Free Dallas, TX Home Mortgage Loan Calculator
Dallas, TX Mortgage Calculator
By SoFi Editors | Updated October 22, 2025
Thinking of buying a home in the Big D? A Dallas, Texas, mortgage calculator can be a valuable tool for estimating your monthly payments and understanding the overall cost of a home loan. It doesn’t matter whether you’re a first-time homebuyer or looking to trade up to a newer or bigger home — this guide can walk you through all the factors that will influence your mortgage so you can find a home that fits within your budget.
Key Points
• The Dallas mortgage calculator will help you estimate your monthly payments and the total costs of taking on a home loan.
• Some key factors that influence your mortgage payment include the home price, your down payment amount, the interest rate, and the loan term.
• The calculator can help Dallas-area buyers determine a home’s affordability and assess the impact of various loan terms and interest rates.
• Many lenders recommend choosing a property at a price that lets you keep mortgage payments under 28% of your gross monthly income.
• Ways to reduce your housing expenses if you already own a home include dropping private mortgage insurance (PMI) once you reach 20% equity in your home, refinancing, or shopping for a lower homeowners insurance rate.
Dallas Mortgage Calculator
Calculator Definitions
Before you start plugging in the numbers, here’s a breakdown of key terms you’ll see in the calculator:
• Home price: This is the purchase price that you and the home seller agree upon mutually. The amount could differ from the real estate listing price or the initial offer you make as a potential buyer.
• Down payment: This is the amount you pay upfront when you buy a home. Down payment amounts are often expressed as a percentage of the home price, typically between 3% and 20%.
• Loan term: The loan term represents the length of time you will have to repay your home loan — usually 15 or 30 years. A shorter term comes with higher monthly payments but saves you money on total interest. In contrast, a longer term offers lower monthly payments but increases the overall amount of interest you’ll pay.
• Interest rate: The interest rate is what you’ll pay to borrow the money to buy your home, expressed as a percentage of the total loan amount. Interest rates vary based on the type of mortgage loan, borrower qualifications, and market trends.
• Annual property tax:The local government levies property taxes on land and buildings within their jurisdictions. This tax is usually expressed as a percentage of the assessed property value, and can be higher in major cities.
• Total monthly payment: This is the amount you must pay on your home loan each month. It will include a portion of the principal loan amount, interest, and likely property tax. Other costs it might include are private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: This is the cumulative interest a borrower must pay over a home loan’s duration. It’s a number influenced by both the interest rate and the loan term.
• Total loan cost: This is the cumulative interest a borrower must pay over a home loan’s duration. It’s a number influenced by both the interest rate and the loan term.
How to Use the Dallas Mortgage Calculator
To use the Dallas mortgage calculator, follow these steps:
Step 1: Enter Your Home Price
Type in the agreed-upon purchase price. This figure will assist the calculator in estimating your home loan payment and overall costs.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you plan to pay upfront. The larger your down payment, the lower your monthly installments and total interest paid will be.
Step 3: Choose a Loan Term
Most borrowers select a 15- or 30-year term. A 30-year term generally lets you make lower monthly payments, while a 15-year term reduces the total interest you’ll pay.
Step 4: Enter an Interest Rate
Type in the interest rate you desire or have been offered to the second or third decimal point. This number will impact your monthly payment and the loan’s total cost.
Step 5: Add Your Property Tax Rate
Fill in the property tax rate as a percentage. The average property tax rate for Dallas is 1.68%. The calculator uses this number to add estimated property taxes to your monthly mortgage payment.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator can help you estimate your monthly payments for a potential home purchase. It will very quickly give you an idea of what the true cost of homeownership will be. If you’re buying a home for the first time, a mortgage calculator can help you see in a few moments just how much house you may be able to fit into your budget.
Another useful tool is called a home affordability calculator. This widget works a little differently, but it can be a big help if you’re dreaming of buying a home, since it allows you to work backward from your income level to figure out a house price you can afford with certainty.
You can also begin to get a clear view of your purchase budget and figure out what your ideal down payment would be by using a down payment calculator, which lets you explore amounts that might work for you.
One more path to enlightenment is to go through the mortgage preapproval process with a lender. This is a more in-depth process. Doing it will require you to locate and input real data and documents, usually doable on the lender’s website, but you will end up with specifics on what amount of money they would be willing to lend you, and at what interest rate.
Deciding How Much House You Can Afford in Dallas
The median single family home sale price in Dallas in 2025 was $425,000. Lenders advise a mortgage payment that does not exceed 28% of your gross monthly income. Within this parameter, you’d need an annual income of $122,000 to afford a home at this price. This assumes you would put down 20% ($85,000) and obtain a 30-year mortgage at 7.00%. The monthly payment on this loan, including principal, interest, and property taxes, would be $2,857.
When it comes to certain higher-priced properties, some homebuyers may need to seek out a jumbo loan. This sort of home mortgage loan requires a higher minimum down payment.
As a potential buyer, you may find the idea of putting down 20% on a pricier property daunting. In some cases, you might be able to opt for a smaller down payment — but that isn’t necessarily advisable. Keep in mind that doing this will increase your loan size, and in turn your monthly costs. It will also trigger PMI, which will add to your monthly payment. A mortgage calculator will help you run the numbers to make the best decision for your financial situation.
If you are looking at the possibility of a home loan guaranteed by the Federal Housing Administration (FHA), you can use an FHA mortgage calculator, which will factor in both upfront and ongoing mortgage insurance premiums that are specific to this option.
A VA mortgage calculator is another tool that you may find useful — look at this option if you are weighing the benefits of a loan backed by the U.S. Department of Veterans Affairs.
Recommended: Do You Qualify as a First-Time Homebuyer?
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
Your mortgage payment every month will be the sum of a few different amounts, including a portion of the mortgage principal (the amount you’ve borrowed) and interest accrued (the borrowing cost you pay your lender to let you use the money). The Dallas mortgage calculator includes property tax, too, since many lenders want you to take care of your taxes as part of your monthly payment.
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.
Recommended: Average Monthly Expenses for One Person
Cost of Living in Dallas, TX
The cost of living in Dallas is just above the national average, according to COLI 2024 Annual Average Data, which means you’ll need a reasonable budget both to buy property and to live in this city. On an index where 100 is the U.S. average cost of living, the Big D weighs in at 101.8, making it the priciest of all the larger cities in Texas to live in.
When planning your housing budget, remember to account for additional expenses — utilities, healthcare, and other essentials — which tend to cost more than the national average and are generally higher than in other Texas cities.
Despite its posh reputation, Dallas makes the list of the best affordable places in the U.S. This city of 1.3 million people is a bit pricey for Texas, but relatively affordable when you compare it with other major U.S. cities. Dallas has a lot to offer, too — places to mingle with nature, vibrant nightlife and cultural offerings, major sports teams, and a bustling technology job market. Here’s how living costs in Dallas compare to the national index.
| Dallas Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 101.8 |
| Groceries | 98.8 |
| Housing | 95.0 |
| Utilities | 115.9 |
| Transportation | 91.0 |
| Health Care | 104.8 |
| Miscellaneous Goods/Services | 107.5 |
Recommended: The Cost of Living in the U.S.
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.
Dallas First-Time Homebuyer Assistance Programs
If you have your sights set on buying your first home, there is support for you in Texas. The state has down payment asssitance programs in place that may be able to help you cover the initial costs. You may also qualify as a first-time homebuyer if you’ve not been the owner of a primary residence within the past three years.
Recommended: First-Time Homebuyer Guide
Tips to Reduce Your Mortgage Payment
If you find that the interest rate on your mortgage loan or your monthly payment doesn’t feel workable, there are some strategies you can try to lower it. Here are a few options to consider:
• Keep a watchful eye on your equity as it accrues, and ask your lender to remove PMI charges immediately when you reach 20%.
• Recast your mortgage by paying a lump sum toward the principal, then asking the lender to revise your monthly payment.
• Thinking about pursuing a mortgage refinance if your calculations show that current rates and costs overall could amount to a welcome savings for you.
• Consider an appeal of your property taxes — though only if you feel yours are unnecessarily high. Reassessments can backfire, resulting in your property tax going up instead of down, so exercise caution.
• If you run into financial hardship, ask your lender for a modification of the loan to increase its manageability.
• Look for ways to lower the cost of your homeowners insurance. This may be possible by increasing your deductible or bundling together cheaper policies.
The Takeaway
The Dallas mortgage calculator can be a powerful helper for anyone who is hoping to secure a home loan in this Texas city. The tool will help you estimate your monthly payments and total interest, plus show you the approximate overall cost of your mortgage, taking into account factors like down payment amount and property tax rate. Simply enter in the purchase price of the home, your down payment amount, the interest rate, the loan term, and the property tax rate to view your potential monthly mortgage payment.
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
What is a mortgage payment?
A monthly mortgage payment consists of your home loan’s principal and the interest you are paying on it. If you put down less than 20% of the purchase price, your payment will also include PMI, or private mortgage insurance. Lenders tend to roll property tax and homeowners insurance into the total, as well.
How will my credit score affect my mortgage loan interest rate?
Your credit score plays a large role in determining your mortgage interest rate. A higher score will generally lead to a more favorable rate and terms. You can work on building your score by making sure to pay all of your bills on time, keeping your credit utilization ratio low, and disputing any errors on your credit report.
What are the principal and interest on a mortgage loan?
Principal is the amount you borrow to purchase the home. Interest is what it costs you to borrow that principal, and it’s expressed as a percentage of that amount. Your early mortgage payments will mostly cover interest, but as you keep making your monthly payments, you’ll pay more and more to the principal, and pay it off little by little. You also build greater amounts of equity as you go.
Can I afford a $400K house on a $100K salary?
Whether or not you can afford a $400,000 house on a $100,000 salary depends on your personal financial circumstances. A $400,000 house, assuming a 20% down payment ($80,000), would be $2,129 per month for a 7%, 30-year loan. Lenders advise housing expenses to be no more than 28% of your monthly income. To afford that monthly payment, you’d need to make roughly $91,000 per year.
However, it’s important to also factor in your other debt obligations, which lenders advice be no more than 36% of your income (including your mortgage). If you are currently paying more than $600 per month in other debts, a $400,000 home would be a stretch.
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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Some First-Time Homebuyers Rely on the Bank of Mom and Dad
This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.
Have you ever wondered how a friend or coworker your age managed to buy a home while you’re struggling just to keep up with your bills? The answer might be The Bank of Mom and Dad.
Last year, one in four first-time homebuyers used a gift or loan from family or friends to make their down payment, according to data from the National Association of RealtorsⓇ (NAR). And in some pre-pandemic years, it was an even higher proportion — about one in three.
Between 6%+ mortgage rates, steep post-pandemic property prices, and few starter homes to choose from, buying your first house or apartment can feel prohibitively expensive. The typical (median) down payment in the third quarter of this year was over $30,000, well over double the $13,900 it was six years ago, according to Realtor.com data. First-time buyers accounted for just 24% of all buyers last year — a historic low (and about half of the peak of 50% reached in 2010,) according to NAR.
So what? There’s no denying that help with the down payment can give first-time buyers a way into this challenging real estate market. But it’s become less common, maybe because a one-time cash infusion doesn’t change that mortgage rates are more than double what they were in 2021. (The increase in rates alone adds over $600 to the typical monthly mortgage payment on a $400,000 home.)
If a cash gift or loan is not an option for you, don’t lose hope. Here are some reasons to feel more positive as a prospective first-time buyer:
• It’s becoming more of a buyer’s market. Homes are sitting on the market for longer, sellers are cutting prices and adding concessions in many parts of the country, and the average 30-year mortgage rate is 6.27%, just about the lowest it’s been in a year.
• First-time buyers who don’t have help from their parents still buy homes eventually, according to a recent study by a Federal Reserve economist who examined data from 2009 and 2021. They are just around 2.5 years older than those who do, the economist found.
• If cash help isn’t in the cards, there are other ways you might be able to get help from your family: About 18% of Gen Zers and millennials surveyed by Redfin in May said they lived with family or friends in order to save money for their down payment.
• The Trump administration is reportedly weighing new measures to help tackle the high cost of homeownership.
• You don’t have to put 20% down. In 2024, the median down payment for first-time buyers was just 9%, NAR data shows.
Related Reading
One Answer to High Mortgage Rates: A Smaller Home (SoFi)
Will a Trump ‘Housing Emergency’ Mean a New First-Time Home Buyer Tax Credit? (Yahoo Finance)
Why Is the Number of First-Time US Homebuyers at a Generational Low? (The Guardian)
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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Read moreFree Phoenix, AZ Home Mortgage Loan Calculator
Phoenix Mortgage Calculator
By SoFi Editors | Updated October 8, 2025
Considering a home in Phoenix? Our mortgage calculator helps you estimate monthly payments, total costs, and how factors like down payments and interest rates affect your purchase.
Key Takeaways
• A Phoenix mortgage calculator provides estimates for monthly payments, total costs, and the impact of down payments and interest rates.
• Your total monthly mortgage payment typically includes principal, interest, and property taxes, with potential additional costs like homeowners insurance, private mortgage insurance (PMI), and HOA fees.
• A higher credit score can lead to a lower mortgage interest rate, which in turn reduces your monthly payments and the overall loan cost.
• Loan terms, usually 15 or 30 years, influence both monthly payments and total interest paid. Shorter terms mean higher monthly payments but less interest over time.
• Exploring down payment assistance programs can significantly ease your initial financial burden.
Phoenix Mortgage Calculator
Calculator Definitions
• Home price: This is the agreed-upon purchase price with the seller, which might differ from the listing price or your initial offer. Accurate input is essential for an accurate home loan payment estimate.
• Down payment: The upfront amount paid by the homebuyer, usually a percentage of the total purchase price (commonly between 3% and 20%). A larger down payment can lower your loan amount and potentially your interest rate, while a smaller down payment may be more accessible for first-time buyers.
• Loan term: The duration for repaying the mortgage. A 15-year term results in higher monthly payments but significantly less total interest. A 30-year term offers lower monthly payments, often making it more manageable.
• Interest rate: The cost of borrowing, expressed as a percentage of the home loan. A lower interest rate considerably reduces monthly payments and the overall loan cost.
• Annual property tax: A significant part of your monthly mortgage payment. Phoenix typically has lower property taxes than many other cities, but they still affect your budget.
• Total monthly payment: Our calculator’s total monthly payment includes principal, interest, and property taxes. It might also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The cumulative interest paid over the life of the home loan. This amount can be substantial, especially for longer terms. To reduce it, consider strategies like lump-sum payments, refinancing to a lower rate, or choosing a shorter loan term.
• Total loan cost: The complete amount you’ll repay for the home loan, encompassing both the principal and total interest paid. This cost varies based on loan term, interest rate, and down payment. Shorter loan terms generally lead to a lower total loan cost despite higher monthly payments.
How to Use the Phoenix Mortgage Calculator
To effectively use the Phoenix mortgage calculator, input the home price, down payment percentage, loan term, and interest rate. The calculator will then estimate your monthly payment, total interest paid, and the total loan cost. Here’s a step-by-step guide to calculating your total monthly payment:
Step 1: Enter Your Home Price
Input the property’s purchase price. This is the amount you intend to pay for the home, not your loan amount.
Step 2: Select a Down Payment Amount
Enter the down payment you plan to make. A higher down payment leads to lower monthly payments. A down payment calculator can assist in this decision.
Step 3: Choose a Loan Term
Select the repayment period for your home loan. Most consumers opt for a 30-year or a 15-year term. A 15-year term means higher monthly payments but less interest paid overall, while a 30-year term offers lower monthly payments but higher total interest over the loan’s life.
Step 4: Enter an Interest Rate
Input your desired interest rate, down to the second or third decimal point. This directly impacts your monthly payment and total loan cost. For large loan amounts (over $800K), research rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Enter the annual property tax rate percentage. Arizona’s average effective rate is 0.44%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps estimate monthly payments based on loan amount, interest rate, down payment, and loan term. This aids in cost comparisons, like assessing interest rate and down payment impacts. Comparing loan terms reveals how duration affects expenses and total interest paid over the life of the loan.
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.
Recommended: Best Places to Live in Arizona
Deciding How Much House You Can Afford in Phoenix
In Phoenix, the median home sale price was $445,000 in August 2025. Lenders suggest that housing costs (mortgage, taxes, insurance, HOA) should not exceed 28% of your gross monthly income. To afford a $445,000 home with a 20% down payment ($89,000), you would need an annual income of around $102,000, assuming a 30-year mortgage at 7.00%, with payments near $2,400.
Using a home affordability calculator can help you estimate what you can afford. A home affordability calculator estimates your home-buying power based on your income, expenses, down payment, and current mortgage rates.
It can also be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment include the principal, interest, and property tax. The mortgage principal is the borrowed amount, and interest is the cost of borrowing. Property tax, which can vary by location, is typically a percentage of the home’s assessed value. In Phoenix, the property tax rate is around 0.44%. Your monthly payment may also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
The Cost of Living in Phoenix
Phoenix’s cost of living is 7% higher than the national average. In all major expense categories, Phoenix is above average, with housing being 15% higher than the national average. Health care is the only expense that falls below the national average.
The city has a cost of living index of 106.3 (the average cost of living in the U.S. is 100 on this scale). Here’s how Phoenix compares to the national average in other areas:
| Phoenix Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 106.3 |
| Groceries | 102.7 |
| Housing | 115.6 |
| Utilities | 106.8 |
| Transportation | 105.2 |
| Health Care | 91.9 |
| Miscellaneous Goods/Services | 102.3 |
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.
Phoenix’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Phoenix, there are several 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.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
If you’re looking to lower your monthly mortgage payment, here are some effective tips to help you save money and manage your home loan more efficiently:
• Drop private mortgage insurance (PMI). If your down payment was less than 20%, you need to reach 20% equity in your home in order to get rid of private mortgage insurance. You can do this through regular payments or home appreciation.
• Consider mortgage recasting. If you receive a bonus or other windfall, making extra payments toward your mortgage principal can lead to a new, smaller balance, which translates to lower monthly payments.
• Appeal your property taxes. If you believe the assessment is too high or inaccurate, you can appeal your property taxes. This process involves formally challenging the annual city property tax assessment to potentially lower your overall tax bill.
• Modify your loan if you are facing financial hardship. Your lender may agree to extend the term of your loan, which can lower your monthly payments and provide some breathing room.
• Refinance your mortgage. If you’ve built your credit score or rates have improved since you purchased your home, consider refinancing your mortgage. A lower interest rate can significantly decrease your monthly payments.
• Shop for a lower homeowners insurance rate. You can potentially lower your premium by increasing your deductible amount, bundling your homeowners insurance policy with your auto insurance policy, or making certain upgrades that enhance your home’s security features or storm resistance.
The Takeaway
Using a Phoenix mortgage calculator can help you determine what your monthly mortgage payment will look like based on down payment, interest rate, and loan term. Whether you’re a first-time homebuyer navigating the market or a seasoned homeowner considering refinancing, this calculator helps you fully understand the true cost of homeownership.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much is the average mortgage in Phoenix?
The average monthly payment in Phoenix was $3,000 in early 2025. However, monthly payments vary based on several factors such as the home price, the size of the down payment, and prevailing interest rates.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate on a mortgage loan. A higher credit score can secure a lower interest rate, reducing your monthly payments and the total cost of the loan. Conversely, a lower credit score may result in a higher interest rate, making the mortgage more expensive.
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 ideal down payment based on your income, debts, and the home’s price. A higher down payment can reduce your monthly payments and the total interest you pay, while a lower down payment may be more feasible for first-time buyers.
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 a better interest rate, reducing your monthly payments and the total cost of the loan. Additionally, shop around for lenders to find the best rates, and consider refinancing if market conditions are favorable. Making a larger down payment can also lower your interest rate by reducing the loan-to-value ratio.
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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Free Atlanta, GA Home Mortgage Loan Calculator
Atlanta, GA Mortgage Calculator
By SoFi Editors | Updated October 8, 2025
When considering a home purchase in Atlanta, a mortgage calculator can allow you to see how a home’s price and your down payment amount, plus interest rate, loan term, and property tax, come together to create a monthly mortgage payment. This helps you get a clearer picture of how much house you can afford without stretching your budget too thin. Here’s how to use the calculator to your advantage during your home search.
Key Points
• An Atlanta mortgage calculator helps estimate monthly payment obligations and the total cost of the loan.
• A 15-year mortgage term can save you a substantial amount in interest compared to a 30-year term, but it comes with higher monthly payments.
• A higher credit score can secure a lower interest rate, reducing your monthly payments and the total interest paid over the life of the loan.
• A larger down payment of 20% or more can help avoid private mortgage insurance (PMI) and potentially secure better interest rates, making the mortgage more affordable.
• Down payment assistance programs in Atlanta can significantly reduce upfront costs, making homeownership more accessible for first-time buyers.
Atlanta Mortgage Calculator
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 and your initial offer. This is a key figure when it comes to determining your home loan amount.
• Down payment: The down payment, typically 3-20% of the purchase price, is paid upfront by the homebuyer. A larger down payment potentially improves loan terms.
• Loan term: The loan term is the length of time you have to repay the home loan, typically 15 or 30 years. A 15-year mortgage term can reduce the total interest paid over the life of the loan, but it comes with higher monthly payments.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the home loan amount. A strong credit score can help secure a lower interest rate, reducing your monthly payments and the total interest paid over the life of the loan.
• Annual property tax: The annual property tax is a significant ongoing cost of homeownership, typically administered by the local government and expressed as a percentage of the home’s assessed value. In Atlanta, the average property tax rate is 0.77%.
• Total monthly payment: The total monthly payment with our calculator includes the principal, interest, and property tax. Your monthly mortgage payment may also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the home loan. To reduce the total interest paid, consider strategies such as refinancing to a lower interest rate or choosing a shorter loan term.
• Total loan cost: The total loan cost is the all-in amount you will repay for the home loan, including both principal and interest. Factors that influence the total loan cost include the loan term, interest rate, and down payment.
How to Use the Atlanta Mortgage Calculator
To use the Atlanta mortgage calculator effectively, start by inputting the home price, down payment amount, loan term, and interest rate. The calculator will then provide an estimate of your monthly payment, total interest paid, and the total loan cost. Here are the specific steps on how to estimate your total monthly payment and overall borrowing cost.
Step 1: Enter Your Home Price
Type in the purchase price of the property. This is not your loan amount, but rather the amount you intend to pay for the home.
Step 2: Select a Down Payment Amount
Choose the down payment you plan to pay upfront. The higher your down payment, the lower your monthly payment will be. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the time you’ll need to repay the home loan. Most consumers choose a mortgage with either a 30-year or a 15-year term. A 15-year term will result in higher monthly payments but less paid in interest overall; whereas a 30-year term will provide lower monthly payments but higher interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This affects your monthly payment and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to research rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage representing the annual property tax rate. Georgia’s average effective rate is 0.77%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates affordable house prices and monthly payments based on loan amount, interest rate, and term. It aids in cost comparisons, like interest rate impacts, and clarifies down payment effects and potential private mortgage insurance (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.
Recommended: Best Places to Live in Georgia
Deciding How Much House You Can Afford in Atlanta
In Atlanta, as of August 2025, the median home sale price was $400,000. Lenders advise that housing costs (mortgage, taxes, insurance, HOA) should be under 28% of your gross monthly income. To afford a $400,000 home with a 20% down payment ($80,000) on a 30-year mortgage at 7.00% interest, you would need an annual income of about $91,000.
To figure out how much house you can afford, you can use a home affordability calculator. A home affordability calculator estimates your home-buying power based on your income, expenses, down payment, and current mortgage rates.
It can also be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are 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. Your monthly payment may also include property tax, private mortgage insurance (PMI), and homeowners association (HOA) fees.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
The Cost of Living in Atlanta
Atlanta’s cost of living is 4% lower than the national average. Housing expenses are 13% lower, but grocery and health care expenses are slightly above the national average.
The city has a cost of living index of 96.0 (the average cost of living in the U.S. is 100 on this scale). Here’s how Atlanta compares to the national average in other areas:
| Atlanta Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 96.0 |
| Groceries | 100.8 |
| Housing | 86.8 |
| Utilities | 99.9 |
| Transportation | 100.0 |
| Health Care | 108.3 |
| Miscellaneous Goods/Services | 97.7 |
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.
Atlanta’s First-Time Homebuyer Assistance Programs
If you’re looking to buy your first home in Atlanta, there are several down payment assistance programs available. These programs are specifically designed to help you cover the initial costs associated with purchasing a home, including the down payment, closing costs, or both. To qualify for most of these programs, 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
Once you purchase a home in Atlanta, it might still be possible to reduce your mortgage payment. Here are some strategies you can explore:
• Drop private mortgage insurance (PMI). Once you have 20% equity in your home, you can ask your lender to drop private mortgage insurance. This can be achieved through regular payments or home appreciation, and it can save you a considerable amount of money each month.
• Consider mortgage recasting. By making a lump sum payment toward your mortgage principal, your lender will re-amortize the loan, keeping the same interest rate and term. This results in a new, smaller balance, which translates to lower monthly payments.
• Appeal property taxes. If you believe that your annual city property tax assessment is excessively high, you have the right to appeal your property taxes. Submitting a well-documented and thorough appeal can potentially lead to a lower tax bill, which will positively impact your monthly mortgage payment.
• Extend your loan term. If you’re struggling to make your mortgage payments, one option is to extend the term of your loan, which reduces the monthly payment but increases the total interest paid over the life of the loan.
• Shop around for homeowners insurance. You can shop around for a lower homeowners insurance rate as a way to save money. Consider increasing your deductible, bundling your homeowners and auto insurance policies, or making upgrades that enhance your home’s security features or storm-resistance.
The Takeaway
Using an Atlanta mortgage calculator can help you make informed decisions about homeownership. It can give you a clearer picture of what your monthly payment might be based on your down payment amount, interest rate, and term. By understanding the full cost of a mortgage, you can avoid financial strain down the road and ensure a more secure and comfortable home-buying experience for you and your family.
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 Atlanta?
The average mortgage in Atlanta can vary based on factors like home price, down payment, and interest rate. For example, a median home price of $400,000 with a 20% down payment and a 30-year fixed-rate mortgage at 7.00% interest would result in a monthly payment of around $2,129, not including property taxes and insurance.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly impacts your mortgage interest rate. A higher credit score can secure a lower interest rate, reducing your monthly payments and the total interest paid over the life of the loan. For instance, a borrower with a credit score of 700 might qualify for a lower rate compared to someone with a score of 620.
What are principal and interest on a mortgage loan?
When you take out a mortgage, your monthly payment typically includes principal and interest. The principal is the amount you borrow, while the interest is the cost of borrowing that money. A higher down payment can reduce the principal, leading to lower interest costs and monthly payments over the life of the loan.
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 term offers lower payments but higher total interest. A 15-year term has higher payments but saves on interest and builds equity faster. If you can afford larger payments, a 15-year mortgage is beneficial. If you need budget flexibility, a 30-year mortgage might be better.
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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Free Houston, TX Home Mortgage Loan Calculator
Houston Mortgage Calculator
By SoFi Editors | Updated October 8, 2025
If you’re considering buying a home in Houston, Texas, using a mortgage calculator can help you determine how much house you can afford. By inputting variables like home price, down payment, loan term, and interest rate, you can get a clear picture of what your monthly payments and overall financial commitment would be as a potential homebuyer, and understand how that would interact with other costs and concerns as a resident of the Space City.
Key Points
• Using the Houston mortgage calculator, you’ll be able to estimate your monthly payments and the total cost of your home loan.
• Your loan’s term, typically 15 or 30 years, will significantly affect both your monthly payments and the total interest you’ll pay. A 15-year term will always offer savings on interest, but with the tradeoff of higher monthly payments.
• The calculator can help you easily estimate and envision the impact of different interest rates, down payment amounts, and loan terms.
• A larger down payment, such as a standard 20%, will let you avoid private mortgage insurance (PMI) and potentially secure a better interest rate, making the mortgage more affordable in the long run.
• Down payment assistance programs in Texas can help low-income buyers, veterans, and first-time homebuyers, since they may offer grants or reduced-interest loans that will help cover part of your down payment.
Houston Mortgage Calculator
Calculator Definitions
• Home price: The purchase price you’ve agreed to with the home seller is the home price. It may differ from the listing price or the initial offer you make, and is a key determiner of how much of a home loan you need, and what the overall cost of homeownership will be.
• Down payment: Your down payment is the amount you pay upfront as the homebuyer. It’s almost always a percentage of the home price — most buyers put down between 3% and 20%.
• Loan term: The loan term is the length of time you have to repay your home loan. A 15-year term will offer you savings on interest compared to a longer term, but higher monthly payments. A 30-year term gives you lower payments but means you’ll fork over more interest over the life of the loan.
• Interest rate: The interest rate, expressed as a percentage of the loan amount, is the cost of borrowing the money to buy your house. Interest rates vary based on the type of mortgage loan, the borrower’s qualifications and financial profile, and market trends.
• Annual property tax: Property tax is a significant component of your monthly mortgage payment, and it’s typically a percentage of your home’s assessed value. If you find the property tax to be too high, you can appeal your property taxes to potentially lower your annual bill (but be careful, more on this later).
• Total monthly payment: In this calculator, the principal, interest, and property tax you will owe add up to your total monthly payment. Understanding these components will help you budget effectively and make informed decisions about your mortgage options.
• Total interest paid: This is the amount of interest you’ll pay over the life of the loan. The total interest paid figure can be substantial, and is influenced by your interest rate and loan term, and the amount you borrow. A lower rate can make a major difference in how this total adds up.
How to Use the Houston Mortgage Calculator
Step 1: Enter the Home Price
Type in the price you’ve agreed to pay. The calculator uses this figure to estimate your home loan payment and overall costs.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you’ll pay upfront. The bigger your down payment, the lower your monthly installments and total interest paid will be. A 20% down payment will also help you avoid private mortgage insurance (PMI).
Step 3: Choose a Loan Term
Terms of 15 or 30 years are most common. A 30-year term generally gives you lower monthly payments, but a 15-year term will sharply reduce the total interest you pay.
Step 4: Enter an Interest Rate
Add the interest rate you desire or have been offered, up to the second or third decimal point. This number impacts your monthly payment and the total cost of the loan.
Step 5: Add Your Property Tax Rate
Fill in the property tax rate as a percentage. The average county tax rate for Houston is 1.771%. To find rates for surrounding municipalities, search online for the city, county, or ZIP code and “effective property tax rate.” The calculator adds property tax to your monthly payment.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you figure out your approximate monthly payments for a potential home purchase. It can quickly ballpark for you what your monthly and long-term costs of homeownership will be, so you can see how much house you’ll be able to fit into your budget.
Another useful tool is a home affordability calculator. This widget works a little differently, allowing you to work backward from your income level to figure out a house price you’ll be able to afford the payments on.
You can also get a clearer view of your purchase budget and figure out what your ideal down payment would be by using a down payment calculator. It lets you explore how your down payment amount affects what you’ll pay monthly and how much you’ll need to put down if you’ve got your eye on a dream house.
One more way to explore options is to go through the mortgage preapproval process with a lender. This requires you to locate and input real data and documents, usually doable on the lender’s website. You will end up that much smarter, knowing how much money lenders will approve you for, and at what interest rates.
Deciding How Much House You Can Afford in Houston
The median single-family home sale price in Houston in the spring of 2025 was $355,000. Lenders advise a mortgage payment does not exceed 28% of your gross monthly income. Within this parameter, you’d need an income of almost $110,000 per year to afford a home at this price. This assumes you would put down 20% ($71,000) and obtain a 30-year mortgage at 7.00%. The monthly payment on this loan, including principal, interest, property tax, and insurance, would be about $2,540.
When it comes to properties that are above the average local price, some homebuyers may need to find a jumbo loan to finance their purchase. Keep in mind that this sort of home mortgage loan requires a higher minimum down payment.
As a buyer, you may find the idea of putting down 20% on a pricier property daunting. In some cases, you can possibly opt for a smaller down payment, but it isn’t the most advisable move. It will increase your loan size and your monthly costs, and also trigger PMI — another line item in your monthly payment. Use a mortgage calculator to run the numbers and look at how different scenarios add up, and then make a sound decision for your financial situation.
If you’re looking at the possibility of a Federal Housing Administration (FHA)-guaranteed home loan, you can use an FHA mortgage calculator, which factors in both upfront and ongoing mortgage insurance premiums specific to this option.
A VA mortgage calculator is another tool that you could find useful — look at one of these if you’re weighing the benefits of a loan backed by the U.S. Department of Veterans Affairs.
Recommended: Do You Qualify as a First-Time Homebuyer?
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
Your monthly payment on a mortgage will be the sum of a few different items, including a portion of your loan principal and interest it has accrued. Want to secure the most favorable rate? Work on building your credit score, spend some time shopping around for lenders, and explore different loan programs available to you.
The Houston mortgage calculator includes property tax, as many lenders require you to pay them as part of your monthly payment. PMI will also need to be in there if your down payment is less than 20%. Lenders often like to add in home insurance and homeowners association (HOA) fees, too.
Recommended: Average Monthly Expenses for One Person
The Cost of Living in Houston
The cost of living in Houston is below the national average, according to COLI 2024 Annual Average Data, which means you’ll need a reasonable budget both to buy property and to live in this city. On an index where 100 is the U.S. average cost of living, the Space City weighs in at 94.2, making it more affordable than Austin, Dallas, or Fort Worth. When you’re thinking about your housing budget, remember that you’ll need to pay for other things, too. Grocery and health-related expenses are at about the national average here, even though housing is a bit more affordable than it is in comparison to other Texas cities.
Houston makes the list of the best affordable places in the U.S. This city of 2.3 million people is affordable when you compare it with other major U.S. cities. Houston has a lot to offer, too — spots to commune with nature, a variety of cultural and arts scenes, and the famous NASA Space Center to boot. Here’s how living costs in Houston compare to the national index.
| Houston Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 94.2 |
| Groceries | 99.3 |
| Housing | 79.2 |
| Utilities | 92.6 |
| Transportation | 93.8 |
| Health Care | 97.8 |
| Miscellaneous Goods/Services | 104.2 |
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.
Recommended: The Cost of Living in the U.S.
Houston’s First-Time Homebuyer Assistance Programs
If you have your sights set on buying your first home, there is support for you in Texas. The state has down payment assistance programs in place that may be able to help you cover the initial costs. You may also qualify as a first-time homebuyer if you have not owned a primary residence within the past three years.
Programs like the Texas Department of Housing and Community Affairs (TDHCA) and the Texas State Affordable Housing Corporation at times provide first-time homebuyers with financial aid for a down payment, closing costs, or both, making homeownership more accessible. The state’s first-time homebuyer programs for Texas residents include options for potential newbie and repeat homebuyers.
Tips on Reducing Your Mortgage Payment
If you find that your monthly payment on your home loan doesn’t feel workable, or the long view on your interest rate looks concerning, here are some strategies you can use to try to lower vital variables:
• Keep a watchful eye on your equity. When it reaches 20%, immediately ask your lender to remove PMI charges.
• Pay a lump sum toward your loan’s principal, then ask the lender to revise your monthly payment. This move is known as recasting your mortgage.
• Think about doing a mortgage refinance if your calculations show that current rates and costs could mean that a new rate will bring you savings. (Remember to factor in closing costs.)
• Appeal your property taxes if you believe your assessment is too high. A successful appeal can reduce your property tax bill, but use caution: If you invite scrutiny of your home’s value, you could end up with even higher taxes.
• If you run into financial hardship, talk to your lender, explain the situation, and request a modification of the loan to make it more manageable. This might involve extending the term, which will lower monthly payments. It will increase the total interest paid over the life of the loan.
• Look for ways to lower your homeowners insurance costs. You may be able to do this by increasing your deductible or bundling together cheaper policies.
The Takeaway
The Houston mortgage calculator can be a great helper if you’re hoping to secure a home loan in this sprawling city. This tool can help you estimate what your monthly payments will be and figure out the total interest or overall cost of your mortgage, taking into account factors like down payment amount and property tax rate. The calculator will give you a solid starting point for getting a mortgage preapproval and can help you assess your best mortgage options.
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 Houston?
The median monthly mortgage payment made by Houston homeowners in the first quarter of 2025 was $1,763, according to the National Association of Realtors®. But as a mortgage calculator shows, average payments can fluctuate based on several factors, including home price, the prevailing interest rate, and the loan’s term length.
How will my credit score affect my mortgage loan interest rate?
Your credit score is a key factor for lenders when they determine the interest rates they will offer you on your mortgage loan. The higher your credit score (at least 700 is a good goal), the lower your interest rate, which as a rule means smaller monthly payments and a more desirable total loan cost. Conversely, a lower score may result in a higher interest rate and tougher lender requirements.
What are principal and interest on a mortgage loan?
When you take out a mortgage to buy a home, your monthly payment typically includes two main components: principal and interest. The principal is the base amount you borrow from the lender. The interest is the cost of borrowing the money, and is calculated based on the interest rate the lender offers you. Your lender will provide you with an amortization schedule showing exactly how much of each payment will go toward principal versus interest as you pay off the loan.
How much should I put down on a mortgage?
Your down payment on a mortgage depends on the type of loan you choose and your individual financial situation. Putting down at least 20% of the home price helps you avoid PMI, or private mortgage insurance, and often helps secure a better interest rate. But in many housing markets, 20% is a challenge to come up with, particularly for a first-time homebuyer. Put down what you can afford without bankrupting your emergency fund or straining to cover your new home’s upkeep or other unexpected expenses.
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-Q325-156
Get prequalified in minutes for a SoFi Home Loan.
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