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Buying a home is one of life’s major milestones, and online tools can make the process much smoother. Just input a few numbers into a Vermont mortgage calculator, and you’ll get an estimate of your monthly mortgage payment and the total interest you’ll pay over the life of the loan. This tool can help you determine a comfortable budget, ensuring you’re well-prepared for the financial commitment of homeownership. Let’s get started.
Key Points
Key Points
• Use a mortgage calculator to estimate monthly payments and total interest.
• A calculator can help you compare different loan scenarios and make informed decisions.
• Going through the mortgage preapproval process can streamline house hunting by helping you arrive at your budget.
• Explore down payment assistance programs if you are a first-time buyer or haven’t owned a home in three years.
• Consider a jumbo loan for more expensive properties.
Vermont Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the purchase price you have agreed to with the home seller during negotiations. This figure directly affects the amount of your home loan.
• Down payment: The down payment is what the homebuyer pays upfront. Most buyers put down between 3% and 20% of the purchase price. Down payments below 20% usually trigger a need for private mortgage insurance (PMI). Jumbo loans may have their own minimum down payment amounts.
• Loan term: The loan term represents the length of time you have to repay the mortgage, anywhere from 10 to 30 years. A shorter term means higher monthly payments but less total interest paid.
• Interest rate: The interest rate represents the cost of borrowing money, expressed as a percentage of the total loan amount. The type of mortgage loan you choose will affect your rate. Market trends and your credit score will also play a role in the rate you are offered.
• Annual property tax: Property tax is levied by local governments on land and buildings within their jurisdiction and is typically expressed as a percentage of the property’s assessed value.
• Monthly payment: The monthly payment is what you pay toward the principal and interest. This calculator also includes property taxes. Some lenders will include homeowners insurance and homeowner’s association (HOA) dues in the payment. And if you pay for PMI, it will be included as well.
• Total interest paid: The total interest paid is the total amount of interest you will pay over the life of the loan, according to the mortgage calculator.
• Total loan cost: The total loan cost represents the all-in amount you will pay for the loan, including the principal and accrued interest.
How to Use the Vermont 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 that you will pay annually in property taxes. Use the average for Vermont (1.42%) or look up your specific number by searching the ZIP code or county name and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps estimate how much house you can afford by allowing you to see how purchase price, down payment amount, interest rate, loan term, and property taxes impact your monthly payment amount. This can be especially helpful if you are buying your first home. You can change various numbers in the calculator — trying a lower versus higher down payment amount, say — to see how that affects your monthly and long-term costs.
If you’re exploring a home loan guaranteed by the Federal Housing Administration (FHA), you can use an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator is the tool to use if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Deciding How Much House You Can Afford
In mid-2025, Vermont’s median home sale price was $431,500, according to Redfin. Lenders advise keeping mortgage payments below 28% of gross monthly income. To afford a $431,500 home and stay within that guideline, you would need an annual income of around $110,000.
This assumes a 30-year loan at 7.00% with a 20% down payment ($86,300) and includes property tax and home insurance. The monthly payment would be about $2,300. This also assumes you don’t have any other significant debts.
If you want to compute your housing budget based on your annual income and with your debts (car payment, student loan payment, etc.) factored in, use a home affordability calculator. Or go right to the gold standard: Go through the mortgage preapproval process with a lender. You’ll provide detailed financial information and will learn if you can qualify for a mortgage and, if so, how much you can borrow and what the terms would be.
Components of a Mortgage Payment
A mortgage payment’s main parts are principal (borrowed amount) and interest (borrowing cost, as a percentage). Payments may also include property tax, set by the local government and variable. If your down payment is below 20%, private mortgage insurance (PMI) might be needed. Other costs can include HOA fees and homeowners insurance.
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 Vermont
Vermont’s high cost of living impacts home affordability and reflects high prices for utilities, transportation, health care, and other essentials. The state measures 113.6 on an index where 100 is the average cost of living in the U.S. Think about this when deciding where to live and how much house you can afford in Vermont. You could consider moving to one of Vermont’s best affordable places in the U.S., such as Northfield, Waterbury, or Montpelier.
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 satisfied with your interest rate or monthly housing costs once you have purchased a home, there are ways to lower your payments. Here are your options:
• Reach out to your lender to make sure it drops PMI after reaching 20% equity.
• Recast your loan by making a lump sum payment toward the principal and requesting that the lender recompute your payments.
• Undertake a mortgage refinance if current rates are more favorable than when you made your purchase.
• Appeal property taxes if you feel your assessment is too high.
• Extend your loan term to lower your payments. Remember that this could cost you more in interest over the long term, however.
• Shop for cheaper homeowners insurance. Raise your deductible or bundle home and auto policies.
Vermont First-Time Homebuyer Assistance Programs
First-time homebuyers, including those who haven’t owned a primary residence in three years, may qualify for down payment assistance programs covering initial costs. Down payment assistance aids with down payments and/or closing costs, making homeownership more accessible by reducing upfront expenses.
When considering how much house you can afford in Vermont, it’s important to use a Vermont mortgage calculator to estimate your monthly mortgage payments. The calculator will factor in your home price, down payment, interest rate, loan term, and property taxes. By examining different scenarios, you can make an informed decision about your down payment, loan term, and interest rate.
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.
A mortgage payment includes principal and interest on a mortgage loan used to purchase a home or other property. If you put down less than 20% on the property, the payment will likely also include private mortgage insurance (PMI). Some lenders also roll property taxes, homeowners insurance costs, and even homeowners association dues into the monthly payment. Understanding which of these components are part of your loan can help you budget more effectively.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly influences your mortgage interest rate. A higher score generally leads to more favorable rates, while a lower score may result in higher rates, increasing the total cost of your loan.
What are principal and interest on a mortgage loan?
Principal is the amount you borrow, and interest is the cost of borrowing that principal, expressed as a percentage. When you start a mortgage, your early payments will go mostly toward interest; as you make more monthly payments, the amount that goes toward the principal gradually shifts and you build more equity in your property.
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. At an interest rate of 8.00%, the payment would be about $4,400. If you obtained a rate of 6.00%, you would pay less: $3,600 per month. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi Loan Products
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SoFi Mortgages
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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.
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.
