Free Delaware Home Mortgage Loan Calculator
Delaware Mortgage Calculator
By SoFi Editors | Updated September 24, 2025
Getting a mortgage in Delaware is easier when you’ve done your homework in advance. Put a few basic facts into this Delaware 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 Delaware mortgage calculator will help you estimate your monthly payments and the total costs of taking on a home loan.
• Key factors that influence your mortgage payment include the home price, your down payment amount, the interest rate, and loan term.
• The calculator can help you as a buyer determine a home’s affordability, and assess the impact of various loan terms and interest rates.
• Many lenders recommend that you choose a property that lets you keep mortgage payments under 28% of your gross monthly income.
• Tips to reduce your mortgage payment once you own a home include stopping private mortgage insurance, refinancing, and appealing the property taxes.
Delaware Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price that you and the home seller mutually agree upon. The amount might differ from the real estate listing price and the initial offer you make as a buyer.
• Down payment: This is the amount you pay upfront as a homebuyer. Down payment amounts are often expressed as a percentage of the home price. Some first-time buyers might put down as little as 3%. You can use a down payment calculator to explore different amounts that might work for you.
• Loan term: The loan term represents the length of time you will have to repay your home loan — usually between 10 and 30 years. A shorter term can lead to higher monthly payments, but also requires you to pay less interest overall. A longer term means lower monthly payments but more total interest paid.
• Interest rate: The interest rate is what you pay to borrow the money to buy a home, expressed as a percentage of the total loan amount. Interest rates can vary based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Property taxes are levied by the local government on land and buildings within their jurisdictions. This type of tax is usually expressed as a percentage of the assessed value of the property.
• Monthly payment: This is the payment you must make on your home loan monthly. It always includes a portion of the principal loan amount, with accrued interest added in. This calculator also factors in property tax. Other costs that might increase your monthly payment are private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: This is the cumulative interest that a borrower pays over a home loan’s duration. It is influenced by both the interest rate and the loan term.
• Total loan cost: This amount includes the principal amount borrowed and all accrued interest, added up to arrive at the loan cost over the entire life of the loan.
How to Use the Delaware Mortgage Calculator
Step 1: Enter the Home Price
Input the agreed-upon purchase price. This figure will help the calculator estimate your potential home loan payments and overall costs.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you’ll pay upfront. The larger the down payment you make, the lower your monthly payments and total interest paid will be.
Step 3: Choose a Loan Term
Most borrowers select a 15- or 30-year term. A 30-year term generally gives you lower monthly payments to make, while a 15-year term reduces the amount of total interest you’ll pay.
Step 4: Enter an Interest Rate
Type in your desired interest rate to the second or third decimal. This number impacts both your monthly payment and the total cost of the loan.
Step 5: Add Your Property Tax Rate
Enter the property tax as a percentage to help estimate your monthly mortgage payment including property taxes. You can find your effective tax rate by searching for your county, city, or ZIP code and “effective property tax rate.” Or use the average for Delaware of 0.48%.
Recommended: The Cost of Living in the U.S.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you to estimate monthly payments on a home loan based on home price, loan amount, interest rate, and loan term. When you factor in the local property tax rate, it can give you a rather clear picture of total homeownership costs.
If you are working on buying your first home, it’s helpful if you put different scenarios into a mortgage calculator. This can help you see how choices you make may influence your expenses, both from month to month and in the long run. You will obtain a helpful understanding of the downstream effects of different down payment amounts.
If you choose a type of mortgage loan that has a variable interest rate, you can estimate your costs using this calculator, too. But be aware that the estimate will be less precise, thanks to the fluctuations of that variable rate.
Deciding How Much House You Can Afford
The median home sale price in Delaware in mid-2025 was a fairly affordable $366,100, below the U.S. average of more than $440,000, as reported by Redfin. So you may be able to find more for your money in Delaware.
Lenders recommend that you make efforts to keep your home loan payment at 28% or less of your gross monthly income. To buy a $350,000 home with a 20% down payment ($70,000) and a 30-year mortgage at 7.00%, you’d need a minimum income around $90,000. And you’d have to earn more income if your down payment was smaller, or if you were carrying other debt. Your monthly mortgage payment would be just under $2,100.
You can also try out a home affordability calculator. This widget will let you work backward from your annual income, factoring in your average monthly expenses for one person and your debts, to arrive at an ideal home price for you.
Another way to zoom in on how much house you can afford is to embark with a lender on the mortgage preapproval process. You’ll need to submit detailed financial information and follow the steps. If you qualify, the lender will inform you of the approved amount of your loan and an estimated interest rate.
Components of a Mortgage Payment
The two main parts of almost any mortgage payment are your principal — the lump sum you borrowed to buy the home — and the interest, which amounts to what the lender charges to lend you that principal amount. A Delaware mortgage calculator factors in property taxes as well. If you begin with a down payment under 20% of the home price, you’ll also have to pay for PMI. Some buyers need to fork over homeowners association (HOA) fees, too. You may be able to tack these on to your monthly payment.
A home purchase funded by a Federal Housing Administration (FHA) loan will have both upfront and annual costs for mortgage insurance premiums — if you’re exploring one of these programs, use an FHA mortgage calculator. And if you’re thinking about applying for a U.S. Department of Veterans Affairs (VA) mortgage, you’ll also find a custom VA mortgage calculator that you can try.
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:
Cost of Living in Delaware
Delaware’s cost of living may significantly influence how much house you’ll be able to afford there. Fortunately, the state has a fairly average cost of living, weighing in at 101.9% of the U.S. average, Missouri Economic Research and Information Center data shows. Health-related costs run a little higher than average for the country, while housing expenses are below average. Some properties here will require the borrower to obtain a jumbo loan, though.
Of the three major metro areas, Dover is the least expensive at 95.9% of the U.S. composite index. Salisbury, another larger city, scores 102.2%, and Wilmington 104.3%. But for bargain living, you’ll want to put down roots in Smyrna, Middletown, Pike Creek, or one of the other best affordable places in the U.S. located here.
| Delaware Cities’ Cost-of-Living Stats | |
|---|---|
| Dover | 95.9% |
| Salisbury | 102.2% |
| Wilmington | 104.3% |
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.
Tips on Reducing Your Mortgage Payment
When you own a home, you aren’t necessarily stuck with the same monthly payment for the duration — you have some power to drive down the amount. Check out this list of options:
• Ask your lender to drop private mortgage insurance (PMI) once you’ve attained 20% equity.
• Recast your mortgage. You can do this by making a lump sum payment to reduce the principal, and then asking the lender to recompute your payments.
• A mortgage refinance can get you down to a lower interest rate, which will save you money. Before arriving at a decision about doing this, make sure you compare all-in expenses, including closing costs.
• Consider appealing your property tax assessment with a goal of lowering your tax bill. If you do this, exercise caution — especially if you have made significant improvements to the property, a reassessment could actually result in you owing more tax.
• If you face financial hardship, request that the lender modify your loan, which may reduce your monthly payments.
• Extending the loan term can also help you lower your monthly expenses and get you out of a budget crunch, although it will increase the total interest you’ll pay.
Delaware First-Time Homebuyer Assistance Programs
Delaware down payment assistance programs can possibly help cover your needs if you’re struggling to come up with a down payment, or you need help with closing costs so you can buy a home. Many first-time homebuyer programs in Delaware are run by the Delaware State Housing Authority.
Some programs are accessible only to those who are first-time homebuyers, though you might still qualify if you haven’t owned a primary residence in the last three years.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
A Delaware mortgage calculator is a useful tool that will help you estimate your monthly mortgage payments and understand what homeownership truly costs. It will help you determine if you’re within your budget with a prospective home by factoring in principal, interest rate, repayment term, and property taxes. After exploring with the calculator, you can investigate prequalification and preapproval processes with lenders and get a clearer idea of the potential loan amount you’ll qualify for.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What is a mortgage payment?
It’s typically a monthly payment that includes your home loan’s principal and interest, but it may also include amounts for property taxes and homeowners insurance, ensuring that these expenses are covered throughout the loan term. If mortgage insurance is required, that may also be added into the total.
How does my credit score affect my mortgage loan interest rate?
Your credit score has a huge impact on your mortgage interest rate. Lenders may offer their most attractive interest rates to borrowers with a higher score, reducing the mortgage’s total cost in the end. Having a lower score may mean you’ll end up with a higher interest rate and stricter lending conditions, if you get approval at all.
Should I choose a 30-year or 15-year term for my mortgage?
A 30-year term will mean you’ll have lower monthly payments, and that will make homeownership more accessible. A 15-year term will necessitate a higher monthly payment — but it could save you thousands of dollars in interest over the life of the loan. If your budget can accommodate a shorter term of 15 or even 20 years, it’s a smart way to go.
How can I score a lower mortgage interest rate?
To qualify for the most desirable mortgage interest rates, you can work to cultivate a strong credit score (700 or higher, well beyond the 620 needed to qualify for a home loan). Get prequalified online with multiple lenders and you can see how low a rate might be possible. Saving for a higher down payment may help you out, too. If you own a home already, look at mortgage refinancing — a decent option if your old loan’s costs and rate are higher than those on a new one. Be sure to factor in the closing costs.
How much income do you need to get a $400,000 mortgage?
You’ll likely have to earn around $130,000 annually if you want to qualify for a $400,000 mortgage (with a 30-year term and a 7.00% interest rate). And this assumes you aren’t trying to pay down other significant debts. The general rule is that your home price shouldn’t exceed three times your gross income.
Can I afford a $300K house on a $70K salary?
It would be a strain for sure. Buying a $300,000 property on a $70,000 salary is tough, unless you have a windfall that lets you make a pretty big down payment. Since advisors say the price of your house shouldn’t exceed three times your salary, you’ll have an easier time if you can find something around $210,000. Crunch the numbers using a home affordability calculator to see how much down payment you’ll need to make a $300,000 home price doable.
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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*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.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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.
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.
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Free Alabama Home Mortgage Loan Calculator
Alabama Mortgage Calculator
By SoFi Editors | Updated September 22, 2025
Home buying can seem overwhelming. Our mortgage calculator can help. By inputting just a few simple numbers, you can find out how much house you can afford, which is invaluable information during your home search. Let’s take a closer look.
Key Points
• This Alabama mortgage calculator helps homebuyers determine how much house they can afford by entering a few simple numbers.
• The calculator requires inputs such as home price, down payment amount, loan term, interest rate, and property tax rate to estimate monthly mortgage payments.
• Lenders prefer mortgage payments to be no more than 28% of a homebuyer’s gross monthly income.
• Mortgage payments typically include principal and interest, and sometimes they may also cover property taxes and homeowners insurance. Private mortgage insurance (PMI) or homeowners association (HOA) fees may be included, too, if they’re relevant.
• There are a variety of ways you may be able to reduce mortgage payments, including mortgage recasting, appealing high property taxes, and refinancing to a lower rate, among others.
• First-time homebuyers in Alabama can access assistance programs through the Alabama Housing Finance Authority.
Alabama Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price you’ve agreed to with the home’s seller. This figure may differ from the listing price and from your first offer.
• Down payment: The down payment is the amount you pay upfront, typically expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%. Depending on what’s available in your area, down payment assistance programs may assist you with this expense.
• Loan term: This is the length of time you have to repay your mortgage, usually 15 or 30 years. A longer term means smaller monthly payments, but you’ll pay more interest over the life of the loan. A shorter term requires higher payments but costs less overall.
• Interest rate: This is essentially the cost of borrowing money from a lender, expressed as a percentage of the loan amount.
• Annual property tax: This is tax levied by local governments on land and buildings, and it’s expressed as a percentage of the property’s assessed value. While property taxes vary among counties, in Alabama, the effective property tax overall is 0.36%, which is the 49th lowest in the country. Find your specific property tax rate by searching online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: This is the amount you pay to your lender each month. It includes money toward the principal loan amount and interest, but also may include funds toward your property tax, which this calculator can allow for if you enter your tax rate. Your payment might also potentially cover homeowners insurance. homeowners association (HOA) fees, and private mortgage insurance (PMI) if your equity level is under 20%.
• Interest paid: This is the total amount of interest you pay over the length of the loan.
• Total loan cost: This is the entire amount that you pay for the loan, encompassing both the original principal and the interest charges over the lifespan of the loan.
How to Use the Alabama Mortgage Calculator
Welcome to SoFi’s free mortgage calculator for Alabama. Here’s a step-by-step explanation of how to use this helpful tool. It won’t affect your credit score, and it takes only minutes.
Step 1: Enter Your Home Price
Input the final home price that you and the seller agreed you will pay for the property.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price that you want to pay upfront. Bear in mind that different types of mortgage loans have different requirements.
Step 3: Choose a Loan Term
Select the length of time over which you want to repay your home loan. Most mortgages carry a 30-year or 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate that you’re hoping for to the second or third decimal point — e.g., 6.74%.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage that represents what property tax is each year in the area where the property is located. For example, if the rate is 0.36%, you’d enter 0.36.
Benefits of Using a Mortgage Payment Calculator
Choosing a mortgage can be daunting, especially if you’re buying your first home. A mortgage calculator can help you in several ways, even before you start the mortgage preapproval process.
First of all, by entering a few factors like the amount, length, and interest rate of a loan, you can calculate what your monthly payments would be. But you can also use it to compare costs. For instance, you can try different interest rates to see what impact they have on monthly payments and overall cost. Or you can compare a 30-year term with a 15-year term to see which might make more sense for you. And you can see how the size of your down payment might influence your payments.
In all these ways, this free tool can help you understand the affordability of different loans and navigate mortgage options effectively as you search for your dream home.
Deciding How Much House You Can Afford in Alabama
The good news is that in Alabama, the median list price for a home is about $328,500, as of late 2025, meaning you’re unlikely to need a jumbo loan. Lenders usually prefer that your mortgage payments are no more than 28% of your gross monthly income. Using this rubric, if you buy a $328,500 home with a 20% down payment ($65,700) and a 30-year mortgage at a 7.00% interest rate, your monthly payment would be $1,748 and you’d need a minimum annual income of about $75,000.
This example assumes you have no other substantial debts. If you’re paying down student loans, an auto loan, or credit card bills, your buying power would be reduced. You’ll also need to budget for added housing costs like property tax, homeowners insurance, and possibly HOA fees.
It’s also worth trying a home affordability calculator to get an estimate of how much house your income will let you afford.
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 alabama to view current rates:
Components of a Mortgage Payment
Mortgage principal and interest are the core costs in your mortgage payment. This calculator can also factor in your property taxes, which are likely to be part of your total monthly payment obligation, too. Other elements that might be included in your monthly payment are your homeowners insurance, private mortgage insurance (PMI), and homeowners association (HOA) fees.
If you’re considering a loan backed by the Federal Housing Administration (FHA), an FHA mortgage calculator will automatically factor in your ongoing monthly mortgage insurance premium, providing a more comprehensive view of your total monthly housing costs and financial obligations.
Similarly, if you’re taking out a loan backed by the Veterans Administration (VA), a VA mortgage calculator can take your VA funding fee into account.
Cost of Living in Alabama
The cost of living in your area can profoundly affect how much you can afford. With an overall cost of living more than 11% below the national average, Alabama is generally one of the best affordable places in the U.S.
Below is a breakdown of the specific cost of living in Alabama’s major metropolitan areas, according to the Council for Community and Economic Research’s Cost of Living Index (COLI). The COLI is measured on a scale on which 100 is the national average, and as you can see, all of these cities have lower costs of living.
| Alabama Cities’ Cost-of-Living Stats | |
|---|---|
| Anniston-Calhoun County | 84.8 |
| Auburn-Opelika | 92.7 |
| Birmingham | 91.8 |
| Decatur-Hartselle | 84.3 |
| Dothan | 87.3 |
| Florence | 83.5 |
| Huntsville | 90;8 |
| Montgomery | 88.8 |
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’ve explored your options with the mortgage calculator and are concerned about your ability to afford your desired home, don’t despair. There are some steps you can take that may help reduce your payment.
• Dropping private mortgage insurance (PMI), if you have it, is an option once you’ve reached 20% equity in your home. You will need to make the request to your lender at this point, but once you reach 22%, PMI should automatically be removed.
• Mortgage recasting involves paying a large lump sum toward your principal and then asking your lender to reamortize your loan, while keeping the interest rate and term the same, resulting in lower payments. If you get a windfall, this could be a good way to spend it.
• Appeal overly high property taxes by contacting your local tax authority. Be prepared to show evidence that your home is valued too high, such as comparable homes in your area that were assessed at lower amounts.
• Refinancing to a lower rate or longer loan term can potentially reduce your monthly payments. Remember that a mortgage refinance usually requires you to pay closing costs again, however.
• Explore down payment assistance options, because the larger your down payment, the lower your monthly payments are likely to be. Especially if the assistance is in the form of a grant, these options can be very helpful and potentially let you avoid PMI.
• Shop for cheaper homeowners insurance. This can include finding a new insurer with more competitive rates, raising your deductible, or bundling your insurance policies to get a discount.
Alabama First-Time Homebuyer Assistance Programs
If you’re considering buying your first home, there may be assistance available to help you achieve your dream. And if you’re a repeat buyer but haven’t owned a primary residence within three years, you may also be eligible. The Alabama Housing FInance Authority offers a variety of programs which provide mortgages with competitive interest rates, as well as down payment and closing costs assistance to help aspiring homebuyers cover the initial costs of purchasing a home. These programs can make homeownership more accessible and substantially reduce the financial burdens often associated with entering the housing market.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
If you’re shopping for a home in Alabama, a mortgage calculator is an important tool. Using one can help you estimate your monthly payments and total interest costs for different loans so that you can make informed decisions about how much house you can realistically afford. This will let you better plan your overall financial future and successfully navigate the complexities 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
What is a mortgage payment?
A mortgage payment is the amount of money you pay your mortgage servicer every month, and it typically goes toward your home loan principal and interest, though it may also cover property taxes, homeowners insurance costs, private mortgage insurance (PMI), and/or homeowners association (HOA) fees if required by your lender.
What are principal and interest on a mortgage loan?
The principal is the amount of money you initially borrowed for your mortgage, while the interest is what the lender charges you to borrow that principal.
Should I choose a 30-year or 15-year mortgage term?
If you can comfortably afford the payments on a 15-year mortgage and you already have retirement savings and an emergency fund, the shorter term will save you money, since you will be paying less in overall interest costs. A 30-year mortgage will cost you less per month, but will last twice as long and cost significantly more in total interest.
How can I get a lower mortgage interest rate?
To secure a lower mortgage interest rate, you can improve your credit score, shop around for the best rates, and/or negotiate terms with potential lenders.
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 North Carolina Home Mortgage Loan Calculator
North Carolina Mortgage Calculator
By SoFi Editors | Updated September 19, 2025
House hunting can be stressful, but online tools can smooth your path to a dream home. A North Carolina mortgage calculator estimates monthly payments, including principal, interest, and property taxes. You’ll type in the home price, down payment amount, loan term, interest rate, and tax rate to find out what costs would be, both monthly and over the long term. Play around with different combinations — a smaller down payment, say, or a shorter term — to see how they affect your costs. In no time, you’ll be making a more informed homebuying decision.
Key Points
• A North Carolina mortgage calculator provides a solid estimate of monthly mortgage payment costs.
• The calculator factors in your home price, down payment, interest rate, loan term, and property taxes.
• Buyers who put down less than 20% will also have to pay for private mortgage insurance as part of their monthly payment.
• Property taxes can fluctuate due to home value increases and local government assessments.
• Down payment assistance programs can help reduce upfront costs, making homeownership more accessible.
North Carolina Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront. Most buyers put down between 3% and 20%, with a 20% down payment eliminating the need for private mortgage insurance (PMI). A down payment calculator computes the percentage based on your dollar amount.
• Loan term: The loan term is the length of time you have to repay the home loan, which can be from 10 to 30 years. A longer term offers lower monthly payments but results in more interest paid over the life of the loan. Conversely, a shorter term has higher monthly payments but can save you interest.
• Interest rate: The interest rate is the cost of borrowing funds, expressed as a percentage of the total loan amount. It varies based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Local governments charge property tax based on your land and buildings within guidelines set by your state. You can find your property tax rate by searching online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: The monthly payment includes the loan’s principal and interest. This calculator also includes property taxes. Homeowners insurance and homeowners association fees may also be wrapped into monthly payments by some lenders.
• Total interest paid: Total interest paid is the entire amount of interest you will pay over the loan’s term. It is influenced by the loan amount, the interest rate you obtain, and the loan term you choose. A larger down payment, lower interest rate, and shorter loan term can reduce total interest paid.
• Total loan cost: Total loan cost is the all-inclusive amount you will pay for the loan, including the principal that you repay and the interest.
How to Use the North Carolina Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon amount you will pay the seller for the property. If you don’t have an accepted offer, use your best estimate.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you agree to pay upfront.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage, between 10 and 30 years.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point, such as 6.74%.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage of your home’s value that you will pay each year in the form of property tax. Search by ZIP code or county name and “effective property tax rate” or use the North Carolina average of .62%.
Benefits of Using a Mortgage Payment Calculator
A North Carolina mortgage calculator helps prospective homebuyers estimate monthly payments and understand the financial implications of different mortgage scenarios. Some homebuyers will use it to assess how much house they can afford before beginning the house hunt. Particularly if you are buying your first home, it’s helpful to see how factors like home price, down payment amount, interest rate, and loan term come together to create monthly costs.
If you’re thinking about a home loan guaranteed by the Federal Housing Administration (FHA), there’s a calculator specifically for you: An FHA mortgage calculator takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator is 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?
Deciding How Much House You Can Afford in North Carolina
In North Carolina, the median home sale price in mid-2025 is $390,500, though along the coastline there are far more expensive homes that would easily require a jumbo loan. Lenders advise a mortgage payment of no more than 28% of gross monthly income. To afford a $390,500 home with a 20% down payment (that’s $78,100), you would need to earn around $100,000. This assumes a 30-year mortgage, and a 7.00% interest rate. The monthly mortgage payment including property tax and insurance would be about $2,100. If you have other debts, such as student loans or a car payment, you would need to earn more.
If you want to work backward from your income to determine your ideal home budget, use a home affordability calculator, which also takes into account your recurring debt, such as a car payment. If you’ve tinkered with online calculators and studied the market and are inching closer to wanting to purchase a place, go through the mortgage preapproval process with a lender. You’ll provide detailed financial information and the lender will tell you what size loan you might qualify for.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a north carolina to view current rates:
Components of a Mortgage Payment
A mortgage payment includes principal and interest. A North Carolina mortgage calculator estimates these and includes property tax (determined locally and often included in mortgage payments). If your down payment is under 20%, Private Mortgage Insurance (PMI) might be paid as part of your monthly payment, as well. Home insurance and homeowners association (HOA) fees are also sometimes included.
Cost of Living in North Carolina
North Carolina’s cost of living can vary depending on the area where you locate but on the whole, the state is one of the better places to put down roots. It has a cost of living of 97.8 on an index where the average cost of living in the U.S. equals 100.
The Tar Heel State is also home to some of the best affordable places in the U.S., including Greensboro, Southern Pines, and Kinston. Take a look at how some of the state’s major cities stack up on the cost-of-living index.
| North Carolina Cities’ Cost-of-Living Stats | |
|---|---|
| Asheville | 102.7 |
| Chapel Hill | 104.5 |
| Raleigh | 97.2 |
| Salisbury | 91.2 |
| Winston-Salem | 93.4 |
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
Once you buy a home, your mortgage payment could still change. Here are some steps borrowers can take to lower payments.
• Request that your lender cancel PMI once you have reached 20% equity.
• Recast your mortgage by making a lump sum payment toward the principal and requesting that the lender recompute the payments.
• Pursue a mortgage refinance if rates have dropped noticeably since you bought your home, or if your credit score has made a big improvement.
• Appeal high property taxes. Do so carefully, though — inviting a reassessment can sometimes result in a tax increase.
• If you are facing financial hardship, ask for a loan modification.
• Shop for cheaper homeowners insurance by raising your deductible or improving your home in ways that insurers reward, such as by doing a new roof or installing a security system.
Nevada First-Time Homebuyer Assistance Programs
If you’re buying your first home, down payment assistance programs can help you cover the initial costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. North Carolina programs for first-time homebuyers can provide financial aid to help with the down payment, closing costs, or both. These programs, mostly run by the North Carolina Housing Finance Agency, are designed to make homeownership more accessible and can significantly reduce your upfront financial burden.
Recommended: Average Monthly Expenses for One Person
The Takeaway
A North Carolina mortgage calculator is a powerful tool for prospective homebuyers, offering a detailed breakdown of monthly payments, total interest, and total costs. By inputting the home price, down payment, loan term, interest rate, and property tax rate, you can estimate your financial obligations and determine if the home you’re yearning for is within your budget.
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 is one of the chief things mortgage lenders will be looking at when determining whether you will qualify for a loan and, if so, at what interest rate. A higher score demonstrates your sound credit management skills and generally leads to better loan terms and lower rates, reducing the total cost of the loan. Conversely, a lower score may result in higher rates, making the mortgage more expensive.
How much should I put down on a mortgage?
The down payment can significantly impact your monthly mortgage payment and overall loan costs, so you should put down as much as you can without squeezing your budget tightly, bankrupting your emergency fund — and ideally without jeopardizing contributions to a retirement plan where you receive an employer match. If you put down less than 20% you will likely have to pay private mortgage insurance (PMI) with your monthly mortgage. Weigh the costs of that against other parts of your budget.
Can I afford a $300K house on a $70K salary?
It could be tough to afford a $300,000 property on a salary of $70,000 unless you can make a significant down payment or have income in addition to your salary. One general rule is that your house price should be no more than three times your salary. Use a home affordability calculator to assess if you can make a $300,000 home work.
How much is the payment on a $600,000, 30-year mortgage?
The monthly payment you’ll need for a $600,000 mortgage with a 30-year term will depend on your interest rate. At an interest rate of 6.00%, for example, you would pay $3,597.30. At 8.00%, the payment would rise to $4,402.59. 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.
SOHL-Q325-105
Get prequalified in minutes for a SoFi Home Loan.
Free New Jersey Home Mortgage Loan Calculator
New Jersey Mortgage Calculator
By SoFi Editors | Updated September 19, 2025
Deciding how much mortgage you can afford can be stressful, but online tools can help. A mortgage calculator shows how the home price, down payment, interest rate, loan term, and property tax affect your monthly mortgage payments. It also allows you to play with different combinations (higher down payment? shorter term?) to see what works best for your finances. Follow this guide to use the New Jersey mortgage calculator to best advantage.
Key Points
• Use a mortgage calculator to estimate monthly mortgage payment, total interest, and overall loan cost.
• Understand how different down payment amounts and loan terms affect your financial commitment.
• Consider down payment assistance programs for first-time homebuyers and those with limited savings.
• Go through the mortgage preapproval process to understand your borrowing capacity.
• Avoid financial strain by calculating different possible combinations of home price, down payment, and loan term with this simple tool.
New Jersey Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer.
• Down payment: The down payment is the amount you would pay upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%. A larger down payment can reduce your monthly mortgage payment and the total interest paid.
• Loan term: The loan term is the length of time you have to repay the mortgage, between 10 and 30 years. The longer the term, the lower your monthly payments — but the more interest you’ll pay 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. It can vary based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Property tax is levied by local governments on land and buildings and is expressed as a percentage of the home’s assessed value. Search for the ZIP code or county name where the property is located and “effective property tax rate” to find the number, or use the New Jersey average of 1.77%.
• Monthly payment: This is what you would pay toward the principal, interest, and property taxes each month. Your monthly payment may also include private mortgage insurance (PMI) if your down payment is less than 20%, homeowners insurance, and homeowners association (HOA) fees, if applicable.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. It is influenced by the principal amount, interest rate, and loan term. A higher interest rate or longer loan term will result in more interest paid.
• Total loan cost: The total loan cost is the all-in amount you will repay for the home loan, including principal and interest.
How to Use the New Jersey Mortgage Calculator
Step 1: Enter Your Home Price
Enter the amount you would pay the seller for the property.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you will pay upfront. A down payment calculator can show you what’s necessary to hit the 20% mark if you wish to avoid PMI.
Step 3: Choose a Loan Term
Select the duration over which you will repay your home loan. Consider your financial goals and budget when choosing the term.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This significantly impacts your monthly payment and total loan cost.
Step 5: Add Your Annual Property Tax
Enter the percentage of your home’s value that you will pay each year to the local government. Property taxes vary by location.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments based on loan amount, interest rate, loan term, and property taxes, as noted above. Having this tool is especially helpful if you’re buying your first home and obtaining a mortgage is new to you. Putting different numbers into the calculator can help you compare costs, showing how various factors affect your payments. For example, you’ll see that a 15-year mortgage has higher monthly payments but less total interest than a 30-year one.
Deciding How Much House You Can Afford in New Jersey
In New Jersey the median home sale price in mid-2025 was around $586,000. Let’s use that as an example to see how monthly costs would shape up, to give you a sense of how much home you can afford. Lenders advise mortgage payments be under 28% of gross monthly income. To afford a $586,000 home with 20% down ($117,200), you’d need an annual income of about $135,000, assuming you don’t have other significant debts and the interest rate on a 30-year loan was 7.00%. Your monthly payment would be roughly $3,100.
If you want to work backward from your income to determine your home-buying budget, try using a home affordability calculator, which also takes into account any other debts you may have. Or go to the gold standard method: Seek out specifics of the loan you might qualify for by going through the mortgage preapproval process with a lender. You’ll provide detailed financial information for the lender to consider.
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
As noted above, your mortgage payment’s main components are principal (the borrowed amount) and interest (your borrowing cost). Your monthly payment might also include property tax — after all, it is in the lender’s interest for you to keep current on tax payments, as your home is the collateral for your loan. If your down payment is below 20%, you may also need private mortgage insurance (PMI). Home insurance and HOA fees round out the list of things that lenders might want included in your payment.
Recommended: Do You Qualify as a First-Time Homebuyer?
Cost of Living in New Jersey
The cost of living in New Jersey is relatively high, weighing in at 115.1 on an index where 100 is the average cost of living in the U.S. So living in the Garden State isn’t exactly a walk in the park, financially speaking. Happily, there are some towns that landed on a list of the best affordable places in the U.S., including Pennsauken Township, Gloucester Township, and Trenton.
Some properties in New Jersey may require a jumbo loan, a type of mortgage loan for higher-cost properties, and these properties can have minimum down payment amounts of 10% and up. As you can see on the chart, the Bergen-Passaic area is particularly expensive. Understanding how costs for food, utilities, transportation, and health care might impact your monthly budget if you are moving to the area for the first time is another important part of the home-buying process. Take a look at how New Jersey cities compare on affordability. These stats come from the Council for Community and Economic Research.
| New Jersey Cities’ Cost-of-Living Stats | |
|---|---|
| Bergen-Passaic | 119.1 |
| Middlesex-Monmouth | 115.6 |
| Morristown | 109.5 |
| Newark-Elizabeth | 114.1 |
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.
Tips on Reducing Your Mortgage Payment
If you’re not entirely satisfied with your interest rate or monthly housing costs once you are in a home, there are ways to lower your payments. Here are your options:
• Request that your lender drop PMI once you reach 20% home equity.
• Make a substantial payment toward your principal owed and request that the lender recast your mortgage, which will recompute your monthly payment.
• Appeal property taxes if they seem to be higher than the local market. Note that this can sometimes backfire, though. Particularly if you have made any significant home improvements, it may be unwise to request a reassessment.
• Undertake a mortgage refinance if lower rates or a longer term will reduce monthly payments. Don’t forget to factor in closing costs when considering this option.
• Shop for cheaper homeowners insurance.
New Jersey First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are often assistance programs available to help you cover the initial costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Down payment assistance programs can provide financial aid to help you with the down payment, closing costs, or both. By leveraging New Jersey down payment assistance programs, you can better manage your budget and ensure a smoother homebuying process.
Recommended: Average Monthly Expenses for One Person
The Takeaway
Understanding the components of a mortgage payment and using a New Jersey mortgage calculator are essential steps for prospective homebuyers. These tools help you estimate your monthly payments, total interest, and overall loan costs, ensuring you make informed financial decisions. Whether you’re a first-time buyer or a seasoned homeowner, spending some time running different combinations of numbers in a mortgage calculator can provide valuable insights and can help you avoid financial strain.
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?
Which mortgage term you choose depends on your financial goals and situation, but it’s best to choose the term that yields a payment amount that you can manage every month without straining your budget. A 30-year term offers lower monthly payments, but choosing this term means you’ll pay more interest over the life of the loan. A 15-year term has higher monthly payments but you’ll pay less interest overall. Remember if you can’t swing a shorter term now, you can always make extra payments along the way to chip away at what you owe and lower overall costs.
How can I get a lower mortgage interest rate?
Improve your credit score, shop around for lenders, and consider a shorter loan term to secure a lower interest rate.
Can I afford a $300K house on a $70K salary?
Lenders might find it hard to give the okay to a $300,000 home purchase if you have a salary of $70,000 per year, unless you are able to put down a large down payment or have another source of income in addition to your salary. One general rule is that your house price should not exceed three times your salary.
How much is a $600,000 mortgage payment for 30 years?
The cost of a $600,000 mortgage with a 30-year term will depend on your interest rate, so the best way to estimate your payment is to use a mortgage calculator online. But for example: You would pay $3,597.30 per month at an interest rate of 6.00%. At 8.00%, the payment would be $4,402.59. 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.
SOHL-Q325-102
Get prequalified in minutes for a SoFi Home Loan.
Free New Hampshire Home Mortgage Loan Calculator
New Hampshire Mortgage Calculator
By SoFi Editors | Updated September 19, 2025
House hunting is fun, but it’s often stressful, too. Today’s online tools can make the process of purchasing a home smoother and help you be more informed. A mortgage calculator is a useful tool for estimating monthly payments and understanding the components of a home loan, such as principal, interest, and property taxes. Type in a few numbers, and you’ll get a clear picture of your financial commitment and determine if your home is within your budget.
Key Points
• A home affordability calculator can help you make a sound financial decision.
• Input accurate home price, down payment, loan term, interest rate, and property tax rate.
• Try different down payment amounts and loan terms to see how these would affect your budget.
• Consider down payment assistance programs to reduce upfront costs.
• Decide on a loan term that aligns with your financial goals.
New Hampshire Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer. This figure helps determine the size of your home loan.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%. A down payment calculator can be helpful if you are unsure about your percentage.
• Loan term: The loan term is the duration over which you will repay your mortgage, usually 15 or 30 years, though it could be as short as 10 years. The shorter the loan term, the larger the monthly payments and the less interest you’ll pay over the life of the loan.
• Interest rate: The interest rate is how your lender computes the price you will pay to borrow money. Rates vary based on your qualifications, market trends, and type of mortgage loan. A better credit score can mean a lower interest rate.
• Property tax: Property tax is levied by local governments on land and buildings, and is expressed as a percentage of a home’s assessed value. In New Hampshire, the effective property tax rate varies depending on the location, but on average, it is 1.41%. To find your precise number, search for the property’s ZIP code or town name and “effective property tax rate.”
• Monthly payment: The monthly payment is what you would pay toward the principal and interest each month, with property tax factored in. Private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees can sometimes be factored into your monthly payment.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure is influenced by the principal amount, interest rate, and loan term. A higher interest rate or longer loan term will result in more interest paid.
• Total loan cost: The total loan cost is the all-in amount you will repay for the home loan, including principal and interest. This figure provides a clear picture of the financial commitment you are making and helps you compare different loan options.
How to Use the New Hampshire Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon amount you will pay the seller for the property. This ensures an accurate estimate of your financial commitment.
Step 2: Select a Down Payment Amount
Choose the portion of the home price you plan to pay upfront, from 3% to 20%. If you are seeking a jumbo loan, your minimum down payment may be 10% or more.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage, between 10 and 30 years. Consider your financial goals and budget.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This significantly affects your monthly payment and total cost.
Step 5: Add Your Property Tax Rate
Enter the percentage of your home’s value that you will pay each year to the local government. This helps estimate your total monthly payment.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a powerful tool for estimating your monthly payments and understanding the financial implications of different mortgage scenarios. Some homebuyers will use it to assess how much house they can afford before beginning the house hunt. Particularly if you are buying your first home, it’s helpful to see how factors like home price, down payment amount, interest rate, and loan term come together to create monthly costs.
If you’re thinking about a home loan guaranteed by the Federal Housing Administration (FHA), there’s a calculator specifically for you: An FHA mortgage calculator takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator is useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Deciding How Much House You Can Afford in New Hampshire
A median-priced New Hampshire house will cost you around $513,000. If you purchased that property with 20% down and obtained a 30-year, 7.00% mortgage, you would need an annual income of around $128,000 to afford your monthly payments of $2,730, assuming you don’t have other significant debts. (Lenders like to see that your monthly housing costs don’t exceed 28% of your monthly income.) This monthly bill would include principal, interest, property taxes, and home insurance. You can play with numbers in the mortgage calculator to see what your costs would be like at different home prices and interest rates.
If you want to work backward from your annual income to determine your housing budget, a home affordability calculator will come in handy. If you run the numbers and decide it’s time to pursue a home loan, consider going through the mortgage preapproval process to get a detailed picture of what loan amount, rate, and terms a lender would offer you based on your credit score and other financial details.
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
Mortgage payments include principal (the borrowed amount) and interest (the borrowing cost). Your monthly payments might also include property tax. Some lenders also wrap in private mortgage insurance (PMI, required if your down payment is less than 20%). Home insurance and homeowners association (HOA) fees, if applicable, can also be included in some mortgage payments.
Recommended: Average Monthly Expenses for One Person
Cost of Living in New Hampshire
New Hampshire’s somewhat high cost of living affects home affordability. The state’s cost-of-living index is 111.4, meaning it’s about 11% more expensive than the average cost of living in the U.S. Fortunately there are some towns here that land on a list of the best affordable places in the U.S., including Claremont, Rochester, and Bedford. Understanding these costs is vital for realistic budgeting and ensuring you can comfortably afford your new home.
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
Once you purchase a home, your mortgage payment could still change. Here are some steps borrowers can take to lower payments.
• Reach out to your lender to request that you drop PMI once you have reached 20% equity in your home.
• Make a lump sum payment toward your loan principal, and ask your lender to recompute your payments.
• Appeal your property taxes. Tread carefully here, as requesting that your property be reassessed can sometimes trigger higher taxes.
• If you are experiencing financial hardship, reach out to your lender to request a loan modification.
• Consider a mortgage refinance if interest rates are noticeably better now than when you made your purchase (or if your credit score has increased significantly).
• Shop for cheaper homeowners insurance. Consider raising your deductible or bundling policies.
New Hampshire First-Time Homebuyer Assistance Programs
Coming up with a down payment is often a challenge for today’s first-time homebuyers. But there is good news: Programs are available to help you cover initial property costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Down payment assistance programs can provide financial aid to help with the down payment, closing costs, or both. New Hampshire first-time homebuyer programs are largely run by New Hampshire Housing, a state program, though there are also federal programs such as FHA loans available.
Recommended: Do You Qualify as a First-Time Homebuyer?
The Takeaway
A mortgage calculator can help you quickly estimate monthly home loan payments and understand how your down payment, interest rate, loan term, and property taxes affect your short- and long-term costs. Running different combinations of down payment and loan term can help you get a feel for the range of costs that might be possible for you, helping you move into the conversation with a lender with more confidence.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What is a mortgage payment?
A mortgage payment is usually a monthly payment that includes principal and interest. It often also includes a charge for property taxes and homeowners insurance. If a borrower is required to have mortgage insurance, that may also be included. The principal reduces the outstanding loan balance, while interest is the cost of borrowing. Including property taxes and insurance in the monthly bill helps ensure that these expenses are covered throughout the loan term (and that the home remains insured).
How much should I put down on a mortgage?
The down payment can significantly impact your monthly mortgage payment and overall loan costs, so you should put down as much as you can without squeezing your budget tightly, bankrupting your emergency fund — and ideally without jeopardizing contributions to a retirement plan where you receive an employer match. If you put down less than 20% you will likely have to pay private mortgage insurance (PMI) with your monthly mortgage. Weigh the costs of that against other elements in your budget.
Can I afford a $300K house on a $70K salary?
It would be a bit of a stretch to afford a $300,000 property on a salary of $70,000 unless you can make a significant down payment. One general rule is that your house price should be no more than three times your salary. Use a home affordability calculator to assess if you can make a $300,000 home work with a large down payment.
How much is the payment on a $600,000, 30-year mortgage?
The monthly cost of a $600,000 mortgage with a 30-year term will depend on your interest rate. At an interest rate of 6.00%, for example, you would pay $3,597.30. At 8.00%, the payment would rise to $4,402.59. This estimate includes principal and interest but not property taxes, insurance, or other fees.
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*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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