Free Salem, OR Mortgage Loan Calculator
Salem, OR Mortgage Calculator
By SoFi Editors | Updated October 24, 2025
When you’re considering purchasing a home in Salem, Oregon, understanding your potential mortgage payments is a big first step. A Salem mortgage calculator can provide clarity on what your monthly expenses might look like and assist you in making informed decisions about your down payment, loan term, and more. This article will guide you through using a mortgage calculator and help you get the most out of this tool.
Key Points
• Using a Salem mortgage calculator involves inputting your estimated purchase price, down payment, interest rate, loan term, and property tax rate.
• A mortgage term is typically 10 to 30 years and helps govern overall costs.
• First-time homebuyer programs can help buyers afford a down payment, closing costs, or both.
• A mortgage calculator can help you determine what home price, down payment, and interest rate you can afford.
• There are ways to lower your monthly mortgage costs even after you make your home purchase.
Salem Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price that you have agreed upon with the home seller. This is a key figure when it comes to determining your home loan amount.
• Down payment: The down payment is the amount you pay upfront. Buyers typically put down between 3% and 20%. A down payment calculator can show you how much you would need to put down to reach 20%, which would likely eliminate the need to pay for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the loan. Common terms are 15 and 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the total loan amount. Interest rates vary based on factors such as your credit score and the type of mortgage loan you choose.
• Annual property tax: Property tax is often rolled into your monthly housing payment.
• Monthly payment: The monthly payment represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property tax. This calculator does not include home insurance, private mortgage insurance, or homeowners association (HOA) fees.
• Total interest paid: This is the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the Salem Mortgage Calculator
Step 1: Enter Your Home Price
Type the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid.
Step 3: Choose a Loan Term
Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the home’s property tax rate. The average effective property tax rate in Marion County, where Salem is located, is 0.91%
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and repayment term. Use this tool to compare costs, like how the interest rate affects your monthly payments. Check out different loan terms to see their impact on expenses and total interest.
A Salem mortgage calculator is particularly helpful if you’re buying your first home, as it allows you to play with different scenarios (raising and lowering the down payment amount, for example).
Deciding How Much House You Can Afford in Salem
In Salem, the median home sale price in late 2025 was $450,000 — slightly higher than the national median of around $439,000, according to Redfin. Lenders recommend that a mortgage payment not exceed 28% of your gross monthly income. You’d need to earn an annual income of about $102,000 if you were looking to afford a $450,000 home with a $2,403 monthly payment. That payment factors in 20% down ($90,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 0.91%.
Because lenders typically recommend total debt payments stay under 36% of your gross monthly income, your other monthly debts shouldn’t exceed $687, in this case. If you want to factor in other debts, such as a car loan or student loan, you can use a home affordability calculator.
A more reliable method 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.
Finally, if you are purchasing a pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA). The 2026 FHFA conforming loan limit for a single-unit property in Marion County is $832,750.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). But your monthly payment might also include property tax, which is based on your home’s assessed value. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
Homebuyers who are considering purchasing with the help of a Federal Housing Administration (FHA) loan will have an upfront and ongoing mortgage insurance premium to pay. These loans are still very affordable and are popular with first-time buyers. If you are considering an FHA loan, use an FHA mortgage calculator. Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.
Recommended: Average Monthly Expenses for One Person
Cost of Living in Salem
Salem’s cost of living is 100.0 — in line with the national average, making it no more or no less expensive than the average city across the U.S., according to data from the Economic Research Institute (ERI). The cost of living reflects how expensive necessities are like purchasing a new home, groceries, utilities, transportation, and health care. Your dollar in Salem would go further than it would in Eugene (107.3) or Portland (116.6), according to the Council for Community and Economic Research.
| Oregon Cities’ Cost-of-Living Stats | |
|---|---|
| Salem | 100.0 |
| Eugene | 107.3 |
| Portland | 116.6 |
If purchasing a new home in Salem is a little out of reach, consider Oregon cities on the best affordable places in the U.S. list, like Baker City, Coos Bay, and Dallas. While Salem didn’t make the cut as an economical place to live, it’s considered one of the best places in Oregon for young adults.
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.
Tips for Reducing Your Mortgage Payment
Once you purchase a home in Salem, it might still be possible to reduce your mortgage payment. Here are some strategies you can explore after you’re settled in.
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments.
• Review your property taxes regularly. If you think your property taxes are too high, the Marion County Clerk’s Office can inform you about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
Salem First-Time Homebuyer Assistance Programs
If you’re considering buying your first home in Oregon, there are down payment assistance programs available to help you cover the initial costs associated with purchasing property. Anyone who hasn’t owned a primary residence in the past three years is considered a first-time homebuyer.
Salem homebuyers can contact the Oregon Housing and Community Services (OHCS). One program OHCS offers is the First-Time Homebuyers Savings Account — a tax-advantaged savings account designed to be used toward funding a down payment on a single-family home.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
Using a Salem mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand the impact of different down payment amounts, and compare various loan terms and interest rates. This tool can provide a clearer picture of your financial obligations and help you make informed decisions about your home loan. Especially if you are a first-time homebuyer in Salem, the mortgage calculator can be a practical resource in planning your homeownership journey.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
Should I choose a 30-year or 15-year mortgage term?
A 30-year mortgage offers lower monthly payments, but you will pay more interest over time. A 15-year mortgage has higher monthly payments but saves on interest. Consider your financial goals and budget, and choose the shortest term that you feel you can comfortably afford.
How much is the payment on a $400,000, 30-year mortgage?
The cost of a $400,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For example, at an interest rate of 6.00%, and a down payment of 20% ($80,000), your monthly payment would be $1,919. This estimate includes principal and interest but not property taxes, insurance, or other fees.
How much should I put down on a mortgage?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t pinching your finances to the bone. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home. And repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill. Look at the entire financial picture to determine if that makes sense for you.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate for a mortgage loan. A higher credit score can secure you more favorable interest rates, reducing your monthly payments, and the total cost of the loan. Conversely, a lower credit score may result in higher interest rates, making the mortgage more expensive. Lenders use your credit score to assess your risk, so building your score can lead to better loan terms and more savings over the life of the mortgage.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q425-047
Get prequalified in minutes for a SoFi Home Loan.
Free Riverside, CA Mortgage Loan Calculator
Riverside, CA Mortgage Calculator
By SoFi Editors | Updated October 23, 2025
A mortgage loan calculator is a useful tool for anyone who is considering purchasing a home. It will help you estimate monthly payments, see total interest costs, and understand the impact of different down payment amounts and loan terms. Take a few minutes to learn how to use this calculator most effectively with this guide.
Key Points
• A Riverside mortgage calculator helps you estimate monthly loan payments and total loan costs for a home purchase.
• Down payment assistance programs can significantly reduce the upfront costs of buying a home for qualified buyers.
• The loan term, whether 15 or 30 years, impacts your monthly payment amount and total interest paid, with shorter terms saving on interest but requiring higher payments.
• This calculator takes into consideration property taxes in Riverside, as many lenders like borrowers to pay a portion of their taxes with each monthly payment.
• Your credit score significantly affects your mortgage terms and interest rate.
Riverside Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the agreed-upon purchase price between you and the home seller. This final figure may differ slightly from both the initial listing price and your initial offer.
• Down payment: The down payment is the initial amount you’ll pay upfront. It’s usually anywhere from 3% to 20%, with 20% being necessary to avoid paying for private mortgage insurance (PMI). A jumbo loan, which some buyers here will need, requires at least 10% down.
• Loan term: The loan term is the length of time you have to repay the home loan in full. Opting for a shorter term can save on interest but requires higher monthly payments.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. The type of mortgage loan you choose and your credit score are among the factors lenders will consider when determining your interest rate.
• Annual property tax: The property tax rate in Riverside County, where the city of Riverside is located, is .8209%. For the most accurate number, search for the ZIP code or county name where your property is located and “effective property tax rate.”
• Total monthly payment: The total monthly payment includes the principal loan amount, the interest accrued, and the portion of your property tax that you will pay into escrow.
• Total interest paid: The total interest paid represents the cumulative amount of interest you will pay over the entire life of the loan. This figure can be substantial, especially when considering longer loan terms.
• Total loan cost: The total loan cost represents the all-in amount you will be required to pay for the loan.
How to Use the Riverside Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon home price accurately to ensure precise mortgage estimates.
Step 2: Select a Down Payment Amount
Choose the down payment amount and you’ll quickly see how it affects your monthly mortgage payment. If you’re unsure about how much cash you need to get to 20% of the home price, use a down payment calculator.
Step 3: Choose a Loan Term
Select a term of between 10 and 30 years based on your financial goals and budget constraints.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point for accurate estimates.
Step 5: Add Your Property Tax
Enter the property tax rate as a percentage to estimate your total monthly payment.
Benefits of Using a Mortgage Payment Calculator
If you’re buying your first home, a free Riverside mortgage calculator will be especially helpful as you estimate your monthly mortgage payments. But even a seasoned buyer will find the calculator useful. You can try typing in different down payment amounts and loan terms to see how these affect your monthly and long-term costs. This will help in the decisionmaking process when it’s time to sign on to a home mortgage loan.
Recommended: The Best Affordable Places in the U.S.
Deciding How Much House You Can Afford in Riverside
In Riverside, the median home sale price is well above the U.S. average, at around $617,000. Let’s use the free Riverside mortgage calculator to see what it would take to afford a home at this price, keeping in mind that lenders prefer that your monthly home costs not exceed 28% of your gross monthly income. If you bought this home with a 20% down payment and a 30-year mortgage at 6.50%, your monthly payment would be $3,542. In order to keep your payment under 28% of your gross income, you would need an annual income of $127,000. This assumes you aren’t paying off any other debts. If you were, you would need to earn more.
Another way to decide how much house you can afford is to use a home affordability calculator. In this case, you’ll type in your annual income and also record your recurring debts, such as a car payment or student loan. The calculator will take these into consideration when computing your budget.
If your search for a home is getting serious, you may want to go through the mortgage preapproval process to see if a lender feels you would qualify for a loan and, if so, what your potential loan amount and rate would be.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. The principal is the amount borrowed to purchase the home, while the interest is the cost of borrowing that principal. In the early years of your mortgage, a larger portion of your payment goes toward interest, but over time, more of it pays down the principal. Property tax is often included in mortgage payments and held in escrow until the tax payment is due. This calculator factors in property taxes for a more accurate estimate of your costs. Other things that may be included in your mortgage, depending on your situation, include: PMI, homeowners insurance premiums, and homeowners association (HOA) fees.
Buyers who are exploring a home loan guaranteed by the Federal Housing Administration (FHA) will have a slightly different cost structure and should try using an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
Meanwhile, a VA mortgage calculator will be useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Riverside
Cost of living is an important factor when you’re thinking about your monthly mortgage payment, as it will affect how much cash you have on hand to pay your bills. The cost of living in Riverside County is roughly 16% higher than the average cost of living in the U.S. Here’s how Riverside County compares to the national average in other areas:
| Riverside County Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 115.9 |
| Groceries | 115.7 |
| Housing | 131.2 |
| Utilities | 113.7 |
| Transportation | 114.2 |
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.
Riverside’s First-Time Homebuyer Assistance Programs
If you’re considering buying your first home in Riverside, down payment assistance programs could potentially help you. These programs can provide much-needed financial aid for the down payment or closing costs, or even assistance with both. To qualify as a first-time homebuyer, you typically must not have owned a primary residence within the past three years. These programs can make homeownership more accessible to a wider range of people and reduce the initial financial burden often associated with purchasing a home.
Tips on Reducing Your Mortgage Payment
After you’ve purchased your home, there may still be a way to lower your monthly mortgage payments. Here are some options to consider.
• Drop PMI once you have 20% equity in your home, either as the result of regular payments or due to home appreciation. (Keep an eye on your home’s market value.)
• Consider mortgage recasting if you receive a bonus or other windfall. This process allows you to make a lump sum payment toward your mortgage principal. You can then request that your lender re-amortize the loan. The result is a new, smaller principal balance and lower monthly payments.
• Explore a mortgage refinance if rates have dropped or your credit score has made a big improvement.
• Appeal your property taxes if you believe they are too high. A successful appeal can lower your property tax bill.
• Ask your lender to modify your loan if you face financial hardship. Loan modifications can involve extending the loan term, reducing the interest rate, or forgiving a portion of the outstanding principal balance.
• Shop for a lower homeowners insurance rate. Consider options like increasing your deductible, bundling your homeowners and auto insurance policies, or making certain upgrades to your home’s security features and storm resistance.
The Takeaway
Using a mortgage calculator can provide valuable insights into your financial readiness for homeownership. It will help you estimate monthly payments, see total interest paid, and understand the overall cost of a mortgage. This will help you make smart decisions about how much house you can afford. Thinking about these costs is an important step toward choosing a lender who will be your partner on the home-buying journey.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much is the average mortgage in Riverside?
In 2025, the average monthly mortgage payment in Riverside County, where Riverside is located, was $3,730. But mortgage payment amounts can vary based on your down payment and interest rate. To get a more precise estimate tailored to your needs, consider using a mortgage calculator.
How does my credit score affect my mortgage loan interest rate?
A high credit score (think 700-plus) can mean a more favorable interest rate, potentially saving you thousands in interest over the life of the loan. To get a better rate, focus on paying bills on time, reducing outstanding debt, and exploring different loan options from various lenders to find the best deal available.
How much should I put down on a mortgage?
How much you’ll put down on a mortgage should depend on your individual financial situation. A larger down payment offers certain advantages: It reduces your monthly payments by lowering the amount that you borrow. And if you hit 20% down, you can likely eliminate the requirement for private mortgage insurance. But many buyers put down less than 20%, especially if it’s their first home purchase. It’s no fun to live without an emergency fund in order to make a down payment, so don’t push your budget to the max. If you’re finding yourself struggling to save for an adequate down payment, explore down payment assistance programs.
Should I choose a 30-year or 15-year mortgage term?
Use a mortgage calculator to see how different term lengths affect your monthly costs, then choose the term that yields the bill you can afford. You’ll want to make sure you aren’t skimping on other important things to pay your mortgage. A 30-year term offers lower payments but higher overall interest. A 15-year term has higher payments but saves significantly on interest.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q425-046
Get prequalified in minutes for a SoFi Home Loan.
Free Fayetteville, NC Mortgage Loan Calculator
Fayetteville, NC Mortgage Calculator
By SoFi Editors | Updated October 24, 2025
Getting a mortgage in Fayetteville is easier when you’ve done your homework in advance. Put a few basic facts into this Fayetteville mortgage calculator, and you’ll learn the monthly payment amount and total interest cost for your home purchase. You can also use the calculator to try out different scenarios to find the home price, down payment, and interest rate that are the best combo for you.
Key Points
• A mortgage loan calculator helps homebuyers quickly estimate the monthly and total costs of borrowing money to buy a home.
• Generally speaking, monthly mortgage payments should not exceed 28% of gross income.
• The calculator includes principal, interest, down payment, and estimated property tax.
• Extending the mortgage loan term can reduce monthly payments, making home buying more affordable. Extending the term also increases your total costs over the life of the loan.
• First-time homebuyer programs offer help with a down payment, closing costs, or both.
Fayetteville Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price that you have agreed upon with the home seller. This is a key figure when it comes to determining your home loan amount.
• Down payment: The down payment is the amount you pay upfront. Buyers typically put down between 3% and 20%. A down payment calculator can show you how much you would need to put down to reach 20%, which would likely eliminate the need to pay for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the loan. Common terms are 15 and 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the total loan amount. Interest rates vary based on factors such as your credit score and the type of mortgage loan you choose.
• Annual property tax: Local property tax is often rolled into your monthly housing payment.
• Monthly payment: The monthly payment represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property tax. This calculator does not include home insurance, private mortgage insurance, or homeowners association (HOA) fees.
• Total interest paid: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the Fayetteville Mortgage Calculator
• Step 1: Enter Your Home Price
Type the home price, which is the agreed-upon purchase price with the home seller.
• Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget.
• Step 3: Choose a Loan Term
Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.
• Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
• Step 5: Add Your Annual Property Tax Rate
Enter the home’s property tax rate as a percentage. The average effective property tax rate in Cumberland County, where Fayetteville is located, is 1.06%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and repayment term. Use this tool to compare costs, like how the interest rate affects your monthly payments. Check out different loan terms to see their impact on expenses and total interest.
A Fayetteville mortgage calculator is particularly helpful if you’re buying your first home, as it allows you to play with different scenarios (raising and lowering the down payment amount, for example).
Deciding How Much House You Can Afford in Fayetteville
In Fayetteville, the median home sale price in late 2025 was $239,000 — much less expensive than the national median of around $439,000, according to Redfin.
Lenders suggest a mortgage payment not exceed 28% of your gross monthly income. You’d need to earn an annual income of about $55,000 if you were looking to afford a monthly payment of $1,281 on a $239,000 home. That assumes a 20% down payment ($47,800), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 1.06% for Cumberland County.
Lenders also recommend total debt payments stay under 36% of gross monthly income. In this case, your other debts shouldn’t exceed $366 monthly. If you want to factor in a car loan or student loan, you can use a home affordability calculator.
A more reliable method 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.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). Your monthly payment might also include property tax, as this calculator does. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
Homebuyers who are considering purchasing with the help of a Federal Housing Administration (FHA) loan will have an upfront and ongoing mortgage insurance premium to pay. These loans are still very affordable and are popular with first-time buyers. If you are considering an FHA loan, use an FHA mortgage calculator.
Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.
Finally, if you are purchasing a pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA).
Recommended: Average Monthly Expenses for One Person
Cost of Living in Fayetteville
Fayetteville is 6% less expensive than the national average and 1% more expensive to live in than the average city in North Carolina, according to the Economic Research Institute (ERI). The cost of living reflects how much you can afford in a certain area. This metric gives you a sense of what things cost in a region, including necessities like housing, utilities, groceries, health care, and transportation.
The cost of living index (COLI) is measured on a scale of 100 — a COLI higher than 100 means the region is more expensive than the national average, and a COLI below 100 indicates it is less expensive.
North Carolina holds a 2024 COLI of 97.8, in line with nearby Virginia (100.8) and South Carolina (94.7), according to data from the Council for Community and Economic Research’s Cost of Living Index. To help you compare the cost of living in Fayetteville, here are the COLI numbers for some of the major cities in North Carolina:
| North Carolina Cities’ Cost-of-Living Stats | |
|---|---|
| Asheville | 102.7 |
| Chapel Hill | 104.5 |
| Raleigh | 97.2 |
| Winston-Salem | 93.4 |
Source: Council for Community and Economic Research’s Cost of Living Index.
If you have a desire to pursue a home in one of the best affordable places in the U.S., you can also check out Greensboro and Southern Pines, which landed on the list of most economical places to live in North Carolina.
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.
Tips for Reducing Your Mortgage Payment
As you explore your monthly bills, you may wonder how you can reduce your mortgage payment to free up cash to dedicate to other expenses. Here are some ways borrowers can lower their payments:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• Review your property taxes regularly. If you think your property taxes are too high, the Cumberland County Tax Administration can inform you about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
Fayetteville First-Time Homebuyer Assistance Programs
If you are a first-time homebuyer in North Carolina, you can find state programs that help make homeownership more achievable by reducing the upfront financial burden. Down payment assistance programs can provide financial aid for the down payment, closing costs, or both.
To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Look into the North Carolina Housing Finance Agency (NCHFA), which offers programs designed to help low- to moderate-income buyers who need help coming up with a down payment or closing costs. Some of the NCHFA programs also assist veterans or individuals who are buying in certain areas or regions.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
Using a Fayetteville mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand the impact of different down payment amounts, and compare various loan terms and interest rates. This tool can provide a clearer picture of your financial obligations and help you make informed decisions about your home loan. Especially if you are a first-time homebuyer in Fayetteville, the mortgage calculator can be a practical resource in planning your homeownership journey.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
Should I choose a 30-year or 15-year mortgage term?
A 30-year mortgage offers lower monthly payments, but you will pay more interest over time. A 15-year mortgage has higher monthly payments but saves on interest. Consider your financial goals and budget, and choose the shortest term that you feel you can comfortably afford.
How much should I put down on a mortgage?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t pinching your finances to the bone. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home. And repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill. Look at the entire financial picture to determine if that makes sense for you.
How can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work to cultivate a strong credit score (aim for 700 or more, which is well over the 620 score you’ll need to qualify for a home loan). Go through the online prequalification process with multiple lenders to see how low a rate you might be able to obtain. A higher down payment may help, too, if you can afford to make one. If you already own a home, you can explore a mortgage refinance and compare the costs of your old loan versus a new one (plus closing costs) at a new, lower rate.
How much is the payment on a $250,000, 30-year mortgage?
The cost of a $250,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For instance, at an interest rate of 6.00%, and a down payment of 20% ($50,000), your monthly payment would be $1,199. This estimate includes principal and interest but not property taxes, insurance, or other fees.
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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Get prequalified in minutes for a SoFi Home Loan.
Free Raleigh, NC Mortgage Loan Calculator
Raleigh, NC Mortgage Calculator
By SoFi Editors | Updated October 23, 2025
A Raleigh mortgage calculator is a useful tool for prospective homebuyers, helping you to estimate monthly payments and understand the financial implications of different home loan scenarios. By inputting the home price, down payment, loan term, interest rate, and local property tax rate, users can get a clearer picture of their potential mortgage costs. Learn how to use this free Raleigh mortgage calculator to your advantage in this guide.
Key Points
• A Raleigh mortgage calculator helps prospective homebuyers estimate monthly payments and determine what is a good fit for their budget.
• The down payment, typically ranging from 3% to 20% of the home’s purchase price, can significantly impact monthly payments and the total interest paid.
• Down payment assistance programs are available in Raleigh to help some first-time homebuyers reduce initial costs.
• The loan term is between 10 and 30 years, with shorter terms leading to higher monthly payments but less interest paid overall.
• The interest rate, influenced by credit history and market trends, is a critical factor in determining monthly mortgage payments.
Raleigh Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price you have agreed upon with the home seller. This figure is needed to determine the size of the home loan.
• Down payment: The down payment is how much you’ll pay upfront, typically from 3% to 20% of the purchase price. To avoid paying for private mortgage insurance (PMI), you’ll need a 20% down payment. A jumbo loan usually requires at least 10% down.
• Loan term: The loan term represents the length of time you have to repay the mortgage, anywhere from 10 to 30 years. A shorter term typically has higher monthly payments but less interest over the life of the loan, while a 30-year term offers lower monthly payments but more interest.
• Interest rate: The interest rate represents the cost of borrowing money, expressed as a percentage of the total home loan amount. The type of mortgage loan you choose and your credit score will greatly impact the rate you’re offered.
• Annual property tax: Your property tax rate will play a significant role in determining the total monthly mortgage payment. In Wake County, where Raleigh is located, the property tax rate is .715%. To find your property’s rate, search by ZIP code, town name, or county name.
• Total monthly payment: The total monthly payment for a home typically includes the principal loan amount and the interest accrued on the loan. This calculator also includes property taxes.
• Total interest paid: The total interest paid is the cumulative amount of interest you will pay over the life of your home loan.
• Total loan cost: The total loan cost represents the all-in amount you will pay for the home loan.
How to Use the Raleigh Mortgage Calculator
Step 1: Enter Your Home Price
Type in the purchase price of the Raleigh property you play to buy.
Step 2: Select a Down Payment Amount
Choose how much of the home price you will pay upfront. To see what it takes to meet the 20% minimum needed to avoid PMI, use a down payment calculator.
Step 3: Choose a Loan Term
Select the length of time to repay the mortgage, anywhere from 10 to 30 years. A longer term lowers monthly payments but increases total interest.
Step 4: Enter an Interest Rate
Input your estimated interest rate. Lower rates reduce monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the local property tax rate as a percentage.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps homebuyers estimate affordability by calculating monthly payments based on loan amount, interest rate, and term, as well as local property taxes. If you haven’t been through the mortgage process before and are buying your first home, the mortgage calculator can be a fast, easy way to experiment with different down payment amounts or loan terms to see how they affect your costs, both in the short term and over the life of the loan.
Using a mortgage calculator will help you make informed decisions and plan for the true cost of homeownership.
Deciding How Much House You Can Afford in Raleigh
In late 2025, the median sale price of a home in Raleigh was $420,000. Let’s use that number to see how much house a buyer might be able to afford in the area. Lenders suggest that no more than 28% of your gross monthly income go toward your housing costs. To afford a $420,000 home in Raleigh with a 20% down payment, a 6.50% interest rate, and a 30-year loan term, you would need to earn $105,000. Your monthly payment, including property taxes, would be $2,374, according to the mortgage calculator. This assumes you don’t have other significant debts you’ll be paying off alongside your mortgage.
If you want to start with your annual income, factor in your debts, and find a comfy home budget that way, try using a home affordability calculator. Or if you’re into the search process and want to really pin down how much you might be able to borrow, go through the mortgage preapproval process with a lender. You’ll provide detailed financial information and the lender will tell you if you qualify for a loan, and if so, how much you might borrow and at what terms.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. The principal is the amount borrowed, and the interest is the cost of borrowing that money. Additionally, your monthly payment may include property tax, which can vary by location. That’s why this free mortgage calculator includes taxes. If your down payment is less than 20%, you may also have to pay for private mortgage insurance (PMI). Other potential components include homeowners insurance and homeowners association (HOA) fees.
Mortgages backed by the Federal Housing Administration have principal and interest, too. But FHA borrowers will also have an upfront and ongoing mortgage insurance premium to pay as part of their loan payment. Use an FHA mortgage calculator if you’re looking at an FHA loan. And if you’re seeking a loan backed by the U.S. Department of Veterans Affairs, use a VA mortgage calculator.
Recommended: Average Monthly Expenses for One Person
Cost of Living in Raleigh
North Carolina as a whole has a cost of living that is just below the U.S. average, and Raleigh is an average North Carolina metro area. It’s not on North Carolina’s list of best affordable places in the U.S., but nor is it wildly expensive.
Cost of living significantly impacts affordability, and it’s worth taking a deeper look when you’re thinking about buying a home in an area. Here’s how subcategories of costs stack up in Raleigh, according to data from the Council for Community and Economic Research (C2ER). The average cost of living in the U.S. equals 100 on this scale. As you can see, housing and utilities in Raleigh are particularly affordable when compared to the national average.
| Raleigh Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 97.2 |
| Groceries | 100.5 |
| Housing | 91.9 |
| Utilities | 90 |
| Transportation | 91.9 |
| Health Care | 112.6 |
| Miscellaneous Goods/Services | 101.1 |
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.
Raleigh’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Raleigh, or haven’t owned a primary residence in the past three years, down payment assistance programs may be available to help you cover some of the initial costs. These programs provide financial aid specifically designated for the down payment, closing costs, or both. Sometimes there’s a low- or no-interest second mortgage involved, and sometimes assistance comes in the form of a grant. The NC Home Advantage Mortgage has a 30-year fixed rate and up to 3% down payment assistance.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
It’s possible to be settled into your new place and still want to find ways to lower your monthly mortgage payment. If you’re feeling a budget pinch, consider these techniques:
• Drop private mortgage insurance once you have 20% equity in your home. This can be achieved through regular payments or home appreciation, so keep an eye on your home’s market value on real estate websites.
• If you receive a bonus or other windfall, mortgage recasting can be a smart financial move. You’ll make a lump sum payment toward your mortgage principal and request that your lender re-amortize the loan, resulting in a new, smaller balance and lower monthly payments.
• Consider a mortgage refinance if interest rates have declined significantly or your credit score has improved noticeably since you purchased your home.
• If you believe your property tax assessment is too high, you can appeal it. Start by researching assessments for comparable properties in your area. Make sure you have evidence to support your case.
• If you face financial hardship, you may be able to request that your lender modify your loan to make your monthly payments more manageable. Loan modifications can involve reducing the interest rate or extending the term of your loan.
• Consider shopping around for a lower homeowners insurance rate. You can potentially lower your premium by increasing your deductible amount, bundling your homeowners and auto insurance policies, or making upgrades that enhance your home’s security or storm resistance.
The Takeaway
Using a Raleigh mortgage calculator is a crucial step in understanding the financial implications of buying a home in this part of the Triangle. It helps estimate monthly payments, total interest paid, and the overall cost of the mortgage, factoring in property taxes for a more accurate estimate. Use it to try out different mortgage scenarios so that you land on the right combination of down payment amount, interest rate, and loan term for your individual situation.
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 Raleigh?
The median mortgage payment in Raleigh is $3,140 according to the National Association of Realtors®. Payments are very individualized, however, and what you owe can fluctuate based on factors such as the home price, the size of the down payment, interest rates, and your credit score.
What are principal and interest on a mortgage loan?
The mortgage principal is the amount you borrow from a lender to purchase the home, while the interest is the cost of borrowing. Over the course of the loan, your consistent monthly payments will gradually pay down the principal owed and also cover the interest charges. When you begin the loan, the lender will provide you with an amortization schedule, which will tell you how much of each payment will go toward the principal vs. the interest each month.
How much should I put down on a mortgage?
The amount you put down to purchase a home is a personal choice based on your financial situation. If you want to know what others are doing, data from the National Association of Realtors® can provide insight: The typical down payment for first-time homebuyers has ranged from 6% to 9% over the last couple decades and has only ever been as high as 10%. More seasoned buyers, however, tend to put down more: The typical down payment for a repeat buyer in 2024 was 23%. Look closely at your finances and make your own decision.
Should I choose a 30-year or 15-year mortgage term?
Consider your finances when choosing between a 30-year or 15-year mortgage. A 30-year mortgage offers lower monthly payments but you will pay more interest overall. A 15-year mortgage has higher payments but less interest and faster equity growth. Choose a term that yields a monthly payment you can comfortably afford.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q425-042
Get prequalified in minutes for a SoFi Home Loan.
Free Fort Lauderdale, FL Mortgage Loan Calculator
Fort Lauderdale, FL Mortgage Calculator
By SoFi Editors | Updated October 21, 2025
A mortgage calculator is an important tool for anyone considering a home purchase in Fort Lauderdale. Put in a few basic facts, and you’ll learn the monthly payment amount and total interest cost for your home purchase. You can also use the calculator to try out different scenarios to find the home price, down payment, and interest rate that are right for you.
Key Points
• A Fort Lauderdale mortgage loan calculator helps homebuyers quickly estimate the monthly and total costs of borrowing money to buy a home.
• One rule of thumb recommends that monthly mortgage payments not exceed 28% of gross income.
• Before using the calculator, learn key terms like total interest paid, and how that figure can help you compare scenarios and mortgage offers.
• A longer loan term typically means lower monthly payments.
• First-time homebuyer programs offer down payment and closing cost assistance.
Fort Lauderdale Mortgage Calculator
Calculator Definitions
• Home price: The home price is the agreed-upon purchase price with the home seller. This may differ from the listing price or your initial offer.
• Down payment: The down payment is the amount you plan to pay upfront. It’s often expressed as a percentage of the total home price, typically anywhere from 3% to 20%. A larger down payment can lower your monthly mortgage payments and eliminate the need for private mortgage insurance (PMI). Down payment assistance programs can help cover this cost.
• 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 fixed mortgage has higher monthly payments but costs less in interest over the loan term, while a 30-year fixed mortgage offers lower monthly payments but more interest paid over time. A mortgage calculator can help you compare how different loan terms affect your monthly payments.
• Interest rate: The interest rate is the cost of borrowing money. It’s expressed as a percentage of the loan amount and varies based on your credit score, market trends, and the type of mortgage loan.
• Annual property tax: The annual property tax is levied by local governments on land and buildings within their jurisdiction, and is expressed as a percentage of a property’s assessed value.
• Monthly payment: The monthly payment includes the loan’s principal and interest. It may also factor in property taxes. Some lenders also include homeowners insurance and homeowners association (HOA) fees in payments.
• Total interest paid: The total interest paid represents the entire amount of interest you will pay over the life of the loan. By making a larger down payment, securing a lower interest rate, or choosing a shorter loan term, you can reduce your total interest paid.
• Total loan cost: The total loan cost is the global price you will pay for the loan, including the principal that you repay and the interest.
How to Use the Fort Lauderdale Mortgage Calculator
Step 1: Enter Your Home Price
Enter the purchase price into the calculator.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you plan to pay upfront. A larger down payment can reduce your monthly payments and eliminate the need for PMI. Use a down payment calculator to help you determine what percentage makes sense for you.
Step 3: Choose a Loan Term
Select the duration of your mortgage, typically 15 or 30 years. This choice impacts your monthly payments and total interest paid.
Step 4: Enter an Interest Rate
Input your expected interest rate to the second or third decimal point. A lower rate can significantly decrease your mortgage costs.
Step 5: Add Your Annual Property Tax
Enter the property tax rate as a percentage. The average effective property tax rate for Broward County, where Fort Lauderdale is located, is 0.95%.
Benefits of Using a Mortgage Payment Calculator
A Fort Lauderdale mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and term. Use this tool to compare costs, like how interest rates affect payments. Check out different loan terms to see their impact on expenses and total interest. The calculator can also help you see how your down payment figures in.
Deciding How Much House You Can Afford in Fort Lauderdale
When you’re buying your first home, it’s good to research average home prices in the city you’re eyeing. In Fort Lauderdale, the median home sale price in late 2025 was $542,000 — much higher than the national median of around $439,000, according to Redfin.
Lenders suggest a mortgage payment shouldn’t exceed 28% of your gross monthly income. You’d need to earn an annual income of about $124,000 if you were looking to afford a $542,000 home with a monthly payment of $2,893. That amount assumes a down payment of 20% ($108,400), an interest rate of 7.00% on a 30-year mortgage, and property tax rate of 0.95%. Because lenders typically recommend total debt payments stay under 36% of your gross monthly income, your other monthly debts shouldn’t exceed about $827 in this case.
For further help in making estimates, going through the mortgage preapproval process with a lender can help you figure out the appropriate loan size for your budget.
Recommended: Average Monthly Expenses for One Person
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). But your monthly payment might also include property tax, which is based on your home’s value. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
If you’re considering an FHA loan — one that’s guaranteed by the Federal Housing Administration (FHA) — you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
A VA mortgage calculator can be helpful too if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Finally, if you are purchasing a pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA). For 2026, the FHFA conforming loan limit for a single-unit property in Fort Lauderdale is $832,750, which is the baseline limit for most of the U.S.
Cost of Living in Fort Lauderdale
Fort Lauderdale is an expensive city for purchasing a home, according to its cost of living. This metric gives you a sense of what things cost in a region, including necessities like housing, utilities, groceries, health care, and transportation. The cost of living index (COLI) is measured on a scale of 100 — a COLI higher than 100 means the region is more expensive than the national average, and a COLI below 100 indicates it is less expensive, according to the Council for Community and Economic Research’s Cost of Living Index.
Fort Lauderdale’s 2024 COLI was 121.8, on par with Miami (120.8) and much more expensive than Daytona Beach (99.1) and Jacksonville (92.9). Florida’s 2024 COLI was 102.2, making it less affordable than Georgia at 92.5.
The chart highlights cost of living numbers for major expenses in Fort Lauderdale:
| Fort Lauderdale Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 121.8 |
| Groceries | 109.6 |
| Housing | 164.5 |
| Utilities | 105.1 |
| Transportation | 99.6 |
| Health Care | 92.1 |
| Miscellaneous Goods/Services | 105.7 |
Source: Council for Community and Economic Research’s Cost of Living Index.
If you’re seeking to make your first home purchase in one of the best affordable places in the U.S., consider Florida cities like Ocala, Pensacola, and Tallahassee.
For more help factoring in income, debts, and local property costs, try a home affordability calculator.
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.
Tips on Reducing Your Mortgage Payment
If you are a homebuyer in Fort Lauderdale, you may be looking to reduce your mortgage payment so you can allocate funds to other expenses or continue to build an emergency fund. Here are some things you can do to lower your monthly mortgage payment:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• Review your property taxes regularly. If you think your property taxes are too high, the Broward County Property Appraiser’s Office can inform you about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
• Look into loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate. Be prepared to show bank statements or tax returns to demonstrate your financial situation.
Fort Lauderdale First-Time Homebuyer Assistance Programs
If you are a first-time homebuyer in Florida, you can find state programs that help make homeownership more achievable by reducing the upfront financial burden. Down payment assistance programs can provide financial aid for the down payment, closing costs, or both.
The Florida Housing Finance Corporation (known as Florida Housing) offers first-time buyers a variety of assistance programs, which typically include homebuyer education classes. These can help buyers understand how much mortgage they can afford and how the lending and closing processes work.
If you’re seeking to purchase a home in Fort Lauderdale, see if you are eligible for the Florida Hometown Heroes Housing (HTH) Program, which provides down payment and closing cost assistance to first-time, income-qualified homebuyers seeking a primary residence in the community in which they work and serve.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
A Fort Lauderdale mortgage calculator is a powerful tool for anyone considering a home loan, and it’s extra useful for first-time homebuyers. This tool helps you estimate monthly payments, understand the impact of different down payment amounts, and explore various loan scenarios. By using this calculator, you can better prepare for the financial commitment 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 does my credit score affect my mortgage loan interest rate?
Your credit score significantly affects your mortgage interest rate. A higher score often leads to better loan terms and lower interest rates, while a lower score may result in higher rates and more stringent lending requirements.
How much is the payment on a $500,000, 30-year mortgage?
The cost of a $500,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For instance, at an interest rate of 6.00% and a down payment of 20% ($100,000), your monthly payment would be $2,398. This estimate includes principal and interest but not property taxes, insurance, or other fees.
Should I choose a 30-year or 15-year mortgage term?
When choosing a mortgage term, consider that a 30-year term offers lower monthly payments but more interest over time, while a 15-year term has higher monthly payments but less interest paid overall. Assess your financial goals and budget when opting for a certain term.
How much should I put down on a mortgage?
You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t pinching your finances to the bone. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home, while repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance to your monthly bill. Look at the entire financial picture to determine what makes sense for your budget.
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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