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A St. Louis, Missouri, mortgage calculator provides prospective homeowners with a clear estimate of monthly payments and the total cost of a home loan. By inputting the home price, down payment, loan term, and interest rate, users can gain insights into the financial implications of different scenarios. Here’s how to use the calculator to your advantage during your St. Louis home search.
Key Points
• A St. Louis mortgage calculator helps estimate monthly payments, total interest, and overall loan costs, taking into account local market conditions and property taxes.
• Property taxes in St. Louis are a percentage of your home’s assessed value and may be added to your mortgage payment, in addition to homeowners insurance, private mortgage insurance, and HOA fees.
• The loan term significantly affects monthly payments and total interest paid, with shorter terms offering lower interest but higher payments.
• Your credit score is a big factor in determining the mortgage interest rate, which can greatly impact your monthly payments and total loan cost.
• Down payment assistance programs in St. Louis can help first-time homebuyers reduce the initial financial burden and make homeownership more accessible.
St. Louis Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the agreed-upon purchase price of the home, which may differ somewhat from the listing price or your initial offer. This figure is very important for determining the home loan amount and assessing your budget more effectively.
• Down payment: The down payment represents the amount that is paid upfront when purchasing a property. It typically ranges from 3% to 20% of the total purchase price of the home. Opting for a larger down payment can be beneficial, as it can reduce your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI).
• Loan term: The loan term represents the length of time you have to repay the mortgage. A shorter term, such as 15 years, results in higher monthly payments but lower total interest paid. A longer term, such as 30 years, offers lower monthly payments but higher total interest over the life of the loan.
• Interest rate: The interest rate represents the cost associated with borrowing funds, expressed as a percentage of the total loan amount. Factors like your credit score and market conditions can significantly influence the interest rate, affecting your monthly payments and the total cost of the loan.
• Annual property tax: The annual property tax represents a percentage of your home’s assessed value, typically administered by the local government.
• Total monthly payment: The total monthly payment for a mortgage typically includes the principal balance and the interest charged on the loan. It may also include property taxes, homeowners insurance, private mortgage insurance, and HOA fees.
• Total interest paid: The total interest paid represents the amount of interest you will be responsible for paying over the entire duration of the loan. This cumulative figure is significantly influenced by the interest rate, loan term length, and the initial principal amount borrowed.
• Total loan cost: The total loan cost represents the all-in amount you will ultimately pay for the loan. This encompasses both the principal amount borrowed and the accumulated interest charges.
How to Use the St. Louis Mortgage, MO Calculator
The St. Louis mortgage calculator is a user-friendly tool that helps you estimate your monthly mortgage payments and the total cost of your home loan. Start by entering the home price, down payment, loan term, and interest rate to get an estimate of your monthly payment, total interest paid, and overall loan cost.
Step 1: Enter Your Home Price
Type in the purchase price of the property. This is not your loan amount, but rather the amount you intend to pay for the home.
Step 2: Select a Down Payment Amount
Enter the down payment amount you plan to pay. The higher your down payment, the lower your monthly payment will be. A down payment calculator can help you decide on your number. If you put down 20% or more of the purchase price, you’ll avoid private mortgage insurance.
Step 3: Choose a Loan Term
Select the time you’ll need to repay the home loan. Most consumers choose a mortgage with either a 30-year or a 15-year term. A 15-year term will result in higher monthly payments but less paid in interest overall; whereas a 30-year term will provide lower monthly payments but higher interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This affects your monthly payment and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to research rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage representing the annual property tax rate. St. Louis’s average effective rate is 1.05%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a necessary tool for anyone considering homeownership. It provides a detailed estimate of your monthly payments, helping you understand the financial implications of different loan scenarios. By inputting the home price, down payment, loan term, and interest rate, you can see how these factors affect your monthly payments and the total cost of the loan.
Mortgage calculators are also particularly useful for first-time homebuyers who may not be aware of all that goes into a mortgage payment and how that payment is determined. Using a mortgage calculator can help make the homebuying process less daunting.
Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
Deciding How Much House You Can Afford in St. Louis
In August 2025, the median home sale price in St. Louis was $240,000. Lenders generally advise keeping housing costs (mortgage, taxes, insurance, HOA fees) under 28% of your gross monthly income. To afford a $240,000 home, you’d need about $55,000 in yearly income, assuming 20% down ($48,000) and a 7.00%, 30-year mortgage. The monthly payment would be $1,277.
St. Louis offers a range of neighborhoods that fit various budgets and lifestyles, making it important to explore these areas to find budget-friendly housing. Using a home affordability calculator can help you determine what you can afford. A home affordability calculator estimates your home-buying power based on your income, expenses, down payment, and current mortgage rates.
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:
• Principal: The portion of your payment that goes toward paying down the original loan amount.
• Interest: The cost of borrowing money, calculated as a percentage of the remaining loan balance.
• Property taxes: Local government taxes based on the value of your property. In St. Louis, the baseline property tax rate is around 1.05%.
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value, to protect the lender.
• HOA fees: Monthly or annual fees paid to a homeowners’ association for maintenance and management of common areas and amenities in a community.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Understanding these components helps you budget more accurately and avoid unexpected expenses.
Cost of Living in St. Louis, MO
St. Louis’s cost of living is nearly 11% below the national average, mostly due to less expensive housing and health care. The national average cost of living is benchmarked at 100, with St. Louis at 89.1. Here’s how St. Louis compares to the national average in other areas:
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.
St. Louis’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in St. Louis, there are several first-time homebuyer down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both. To qualify, you typically must not have owned a primary residence within the past three years. Check with local housing authorities to see which programs you might qualify for and how they can benefit you.
Once you purchase a home, there are several strategies you can explore to reduce your mortgage payment. Here are some options to consider after you’ve settled in:
• Get rid of private mortgage insurance. Drop private mortgage insurance (PMI) once you reach 20% equity in your home. This can be achieved through regular payments or home appreciation.
• Consider mortgage recasting if you receive a bonus or other windfall. By making a lump sum payment toward your mortgage principal, your lender will re-amortize the loan, resulting in a new, smaller balance and lower monthly payments.
• 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.
• Modify your loan if you’re experiencing financial hardship. Loan modifications can involve extending the loan term, reducing the interest rate, or even forgiving a portion of the principal.
• Extend the term of your loan to reduce your monthly mortgage payment. For example, if you originally had a 15-year mortgage, refinancing to a 30-year loan term can significantly lower your monthly payments. However, you will pay more in interest over the life of the loan with a longer term.
• Refinance your mortgage if rates have dropped or you’ve built your credit score. A mortgage refinance allows you to potentially qualify for a lower rate, which could lower your monthly payment.
• Shop for a lower homeowners insurance rate. You may be able to lower your premium by increasing your deductible, bundling homeowners insurance with auto insurance, or making upgrades that enhance your home’s security or storm resistance.
• Shop around for quotes from different insurers and compare the coverage and costs. Even small reductions in your insurance rate can make a big difference in your monthly payment, helping you manage your budget more effectively.
The Takeaway
Whether you’re buying your first home or looking to refinance, a St. Louis mortgage calculator can help you set realistic goals and budget accordingly. The calculator helps estimate monthly mortgage payments, the total interest you’ll pay over the life of the loan, and the total loan costs.
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.
The median mortgage payment in St. Louis was $1,830 in 2025, but varies based on factors like home price, down payment, and interest rate. Using a local mortgage calculator can help you understand the true cost of homeownership in St. Louis.
How does my credit score affect my mortgage loan interest rate?
Your credit score directly influences your mortgage interest rate. A higher score indicates lower risk to lenders, often resulting in more favorable rates and terms, which can save you a significant amount of money over the life of the loan.
How much should I put down on a mortgage?
The amount you should put down on a mortgage depends on your financial situation and the type of loan you’re considering. A 20% down payment is often recommended to avoid private mortgage insurance (PMI), but it’s not always necessary. FHA loans, for example, allow a minimum down payment of 3.5%, and VA loans can be obtained with no down payment for eligible service members and veterans.
Should I choose a 30-year or 15-year mortgage term?
When choosing between 30-year and 15-year mortgages, consider your finances. A 30-year term offers lower payments but higher overall interest. A 15-year term, on the other hand, has higher payments but saves significantly on interest.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, build your credit score, shop around for lenders, and consider a shorter loan term. You can also make a larger down payment and explore options like points or refinancing.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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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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