South Carolina Jumbo Mortgage Loan Calculator
South Carolina Jumbo Loan Calculator
By SoFi Editors | Updated December 2, 2025
If you’re considering purchasing a higher-priced property in South Carolina, a jumbo loan could be a good fit. Our South Carolina jumbo loan calculator is a valuable tool to help you estimate your potential monthly payment and total costs. Use this guide to learn about jumbo loans and make an informed decision about your future home in South Carolina.
Key Points
• A jumbo loan is required for large amounts that exceed the conforming loan limit, which is $806,500 throughout South Carolina.
• To qualify for a jumbo loan, you will need to make a significant down payment (at least 10%) and have substantial cash reserves.
• Our jumbo loan calculator can help you estimate monthly payments, total interest, and the overall costs of a jumbo mortgage.
• The South Carolina jumbo mortgage calculator includes property tax, but not homeowners insurance or HOA fees.
South Carolina Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage exceeding the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The conforming loan limit in 2025 for a single-family home in South Carolina is $806,500.
• Home price: The home price is the purchase price you’ve agreed upon with the home seller. It affects your estimated monthly mortgage payment, total interest paid, and overall loan cost.
• Down payment: The down payment is the initial amount paid upfront. Jumbo loan requirements can be more strict, and you’ll typically need to put down at least 10% of the home price for this type of mortgage loan.
• Loan term: The loan term is the time period to repay the mortgage (typically 30 or 15 years). Terms of 10 or 20 years are also available. A longer term lowers monthly payments but increases total interest paid; a shorter term saves on interest but increases monthly payments.
• Interest rate: Interest, expressed as a percentage of the loan amount, is the cost of borrowing.
• Annual property tax: Local governments charge tax on land and buildings. This property tax is typically a percentage of the property’s assessed value, which may differ from its market value.
Recommended: Jumbo Loans vs. Conventional Loans
How to Use the South Carolina Jumbo Loan Calculator
To get the most out of your South Carolina jumbo loan calculator, follow these steps:
Step 1: Enter Your Home Price
Type in the home price listed on your contract.
Step 2: Enter Your Down Payment Amount
Next, enter how much you will pay for a down payment. A jumbo loan requires at least 10% of the home price upfront.
Step 3: Select a Loan Term
Choose a loan term between 10 and 30 years.
Step 4: Enter Your Interest Rate
Enter your anticipated interest rate, to the second or third decimal point.
Step 5: Enter Your Property Tax Rate
Lastly, enter your annual property tax rate as a percentage. South Carolina’s average rate is 0.53%.
What Are Jumbo Loans and Conforming Loan Limits?
If you’re contemplating buying a high-priced home, you will want to figure out what a jumbo loan is. It’s a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The conforming loan limit in 2025 for a single-family home in South Carolina is $806,500. For a loan amount above this limit, you will need to seek a jumbo loan.
As you compare jumbo loans vs. conventional loans, you will see that jumbo loans often have more strict qualification criteria. In general, a borrower needs a higher credit score (700+) and significant cash reserves to qualify.
Jumbo loan requirements also typically say a down payment of 10% is required, although some lenders look for 20%. Fortunately, private mortgage insurance (PMI) is typically not required for down payments less than 20%.
Recommended: The Pros and Cons of Jumbo Loans
Benefits of Using a Jumbo Loan Payment Calculator
There are many advantages to using the South Carolina jumbo loan mortgage calculator. Homebuyers will find that it can help with budgeting by providing an estimate of your monthly mortgage payment, including principal, interest, and property taxes.
To make an informed decision, use the calculator to compare offers from multiple lenders and find the loan that best serves your needs. This tool also shows how changes in interest rates can affect your payments, allowing you to plan for different scenarios.
How to Use the Jumbo Loan Calculator to Compare Scenarios
As you consider purchasing a new home in South Carolina, use the South Carolina jumbo loan calculator to compare loan scenarios that meet your budget and financial goals. Here’s what to do:
• Modify the home price to see how it affects affordability. Remember that you may qualify for a higher loan amount than you can comfortably afford.
• Consider a larger down payment to reduce your overall interest costs.
• Explore shorter loan terms to save on interest, although that will mean higher monthly payments.
• Use the calculator to evaluate how minor rate changes could affect a jumbo loan.
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:
Deciding How Much House You Can Afford in South Carolina
You will need to determine how much house you can afford in South Carolina. Start with the guideline that says housing costs shouldn’t exceed 28% of your gross monthly income. If you are looking to purchase a $1 million home in South Carolina with a 10% down payment ($100,000), a 30-year term, and 6.75% interest rate, your monthly payment would be around $5,837, excluding taxes and insurance. You would need to earn an annual income of around $250,000 to comfortably afford that payment, assuming you have no other debts.
Lenders also suggest your total debt payments be less than 36% of your gross monthly income; other debt shouldn’t exceed about $1,600 monthly in this case. If you want to factor in other debts, such as a car loan, student loan, or credit card payment, you can use a home affordability calculator.
Another way to help you determine affordability is to go through the mortgage preapproval process with a lender, where you provide detailed financial information. The lender will let you know whether you qualify for a loan and, if so, in what amount and under what terms.
Recommended: Income Needed for a $900,000 Mortgage
Components of a Jumbo Loan Payment
Even though there are different types of mortgage loans, the core elements of any mortgage payment remain the same: the principal and interest. The South Carolina jumbo loan calculator also includes annual property tax, which may be part of your monthly payment.
Other financial obligations that may be rolled into your mortgage bill are homeowners insurance and homeowners association (HOA) dues. Understanding these components helps you get a more accurate picture of your total commitment, ensuring you are well-prepared for the financial responsibilities of homeownership.
Run the numbers on your home loan.
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Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
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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.
Cost of Living in South Carolina
When buying a home in South Carolina, researching the cost of living can help you decide how much home you can afford. States with a lower cost of living typically have more reasonable home prices along with lower expenses for utilities, maintenance, and transportation.
With a cost of living index of 92.5, South Carolina is about 7% more affordable than the national average. Housing costs (79.9) are especially budget friendly — by about 20% — and utilities (96.0) also tend to be less expensive.
Tips on Reducing Your Jumbo Loan Payment
Consider these tips to help you lower your monthly loan payment:
• Compare prices with insurance providers and see if they offer a discount for a multi-line policy (auto and home, for example). You can also opt for a higher deductible.
• Extend the term of your loan to reduce monthly payments, though this increases the total interest you’ll pay.
• If you face financial hardship in the future, talk to your lender about a loan modification.
• If interest rates drop, consider a mortgage refinance; just remember that to refinance a jumbo loan requires that you pay closing costs again.
The Takeaway
If you’re considering a jumbo mortgage loan in South Carolina, use the jumbo loan calculator to estimate your monthly payments and total costs. This tool allows you to try out different down payments, interest rates, and loan terms so you can make a financial choice that fits your budget and helps you prepare to find and afford your dream home.
When you’re ready to take the next step, consider what SoFi Home Loans have to offer. Jumbo loans are offered with competitive interest rates, no private mortgage insurance, and down payments as low as 10%.
SoFi Mortgages: We make mortgage loan applications smart and simple.
FAQ
What credit score is needed for a jumbo loan?
Lenders typically like to see a credit score of 700 or higher to secure a jumbo loan (for a conventional conforming mortgage, the credit score is usually 620), although some lenders prefer a credit score of 720 or higher. Jumbo loans have stricter criteria, including a low debt-to-income ratio and significant cash reserves. To increase your chances of approval, work on improving your credit score by paying down credit card debt and higher-interest loans.
How much are closing costs on a jumbo loan?
Closing costs for a jumbo loan in South Carolina typically range from 2% to 5% of the property’s price. For a $1 million home, this translates to an estimated expense of $20,000 to $50,000.
Is $900,000 a jumbo loan?
Yes, a $900,000 mortgage is typically classified as a jumbo loan in most parts of the U.S. In 2025, the conforming loan limit for a single-family home is $806,500. This limit is higher in designated high-cost areas.
Do you need 20% for a jumbo loan?
While some lenders require a 20% down payment, many lenders now accept a down payment as low as 10% for a jumbo loan.
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.
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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Vermont Mortgage Refinance Calculator
Vermont Mortgage Refinance Calculator
By SoFi Editors | Updated December 5, 2025
Mortgage refinancing can save you money on monthly payments or long-term interest, but it’s also important to fully understand the potential benefits and possible costs. A Vermont mortgage refi calculator can be a great resource. Our tool helps provide estimates for your monthly payments, shows you the total interest you might pay over the life of the loan and calculates the break-even point, an important figure that helps you determine whether refinancing will outweigh the initial costs.
Key Points
• The refinance calculator helps estimate monthly payments, total interest costs, and the break-even point, all key elements to make an informed refinancing decision.
• Even a quarter percentage point reduction in your interest rate can lead to substantial savings over the life of the loan, making refinancing a potentially advantageous move.
• Factor in mortgage refinancing costs, which typically range from 2% to 5% of the loan amount.
• Extending the term of your loan can lower monthly payments but increase total interest paid. Shortening the term can do the opposite, so consider your financial goals carefully.
Calculator Definitions
• Remaining loan balance: The remaining loan balance is what you owe on your existing mortgage. This affects how soon you can refinance a mortgage, as you usually need to have at least 20% equity in your home.
• Current/New interest rate: Interest is the percentage of the loan amount charged annually by the lender. A new interest rate can significantly affect both your monthly payments and the total interest you’ll pay over the duration of the loan.
• Remaining/New loan term: The loan term represents the duration over which you will be expected to repay your mortgage after completing the refinancing process. Choosing a shorter term can save you a significant amount of money in interest payments over the life of the loan, but it will also lead to an increase in your monthly payments.
• Points: Mortgage points, or discount points, are optional upfront fees you pay a lender to lower your interest rate. Each point usually costs 1% of the total loan amount, but the rate reduction varies by lender.
• Other costs and fees: Other costs and fees include origination, appraisal, and attorney fees. Mortgage refinancing costs tend to range from around 2% to 5% of the new loan amount.
• Monthly payment: Your monthly mortgage payment typically includes the principal and interest. Our refi mortgage calculator can help you compare your current monthly payment with the estimated payment after refinancing to potentially secure better terms.
• Total interest: Total interest is the cost of borrowing over the full term of the loan. To calculate potential savings, compare the total interest you’d pay on your existing mortgage with the projected total interest on a mortgage refinance.
How to Use the Vermont Mortgage Refinance Calculator
A Vermont mortgage refinance calculator estimates savings and costs, helping you decide whether refinancing is beneficial. Here’s how to use the Vermont calculator effectively.
Step 1: Enter Your Remaining Loan Balance
Start by entering your remaining loan balance. This figure represents the principal amount you owe on your current home loan.
Step 2: Add Your Current Interest Rate
Input your current interest rate. This helps estimate your current monthly payment and total interest costs, which can be compared with potential new rates and terms. Your interest rate depends on market conditions, your credit history, and the type of mortgage loan you choose.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate based on current mortgage rates for your area or offered by lenders.
Step 4: Select Your Remaining Loan Term
Select the number of years that remain on your current mortgage. This estimates the total interest you’d pay if you kept your current mortgage.
Step 5: Choose a New Loan Term
Choose a new loan term and see how it affects your monthly payments and total interest. A longer term can lower monthly payments but accrue more interest, while a shorter term can reduce the total interest paid but increase monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Enter any mortgage points, or discount points, you plan to purchase. Points can lower your interest rate, but they come with an upfront cost. The refi mortgage calculator helps assess whether purchasing points is beneficial for your financial situation.
Step 7: Estimate Your Other Costs and Fees
Input other costs and fees, such as lender, appraisal, and attorney fees. These are likely to range from 2% to 5% of the loan amount.
Step 8: Review Your Break-Even Point
The calculator shows your break-even point. You can calculate it yourself: divide the total closing costs by the amount of your monthly savings. If you plan to stay in your home longer than the break-even point, refinancing can be beneficial.
Benefits of Using a Mortgage Refinance Payment Calculator
Using our Vermont mortgage refinance calculator can help you determine whether refinancing is a viable option to lower your monthly payments or interest rate. The tool provides a thorough comparison of your current and potential new terms, including monthly payments, interest rates, and total interest paid.
The calculator also can help you determine how to refinance a mortgage. It shows how different interest rates and loan terms impact your monthly payments and the total interest paid. By experimenting with various scenarios, you can evaluate whether refinancing will save you money in the long term and if the savings outweighs the upfront costs.
What Is the Break-Even Point in Refinancing?
The break-even point is an important factor when deciding whether to refinance your mortgage. This point represents the time it takes to recoup the closing costs on your mortgage refinance through monthly savings. The refi mortgage calculator computes your break-even point by subtracting your new estimated monthly payment from your current mortgage payment, then dividing the closing costs by the monthly savings.
For instance, if refinancing saves you $200 a month and your closing costs are $8,000, it would take 40 months to break even. If you plan to sell your home before reaching this point, refinancing may not be the best strategy.
Recommended: How Soon Can You Refinance a Mortgage?
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:
Typical Closing Costs for a Refinance in Vermont
Refinancing a Vermont home loan can cost anywhere between 2% to 5% of the new loan amount. As you pursue refinancing, you will want to understand all of the potential fixed costs, such as loan application fees (up to $500), credit report fees ($25-$75), home appraisal fees ($600-$2,000), recording fees ($25-$250), and don’t forget attorney fees ($500-$1,000+).
There are percentage-based costs too, such as loan origination fees (0.5%-1% of the purchase price) and title search and insurance (0.5%-1% of the purchase price).
You can reduce costs by comparing offers from multiple lenders, negotiating, and maintaining a credit score above 740. A cash-out refinance will often have higher closing costs because of the larger loan amount involved. No-closing-cost refinancing may also be possible, but the costs are likely to be rolled into the mortgage amount or interest rate, so this method may not save you money.
Recommended: How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
If your new monthly payment seems a little burdensome, you may want to figure out how to reduce it. Here are some strategies:
• Build up your credit score so you can secure a lower interest rate.
• Shop around with different lenders and negotiate to get competitive rates and terms.
• Look into extending the term of your loan to reduce monthly payments (this could increase your total interest paid too however).
• Homeowners insurance premiums are often included in mortgage payments, so shop for a lower homeowners insurance rate by increasing your deductible or bundling policies.
The Takeaway
Refinancing your home loan can be a smart move, but you need to understand all potential costs and your break-even point to see if it’s a viable option. Our Vermont mortgage refinance calculator can help you estimate how much you could save each month and over the whole loan term. If you plan to stay in your home long-term and can secure a better rate, refinancing might be a smart move.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
What month is best to refinance?
The best time to refinance is when interest rates are low and you are financially ready. Monitor rate trends and use our Vermont mortgage refinance calculator to determine what your savings would be if you refinanced.
How much does it cost to refinance your mortgage in Vermont?
Refinancing your mortgage in Vermont typically costs 2% to 5% of the new loan amount. These costs include lender, credit report, appraisal, attorney, and escrow fees.
Does refinancing hurt your credit?
Because refinancing triggers a hard credit pull, it can have a temporary impact on your credit score. Work on managing the new loan responsibly, by making on-time payments, and your credit score could recover.
Which bank is best for refinancing?
The best bank for refinancing will depend on your financial needs. Consider institutions that offer competitive interest rates, reasonable closing costs, and a user-friendly application process. You’ll also want to look at customer service reviews, loan options, and pre-existing relationships.
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.
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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North Dakota Mortgage Refinance Calculator
North Dakota Mortgage Refinance Calculator
By SoFi Editors | Updated December 5, 2025
Mortgage refinancing in North Dakota could help you lower your monthly payment, shorten your loan term to save on interest, or tap into the equity in your home. However, there are costs involved, and a mortgage refinance calculator can help you determine whether refinancing is worth it.
Use our North Dakota mortgage refinance calculator to help estimate your monthly mortgage payments and determine your break-even point. Read this guide to learn how to use this helpful tool and figure out if refinancing is right for your financial situation.
Key Points
• Using a North Dakota mortgage refinance calculator can help you make an informed decision about whether refinancing is right for you.
• The break-even point lets you know when the savings from refinancing will outweigh the initial costs.
• Even a small reduction in your interest rate can lead to substantial savings over the life of your home loan.
• Refinancing to a shorter loan term, such as a 15-year mortgage rather than a 30-year mortgage, can reduce total interest paid but is likely to increase monthly payments.
• Make sure you understand all mortgage refinancing costs, including discount points and origination, appraisal, and attorney fees.
Calculator Definitions
• Remaining loan balance: The remaining loan balance represents the principal amount you owe on your home loan.
• Current/New interest rate: Interest is the percentage of the loan amount charged annually by the lender. A new interest rate can significantly affect both your monthly payments and the total interest you’ll pay over the duration of the loan.
• Remaining/New loan term: The remaining loan term is the number of years left on your current mortgage. When refinancing, you can choose a new term, which can affect your monthly payments and total interest paid.
• Points: Mortgage points, or discount points, are optional upfront fees paid to lower the interest rate on your loan. Each point costs 1% of the loan amount and can reduce your interest rate by 0.25%.
• Other costs and fees: Refinancing your mortgage comes with various costs and fees, including those for the lender, credit report, home appraisal, and attorney. Mortgage refinancing costs typically range from 2% to 5% of the total loan amount being refinanced.
• Monthly payment: Your monthly payment covers the principal and interest on your mortgage loan. A home refi calculator helps you compare your current and estimated new monthly payments.
• Total interest: Total interest is the cost you pay to the lender over the duration of the loan, excluding the principal. Compare the total interest paid before refinancing with the projected total interest on the new mortgage to determine your potential savings.
How to Use the North Dakota Mortgage Refinance Calculator
The North Dakota mortgage refinance calculator helps you assess the financial impact of mortgage refinancing. Input the details of your current mortgage and the new loan terms to estimate your monthly payments and total interest.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining loan balance. This figure represents the principal amount you still owe on your current home loan.
Step 2: Add Your Current Interest Rate
Add in your current interest rate. This reflects the cost of borrowing on your existing mortgage. Your interest rate depends on market conditions, your credit history, and the type of mortgage loan you choose.
Step 3: Estimate Your New Interest Rate
Look up the current mortgage rates available in your area. This helps you understand potential savings from refinancing, especially if rates have dropped since you purchased your home.
Step 4: Select Your Remaining Loan Term
Select the number of years left on your current mortgage. This figure allows the tool to estimate how much you’re likely to pay in interest without refinancing.
Step 5: Choose a New Loan Term
Choose a new loan term, which could be different from your current term. A shorter term can reduce the total interest you will pay, while a longer term can lower monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Input points, if any, you plan to purchase. The calculator can estimate whether the reduction in interest rate is likely to be worth the upfront costs.
Step 7: Estimate Your Other Costs and Fees
Enter the amount of other potential costs and fees, such as origination, credit report, home appraisal, and attorney fees. These costs can range from 2% to 5% of the loan amount.
Step 8: Review Your Break-Even Point
Divide the total closing costs by the amount of your monthly savings to determine your break-even point. The calculator shows you this figure, which helps you assess whether refinancing is worth pursuing. Refinancing may be beneficial if you plan to stay in your home longer than the break-even point.
Recommended: How to Refinance a Mortgage
Benefits of Using a Mortgage Refinance Payment Calculator
Our North Dakota mortgage refinance calculator can help you decide whether refinancing could lower your monthly payment or interest rate, potentially saving you money. By comparing your current and potential new mortgages, the calculator will show you whether you could save through lower interest rates or a shorter term. A lower monthly payment could free up funds to put toward other goals, while reduced interest in the long term could save you thousands. Even a small rate reduction (a quarter percentage point, for example), could mean significant savings if you minimize your fees.
What Is the Break-Even Point in Refinancing?
Knowing the break-even point is fundamental in determining whether a mortgage refinance is right for you. The break-even point represents the amount of time required to recoup all closing costs through the resulting monthly savings.
You can determine your break-even point by subtracting your estimated monthly payment after a refinance from your current mortgage payment, then dividing the total closing costs by the amount you are saving each month.
Let’s say refinancing saves you $100 each month, and the total closing costs amount to $2,500. It would take 25 months to cover those upfront costs and begin seeing actual savings. If you plan to sell your home before reaching this point, refinancing might not be the best option.
Recommended: How Soon Can You Refinance a Mortgage?
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:
Typical Closing Costs for a Refinance in North Dakota
Mortgage refinancing costs in North Dakota tend to cost between 2% to 5% of the new loan amount. First, you have an array of fixed costs: application fees (up to $500), credit report fees ($25-$75), appraisal fees ($600-$2,000), recording fees ($25-$250), and attorney fees ($500-$1,000+).
Then there are percentage-based costs: loan origination (0.5%-1%), title search and insurance (0.5%-1%), and discount points (1% of the mortgage amount per point). Refinancing may not require certain fees, such as title insurance and inspection fees.
Some lenders offer a no-closing-cost refinance. This move will increase the principal and total interest paid, so you’d have to consider whether it’s worth doing.
Recommended: How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
You may be wondering how you can lower your monthly mortgage payment so you can allot more funds toward other financial goals. Here are some tips:
• Assess your homeowner’s policy and see if you can increase your deductible to reduce your premium.
• Get a discount when you bundle policies (some insurers offer this when you hold both a home and auto policy with them, for example).
• Explore a loan modification. This changes the terms of a loan to make monthly payments more affordable.
• Review your property taxes, and if you think they’re too high, consider appealing.
• Extend the term of your loan to reduce monthly payments (this could increase your total interest paid too however).
The Takeaway
Refinancing your home loan is a significant financial decision, requiring a thorough understanding of the potential advantages and costs. Our North Dakota mortgage refinance calculator gives you the clarity you need by providing estimates of both your monthly and long-term savings. Use the break-even point to help you determine whether refinancing aligns with your financial strategy and budget.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
What credit score do you need for refinancing?
You will want to have at least a 620 credit score for a conventional loan and even higher, such as 700 or better, to land more competitive interest rates and terms. Monitor your credit report and take steps like making on-time payments to improve it.
Do you have to put 20% down to refinance?
You don’t need to put 20% down to refinance, but having at least 20% equity may be required to qualify. To calculate your equity percentage, subtract your remaining loan balance (the principal only) from your home’s estimated value, and divide the result by that value.
Does refinancing hurt your credit?
Refinancing involves a hard credit pull, which can temporarily affect your credit score. Your score is likely to recover if you take steps to improve it, such as consistently making on-time payments.
At what point is it not worth it to refinance?
The break-even point will help you determine when it is worth it to refinance. For example, if it will take 50 months (the break-even point) to recoup refinancing costs, and you plan to move within 30 months, refinancing may not offer financial benefits. Our mortgage refinance calculator can show your break-even point so you can assess the long-term impact.
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.
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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Get prequalified in minutes for a SoFi Home Loan.
Wedding Cost Calculator
Wedding Cost Calculator
By Dana Webb | Updated December 19, 2025
Given that the average cost of a wedding reached $36,000 in 2025, a wedding celebration is likely one of the biggest purchases a couple will ever plan for. A wedding calculator will come in handy as you and your partner — and perhaps your parents — prepare emotionally and financially for the big day. Read our advice on how to use a wedding cost calculator to stay on budget while still enjoying a memorable event.
- Key Points
- • The average cost of a U.S. wedding in 2025 is $36,000, so it’s one of a couple’s most significant expenses.
- • A wedding cost calculator helps engaged couples assess potential costs, compare expenses to their budget, and determine if planning adjustments are necessary.
- • The two biggest wedding expenses are typically the venue and catering (including beverages), which together can comprise about half of the total budget.
- • Adjusting the number of guests is one of the most effective ways to lower overall wedding costs and stay within budget.
- • As more couples pay for their own weddings, wedding loans are becoming a common financing option to help cover expenses.
What This Calculator Helps You Do
A wedding budget calculator helps you assess the possible cost of your wedding and figure out how to stay on budget. Engaged couples can use the results from the calculator to determine if it’s necessary to change your plans to better fit your budget. It’s also a useful tool to employ before having conversations with your parents, if they are potentially going to cover some or all of the wedding expenses.
How to Enter Your Wedding Budget and Costs
Using the wedding cost calculator is easy. You’ll want to start using it once you’ve begun to explore possible costs of a venue, catering, florist, and so forth, and you’ll probably find yourself returning to it again and again as your event comes into sharper focus. Simply follow these steps:
1. Enter the Number of Guests
Some charges related to your wedding festivities will be determined based on the number of attendees. Costs related to catering, including bar and beverage costs, linens, and table settings will all be driven by the number of guests. It’s helpful to form a list of possible attendees early on, so you can get a rough headcount for the calculations.
2. Enter Your Wedding Budget
Your budget should be the total amount that you have to spend on your big event. This might be funds that you and your partner have saved up for your dream wedding, and it might or might not include money that will come from your families. Some soon-to-be-marrieds take out a personal loan or use credit cards to fund a portion of their event, or even the entire wedding.
3. Enter Line Item Costs
The wedding budget planner includes space where you can enter the cost of each line item related to your wedding, everything from the invitations you’ll send out six to eight weeks before the event to any favors your guests might take home at the end of the night. Every wedding is unique, so the calculator includes an “other” category to ensure that all expenses will be included.
4. Check Your Results
The calculator will show you the estimated total wedding cost and a budget comparison so you can see how your costs compare to your budget.
Understanding Your Estimated Total Wedding Cost
Your estimated total wedding cost is the sum of all the items you have input into the calculator. You can adjust the number of guests up and down to see how cutting or increasing the guest list by, say, 8 people changes your overall costs. If you are deciding between two venues, input the cost of each while holding the guest count constant and watch the estimated total wedding cost line to see how the cost changes based on your venue.
How to Compare Your Costs to Your Budget
The calculator also functions as a wedding budget planner, and a negative “budget comparison” number means you are over budget and may want to explore which costs you can lower. A positive number means you have wiggle room in your budget if other expenses arise.
With couples marrying later in life with each passing decade, according to Census data, more and more couples are paying for their nuptials with little or no help from mom and dad. The median age of a groom is 30.2 years and a bride is 28.6 years. Couples might be especially motivated to stay on budget when they know that any extra spending would probably eat into funds you want to use to set up your home together or save for future expenses, such as buying your first home.
Common Wedding Expenses to Consider
Many wedding expenses are similar to those for any other party: food and beverages, perhaps a party planner. But weddings can include special expenses: There’s the wedding dress and suit and other new clothing; lodging if the event is out of town; the wedding officiant’s honorarium or gift; presents for the wedding party; and special decorations for the altar or chuppah, for example. And of course, if you and your partner will wear wedding rings, you’ll want to factor that in.
This is a time for some couples to indulge their fantasies or create ’gram-worthy moments, from an over-the-top cocktail-hour sushi bar to custom-embroidered cocktail napkins. Some couples even hire a beer or bubbly burro, a good-luck donkey to bring beverages to guests.
Tips for Allocating Your Wedding Budget Across Categories
It helps to have a general idea of how to divvy up your wedding budget and where most of the money will go before you begin your planning. You can expect venue and catering costs to be the biggest budget category. Sometimes the venue provides the catering, and at other times food and beverage are provided by a separate caterer. Either way, you can expect the venue and catering, including beverages and rentals such as tables and tablecloths, to be about half your budget. Photos and video comprise about 10% of costs, while floral decor is another 9%, according to 2025 research by wedding website The Knot. Clothing and hair and makeup come in at 6% of the overall cost, while rings are 5% and the wedding planner is 4%. Other costs such as the band or DJ, stationery, or transportation for guests are all 3% or less.
Ways to Adjust Your Wedding Plan to Stay Within Budget
As with any budget, you’ll see the biggest change in the bottom line when you adjust the most significant expense category. In the case of a wedding, the venue and catering are usually the biggest expenses, and the catering and beverage cost is directly related to the number of guests. So adjusting your guest count, as noted above, is one way to stay on budget for a wedding.
If the wedding budget calculator is showing you’re over budget, you might look at affordable venue ideas to cut your costs. Think of the friend you know with the nicest home and backyard. Would they allow you to host your event at their home? Could you rent a pavilion at a city park or get married on a local beach and repair to a restaurant afterward? Is there a nearby brewery or family farm that could host your event? Given that the venue was more than a third of the wedding cost for couples in a recent SoFi wedding cost survey, reining in the location costs will take a load off your bottom line.
When a Personal Loan Might Help Cover Wedding Costs
In previous generations, rigid etiquette rules apportioned the costs associated with a wedding to the bride and groom’s family according to tradition. The bride’s family paid for most reception costs, for example. But today, many couples are paying for some or all of their big day, so one of the big decisions you’ll make on the cusp of life as a married couple is how to pay for a wedding.
More than a third of couples pay for the majority of their wedding expenses, and 13% pay for the entire thing. No surprise then, that it is also more common today for couples to take out a wedding loan or use other forms of credit to cover the costs. Some wedding venues even offer payment plans, knowing families might not have all the money they need up front. Over half of newlyweds surveyed by U.S. News had taken on debt for their wedding, and almost one in five couples (18%) had used a bank loan. A personal loan for a wedding has some advantages: The interest charged is often lower than that for a credit card. These loans are unsecured, so you don’t risk losing property if you can’t repay what you borrow, and they can be repaid in installments over several years.
Some couples take out a wedding loan and then use a portion of what guests give as cash gifts to repay the wedding debt (another portion could fund a relaxing honeymoon). In fact, discussing how you will use the money guests gift could be part of a larger conversation about the first financial plan you’ll make together as a couple. “It’s important to remember that ‘money talks’ are as much about listening as talking. Understanding each other’s values, goals, fears—and just getting on the same page—can help couples literally build their future together,” says Brian Walsh, CFP® and Head of Advice & Planning at SoFi.
The Takeaway
A wedding cost calculator can be a key tool that helps the two of you cement your partnership with a memorable celebration. Use the calculator to compare cost proposals from different venues, and raise or lower the number of guests to determine how the guest count will affect your bottom line. Get to a cost you’re comfortable with, exploring financing if necessary, and then sit back, relax, and enjoy the special party you’ve planned.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.
FAQ
What is the average cost of a wedding?
The average cost of a wedding in the U.S. in 2025 is $36,000, according to research by the wedding planning site Zola. But costs can vary widely according to the size and style of wedding you choose and the cost of living in the part of the country (or world!) where you host your event.
One couple might spend less than $10,000 on a small wedding at a family home and another might shell out six figures for a no-expenses-spared celebration.
How can I figure out how much to spend on each part of my wedding?
Let your personal taste and budget guide you as you determine how much to spend on each aspect of your wedding. Use a wedding cost calculator to adjust your guest count or other fees up or down to figure out how the number of guests affects costs.
What do couples typically spend the most money on for weddings?
The venue and catering (including the beverage costs) are usually the largest portion of expenses in a wedding, comprising about half the budget.
How can I lower the cost of my wedding without sacrificing quality?
To lower the cost of your wedding while still hosting a gorgeous event, consider reducing the number of guests. You can use a wedding cost calculator to instantly see how this will help cut costs. You could also explore a less costly wedding venue, such as the home or garden of a friend or family member. Move from a Saturday-night event to a Friday or Sunday (Saturdays are often more expensive and in higher demand). Or consider a cocktail-style event rather than a seated dinner reception.
Can I use a personal loan to help pay for my wedding?
You can use a personal loan for a wedding, also called a wedding loan, to help cover the costs for your celebration, but it would be wise to have a plan in place to repay what you borrow. For example, rather than registering for every last kitchen utensil and shred of linens you might need for your new household, you might set up a honeymoon fund and invite guests to contribute.
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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.
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How Crypto Fits Into Your Portfolio
Key Points
• Crypto is moving into the mainstream – but it’s still different. Digital assets operate outside of the traditional banking system, offering speed, lower costs, and more user control. But they remain speculative, lightly regulated and more volatile than stocks and cash.
• Think diversification, not all-or-nothing. Digital assets may be one category in your broader financial portfolio and should be sized based on your personal goals and risk tolerance. Starting small can lower the learning curve.
• Stablecoins are designed to be less volatile. Designed to reduce volatility by pegging to currencies like the dollar, stablecoins can be useful for payments, cross-border transfers, and potential protection against local currency inflation.
Finance is changing. Digital assets are moving into the mainstream, reshaping how we think about money, and bringing their features – speed, lower costs, and greater independence – to anyone with an internet connection.
Digital assets can operate outside traditional systems, giving users more direct control over their money – and by extension, their overall financial portfolio.
What Sets Crypto Apart
To think about how digital assets may fit with your broader financial goals, let’s consider what sets them apart.
• Cryptocurrency exists entirely online and generally operates independently of a central bank or government. This can theoretically insulate it from monetary policy, interest rate changes, and inflation that affect the value of traditional currencies like the U.S. dollar.
• The crypto market is highly speculative, largely unregulated and extremely volatile. Crypto prices are driven mainly by supply, demand, and investor sentiment, while stock prices tend to reflect company earnings, the economy, and business fundamentals. Digital assets also trade 24/7, while the New York Stock Exchange is open only six and a half hours on weekdays.
• Crypto prices have historically shown relatively low correlation with traditional financial markets such as stocks (meaning they don’t tend to move in lockstep with the stock market), though the link has strengthened as crypto has moved further into the mainstream.
How to Think About Your Finances, Crypto and Stablecoin
Diversification is already a key investing principle: In short, it means avoiding putting all your eggs in one basket. The same idea applies when deciding whether crypto or stablecoins belong in your financial life. Rather than thinking of crypto as “all or nothing,” the real question is how much, if any, exposure makes sense for your goals and risk tolerance.
Your financial portfolio includes everything you own: Your checking and savings accounts, cash, credit cards, retirement savings, and investment accounts as well as physical assets like your car and home. If you add crypto, it becomes one more bucket.
But crypto comes with specific risks and considerations: Regulations are still evolving, much of the market remains unregulated, and price swings can be extreme. In October 2025, for example, Bitcoin, the most prominent digital currency, fell about 7% in a single day as markets reacted to news about tariffs and a government shutdown. (The S&P 500 declined far less – 2.7%.) The sharp drop triggered forced liquidations of leveraged trades, wiping out $20 billion in value.
For newcomers, this level of volatility means one thing: Start by deciding how much risk you’re willing to take, and limit your initial allocation to an amount that won’t derail your broader financial plan. Crypto may be more suitable for those who can afford to lose the allocated money in its entirety.
The high degree of volatility has also given rise to stablecoins – digital currencies pegged to traditional currencies like the U.S. dollar. Their potential for stability makes them useful for digital payments, cross-border transfers, and potential protection against local currency inflation or banking limits. For international payments and remittances, stablecoins may reduce costs and accelerate transfers. And for people in high-inflation economies, a stablecoin linked to a stronger currency may offer an alternative to local banking systems.
For U.S.-based consumers, the actionable takeaway is simpler: Stablecoins can provide a less volatile way to explore digital assets or to move money more efficiently. But they’re still part of the broader crypto ecosystem and should fit into your strategy – not replace it.
Getting Started
Getting started with digital assets can feel overwhelming, but a few rules of thumb can help:
• Start small – you can always add to your allocation over time or set up regular purchases.
• Research each asset carefully, considering reputation, real-world use cases, market performance, and supply.
• Know your risk tolerance – market volatility can be a challenge for even the most seasoned investor.
• Use a regulated, reputable platform to buy and sell. (SoFi is the only national chartered bank where retail customers can buy, sell, and hold over 25 cryptocurrencies.)
• And always remember, the value of digital assets is not guaranteed, and they are not insured by the Federal Deposit Insurance Corporation, meaning your crypto is not protected from losses.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
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