Free Stockton, CA Mortgage Loan Calculator
Stockton, CA Mortgage Calculator
By SoFi Editors | Updated October 21, 2025
A mortgage calculator is a helpful resource for anyone considering purchasing a home. Type in a few key numbers and you can quickly understand the financial implications of buying a house. You can even use the calculator to experiment with different scenarios, to understand how a larger or smaller down payment, for example, might impact monthly payments. Follow this guide to get the most from this useful mortgage calculator tool.
Key Points
• A mortgage calculator helps you understand the financial implications of buying a home, including monthly payments and total loan cost.
• The loan term, whether 15 or 30 years, significantly affects your monthly payments and total interest paid over the life of the loan.
• Property taxes are included in this mortgage calculator, as many lenders ask that you pay taxes as part of your monthly mortgage payment.
• A higher credit score can secure a more favorable mortgage interest rate, reducing monthly payments and the total cost of the loan.
• Down payment assistance programs can reduce upfront costs and make homeownership more accessible for qualified buyers.
Stockton, CA Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price you have agreed to with the home seller, which may differ from the listing price and your initial offer. This figure helps determine the size of your home loan.
• Down payment: The down payment is the amount you’ll pay upfront. Most buyers put down between 3% and 20%. To avoid paying for private mortgage insurance (PMI), a down payment of 20% is usually needed. A jumbo loan on a higher-priced property often requires a down payment of at least 10%.
• Loan term: The loan term is the length of time you have to repay the mortgage. A shorter term offers lower total interest paid but higher monthly payments, while a longer term provides lower monthly payments but higher total interest over the life of the loan.
• 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 and other financial qualifications will affect the rate you are offered.
• Annual property tax: The annual property tax in California is capped at 1%, but additional local taxes and assessments may bring the total closer to 1.25%. The property tax rate in Stockton, which is located in San Joaquin County, is .7648%.
• Total monthly payment: The total monthly payment includes the principal and interest you pay each month. It’s important to note that this figure may also include property tax.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure is heavily influenced by the interest rate and the loan term.
How to Use the Stockton, CA Mortgage Calculator
Step 1: Enter Your Home Price
Type in the purchase price of the property.
Step 2: Select a Down Payment Amount
Choose how much of the home price you will pay upfront. A down payment calculator can show you what’s needed to reach the 20% payment necessary to avoid PMI.
Step 3: Choose a Loan Term
Select the length of time to repay the mortgage, anywhere from 10 to 30 years. As noted above, 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. Use .7648% for San Joaquin County, or to find the specific percentage in your area, search online for the property’s town or ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments and helps would-be homeowners understand the total cost of a potential loan. You’ll input the home’s purchase price, your down payment amount, interest rate, loan term, and local tax rate to see an estimate of your monthly mortgage bill.
Especially if you are buying your first home, it’s a good idea to use the calculator to see how different down payment amounts or loan terms might affect your payments as well as your total interest paid on a home loan.
Recommended: Average Monthly Expenses for One Person
Deciding How Much House You Can Afford in Stockton
The median home price in Stockton in late 2025 was $435,000, according to Redfin. Let’s use that price and employ the mortgage calculator to explore how much house you might be able to afford. Lenders like to see that housing costs (mortgage, taxes, insurance, HOA) don’t exceed 28% of gross monthly income. If you put 20% down on a $435,000 home and had a 6.50%, 30-year mortgage, your monthly payment would be $2,477. This takes into account the property tax rate in Stockton. To afford this payment and still be within the 28% guideline, you would need a gross monthly income of about $9,166 which equals an annual income around $110,000.
If you want to use your annual income and debts to estimate your ideal home price, put your numbers into a home affordability calculator. Or pull together your financial details and share them with a lender as part of the mortgage preapproval process. You’ll come away understanding if you would likely qualify for a loan and, if so, how much you might be able to borrow.
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 portion of the payment that goes toward paying down the loan balance, while the interest is the cost of borrowing the money. Additionally, your monthly payment may include property tax, as they do in this calculator. If your down payment is less than 20%, you may also have to pay for PMI. Some lenders also build home insurance costs and homeowners association (HOA) fees into the monthly loan payment.
Buyers considering a home loan guaranteed by the Federal Housing Administration (FHA) should use an FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums, which are key components of a mortgage payment for FHA loans. A VA mortgage calculator is the calculator to use if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Stockton
Stockton has a high cost of living by U.S. standards, at 13 points above the average U.S. cost of living. However, California as a whole has a very high cost of living, and Stockton’s costs are almost 20 points below the California average. That’s one reason Stockton ranked as one of the best affordable places in the U.S. for young adults to live. It’s in the Bay Area without being as pricey as San Francisco, and it has a great local arts scene and relatively affordable housing (again, by West Coast standards).
In Stockton, a living wage for two adults working full time and raising two children is $46.61 per hour, according to MIT’s Living Wage Institute. A single person with no children could subsist on $24.92 per hour. As you think about purchasing a home in Stockton, online calculators can help you determine how your housing costs fit into your larger household budget.
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.
Stockton’s First-Time Homebuyer Assistance Programs
If you’re a first-time homebuyer looking to purchase in Stockton, there are several down payment assistance programs available to help qualified buyers cover the initial costs. Some programs also provide a loan or grant to cover closing costs. To qualify as a first-time homebuyer, you typically must not have owned a primary residence within the past three years.
The California Housing Finance Agency is the primary program provider, offering below-market-interest-rate loans and down payment help for eligible low- and middle-income buyers. Consult a guide to first-time home-buying programs in California for tips.
Recommended: The Cost of Living in the U.S.
Tips on Reducing Your Mortgage Payment
You might settle into your home and need to reduce your monthly costs further. If that happens, these are ways to lower your monthly mortgage payment at various points during your mortgage experience.
• Request that your lender drop private mortgage insurance (PMI) as soon as you reach 20% equity in your home. This can be achieved through regular payments but also through home appreciation.
• Consider mortgage recasting if you receive a bonus or windfall. This involves making a lump sum payment toward your mortgage principal and asking your lender to recompute your monthly payments without extending the loan term or pursuing a full refinance.
• A mortgage refinance is an option if interest rates have dropped significantly since you purchased your home or if your credit score has markedly improved. Make sure you include closing costs when you compare the cost of refinancing to keeping your original loan.
• Appeal your property taxes if you believe they are too high. Successfully appealing can reduce your annual property tax bill and lower your total monthly mortgage payment.
• Ask the lender to modify your loan if financial hardship makes it difficult to keep up with payments. This might involve extending the loan term, which can reduce monthly payments, but may also increase the total loan cost over the life of the loan.
• Shop for a lower homeowners insurance rate. You can potentially trim your premium by opting for an increased deductible, bundling policies, or making upgrades that enhance your home’s security or storm resistance.
The Takeaway
Using a mortgage calculator is a key step when determining how much house you can afford as a homebuyer. It helps you understand the impact of factors like your down payment amount and loan term on your monthly payments. Knowing your overall financial commitment will help you make more informed decisions about the home you’ll buy and the type of mortgage you’ll obtain, ensuring a smoother and more secure path to 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 Stockton?
The median mortgage amount on a typical home in San Joaquin County, where Stockton is located, is around $3,360, according to the National Association of Realtors®. A mortgage calculator will show you how the monthly mortgage payment fluctuates based on the price of the home, the prevailing interest rate, and the term length, among other factors.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a major role in determining your interest rate for a mortgage loan. A higher credit score can secure you a lower interest rate, reducing your monthly payments and the total interest you pay over the life of the loan. Conversely, a lower credit score may result in a higher interest rate, making the mortgage more expensive.
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 fee you pay for borrowing. Over the life of the loan, your consistent monthly payments will gradually pay down the principal owed and also cover the interest charges.
What income do you need for an $800,000 mortgage with a 6.50% interest rate?
If you earn at least $240,000 per year, you could potentially afford an $800,000 mortgage, but whether you will qualify for a loan in that amount will depend on your credit score, among other factors. If you have debts, such as a car loan or student loan, you’ll likely need to earn more.
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 San Jose, CA Mortgage Loan Calculator
San Jose, CA Mortgage Calculator
By SoFi Editors | Updated October 21, 2025
A mortgage calculator is a useful tool for prospective homebuyers in San Jose, California. Plug in a few numbers and it will help you estimate monthly payments, total interest, and the overall cost of a home loan. Whether you’re a first-time homebuyer or a seasoned one, this free San Jose mortgage calculator can make it easier to navigate the complexities of home financing. Ready to get started? Follow this guide to use the calculator to your best advantage.
Key Points
• A San Jose mortgage calculator helps estimate monthly payments, total interest, and overall loan costs.
• The calculator incorporates property taxes, which are often paid as part of the monthly loan payment.
• The calculator takes into consideration the buyer’s estimated down payment, typically 3% to 20% of the home price.
• A 30-year mortgage term offers lower monthly payments but more total interest paid over the life of the loan, while a 15-year term has higher payments but less interest and faster equity building.
• The interest rate, influenced by creditworthiness and market trends, can greatly affect monthly payments and total loan costs, with a lower rate leading to significant savings.
San Jose Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. This and the down payment amount will determine the amount that you need to borrow with a home loan.
• Down payment: The down payment is what the homebuyer pays upfront, typically between 3% and 20% of the purchase price. A down payment of 20% can help you avoid having to pay for private mortgage insurance (PMI). To see what’s needed to hit the 20% mark on a property, use a down payment calculator.
• Loan term: The loan term is the length of time you have to repay the mortgage. A shorter term can result in higher monthly payments but less interest paid over the life of the loan. Conversely, a longer term offers lower monthly payments but increases the total interest paid.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount.
The interest rate you qualify for will be based in part on your credit score but also on the type of mortgage loan you choose.
• Annual property tax: California property tax is capped at 1%. In Santa Clara County, where San Jose is located, the effective property tax rate is .7062%. You can use this in the calculator, or search for the ZIP code or county name of the property you plan to purchase, plus “effective property tax rate.”
• Total monthly payment: The total monthly payment includes the principal, interest, and property tax you will pay each month. Additional costs such as homeowners insurance, homeowners association (HOA) fees, and PMI may ultimately be added to your monthly payment, depending on your loan and lender.
How to Use the San Jose Mortgage Calculator
Step 1: Enter Your Home Price
Type in the purchase price of the property.
Step 2: Select a Down Payment Amount
Choose how much of the home price you will pay upfront.
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 to the second or third decimal point. Lower rates reduce monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage of your property’s assessed value that will be taxed. Again, for the specific percentage in your area, search online for the property’s ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps prospective homebuyers estimate monthly payments based on loan amount, interest rate, loan term, and local property taxes. Particularly if you are buying your first home, it can be helpful to try out different down payment amounts or loan terms to see how they might affect your monthly payments. Running different scenarios through the calculator can help you understand the financial implications of different loan terms and interest rates, allowing you to make a more informed decision about your home purchase.
Deciding How Much House You Can Afford in San Jose
In San Jose, the average home value in late 2025 is about $1.3 million. It’s one of the country’s more expensive housing markets. Lenders advise that housing costs not exceed 28% of your gross monthly income. To afford a $1.3 million home with a 20% down payment and a 6.50% interest rate on a 30-year mortgage, you would need a gross annual income of roughly $325,000. This assumes you put down 20% of the home’s purchase price and have minimal debts to pay aside from your mortgage. Your monthly payment would be $7,339, according to the mortgage calculator.
There are two other useful techniques you can use to determine how much house you can afford in San Jose. First, you can type your annual income and the amount of your regular debt payments into a home affordability calculator. The tool will tell you what your estimated home budget should be, taking your debts into consideration.
If you’re already engaged in a house search, it could be a good idea to go through the mortgage preapproval process. San Jose is a somewhat competitive market, and having a lender’s approval in hand might help you in the negotiation process. The lender will evaluate your financials and tell you whether you might qualify for a loan and, if so, how much you could borrow.
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 you borrow to purchase the home, while the interest is the cost of borrowing that money. In the early years of your mortgage, a larger portion of your monthly payment goes toward interest, but over time, more of it will pay down the principal. Property tax is often another important component. If your down payment is less than 20%, you may also need to pay for PMI as part of your monthly payment. Homeowners association (HOA) fees, if applicable, may also be included in your payment. And many lenders like borrowers to pay their homeowners insurance premium as part of their monthly payment as well.
If you’re thinking about getting a home loan guaranteed by the Federal Housing Administration (FHA), try using an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator will be useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Recommended: Do You Qualify as a First-Time Homebuyer?
Cost of Living in San Jose
You won’t find this Silicon Valley city on any list of the best affordable places in the U.S. The cost of living in San Jose is 80 points higher than the average cost of living in the U.S. Home prices here are particularly high, at more than three times the national average. It’s one of those places where you might need a jumbo loan to purchase even a modest property.
In San Jose, a living wage for two adults working full time and raising two children is $60.23 per hour, according to MIT’s Living Wage Institute. As you think about purchasing a home in San Jose, a mortgage calculator can help you determine how your housing costs fit into your larger household budget.
| San Jose Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 180.7 |
| Groceries | 115 |
| Housing | 321.1 |
| Utilities | 159 |
| Transportation | 140.4 |
| Health Care | 120.4 |
| Miscellaneous Goods/Services | 118 |
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.
San Jose’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in San Jose, there are several down payment assistance programs available to help qualified buyers cover front-end costs, including their down payment. Some programs provide a loan or grant for closing costs. To qualify, you typically must not have owned a primary residence within the past three years.
The California Housing Finance Agency is the primary program provider, offering below-market-interest-rate loans and down payment help for eligible low- and middle-income buyers. Consult a guide to first-time home-buying programs in California for advice.
Recommended: Average Monthly Expenses for One Person
Tips on Reducing Your Mortgage Payment
Once your home loan is signed and sealed, you’ll start paying off your mortgage. If money is tight and you want to explore a lower payment, there are some steps you can take after you settle into your home.
• Shop for a lower mortgage interest rate to decrease your monthly payments and overall loan cost with a mortgage refinance. Remember you may qualify for a lower rate if you have significantly improved your credit score since your home purchase.
• Consider a mortgage recast if you receive a bonus or other windfall. You make a lump sum payment toward your mortgage principal and request that your lender re-amortize the loan, resulting in lower monthly payments.
• Appeal your property taxes if you believe your assessment is too high.
• If you experience financial hardship, ask your lender to modify your loan to make monthly payments more manageable. This could involve extending the loan term which will cost you more in the long term, but it could ease your immediate money crunch.
• Shop for a lower homeowners insurance rate. Increasing your deductible, bundling homeowners and auto insurance, or making upgrades to enhance your home’s security or storm-resistance might lower your homeowners insurance premium.
The Takeaway
Understanding your financial situation before applying for a home mortgage is important. A free home mortgage calculator can help you determine whether you might be able to afford the monthly payment on a home loan. Whether you’re a first-time homebuyer or a seasoned homeowner, using a mortgage calculator can be a key element of planning for your financial future.
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 San Jose?
The median monthly mortgage payment in San Jose’s Santa Clara County in the first quarter of 2025 was $9,350, according to the National Association of Realtors®. But as a mortgage calculator shows, a monthly payment can rise or fall based on several factors, including the price of the home, the prevailing interest rate, and the term length of the loan.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term offers lower monthly payments, making homeownership more accessible. A 15-year term could save you thousands of dollars in interest but will require a higher monthly payment. If you can make a 15-year or 20-year term work with your budget, go for it. But particularly if this is your first home purchase, don’t feel bad about locking in 30 years. It’s the most popular loan term among U.S. homebuyers.
How can I get a lower mortgage interest rate?
For a lower mortgage interest rate, improve your credit score, as lenders often offer better rates to borrowers with scores over 700. Shop around for different lenders to compare their interest rate offers. Prepaying mortgage points, which are upfront fees paid to the lender, can also lower your interest rate. Look carefully at adjustable-rate vs. fixed-rate loan offers to determine whether going with an adjustable rate might provide a lower introductory rate without too much risk of rates rising later on.
What income do you need for an $800,000 mortgage with a 6.50% interest rate?
You’ll need an income of around $240,000 to $300,000 to afford an $800,000 mortgage with a 6.50% interest rate. The exact amount will depend on whether you have any other debts in addition to the mortgage. When in doubt, a home affordability calculator is a good tool to use. You’ll input information about your income and debts to find a home price you can 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-Q425-038
Get prequalified in minutes for a SoFi Home Loan.
Free Modesto, CA Mortgage Loan Calculator
Modesto, CA Mortgage Calculator
By SoFi Editors | Updated October 21, 2025
A mortgage calculator is a powerful tool for prospective homebuyers, providing a clear estimate of your monthly payment, total interest, and the overall cost of a home loan. You’ll input a few figures and soon will better understand the financial implications of a home purchase. This calculator also includes property taxes for those looking to buy in Modesto. Read on to understand how to use a mortgage calculator for maximum benefit.
Key Points
• A Modesto mortgage calculator helps prospective homebuyers estimate monthly payments, total interest, and overall loan costs, making it easier to plan finances.
• A 20% down payment can help you avoid private mortgage insurance (PMI) and significantly reduce the total cost of the loan.
• Down payment assistance programs are available to help qualifying buyers in Modesto meet the required down payment, making homeownership more accessible.
• The loan term, whether 15 or 30 years, impacts monthly payments and total interest paid, with a 30-year term offering lower payments but higher interest over the life of the loan.
• A higher credit score can lead to a lower mortgage interest rate, reducing monthly payments and total interest paid.
Modesto Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you and the home seller have agreed upon. It might be different from the listing price or your initial offer.
• Down payment: The down payment is the amount a homebuyer pays upfront, typically between 3% and 20%. If you make a 20% down payment, you usually won’t need to also pay for private mortgage insurance (PMI). A jumbo loan for a pricier property may require at least 10% down.
• Loan term: The loan term is the length of time you have to repay the loan, typically 15 or 30 years. A 30-year term offers lower monthly payments, while a 15-year term can save you a significant amount in interest over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the home loan amount. A lower interest rate can significantly reduce your monthly payments and the total interest paid over the life of the loan.
• Annual property tax: The annual property tax can be part of your monthly mortgage payment. In California, property tax is capped at 1%; in Stanislaus County, where Modesto is located, the rate is .7091%. Find your specific rate by searching for the ZIP code or county and “effective property tax rate.”
• Total monthly payment: The total monthly payment includes the principal, interest, and property tax.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the home loan. This figure can be substantial, especially for longer loan terms. A lower interest rate can reduce your monthly payments and the overall cost of the mortgage.
• Total loan cost: The total loan cost is the all-in amount you will pay for the home loan, including both principal and interest.
How to Use the Modesto, CA Mortgage Calculator
Step 1: Enter your home price.
This figure is an important one for the mortgage calculator, as it determines the size of the home loan you will need.
Step 2: Select a down payment amount.
The down payment represents the portion of the home price that you agree to pay upfront. A down payment calculator can show you what’s needed to reach the 20% payment necessary to avoid PMI.
Step 3: Choose a loan term.
The loan term is the length of time you have to repay the loan, typically 15 or 30 years. A 30-year term offers lower monthly payments, while a 15-year term can save you a significant amount in interest over the life of the loan.
Step 4: Enter an interest rate.
Enter your hoped-for interest rate to the second or third decimal point, such as 6.74%. Your credit score and the type of mortgage loan you choose will ultimately affect the rate you obtain.
Step 5: Enter the home’s property tax rate
Enter the percentage of your property’s market value that’s used to compute property tax. For the specific percentage in your area, search online for the property’s town or ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments and helps would-be homeowners understand loan scenarios. It assesses affordability based on loan amount, interest rate, and term.
If you’re buying your first home, you can quickly see how different down payment amounts or loan terms might impact your loan costs. It’s important to understand your financial situation when house hunting, and this free mortgage payment calculator can help you make informed decisions.
Deciding How Much House You Can Afford in Modesto
In 2025, Modesto’s median home price was $438,000. Let’s use that price to see what it might cost to purchase a home in the city, factoring in Modesto property taxes and assuming a 30-year loan at a 6.50% interest rate. If you made a 20% down payment ($87,600), the calculator shows your monthly payment would be $2,474. Lenders advise keeping housing costs below 28% of gross monthly income. To afford that monthly payment and follow the 28% guideline, you would need an annual income of around $100,000 per year. This assumes your other debts are fairly minimal. If you have a car payment, student loan payments, or credit card debt, you would likely need to earn more.
Another way to examine your budget and determine how much house you can afford is to use a home affordability calculator. This calculator will start with your income, factor in your regular debt payments, and quickly show you an estimated home budget. If you have already embarked on the home search process, you may want to proceed straight to the mortgage preapproval process, particularly if you are shopping in a competitive market like Modesto. The lender will examine your financial details and tell you how much you might be able to borrow.
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 and interest. Additionally, your monthly payment may cover property tax, as shown in this calculator. Some lenders also like you to pay for your homeowners insurance as part of your monthly payment. (After all, given that your home is the collateral for the loan, it is in your lender’s interest to make sure your taxes and insurance premiums are paid on time.) When your down payment requires that you purchase PMI, the cost of that will be added to your monthly payment as well. And some lenders even let you pay your homeowners association (HOA) dues through the mortgage servicer as well.
If you’re thinking about getting a home loan guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which takes into consideration the loan’s upfront and ongoing mortgage insurance premiums. A VA mortgage calculator is your best bet if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Recommended: Average Monthly Expenses for One Person
Cost of Living in Modesto
California’s overall cost of living is high, at 142% of the U.S. average. So although Modesto’s cost of living is significantly higher than the cost of living in the U.S. as a whole, the fact that it is 20 points below the California average means it’s a veritable bargain by West Coast standards. Food, transportation, and housing are all below average in Modesto, which will be good news to potential homeowners. In fact, Modesto was named one of the best affordable places in the U.S. thanks to its quality of life. The small city offers rich farmer’s markets, art galleries, and miles of biking and hiking trails.
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.
Modesto’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Modesto, down payment assistance programs are available to help qualified buyers cover the initial costs involved. These programs can provide financial aid specifically allocated for the down payment, closing costs, or a combination of both. To qualify for these helpful programs, you typically must not have owned a primary residence within the past three years.
The California Housing Finance Agency is the primary program provider, offering below-market-interest-rate loans and down payment help for eligible low- and middle-income buyers. Consult a guide to first-time home-buying programs in California for advice.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
After you purchase your place in Modesto, there are still ways to lower your monthly mortgage payment. Consider these options.
• Drop private mortgage insurance (PMI) once you reach 20% equity in your home, which can happen through payments and appreciation. This can significantly lower your monthly mortgage payment.
• Shop for a lower homeowners insurance rate. Comparing different insurance providers can help you find a more affordable policy, reducing your overall monthly payment.
• Consider mortgage recasting if you receive a bonus or other windfall. This involves making a lump sum payment toward your mortgage principal, then asking your lender to re-amortize the loan.
• Explore a mortgage refinance if interest rates have dropped significantly since your purchase, or if your credit score has risen noticeably.
• Appeal your property taxes if you believe your assessment is too high. Property taxes are based on an assessment of your home and land, and if you think the assessment is inaccurate, you can challenge it.
• Request that your lender modify your loan if you face financial hardship. Loan modifications can include extending the loan term or reducing the interest rate.
The Takeaway
A mortgage calculator is a powerful tool for estimating monthly payments and understanding the financial aspects of homeownership. It helps you assess the impact of different down payment amounts, interest rates, and loan terms on your budget. By leveraging these tools, you can make informed decisions and plan for a secure financial future in Modesto.
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 Modesto?
The median monthly mortgage payment in Modesto’s county of Stanislaus in the first quarter of 2025 was $2,920, according to the National Association of Realtors®. But as a mortgage calculator shows, the average payment can rise or fall based on several factors, including the price of the home, the prevailing interest rate, and the term length of the loan.
Should I choose a 30-year or 15-year mortgage term?
Use a mortgage calculator to see how different mortgage term lengths affect your monthly costs, then choose the term that renders the monthly bill you can afford. Make sure you aren’t compromising other areas of your finances to pay your mortgage.
How can I get a lower mortgage interest rate?
To obtain a lower mortgage interest rate, start by improving your credit score. Lenders often offer better rates to borrowers with scores over 700. Shop around for different lenders to compare their interest rate offers. Prepaying mortgage points, which are upfront fees paid to the lender, can also lower your interest rate. Look carefully at adjustable-rate vs. fixed-rate loan offers to determine whether going with an adjustable rate might provide a lower introductory rate without too much risk of rates rising later on.
Can I afford a $500K house on a $100K salary?
It would be difficult to afford a $500,000 house on a $100,000 salary unless you have another income source besides your salary. A better purchase budget for you would be in the neighborhood of $360,000.
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-Q425-035
Get prequalified in minutes for a SoFi Home Loan.
Free Columbia, SC Mortgage Loan Calculator
Columbia, SC Mortgage Calculator
By SoFi Editors | Updated October 21, 2025
Buying a home is one of the most significant financial decisions you can make, and understanding your mortgage budget is a major step in the process. A Columbia mortgage calculator can help you estimate your monthly payments and total costs, ensuring you make an informed choice about your loan. Follow these tips to get the most out of a free Columbia mortgage calculator, which will take into account local property taxes for a more accurate estimate.
Key Points
• A Columbia mortgage calculator helps estimate monthly payments and total costs based on information you supply.
• Down payment assistance programs in Columbia can reduce the initial financial burden for many first-time homebuyers.
• The home price, as detailed in your purchase contract, is a primary input for the Columbia mortgage calculator, directly affecting your monthly payments.
• Property taxes in Columbia are typically around .6998% of the home’s value.
• A larger down payment can help you avoid private mortgage insurance (PMI) and significantly reduce your monthly mortgage payments.
Columbia Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you and the seller have agreed upon. This, combined with your mortgage down payment amount, will determine your loan amount.
• Down payment: The down payment is the amount the homebuyer pays upfront. Most buyers put down between 3% and 20% of the purchase price, with a 20% down payment often helping to avoid private mortgage insurance (PMI). A jumbo loan usually has a minimum down payment of 10%.
• Loan term: The loan term is the length of time you have to repay the home loan. A shorter term can result in higher monthly payments but less interest paid over the life of the loan, while a longer term may offer lower monthly payments but increase the total interest paid.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan term. Interest rates can vary based on your credit score, market trends, and the type of mortgage loan that you choose.
• Annual property tax: The annual property tax is a significant component of your housing expenses. In Richland County, where Columbia is located, the property tax rate rate is .6998%. To learn the precise tax rate for a property, search the ZIP code or county name and “effective property tax rate.”
• Total monthly payment: The total monthly payment includes the principal amount, the interest accrued, and the property tax you would pay each month.
• Total interest paid: The total interest paid represents the entire amount of interest you will pay over the life of the loan.
• Total loan cost: The total loan cost represents the all-in amount you will ultimately pay for the loan, including both the principal amount borrowed and the accrued interest.
How to Use the Columbia Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon home price to ensure precise mortgage estimates.
Step 2: Select a Down Payment Amount
Choose the down payment amount, and you’ll see almost immediately how it affects your monthly mortgage payments.
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 expected 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
A mortgage calculator is a helpful tool for estimating your monthly mortgage payments and understanding the true cost of homeownership. Particularly if you are buying your first home, it can be helpful to experiment with different scenarios using the mortgage calculator. Try adjusting the down payment amount up or down, if you have any flexibility with your down payment amount. Or test different loan terms to see how a longer or shorter term might affect your monthly payments and overall loan costs. This mortgage calculator includes local property taxes, so you’ll have a more accurate representation of your actual costs in the results.
Deciding How Much House You Can Afford in Columbia
In Columbia, the median home price in mid-2025 was a relatively affordable $250,000, according to Redfin. Let’s use that as an example and run the numbers using the free Columbia mortgage calculator to see what income a buyer would need to be able to afford a home at this price: Factoring in a 20% down payment and an interest rate of 6.50% on a 30-year loan, you can see that your monthly payment amount, including property tax, would be $1,410. Lenders generally recommend that housing costs stay below 28% of your gross monthly income. To make a $1,410 monthly mortgage payment and still be below that 28% threshold, you would need annual earnings of around $65,000. This assumes you don’t have any other debts; if you are paying down other debt, you would need to earn more.
There are other ways to get to the bottom of your questions about your home budget. A home affordability calculator will show you based on your annual income and debts what your home purchase budget should be. Or if you are getting serious about your home search, consider moving to the mortgage preapproval process. You’ll provide detailed financial information and the lender will report whether or not you might qualify for a loan and, if so, how much you could probably borrow.
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 and interest. The principal is the amount borrowed, while the interest is the cost of borrowing that money. This calculator also factors in property tax, which is typically a percentage of the home’s value. Some lenders will also include your homeowners insurance and homeowners association (HOA) fees in the monthly payment. And if you are paying for PMI because your down payment was below 20%, that will also be factored in.
Mortgages backed by the Federal Housing Administration have a key difference: FHA borrowers will have an upfront and ongoing mortgage insurance premium. 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: Do You Qualify as a First-Time Homebuyer?
Cost of Living in Columbia
The cost of living in Columbia is notably lower than the average cost of living in the U.S., according to the Council for Community and Economic Research. Factors influencing the cost of living include lifestyle and family size; the chart shows averages for categories including housing, utilities, and transportation.
As you can see, housing costs are low in Columbia, which helps explain how the city found its way onto a list of the best affordable places in the U.S.
| South Carolina Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 89.1 |
| Groceries | 99 |
| Housing | 69.1 |
| Utilities | 117.8 |
| Transportation | 80.5 |
| Health Care | 75.7 |
| Miscellaneous Goods/Services | 98.3 |
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.
Columbia’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Columbia, down payment assistance programs might help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both. Sometimes aid comes in the form of a low- or no-interest loan. At other times, there may be grants available. To qualify, you typically must not have owned a primary residence within the past three years.
Most South Carolina first-time homebuyer programs are run by SC Housing. But it’s always a good idea to search your community name and “first-time homebuyer program,” as some towns have their own programs.
Recommended: Average Monthly Expenses for One Person
Tips on Reducing Your Mortgage Payment
Once you’ve purchased your home, you may still have ways to shrink your monthly mortgage payments. These are your options:
• Consider contacting your lender about mortgage recasting, which involves making a lump-sum payment to reduce the principal and lower your monthly payments. This is a less drastic option than refinancing, as it doesn’t require a new loan application or closing costs.
• If interest rates have fallen or your credit score has increased significantly since you made your home purchase, consider a mortgage refinance.
• Appeal your property taxes if you believe your assessment is too high. Start by reviewing your tax assessment to ensure it accurately reflects your home’s value. A successful appeal can reduce your property tax bill. Use caution if you have made home improvements, however. You could end up with a higher bill.
• Request that your lender modify your loan if you’re facing financial hardship. This could involve extending the loan term, reducing the interest rate, or even forgiving a portion of the principal.
• Shop for a lower homeowners insurance rate. Increase your deductible amount or bundle your homeowners and auto insurance policies.
The Takeaway
Using a Columbia mortgage calculator can provide valuable insights into your financial readiness for homeownership. Estimate monthly mortgage payments and understand the impact of different down payment amounts or loan terms on your payment amount and total interest. By carefully considering these important factors, you can make smart choices about your loan and avoid potential financial strain down the road.
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 Columbia, SC?
What you’ll pay for the same size mortgage in Columbia can vary based on the home price, the size of the down payment, and prevailing interest rates. But a median-priced home in Richland County, where Columbia is located, has a monthly mortgage payment of $1,660, according to the National Association of Realtors®.
How much should I put down on a mortgage?
The amount of your down payment depends on your financial situation and loan type. A larger down payment can lower your monthly payments and eliminate the need for private mortgage insurance (PMI). However, if you’re a first-time homebuyer, it can be hard to come up with a 20% down payment. Rest assured, many first-time buyers put down far less.
Should I choose a 30-year or 15-year mortgage term?
A mortgage calculator will help you see how different term lengths affect monthly costs, so you can choose the term that yields the bill you can afford. A 30-year term offers lower payments but higher overall interest. A 15-year term has higher payments but saves significantly on interest.
How can I get a lower mortgage interest rate?
To get a lower mortgage rate when purchasing a home, start by improving your credit score, as lenders often offer better rates to borrowers with scores over 700. Shop around for different lenders to compare their interest rates. Also consider prepaying mortgage points, which are upfront fees paid to the lender to lower your interest rate. Look carefully at adjustable-rate vs. fixed-rate loan offers to determine whether opting for an adjustable rate might provide a lower initial rate without too much risk of rates rising later on.
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-Q425-034
Get prequalified in minutes for a SoFi Home Loan.
Free Olympia, WA Mortgage Loan Calculator
Olympia, WA Mortgage Calculator
By SoFi Editors | Updated October 20, 2025
Getting a mortgage in Olympia is easier when you’ve done your homework in advance. Put a few numbers into this Olympia 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 housing costs should not exceed 28% of gross income.
• The calculator includes the principal, interest, and estimated property tax in your monthly payment.
• Extending the mortgage loan term can reduce monthly payments, making home buying more affordable.
• First-time homebuyer programs offer help with a down payment, closing costs, or both.
Olympia 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: 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 Olympia Mortgage Calculator
Step 1: Enter Your Home Price
Type in 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 property tax rate in Thurston County, where Olympia is located, is 0.92%.
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.
An Olympia 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 Olympia
In Olympia, the median home sale price in late 2025 was $530,000 — substantially higher 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 $121,000 if you were looking to afford a total monthly payment of $2,829 on a $530,000 home. That payment assumes 20% down ($106,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 0.92%.
Lenders also recommend total debt payments stay under 36% of gross monthly income. In this case, your other monthly debts shouldn’t exceed $808. If you want to factor in a car loan, student loan or other debts, 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.
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 Olympia is the baseline limit, which is currently $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). 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 Olympia
Olympia is an expensive city for purchasing a home, according to its cost of living. This metric gives you a sense of how far your dollar goes in a region, including paying for necessities like housing, utilities, groceries, health care, and transportation. The cost of living index (COLI) uses the national average as a baseline of 100 — a COLI higher than 100 means the region is more expensive than 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.
Olympia’s 2024 COLI was 112.1, in line with the cost of living in Portland, Oregon (116.6), yet much less expensive than living in Seattle (145.1). Washington had a 2024 COLI of 114.1, making the state considerably more expensive than Idaho at 99.9.
The chart highlights cost of living numbers for major expenses in Olympia:
| Washington Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 112.4 |
| Groceries | 104.0 |
| Housing | 119.1 |
| Utilities | 90.6 |
| Transportation | 129.1 |
| Health Care | 117.5 |
| Miscellaneous Goods/Services | 110.9 |
Source: Council for Community and Economic Research’s Cost of Living Index.
If you’re seeking to live in a more economical city in the Evergreen state, check out Kennewick, Spokane, or Yakima, which all landed on the best affordable places in the U.S. list. Olympia takes high marks for its proximity to beauty — it’s on the best places to live in Washington state near nature list.
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 a first-time homebuyer in Olympia, you are probably 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.
• If you think your property taxes are too high, the Thurston County Assessor’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.
Olympia First-Time Homebuyer Assistance Programs
If you are buying your first home in Olympia, there is support. The Washington State Housing Finance Commission offers a variety of down payment assistance programs, including Here to Home. Most of these programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. To qualify, you typically must not have owned a primary residence within the past three years.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
Using an Olympia 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 Olympia, 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 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). 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 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 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.
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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