If so, you are in the right place! Get started by entering your personal confirmation number below.
Received an offer from us?
If so, you are in the right place! Get started by entering your personal confirmation number below.
Leaving SoFi Website
You are now leaving the SoFi website and entering a third-party website. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. We recommend that you review the privacy policy of the site you are entering. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website.
A mortgage calculator can help prospective homebuyers in Wilmington, North Carolina, estimate their monthly mortgage payment, total interest paid, and overall cost of a home loan. By inputting key details such as the home price, down payment amount, loan term, interest rate, and property tax rate, users can gain a clear picture of their financial obligations and make more informed decisions about their home purchase. Learn how to use the calculator to your best advantage here.
Key Points
• A mortgage calculator can estimate monthly mortgage payments, total interest paid, and overall loan costs.
• This mortgage calculator also factors in property tax based on the rate provided by the user.
• A higher down payment reduces monthly payments and eliminates the need for private mortgage insurance.
• Choosing a shorter loan term saves on interest but increases monthly payments.
• Down payment assistance programs are available in WIlmington to help first-time and lower-income buyers.
Wilmington Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. This figure is crucial for determining the size of your home loan and the associated monthly payments.
• Down payment: The down payment is the amount you’ll pay upfront, typically expressed as a percentage of the total purchase price. It takes a 20% down payment to avoid paying for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the mortgage. A shorter term can save you a significant amount in interest over the life of the loan, but it will result in higher monthly payments.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the home loan amount. Your credit score, down payment amount, and type of mortgage loan will help determine the rate a lender offers.
• Annual property tax: The annual property tax is based on the assessed value of your home and land. In New Hanover county, where Wilmington is located, the rate is .587%. To get your rate, search the county or ZIP code and “effective property tax rate.”
• Total monthly payment: The total monthly payment includes the principal and interest you pay each month. This calculator also includes property taxes.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure is heavily influenced by the interest rate and the loan term. A higher interest rate or a longer loan term will result in more interest paid.
• Total loan cost: The total loan cost is the all-in amount you will pay for the loan, including both principal and interest. A longer loan term will increase the total loan cost due to the higher interest paid over time, while a shorter term can reduce this cost.
How to Use the Wilmington Mortgage Calculator
Step 1: Enter Your Home Price
Type in the agreed-upon purchase price of the property.
Step 2: Select a Down Payment Amount
Determine how much of the home price you will pay upfront. A down payment calculator can show you what’s needed to reach the 20% payment necessary to avoid PMI.
Step 3: Choose a Loan Term
Select the length of time to repay the mortgage, anywhere from 10 to 30 years. You can experiment with different terms to see the impact on the monthly payment.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. Lower rates reduce monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter your property tax rate, which is calculated as a percentage of your home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps homebuyers estimate affordability by calculating monthly payments based on loan amount, interest rate, loan term, and local property tax rate. If you’re buying your first home or haven’t gone through the mortgage process in a while, it will be especially helpful to test different loan scenarios using the calculator to determine which one feels like the best fit. Try putting in different numbers for the down payment amount, if you have flexibility, or the loan term, for example. Becoming familiar with how these factors impact costs will be beneficial as you go through the process of selecting a lender and nailing down your financing.
Deciding How Much House You Can Afford
In Wilmington, the median home price in mid-2025 was about $465,000, according to Redfin. Lenders suggest that housing costs should be under 28% of your gross monthly income, so let’s see what kind of income might be required. To afford a $465,000 home with a 20% down payment (that’s $93,000), you would need to earn around $120,000. This assumes a 30-year mortgage and a 7.00% interest rate. The monthly mortgage payment including property tax would be about $2,700. 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 a purchase, 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 state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. The principal is the portion of the payment that goes toward paying down the loan balance, while the interest is the cost of borrowing the money. Additionally, your monthly payment may include property tax, which can vary by location. If your down payment is less than 20%, you may also have to pay for private mortgage insurance (PMI). And some lenders like to include home insurance and homeowners association (HOA) fees in the monthly payment to ensure that the funds are set aside, and the bills for these essential services are paid promptly.
If you’re seeking a loan that’s backed by the Federal Housing Administration (FHA), your loan will include a charge for both an upfront and ongoing mortgage insurance premium, so you’ll want to reach for a FHA mortgage calculator to compute your specific costs. If you are likely going to choose a loan backed by the U.S. Department of Veterans Affairs (VA), there’s a VA mortgage calculator made especially for you.
Wilmington’s cost of living is slightly below the national average, similar to the cost of living of North Carolina as a whole. That’s one reason it pops up on a list of the best affordable places in the U.S. Another reason? Proximity to beautiful beaches. A place at the beach may require a jumbo loan, but routine costs in Wilmington are pretty close to the U.S. average.
MIT’s Living Wage Institute estimates that for a single adult working full time, the hourly living wage is $21.43. This is based in part on the average monthly expenses for one person. For a household with two children and two working parents, the hourly living wage would be $40.65. If you’re moving to Wilmington for the first time, you’ll be happy to hear that the area has relatively low property taxes.
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.
If you’re buying your first home in Wilmington, down payment assistance programs can help you cover the initial costs associated with purchasing a home. These programs can provide financial aid specifically designated for the down payment, closing costs, or both, effectively making homeownership more accessible to a wider range of individuals. The NC Housing Finance Agency offers several programs, including the NC Home Advantage Mortgage, which has a 30-year fixed rate and up to 3% down payment assistance. To qualify for such assistance, you typically must not have owned a primary residence within the past three years.
You might get into your home and want to find a way to reduce your monthly costs further. If that happens, these are ways to lower your monthly mortgage payment at various points during your mortgage experience.
• Consider a mortgage recast if you receive a bonus or other windfall. You’ll make a large lump-sum payment toward the principal on your loan and ask your lender to recalculate your monthly payments based on the new principal balance.
• If interest rates drop (or if your credit score soars) run the numbers on a mortgage refinance. Remember to factor in closing costs on a new loan — don’t just look at how the monthly payments differ.
• Reach out to your lender to request that it drop PMI once you have 20% equity in your home. This can be achieved through regular payments or an increase in your home’s value due to market appreciation, so keep an eye on the housing market.
• Appeal your property taxes if you believe your assessment is too high. By challenging the assessment, you may be able to lower your tax bill. But if you’ve made home improvements use caution, as you could emerge with a higher assessment.
• If you face financial hardship, reach out to your lender to modify your loan. This might involve changing the loan term or other key terms of your mortgage agreement. It can reduce your short-term costs but could cost you more in interest over the life of the loan.
• Seek out a lower-cost home insurance policy. Consider bundling your home and auto policies if they are not already together.
The Takeaway
Using a Wilmington mortgage calculator will help you take a big step forward in understanding the financial commitments related to buying a home. Estimating monthly payments, total interest paid, and overall loan costs will help you make well-informed decisions and plan your budget effectively.
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 amount on a typical home in Wilmington is around $2,500, according to the National Association of Realtors®. A mortgage calculator will show you how the monthly mortgage payment fluctuates based on the price of the home, the prevailing interest rate, and the term length, among other factors.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate for a mortgage loan. A higher credit score can secure you a lower interest rate, reducing your monthly payments and the total interest you pay over the life of the loan. Conversely, a lower credit score may result in a higher interest rate, making the mortgage more expensive.
What are principal and interest on a mortgage loan?
The mortgage principal represents the amount you borrow from a lender to purchase the home, while the interest is the cost of borrowing. Over the life of the loan, your consistent monthly payments will gradually pay down the principal owed and also cover the interest charges.
What income do you need for an $800,000 mortgage with a 6.50% interest rate?
If you earn at least $240,000 per year, you may be able to afford an $800,000 mortgage, but whether you will qualify for a loan in that amount will depend on your credit score, among other factors. If you have debts, such as a car loan or student loan, you’ll likely need to earn more.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q325-137
