegas Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 98.5 |
| Groceries | 103.6 |
| Housing | 104.5 |
| Utilities | 114.1 |
| Transportation | 114.7 |
| Health Care | 85.4 |
| Miscellaneous Goods/Services | 85.2 |
For affordable options, explore Las Vegas areas with lower property values and neighborhoods matching your budget. Lifestyle and family size also affect your overall expenses.
Recommended: Average Monthly Expenses for One Person
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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.
Las Vegas’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Las Vegas, there are several Nevada down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. To qualify, you typically must not have owned a primary residence within the past three years. Research local programs and consult with a lender to find the best fit for your financial situation.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
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 (PMI) once you reach 20% equity in your home. This can be achieved through regular payments or home appreciation and will save you money on your monthly mortgage payment.
• Shop for a lower homeowners insurance rate. By comparing quotes from different insurers, you can potentially save hundreds of dollars each year. A lower homeowners insurance rate can make a noticeable difference in your overall monthly costs.
• Appeal your property taxes if you believe your assessment is too high. Start by reviewing your annual property tax assessment to identify any discrepancies. While rare, a successful appeal can reduce your property tax bill, lowering your overall monthly mortgage payment.
• Modify your loan if you’re facing financial hardship. Loan modifications can involve extending the loan term, reducing the interest rate, or even forgiving a portion of the principal. Contact your lender to discuss your options and provide documentation of your financial situation.
• Extend the term of your loan to reduce monthly payments. For instance, if you originally had a 15-year mortgage, refinancing your mortgage to a 30-year loan term can significantly lower your monthly payments. However, this strategy comes with a trade-off: you’ll pay more in interest over the life of the loan.
The Takeaway
A Las Vegas mortgage calculator estimates your monthly payments and helps you understand the financial implications of different loan scenarios. To use, simply enter in the purchase price of the home, the down payment amount, the interest rate, the loan term, and the property tax rate. The insights you come away with will ensure that buying a home in Vegas aligns well with your financial goals and overall well-being.
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.
FAQ
How much is the average mortgage in Las Vegas?
The average mortgage payment in Las Vegas was $2,920 in 2025. Payments can vary based on factors like home price, down payment, and interest rate.
What are principal and interest on a mortgage loan?
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, with the balance gradually shifting toward the principal over time.
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 20% down payment is often recommended to avoid private mortgage insurance (PMI), which can add to your monthly costs. However, if you’re a first-time homebuyer, you might explore down payment assistance programs that offer more flexible terms, such as a 3.5% down payment for FHA loans. Consider your savings, debt, and long-term financial goals to determine the right down payment amount for you.
Should I choose a 30-year or 15-year mortgage term?
When choosing between a 30-year or 15-year mortgage, consider your finances. A 30-year mortgage offers lower payments but more interest. A 15-year mortgage has higher payments but less interest. If you can afford higher payments, a shorter term builds equity faster and saves on interest.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, focus on building your credit score. A higher credit score can lead to more favorable terms. To build your credit score, pay all of your bills on time, keep your credit utilization ratio low, and regularly monitor your credit report for any errors. Additionally, consider shopping around for lenders, as rates can vary.
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-Q425-036
Get prequalified in minutes for a SoFi Home Loan.
Free Des Moines, IA Home Mortgage Loan Calculator
Des Moines, IA Mortgage Calculator
By SoFi Editors | Updated October 21, 2025
A Des Moines, Iowa, mortgage calculator helps prospective homebuyers estimate monthly payments, total interest, and the overall cost of a mortgage, making it easier to navigate the financial aspects of homeownership. By inputting key details such as the home price, down payment, loan term, and interest rate, you can get a clearer picture of your financial obligations and make informed decisions about your home purchase.
Key Points
• A Des Moines mortgage calculator helps estimate monthly payments, total interest, and overall loan costs, providing helpful insights for local homebuyers.
• The calculator allows you to see how different down payment amounts, interest rates, and loan terms affect your monthly payment.
• Your credit score plays a vital role in securing a lower interest rate. Those with higher credit scores typically receive the lowest interest rates.
• The loan term, typically 15 or 30 years, significantly impacts monthly payments and total interest paid, with shorter terms leading to higher payments but less interest.
• Down payment assistance programs in Des Moines can offer grants, tax credits, or loans to make the down payment more manageable, especially for first-time homebuyers.
Des Moines Mortgage Calculator
Calculator Definitions
• Home price: The home loan amount is directly influenced by the home price, which is the purchase price you have agreed to with the home seller. This price may differ from the listing price and your initial offer.
• 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%.
• Loan term: The loan term is the length of time you have to repay the mortgage. A shorter term can result in higher monthly payments but less interest paid over the life of the loan. Common terms are 15 years and 30 years.
• Interest rate: The interest rate represents the cost of borrowing money, typically expressed as a percentage of the total loan amount. A lower interest rate leads to lower monthly payments and total interest paid.
• Annual property tax: The annual property tax directly impacts your total monthly mortgage payment. In Des Moines, the property tax rate is typically around 1.76% of the home’s assessed value.
• Total monthly payment: The total monthly payment includes the principal amount borrowed, the interest charged on the loan, and property taxes. It also may include homeowners insurance, private mortgage insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid represents the amount of interest you will be responsible for paying over the entire life of the loan. This amount is influenced by both the interest rate and the loan term.
• Total loan cost: The total loan cost represents the all-in amount you will ultimately repay for the loan, encompassing both the principal amount borrowed and the accumulated interest. A longer loan term will generally result in a higher total loan cost due to the additional interest paid over the extended period.
How to Use the Des Moines, IA Mortgage Calculator
To use the Des Moines mortgage calculator, follow these steps:
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property. This figure might differ from the listing price and your initial bid. The purchase price will directly impact your home loan and monthly payment.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home. A larger down payment can reduce your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI). A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point. A lower interest rate can significantly reduce your monthly payments and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to look at rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Property taxes are what you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. The Polk County (Des Moines) property tax rate is 1.76% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps prospective homebuyers estimate affordability by calculating monthly payments based on loan amount, interest rate, and term. It facilitates cost comparisons, showing how interest rates and loan terms affect monthly payments.
Understanding down payments can help avoid PMI. A larger down payment (20% or more) both reduces your monthly mortgage payments and eliminates the need for PMI.
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.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
Recommended: Best Places to Live in Iowa
Deciding How Much House You Can Afford in Des Moines
In Des Moines, the median home sale price in 2025 was $219,000. Lenders suggest that housing costs should not exceed 28% of your gross monthly income. To afford a $219,000 home, you would need an annual income of approximately $50,000, assuming a 20% down payment of $43,800, and a 30-year mortgage at 7.00%. The estimated monthly mortgage payment would be $1,166.
Additionally, your total debt payments should stay within 36% of your gross income, allowing about $330 for other debts. Larger down payments can reduce the mortgage amount, and securing a lower interest rate can increase your chances of mortgage approval. Mortgage preapproval can help you determine your qualification and strengthen your position as a buyer.
To make a well-informed decision, consider your budget, income, and financial goals. Use a home affordability calculator for a rough estimate based on income and debt obligations.
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. The mortgage principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal. Different types of mortgage loans have varying interest rates and terms, which can affect how much of your monthly payment goes toward each component.
This calculator also factors in property taxes, which may be part of your monthly payment. In Des Moines, the baseline property tax rate is around 1.76% of the home’s assessed value. Other components of a mortgage payment may include:
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value.
• HOA fees: Monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
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 Des Moines, IA
Cost of living greatly impacts affordability. Des Moines’s cost of living is below (about 14%) the national average. Housing falls much below the national average, close to 35%.
The national average cost of living is benchmarked at 100. In Des Moines, the overall cost of living index is 85.8. Here’s how Des Moines compares to the national average in other areas:
| Des Moines Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 85.8 |
| Groceries | 99.6 |
| Housing | 66.1 |
| Utilities | 81.0 |
| Transportation | 93.0 |
| Health Care | 87.4 |
| Miscellaneous Goods/Services | 95.0 |
Recommended: Average Monthly Expenses for One Person
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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.
Des Moines’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Des Moines, there are several Iowa down payment assistance programs available to help you cover the initial costs. These programs often provide grants, tax credits, or low-interest loans to assist with down payments and closing costs. To qualify, you typically must not have owned a primary residence within the past three years.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
There are several strategies you can explore to reduce your mortgage payment. Here are some options to consider:
• Drop private mortgage insurance (PMI) once you reach 20% equity in your home. This can be achieved through regular payments or home appreciation, significantly lowering your monthly mortgage payment.
• Consider mortgage recasting if you receive a bonus or other windfall. By making a lump sum payment toward your mortgage principal, your lender will re-amortize the loan, resulting in a new, smaller balance and lower monthly payments.
• Modify your loan if facing financial hardships. This might involve extending the loan term, reducing the interest rate, or lowering the principal, making monthly payments more manageable.
• Refinance your mortgage if rates have dropped or you’ve built your credit score. A mortgage refinance allows you to potentially qualify for a lower rate or extend your loan term, both of which could lower your monthly payment. Keep in mind, though, that by extending your term, you’ll pay more in interest over the life of the loan.
• Shop for a lower homeowners insurance rate. You can explore options such as increasing your deductible amount, bundling multiple insurance policies, or making specific home improvements to reduce your insurance premium and lower your total monthly payment.
The Takeaway
A Des Moines mortgage calculator is a powerful tool for prospective homebuyers, helping you estimate monthly payments, total interest, and overall loan costs. Whether you’re exploring different down payment scenarios, considering a longer loan term, or looking to refinance your mortgage, a mortgage calculator can provide the insights you need to make informed financial decisions.
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.
FAQ
How much is the average mortgage in Des Moines?
The average mortgage payment in Des Moines was $1,730 in 2025. But payments for the same priced home vary based on several factors, including the home price, the down payment size, and prevailing interest rates. A mortgage calculator can be a helpful tool to determine the typical monthly payment for homes in the area you’re considering.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a large role in determining 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 pay over the life of the loan. Conversely, a lower credit score may result in a higher interest rate. You can build your credit score prior to applying for a mortgage by paying all of your bills on time, keeping your credit utilization ratio low, and disputing any errors on your credit report.
What are 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 principal. Different types of mortgage loans have varying interest rates and terms, which can affect how much of your monthly payment goes toward each component.
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 mortgage loan you choose. A larger down payment can reduce your monthly payments and the total interest you pay over the life of the loan, and possibly reduce your need for private mortgage insurance. Most buyers put down between 3% and 20% of the purchase price of the home.
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-Q425-033
Get prequalified in minutes for a SoFi Home Loan.
Free Idaho Falls, ID Home Mortgage Loan Calculator
Idaho Falls, ID Mortgage Calculator
By SoFi Editors | Updated October 21, 2025
Whether you are buying your first home or looking to upgrade, an Idaho Falls, Idaho, mortgage calculator can help you determine your potential monthly payment, total interest paid, and total loan cost. Simply input your purchase price, down payment amount, loan term, interest rate, and property tax rate. Here’s a detailed guide on how to use the Idaho Falls calculator during your home search.
Key Points
• Using an Idaho Falls mortgage calculator can help you estimate the monthly payments and total loan cost to make a financially sound decision.
• The calculator allows you to see how different down payment amounts, interest rates, and loan terms affect your monthly payment.
• Building your credit score can help you secure a lower mortgage interest rate, leading to lower monthly payments and less interest paid over the life of the loan.
• Down payment assistance programs in Idaho can significantly reduce the initial financial burden for first-time homebuyers and those with limited savings.
• Strategies to reduce your housing expenses include dropping PMI once you have 20% equity, shopping for lower homeowners insurance rates, and refinancing after you’ve built your credit score.
Idaho Falls Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. A higher home price will generally result in a larger loan amount and higher monthly payments, so it’s important to consider your budget and the local market conditions when determining the right price for your new home.
• 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 reduce your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the mortgage. A 15-year mortgage term can help you build equity faster and pay less interest over the life of the loan, but it comes with higher monthly payments. Conversely, a 30-year term offers lower monthly payments, making it more manageable for many homebuyers.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates can vary based on your credit score, market trends, and the type of mortgage loan you choose. A lower interest rate can significantly reduce your monthly payments and the total interest you pay over the life of the loan.
• Annual property tax: Property tax is administered by the local government and is usually expressed as a percentage of the home’s assessed value. In Idaho Falls, property taxes are 0.55%.
• Total monthly payment: The total monthly payment includes the principal and interest you will pay each month. This calculator also includes property tax. Additionally, your payment may incorporate homeowners insurance, homeowners association (HOA) fees, and private mortgage insurance (PMI).
• Total interest paid: This is the amount of interest you will pay over the life of the loan. This figure is influenced by the interest rate, the loan term, and the loan amount. A lower interest rate or a shorter loan term can significantly reduce this amount.
• Total loan cost: The total loan cost represents the all-in amount you will ultimately repay for the loan, encompassing both the principal amount and the accumulated interest.
How to Use the Idaho Falls, ID Mortgage Calculator
Using the Idaho Falls mortgage calculator is a straightforward process that can provide an estimate of your monthly payments, total interest paid, and total loan cost. You can also adjust additional costs like property taxes to get a more accurate picture of your financial commitment. Here is a step-by-step guide on how to use the calculator.
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property. This figure might differ from the listing price and your initial bid. The home price determines the size of the home loan you will need.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home. A larger down payment can reduce your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI). A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for. A lower interest rate can significantly reduce your monthly payments and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to look at rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Enter the property tax percentage, not the dollar amount. The Bonneville County (Idaho Falls) property tax rate is 0.55%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps calculate monthly payments based on loan amount, interest rate, and term. You can compare scenarios and see how these factors impact payments.
The calculator also shows how down payments affect your loan. Larger down payments can help you avoid private mortgage insurance and lower your monthly payments. Depending on your financial situation, it may make sense to save up for a larger down payment prior to purchasing a home.
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.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
Recommended: Best Places to Live in Idaho
Deciding How Much House You Can Afford in Idaho Falls
Idaho Falls’ median home sale price in 2025 was $369,000. Lenders suggest housing costs be under 28% of gross monthly income. Under that rule, affording a $369,000 home would require roughly $84,000 in annual income, assuming 20% down ($73,800), 7.00% interest, and a 30-year mortgage. Monthly payments would be $1,964.
Total debt should be within 36% of income, limiting other debts (student loans, auto loans, credit card payments) to $560 monthly, based on this example. To make a well-informed decision, consider your budget, income, and financial goals. Use a home affordability calculator for a rough estimate based on income and debt obligations.
It can 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. This calculator also factors in property taxes, which may be part of your monthly payment. In Idaho Falls, the baseline property tax rate is around 0.55% of the home’s assessed value, but additional local taxes and assessments can increase this.
Other components of a mortgage payment may include:
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value.
• HOA fees: Monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
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 Idaho Falls, ID
Cost of living significantly impacts affordability. Areas with higher costs of living usually have higher home prices, utilities, and transportation expenses. Idaho Falls’ cost of living index is about 17% below the national average, primarily due to its lower housing costs.
According to Payscale, housing in Idaho Falls is 41% lower than the national average, groceries are 4% lower, and utilities are 17% lower. Transportation costs are 2% higher than the national average.
Recommended: Average Monthly Expenses for One Person
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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.
Idaho Falls’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Idaho Falls, there are several Idaho down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. To qualify, you typically must not have owned a primary residence within the past three years.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
If you’re looking to reduce your monthly mortgage payment, the following strategies can help you save money and manage your home loan more efficiently:
• Drop private mortgage insurance (PMI) if your down payment was less than 20%. Once you reach 20% equity in your home, either through payments or home appreciation, you can request to remove PMI, further reducing your monthly expenses.
• Consider mortgage recasting if you receive a bonus or other windfall. This involves making a lump sum payment toward your mortgage principal, which your lender will then re-amortize with the same interest rate and term, resulting in a new, smaller balance and lower monthly payments.
• Appeal your property taxes if you believe they are too high. Property taxes are based on an assessment of both your home and the land it sits on, and if you think this assessment is inaccurate or unfair, you are entitled to challenge it.
• Explore options to modify your loan if you face financial hardship. This might involve extending the loan term, reducing the interest rate, or lowering the principal balance.
• Refinance your mortgage if rates have dropped or you’ve built your credit score. A mortgage refinance allows you to potentially qualify for a lower rate or extend your loan term, both of which could lower your monthly payment. Keep in mind, though, that by extending your term, you’ll pay more in interest over the life of the loan.
• Shop around for a more affordable homeowners insurance rate. Comparing quotes from different providers can result in considerable savings. You may also reduce your premium by increasing your deductible amount, bundling your homeowners and auto insurance policies with the same provider, or making upgrades to your home that enhance its security features or storm resistance.
The Takeaway
Using an Idaho Falls mortgage calculator provides valuable insights into your estimated monthly payment and total loan cost. By considering all relevant factors — such as your down payment amount, interest rate, and loan term — the calculator can help you find a home that comfortably fits within your budget and aligns with your long-term financial goals.
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.
FAQ
How much is the average mortgage in Idaho Falls?
The average mortgage payment in Idaho Falls in 2025 was $2,300 per month. However, payments vary based on the price of the home, the size of the down payment, and the interest rates at the time of purchase.
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 down payment calculator can help you estimate the required amount based on the home price and loan type, but most buyers put down between 3% and 20% of the purchase price of the home.
How can I get a lower mortgage interest rate?
To secure a lower mortgage interest rate, focus on building your credit score. A higher credit score can significantly reduce the interest rate you qualify for, leading to lower monthly payments and less interest paid over the life of the loan. You can build your credit score by paying all of your bills on time, keeping your credit utilization ratio low, and disputing any errors on your credit report.
How much is a $600,000 mortgage payment for 30 years?
For a 30-year fixed mortgage at a 7.00% interest rate, the monthly payment would be approximately $3,992. This assumes no down payment and does not take into account property taxes, private mortgage insurance, or homeowners insurance. If you put down 20%, or $120,000, the payment would be $3,193 (assuming all other variables remain the same).
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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