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A mortgage calculator can help streamline the home loan decision-making process for prospective homebuyers in Winston-Salem. It helps you quickly estimate monthly payments, total interest paid, and the overall cost of a mortgage. Using a down payment calculator can also aid buyers in determining the optimal down payment size, or ideal loan term. All you’ll need to do is put in a few figures. Let’s get started.
Key Points
• A Winston-Salem mortgage calculator helps estimate monthly payments, total interest, and overall loan costs, providing insights homebuyers can use to make mortgage decisions.
• The mortgage calculator includes property taxes to give homebuyers a more well-rounded sense of costs associated with the home.
• Down payment assistance programs can significantly reduce upfront costs for first-time homebuyers and low-income individuals.
• A shorter loan term means higher monthly payments but less interest paid over the life of the loan.
• A higher credit score can secure a lower mortgage interest rate, reducing monthly payments and total interest paid.
Winston-Salem Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. Along with the down payment, it directly affects the amount of your home loan.
• Down payment: The down payment is the amount you would pay upfront. It may be anywhere from 3% to 20% depending on your situation. You’ll need a 20% down payment to avoid paying for private mortgage insurance (PMI) with your loan. A jumbo loan will likely require at least 10% down.
• Loan term: The loan term is the length of time you have to repay the mortgage. A shorter term means higher monthly payments but less interest paid 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. A lower rate can reduce your monthly payments and the total interest paid. Your credit score and the type of mortgage loan you choose will significantly affect the rate you receive.
• Annual property tax: The annual property tax is a significant component of your monthly mortgage payment. In Forsyth county, where Winston-Salem is located, property taxes are .849%. To find your specific rate, search the ZIP code or county where the home is located and “effective property tax rate.”
• Total monthly payment: The total monthly payment includes the principal, interest, and other components of a mortgage payment. In this calculator, it includes property tax.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan.
• Total loan cost: The total loan cost is the all-in amount you will pay for the loan, including both principal and interest.
How to Use the Winston-Salem Mortgage Calculator
Step 1: Enter Your Home Price
Type in the purchase price of the property.
Step 2: Select a Down Payment Amount
Choose how much of the home price you will pay upfront. To see if your payment meets the 20% PMI minimum, use a down payment calculator.
Step 3: Choose a Loan Term
Select the length of time to repay the mortgage, anywhere from 10 to 30 years. A longer term lowers monthly payments but increases total interest.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. Lower rates reduce monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage of your property’s assessed value for annual property tax.
A mortgage calculator helps homebuyers estimate affordability and monthly payments based on home price, down payment amount, interest rate, loan term, and property tax. It allows you to compare interest rates and loan terms to understand how each affects your monthly payment.
If you’re buying your first home, it’s an especially good idea to spend time running different scenarios in a mortgage calculator to see how a longer or shorter loan term, for example, might affect costs. You’ll get a detailed breakdown of your financial obligations to help you navigate the complexities of home financing.
Deciding How Much House You Can Afford in Winston-Salem
In Winston-Salem, the median home sale price in late 2025 was $280,000. Lenders advise keeping housing costs below 28% of gross monthly income, so it’s helpful to aim for this percentage when you think about how much house you can afford. Let’s imagine that you made a 20% down payment ($56,000) on that median-priced home. If you had a 7.00% rate and a 30-year mortgage and paid Forsyth county property tax, you’d need to earn around $76,000 a year to afford a monthly payment of about $1,700. This assumes you don’t have other significant debts.
If you want to see how your monthly debts might affect your purchase budget, or if you just want to work backward from your income to arrive at your ideal price, try using a home affordability calculator. When you’re starting to get serious about looking for a home, particularly in a somewhat competitive market like Winston-Salem, you could go through the mortgage preapproval process with a lender. You’ll submit detailed financial information and come away understanding if you would likely be approved for a loan and, if so, how much you might borrow and on what terms.
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 and interest. Many lenders will also wrap in property tax because it’s in the lender’s interest that the taxes on the loan collateral (your home) remain current. Some lenders also like borrowers to pay for home insurance and homeowners association fees as part of the mortgage payment. And if you put down less than 20% your PMI will be built into your loan payment as well.
Mortgages backed by the Federal Housing Administration have principal and interest, too. But FHA borrowers will also have an upfront and ongoing mortgage insurance premium to pay as part of their loan payment. Use an FHA mortgage calculator if you’re looking at an FHA loan. And if you’re seeking a loan backed by the U.S. Department of Veterans Affairs, use a VA mortgage calculator.
Cost of Living in Winston-Salem
North Carolina as a whole has a cost of living that is just below the U.S. average, and Winston-Salem is one of the state’s more affordable metropolitan areas. No wonder it’s on a list of the best affordable places in the U.S., where it was flagged as particularly good for young adults thanks to its job market and entertainment options.
Cost of living significantly impacts affordability, and it’s worth taking a deeper look when you’re thinking about buying a home in an area. Here you can see how subcategories of costs stack up in Winston-Salem, according to data from the Council for Community and Economic Research (C2ER). The average cost of living in the U.S. equals 100 on this scale. As you can see, housing in Winston-Salem is particularly affordable when compared to the national average.
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 Winston-Salem, or haven’t owned a primary residence in the past three years, down payment assistance programs may be available to help you cover some of the initial costs. These programs can provide financial aid specifically designated for the down payment, closing costs, or both. Sometimes there’s a low- or no-interest second mortgage involved, and sometimes assistance comes in the form of a grant. The NC Home Advantage Mortgage has a 30-year fixed rate and up to 3% down payment assistance. Winston-Salem has its own local Affordable Homeownership Opportunity Program (AHOP) that’s worth looking into as well.
It’s possible to get settled into your new home and still find ways to lower your monthly mortgage payment. If you’re feeling a budget pinch, consider these techniques:
• After you’ve hit 20% equity, drop PMI. Remember that you might hit 20% home equity more quickly than anticipated if the home appreciates in value significantly.
• Mortgage recasting can be a smart financial move if you receive a bonus or other windfall. You would make a lump sum payment toward your mortgage principal and request that the lender re-amortize the loan.
• Do a mortgage refinance if interest rates have dropped significantly or your credit score has had a healthy upswing. Make sure you factor in closing costs on the new loan when looking at the cost versus benefits of a refi.
• Appealing your property taxes can lower your property tax bill. Research other assessments of comparable properties in your area to try to determine if your assessment might be too high.
• With your lender’s help, modifying your loan can provide temporary relief if you face financial hardship. This can involve extending the loan term, reducing the interest rate, or lowering the principal balance.
• Try to find a less expensive home insurance policy, perhaps by bundling home and auto policies, since insurance is often part of the monthly mortgage bill.
The Takeaway
A mortgage calculator is a useful tool for prospective homebuyers, helping you estimate monthly payments, total interest, and the overall cost of a mortgage. By inputting your home price, down payment amount, loan term, interest rate, and property tax rate, you can explore different scenarios and make informed decisions about a home purchase in Winston-Salem. In no time at all, you’ll be able to align your home-buying goals with your budget and move forward.
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.
How much is the average mortgage in Winston-Salem?
The median mortgage payment in Winston-Salem is $1,810 according to the National Association of Realtors®. Payments are very individualized, though, and can fluctuate based on factors such as the home price, the size of the down payment, prevailing interest rates, and the creditworthiness of the buyer.
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. When you begin the loan, the lender will provide you with an amortization schedule, which will tell you how much of each payment will go toward the principal vs. the interest each month.
How much should I put down on a mortgage?
The amount you should put down on a mortgage is a very personal choice based on your own financial situation. If you’re wondering what others are doing, data from the National Association of Realtors® can provide a glimpse: The typical down payment for first-time homebuyers has ranged from 6% to 9% over the last couple decades and has only ever been as high as 10%. More seasoned buyers, however, tend to put down more: The typical down payment for a repeat buyer in 2024 was 23%. Look closely at your finances and make your own decision.
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 cover the costs of a $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.
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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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