How Much Will a $400K Mortgage Cost Per Month?

For most Americans, mortgages are a necessary part of life. Without them, we couldn’t afford the homes where we start a life and perhaps a family. To pay for that cost, you likely need a mortgage.

However, the cost of a mortgage goes well beyond the amount of the loan. There are both upfront and ongoing costs that will be a factor in the cost of the mortgage. In this article, we will look closer at a $400,000 mortgage and what the monthly cost might look like.

Key Points

•   The monthly cost of a $400,000 mortgage depends on factors like interest rate, loan term, and down payment.

•   Using a mortgage calculator can help estimate monthly payments and determine affordability.

•   Factors like property taxes, homeowners insurance, and private mortgage insurance (PMI) can also affect the overall cost.

•   It’s important to consider your budget and financial goals when determining the affordability of a mortgage.

•   Working with a lender or mortgage professional can provide personalized guidance and help you understand the costs involved.

Total Cost of a $400K Mortgage

To determine the total cost of a $400,000 mortgage, we must consider more than just the $400K price tag. Upfront and ongoing costs are involved, which are factors in what you ultimately pay.


💡 Quick Tip: SoFi’s Lock and Look + feature allows you to lock in a low mortgage financing rate for up to 90 days while you search for the perfect place to call home.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Questions? Call (888)-541-0398.


Upfront Costs

There are several upfront costs related to your mortgage. Common upfront costs include:

•   Closing costs: From mortgage origination fees and application fees to home inspection and appraisal, you must pay closing costs upfront. These are generally equal to 3% to 6% of the home principal amount.

•   Down payment: Different mortgage types have different down payment requirements. However, depending on the mortgage type, you might be able to put as little as 3% down. First-time homebuyers can sometimes put less down.

•   Property taxes: You may have to pay at least some money toward property taxes at the outset. For example, you might be required to pay six months’ property taxes.

Long-Term Costs

Long-term costs will likely be the largest cost associated with your home purchase. Here are some long-term costs to consider:

•   Mortgage payments: This is the monthly payment against the loan that financed the home purchase.

•   Home maintenance: Homeowners often do work on their homes, from the purely aesthetic to the absolutely necessary. However, these projects can be costly.

•   Property taxes: In most states, you must pay property taxes to your state or municipality. Property taxes can run into the thousands per year.

•   Homeowners insurance: Homeowners insurance isn’t a huge expense, relatively speaking. But the average cost of Progressive’s homeowners policy is between $83 and $138 per month.

Estimated Monthly Payments on a $400K Mortgage

The monthly payment on a $400K mortgage won’t always be the same. Certain factors like the down payment, annual percentage rate (APR), and term will affect how much you pay per month.

For instance, suppose you have a fixed 30-year $400K mortgage at 5% APR. In this case, your monthly payment would be $2,147. If you have a fixed 15-year $400K mortgage at 4.5% APR, your monthly cost would be $3,059. Keep in mind that these estimates don’t include escrow costs. There are also different types of mortgages, such as fixed and adjustable-rate. Your loan repayment may vary significantly depending on the type.

Monthly Payment Breakdown by APR and Term

Certain factors affect how much you pay per month on your mortgage. The biggest factors are typically your APR and mortgage term. Generally, a higher APR increases your monthly payment, as does a shorter repayment term. Use a mortgage calculator to estimate your monthly payment. Here are a few examples of how these calculations may vary depending on the APR and term:

Interest rate

15-year term

30-year term

3% $2,762 $1,686
3.5% $2,859 $1,796
4% $2,958 $1,909
4.5% $3,059 $2,026
5% $3,163 $2,147
5.5% $3,268 $2,271
6% $3,375 $2,398
6.5% $3,484 $2,528

How Much Interest Is Accrued on a $400K Mortgage?

As mentioned, the interest accrued on a $400,000 mortgage depends on several factors. However, the most important are the mortgage term and the APR. Generally, a shorter repayment term will result in higher monthly payments but less interest overall. For example, when comparing a 15-year vs. 30-year mortgage, we see that the 15-year mortgage results in less interest, despite higher monthly payments.

Fifteen-year mortgages often have lower APRs than 30-year mortgages as well. A lower APR also means you pay less interest. However, 15-year mortgages typically have much higher monthly payments than 30-year mortgages.


💡 Quick Tip: Generally, the lower your debt-to-income ratio, the better loan terms you’ll be offered. One way to improve your ratio is to increase your income (hello, side hustle!). Another way is to consolidate your debt and lower your monthly debt payments.

$400K Mortgage Amortization Breakdown

Once approved for a fixed-rate mortgage, you typically pay the same amount each month. However, most of the money you pay will go toward interest in the first few years. Eventually, you can expect to pay more toward the principal than interest. For instance, here is an example of a 30-year $400,000 mortgage with a 6% APR:

Year

Beginning balance

Interest paid

Principal paid

Principal paid

1 $400,000.00 $23,866.38 $4,912.05 $395,087.95
2 $395,087.95 $23,563.41 $5,215.01 $389,872.94
3 $389,872.94 $23,241.76 $5,536.66 $384,336.28
4 $384,336.28 $22,900.27 $5,878.15 $378,458.13
5 $378,458.13 $22,537.72 $6,240.70 $372,217.43
6 $372,217.43 $22,152.81 $6,625.62 $365,591.81
7 $365,591.81 $21,744.16 $7,034.27 $358,557.54
8 $358,557.54 $21,310.30 $7,468.13 $351,089.42
9 $351,089.42 $20,849.68 $7,928.74 $343,160.67
10 $343,160.67 $20,360.65 $8,417.77 $334,742.90
11 $334,742.90 $19,841.46 $8,936.96 $325,805.94
12 $325,805.94 $19,290.25 $9,488.17 $316,317.76
13 $316,317.76 $18,705.04 $10,073.38 $306,244.38
14 $306,244.38 $18,083.74 $10,694.69 $295,549.69
15 $295,549.69 $17,424.11 $11,354.31 $284,195.38
16 $284,195.38 $16,723.80 $12,054.62 $272,140.76
17 $272,140.76 $15,980.30 $12,798.13 $259,342.63
18 $259,342.63 $15,190.94 $13,587.49 $245,755.14
19 $245,755.14 $14,352.89 $14,425.53 $231,329.61
20 $231,329.61 $13,463.16 $15,315.27 $216,014.34
21 $216,014.34 $12,518.55 $16,259.88 $199,754.47
22 $199,754.47 $11,515.67 $17,262.75 $182,491.71
23 $182,491.71 $10,450.94 $18,327.48 $164,164.23
24 $164,164.23 $9,320.54 $19,457.88 $144,706.35
25 $144,706.35 $8,120.42 $20,658.00 $124,048.35
26 $124,048.35 $6,846.28 $21,932.14 $102,116.21
27 $102,116.21 $5,493.56 $23,284.87 $78,831.34
28 $78,831.34 $4,057.40 $24,721.03 $54,110.31
29 $54,110.31 $2,532.66 $26,245.77 $27,864.55
30 $27,864.55 $913.88 $27,864.55 $0.00

What Is Required to Get a $400K Mortgage?

Getting a $400K mortgage usually requires sufficient income and a large enough down payment. The average down payment is 13%. If your income is on the low end, you might be able to make up for it with a larger down payment. Likewise, having a higher income may help if your down payment is small.

It may help to use a housing affordability calculator. This will give you a rough estimate of what you can afford based on your income, monthly expenses, and your down payment.

Your credit score can also be important when applying for a $400K mortgage. Credit scores help lenders determine how likely you are to repay your debts. Thus, a higher credit score can increase your approval odds. There is no definite rule, but a credit score of at least 620 can help when applying for a conventional loan. If you want to learn more about this process, there are mortgage resources that can help.

“If you have multiple debts, you want to make your minimum payments so you don’t hurt your credit score,” Kendall Meade, a Certified Financial Planner at SoFi said. “If you have cash left over after that, you should develop a strategy for which debts to pay off first,” she suggested.

How Much House Can You Afford Quiz

The Takeaway

Buying a home is the largest purchase most Americans make in their lifetime. Many costs come with buying a home, including upfront costs like a down payment and ongoing costs like monthly mortgage payments. Your mortgage payment is likely to be the largest monthly expense you have, and it can vary widely depending on the APR and mortgage term. On a $400,000 mortgage, the monthly payment could range from $1,600 to $2,600, as you can see above.

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.


SoFi Mortgages: simple, smart, and so affordable.

FAQ

How much house can I afford on a $120,000 salary?

How much house you can afford depends on several factors, and salary is just one of them. You must also consider your mortgage interest rate, down payment, and other debts. If you have $40,000 for a down payment, spend $3,500 per month (not including rent), and your APR is 4.5%, you can afford a home up to about $400,000.

How do you calculate monthly mortgage payments?

To calculate monthly mortgage payments, you must know the loan amount, interest rate, and loan term. The easiest way to calculate your payment is to plug these numbers into an online mortgage calculator.

What is the average total monthly mortgage payment?

The national median monthly mortgage payment in the United States is $1,964 as of February 2023, according to the Mortgage Bankers Association.


Photo credit: iStock/MihailDechev

*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.

+Lock and Look program: Terms and conditions apply. Applies to conventional purchase loans only. Rate will lock for 91 calendar days at the time of preapproval. An executed purchase contract is required within 60 days of your initial rate lock. If current market pricing improves by 0.25 percentage points or more from the original locked rate, you may request your loan officer to review your loan application to determine if you qualify for a one-time float down. SoFi reserves the right to change or terminate this offer at any time with or without notice to you.

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.


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.

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Housing Market FOMO: Gen Z is Feeling Left Behind

Though putting together enough money to purchase a home has always been tough for younger buyers, rising prices and higher interest rates have made it especially difficult for Gen Z (those born from the mid-to-late 1990s and the early 2010s) to get a foot in the door of the housing market.

As they wait on the sidelines for the chance to buy their first place, many are feeling “real estate FOMO” — the fear that they’re missing out on a major life milestone and opportunity to build wealth that others have managed to achieve. Let’s take a look at some of the obstacles Gen Z is facing and learn the steps that could help as you save for, and search for, a home.

What Does FOMO Mean?

FOMO, or the fear of missing out, is a term used to describe the feeling that others are doing better than you are. Maybe they’re achieving goals that you haven’t yet reached, or experiencing things that you currently don’t have the wherewithal to accomplish (financially or otherwise). FOMO is often used in the context of missing out on a social event — a concert, for example, or a party you weren’t invited to. But it also can pertain to wanting to purchase things others in your social circle have — a better car, clothes, trips, or jewelry, for example.

FOMO spending is when the fear of missing out pushes you to spend money — maybe more than you should — to keep up with your peers. (Older generations often refer to this as “keeping up with the Joneses.”) Real estate FOMO can have that effect. It might lead someone to buy a house before they’re ready, or to get a mortgage loan on a house they can’t comfortably afford. But it also can make homebuyers reluctant to pull the trigger on a purchase, if they think they’ll find a better home at a better price if they just wait a while. And for members of Gen Z, social media can exacerbate those feelings.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Questions? Call (888)-541-0398.


How to Deal with FOMO in Real Estate

There are a few different things you may want to consider doing if you think FOMO is getting in the way of making smart homebuying decisions.

If You Feel You Need a Reality Check…

It never hurts to revisit your budget to see how much house you can truly afford. Using a home affordability calculator can help you set some limits. It also may be useful to talk to a financial advisor about how buying a home — or a home at a particular price — could affect your other goals. If you see a property you’re interested in purchasing, run the numbers in a mortgage calculator to get a sense of what your monthly payments would be.

If You Find Yourself Trying to “Time the Market”…

It can be tough to predict when home prices or interest rates will go down. Instead, you might want to talk to a real estate agent about the best time of year to look for housing bargains in your area. Or you could shift your search from a pricey “hot” area to a place where the cost of living is more affordable. Also, if you find a home you think you’ll stay in long-term, you may want to keep mortgage refinancing in mind as an option for lowering costs down the road.

If You’re Feeling Triggered by What Others Have…

Looking at too many listings (or home improvement shows, or friends’ house-proud social media posts) has a way of leading you away from your personal “must-haves.” When that happens, it helps to take a moment (perhaps with a social-media hiatus?) to reprioritize and get back on track.

What Are the Barriers for Gen Z Home Buyers?

Some of the obstacles Gen Z homebuyers face are the same as those would-be homeowners have encountered off and on for generations. Home prices are high. Mortgage interest rates, though nowhere near the double digits they were throughout much of the 1980s, still feel nerve-rackingly elevated. Housing inventory is low. And though inflation is cooling, gas, groceries, and other costs are still taking a toll on household budgets.

But Gen Z has some issues to contend with that other generations may not, including:

Down Payment Costs

Higher-priced houses can require larger down payments, and that can make getting into the housing market increasingly difficult. First-time homebuyers typically put down less than repeat buyers — about 8% compared to 19%, according to the National Association of Realtors® 2023 Profile of Home Buyers and Sellers. That still could be a hefty chunk of change to come up with, however, considering the median home price in the U.S. is currently around $420,000.

Student Loan Debt

A college education may help Gen Z graduates earn a higher salary, but many report that student debt is slowing their progress toward certain milestones, including buying a home. Those college loans can make it even more difficult for younger buyers to save for a down payment or make higher monthly mortgage payments. You can afford a mortgage if you have student loans, but student debt can factor into your debt-to-income ratio (DTI), which may affect whether or not you qualify for a mortgage or what interest rate you’re offered.

Higher Rent Payments

Rising rental costs are another factor that may be affecting Gen Z’s ability to save for a home. According to Zillow’s monthly Observed Rent Index, the typical U.S. rent in March 2024 was $1,983, a 3.6% year-over-year increase.

Adulting = Insecurity

When you’re in a new (or new-ish) career, out on your own with bills to pay, and you’re not sure where life might take you next (a new job, a new town, a new partner, a new baby?), navigating life after college can be daunting enough without the homebuying headaches. While some in Gen Z have found a way to get into the housing market despite the barriers, others are waiting until their personal life feels more stable.

How Does Gen Z Approach Home Buying?

For some in Gen Z, buying a home may not be as significantly linked to achieving success as it was for older generations. (According to a 2023 GoDaddy survey, only 40% of Gen Z respondents chose “yes” when asked if homeownership indicated a person had achieved the American Dream, compared to 44% of millennials, 49% of Gen Xers, and 50% of boomers.) Still, it remains a goal for many, who are finding ways to make it happen — by taking on roommates, moving to a state with a lower cost of living, working a side gig to earn more money, or living with their parents after college to save money.

Where Is Gen Z Buying Homes?

As you might expect, Gen Z-ers who live in or can easily move to more affordable locations are more likely to buy homes than those in large cities where home prices are higher. According to a Redfin report, the typical home price for Gen Z buyers in 2022 was $255,000 or less — much lower than the overall median price in the U.S. that year.

Realtor.com recently listed Jacksonville, NC; Elkhart, IN; Lima, OH; Waterloo, IA; Cumberland, MD; Watertown, NY; St. Joseph, MO; Hinesville, GA; Dubuque, IA; and St. Cloud, MN, as the 10 metropolitan areas with the largest percentage of Gen Z buyers in 2022.

Recommended: Best Affordable Places to Live in the U.S.

Is It Harder for Gen Z to Buy a House?

Gen Zers aren’t facing the double-digit mortgage rates their parents and grandparents paid in the early 1980s. And they aren’t trying to buy a home during a depression or recession. Still, thanks to inflation and other factors — including an uptick in the number of affordable homes being snapped up by investment companies — this is a challenging time to become a homeowner.

According to Redfin, 30% of 25-year-olds owned their own home in 2022 — so it is doable. That homeownership rate is lower than what the baby boomers had (32%) when they were 25. But it’s actually a bit higher than the rate for millennials (28%) and Gen Xers (27%) when they were that same age.

Steps for Gen Z Home Buyers to Consider

For Gen Z, patience, flexibility, and creativity may be the keys to success in today’s tough housing market. Here are some steps to consider as you pursue homeownership:

Know Before You Go

The more you know about the homebuying process, the more confident you can feel about the decisions you make. Get to know the things you can do on the front end (like improving your credit score, lowering your DTI ratio, and researching first-time homebuyer programs and loans). And as you start your home search, consider listing your wants vs your needs, learning about the different types of mortgage loans, and going through the mortgage preapproval process.

Keep Expectations in Check

Here’s where FOMO can really get in your way: The house you can afford may not be anything close to the designer houses you see on social media and TV. But an affordable starter home can be a stepping stone to the home of your dreams. If you aren’t sure what you can manage, talk to a professional, such as your financial advisor, a real estate agent, or a mortgage professional.

Cast a Wide Net

If you can’t afford the trendiest neighborhood or a house directly on the beach, you may want to try searching in areas that are similar or nearby. If you can relocate, you could take your search even broader, looking at states that have what you want but at a lower price.

Recommended: Home Loan Help Center

The Takeaway

If high housing costs and other factors are getting in the way of your plans to buy a home, and you feel a strong sense of FOMO creeping up on you, try not to get sucked into overspending — or turned off to homeownership altogether. Staying true to your budget and your goals, and getting some assistance in finding the right home and home loan, can help you avoid feeling pressured into bad decision-making.

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.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

What does FOMO mean in real estate?

The fear of missing out (FOMO) in real estate is the worry that you aren’t where you should be when it comes to homeownership — perhaps because you haven’t yet purchased a home, or you don’t have the same level of home you see others in your peer group moving into.

What housing markets are dropping the fastest?

According to CoreLogic’s U.S. Home Price Insights report for 2024, several locations on both coasts of Florida are likely to experience price drops this year, as well as the Atlanta-Sandy Springs-Roswell area in Georgia, and the Youngstown-Warren-Boardman area in Ohio and Pennsylvania.

What is the slowest month for the housing market?

Winter is typically the slowest time of year for the housing market, while spring and summer are the busiest seasons.


Photo credit: iStock/gradyreese

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.

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Top Tips for Selling Your Home Fast

Top Tips for Selling Your Home Fast

When you want to sell your house quickly, you need to get it right the first time around. Those with more time to leave their home on the market can enjoy a period of trial and error, but if you’re looking for a quick payout, it’s smart to have a plan, and even a checklist in place. Here are 10 tips that can help increase the appeal of your home, impress buyers and help get your property sold in record time.

1. Clean and declutter

One of the first and most fundamental steps to complete if you want to sell your house fast is to clean and declutter your home. This sounds simple, but it can make a huge difference to prospective buyers. If necessary, you may want to rent a storage unit so you can set aside any belongings that you don’t absolutely need for a showing. A tidy home looks bigger and more appealing, so investing some time and money in a deep clean and even a home staging can help to ensure buyers get a great first impression.

2. Pick a selling strategy

Different buyers will have different needs. For instance, a first-time homebuyer might be ready to purchase, but may not know exactly what they want until they see it. That’s why it’s smart to make sure your selling strategy targets your ideal buyer so you can sell your home quickly. Here are three strategies to consider:

Sell FSBO

Selling your home yourself can be a great way to sell a house fast. The “For Sale By Owner” approach may require a little extra work on your part, but it also lets you avoid agent or broker fees, meaning you can sell the home at a lower price and keep the same profits.

Hire an agent

Of course, going it alone isn’t for everyone. If you don’t fully understand the ins and outs of the market, need a little assistance, or would just prefer for a professional to handle the heavy lifting, hiring a real estate agent may be the better route for you. You may incur some additional fees but having a professional on board can help give you some piece of mind during what can be a very complex and stressful process. An agent can also help you time your sales strategy and planning process if you’re buying and selling a house at the same time.

Try the unconventional

There isn’t any one right way to sell a home. These days, some people harness the power of social media to try to sell a home quickly. Others allow potential buyers to spend a night to see if they fall in love with the home. Virtual tours that allow buyers to “walk through” without ever setting foot in the home are now the norm.

3. Price to sell

A mortgage loan is a major expense so it’s often at the forefront of your potential buyers’ minds. That’s why you may want to think carefully when setting a price point for your home. Setting your sale price higher than other properties in your neighborhood could keep your home on the market longer than you’d like. Choosing to set your sale price lower than those in your neighborhood can help set you apart from the pack and may help speed up the selling process.

Set a timeline for a price reduction

It’s perfectly fine to dream big, but it’s smart to have a plan in place if no one bites at your initial price. Setting a date by which you’ll reduce the price can help to generate renewed interest in your property. Even a small price reduction can entice buyers to give your home a second look.

Consider sales incentives

You may also want to consider other sales incentives. Perhaps the buyer wants a new fence installed or an AC unit replaced. New carpentry and modern appliances can be highly appealing for buyers. Also, offering to partially or fully cover closing costs is another tactic that can entice potential buyers.

4. Handle any quick repairs

Speaking of incentives, it’s wise to make sure you do repairs before buyers see the home. Many of those small things we overlook while living in a house can be a big deal to buyers. Repair scratched floors and damaged walls, tighten up that leaky faucet and pull out the touch up paint. All of these quick repairs can make a huge difference in selling your home quickly.

Recommended: What Are the Most Common Home Repair Costs?

5. Pack up and hire a stager

First thing’s first: Most buyers consider how their own belongings will fit in your home as they walk through, and getting some of your things out of the way can aid in that visualization. If you think your belongings are outdated or detract from the overall appeal of the home, you can research home staging tips or even consider hiring a stager who will know exactly how to make your home look its absolute best. A well-staged home can sell more quickly.

6. Create curb appeal

Thinking about what people see when they first arrive at your house is a smart move when it comes to selling your home quickly. The front lawn, the door, or even a driveway can influence a buyer’s overall impressions. Drive past your home and look at it from a buyer’s perspective to see where your eyes land first. Whatever catches your eye is probably worth investing some time and money into. Also, mowing the lawn and power washing the front of your home can help make it look more inviting.

Recommended: 5 Curb Appeal Ideas for Your House

7. Hire a professional photographer

Pictures, virtual walk-throughs and social media are huge in real estate these days. And professional photographers make it all much more appealing. If you have stunning professional photographs to show prospective buyers, you’re likely to be more competitive when it comes to getting those buyers into your house.

8. Write a great listing description

A listing price and photographs are helpful, but you also need a listing description. Real estate agents are often great at this, but if you need to do it on your own, you may want to start by considering your home’s best features. Also it’s smart to consider keywords that might help your home rank higher. Since you’re trying to sell a house fast, it’s perfectly fine to convey that in the listing. It might also attract buyers who want to buy quickly.

Where to post your listing

Where to list your home for sale often depends on how you’re selling it. If you are selling on your own, you can use sites like Zillow to list the house yourself. If you are working with an agent, however, they will probably prefer to list the house for you on the local Multiple Listing Service (MLS). Of course you can always use your personal social accounts, email, or other means to advertise regardless of whether you have an agent or not.

9. Time your sale right

Timing can play a huge role in how quickly your home sells. However, this can vary widely depending on where you’re located. You may want to start by researching when homes sell best in your area and aim to hit that time frame if you can.

10. Be flexible with showings

Within your ideal time frame, you’ll probably want to be as flexible as possible. Homebuyers can be busy, and if you can accommodate them, they’ll be more likely to view your home. If you can’t, they may look elsewhere.

Hold an open house

An open house is an excellent way to let people see your house. The best part about open houses is that they’re very flexible. People can come and go as they please on their own schedules. Of course, things like cleaning, making repairs and staging will be extra important prior to an open house. If you have an interested buyer but have scheduled an open house, it’s OK to run the open house anyway. Even a home in contingency can still fall through; it doesn’t hurt to have backup offers or other interested buyers in waiting.

The Takeaway

Whether pricing your home below market rate or just adding a fresh coat of paint, when it comes to selling your home quickly there really are no guarantees. Doing your research and knowing your market are the best ways to position yourself for a sale, and incorporating these tips can help speed up that process.

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.

SoFi Mortgages: simple, smart, and so affordable.


Photo credit: iStock/OlekStock

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.

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.

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What Is the Monthly Cost of a $300,000 Mortgage?

For the average American, no single expense is as large as the cost of purchasing a home. Because the price is so high, a mortgage is usually necessary. And in most cases, a home purchase requires a down payment plus monthly mortgage payments.

What you’ll pay each month on a $300,000 mortgage will depend on several factors, such as the interest rate and mortgage term. These numbers will differ for everyone, so you must do some math to know your monthly cost, and it’s important to consider the total cost of a home purchase as well.

Key Points

•   The monthly cost of a $300,000 mortgage includes principal, interest, property taxes, and homeowners insurance.

•   Factors such as interest rate, loan term, and location will determine the exact monthly cost.

•   Using a mortgage calculator can help estimate the monthly cost of a $300,000 mortgage.

•   It’s important to consider additional expenses like maintenance and utilities when budgeting for homeownership.

•   Getting pre-approved by a lender can provide a clearer understanding of the monthly cost of a $300,000 mortgage.

Total Cost of a $300K Mortgage

There is more than one element to the total cost of a $300,000 mortgage. It can be a lot to take in, especially for first-time homebuyers. However, we can generally break the total costs of buying a home into upfront and long-term costs.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Questions? Call (888)-541-0398.


Upfront Costs

Even in the beginning stages of your home purchase, there are some costs you will have to pay. Upfront costs of a home purchase include:

•   Earnest money: Earnest money is also known as a good faith deposit. This is a sum of money you put down to show a seller you are serious about buying their home.

•   Down payment: When you buy a home, you typically must pay a portion of the home price upfront, known as a down payment. While down payments can be up to 20% of the home price, they are often a much lower percentage. How much you put down upfront can impact your mortgage rate and thus your monthly costs.

•   Closing costs: Closing costs cover administrative activities involved in buying a home, such as the cost of an appraisal, lender’s fees, and a charge to record the property transfer.

Long-Term Costs

Most of the money you spend on your home will probably be long-term costs. Your monthly mortgage payment will likely be the biggest of these. The monthly payment you make against the loan you obtained to purchase the home will cover the principal plus interest. Some other long-term costs are:

•   Property taxes: In most cases, you must pay taxes on your home. These can be significant, often totaling thousands of dollars annually.

•   Home maintenance: Homes usually require ongoing maintenance, and these costs can be more variable than other ongoing costs.

•   HOA Fees: Some homes, such as townhouses and condos, may have an ongoing homeowners association fee to cover landscaping, pools, and general maintenance.

Estimated Monthly Payments on a $300K Mortgage

The monthly payment on a $300,000 mortgage depends on your down payment, annual percentage rate (APR), and term. You must factor each into the equation to estimate your monthly mortgage payment.

For example, suppose you secure a 30-year fixed $300K mortgage at 4.5% APR. In this case, the monthly payment would be $1,520. On the other hand, if you have a 15-year fixed $300K mortgage at 4% APR, the monthly payment would be $2,219. As you can see, APR and terms can have a big impact on your monthly mortgage payment.

Monthly Payment Breakdown by APR and Term

A monthly $300K mortgage payment amount can vary widely, even if you know you will have a $300,000 loan. Use a mortgage calculator to estimate your monthly payment. Here are a few examples of how these calculations may vary depending on the APR and term:

APR

15-year term

30-year term

3.00% $2,072 $1,265
3.50% $2,145 $1,347
4.00% $2,219 $1,432
4.50% $2,295 $1,520
5.00% $2,372 $1,610
5.50% $2,451 $1,703
6.00% $2,532 $1,799
6.50% $2,613 $1,896

How Much Interest Is Accrued on a $300K Mortgage?

The amount of interest you accrue on a $300,000 home mortgage loan will, again, depend on several factors. However, the most important factors are the mortgage term and APR. When comparing two 30-year mortgages, the one with a lower APR usually accrues less interest. When comparing 15-year vs. 30-year terms with the same APR, the 15-year term will generally accrue less interest.

For instance, a 15-year mortgage with a 3.0% interest rate results in a total of $72,914 of interest over the life of the loan. Meanwhile, a 30-year mortgage with a 6.0% interest rate results in $347,515 of interest. There are also different types of mortgage loans, which can affect how much you ultimately pay.

$300K Mortgage Amortization Breakdown

As we have observed, APR and term significantly impact the interest you pay. However, the term can also affect how much you pay per month. The following table breaks down the amortization schedule of a 30-year $300,000 loan with a 5.0% APR:

Year

Beginning balance

Interest paid

Principal paid

Ending balance

1 $300,000.00 $14,899.49 $4,426.03 $295,573.90
2 $295,573.90 $14,673.04 $4,652.48 $290,921.36
3 $290,921.36 $14,434.99 $4,890.53 $286,030.78
4 $286,030.78 $14,184.78 $5,140.74 $280,890.00
5 $280,890.00 $13,921.77 $5,403.75 $275,486.20
6 $275,486.20 $13,645.31 $5,680.21 $269,805.93
7 $269,805.93 $13,354.71 $5,970.81 $263,835.05
8 $263,835.05 $13,049.20 $6,276.32 $257,558.68
9 $257,558.68 $12,728.10 $6,597.42 $250,961.21
10 $250,961.21 $12,390.57 $6,934.95 $244,026.19
11 $244,026.19 $12,035.76 $7,289.76 $236,736.37
12 $236,736.37 $11,662.81 $7,662.71 $229,073.59
13 $229,073.59 $11,270.75 $8,054.77 $221,018.76
14 $221,018.76 $10,858.67 $8,466.85 $212,551.84
15 $212,551.84 $10,425.47 $8,900.05 $203,651.73
16 $203,651.73 $9,970.13 $9,355.39 $194,296.27
17 $194,296.27 $9,491.48 $9,834.04 $184,462.17
18 $184,462.17 $8,988.35 $10,337.17 $174,124.94
19 $174,124.94 $8,459.47 $10,866.05 $163,258.84
20 $163,258.84 $7,903.54 $11,421.98 $151,836.80
21 $151,836.80 $7,319.16 $12,006.36 $139,830.40
22 $139,830.40 $6,704.89 $12,620.63 $127,209.72
23 $127,209.72 $6,059.21 $13,266.31 $113,943.34
24 $113,943.34 $5,380.47 $13,945.05 $99,998.24
25 $99,998.24 $4,667.01 $14,658.51 $85,339.67
26 $85,339.67 $3,917.04 $15,408.48 $69,931.15
27 $69,931.15 $3,128.72 $16,196.80 $53,734.29
28 $53,734.29 $2,300.05 $17,025.47 $36,708.77
29 $36,708.77 $1,429.00 $17,896.52 $18,812.20
30 $18,812.20 $513.37 $18,812.15 $0.00

What Is Required to Get a $300K Mortgage?

Getting a $300,000 mortgage generally requires a combination of a sufficient income and a large enough down payment. For example, if your gross annual income is $75,000 and you want to borrow $300,000 with a 30-year mortgage at 5.0%, you would probably need to make a deposit of at least $30,000 on a property.

Running the numbers in a housing affordability calculator can help you pinpoint the costs. The numbers above result in spending about 23% of your income on housing. This falls comfortably below the 30% threshold. Above that point, the Department of Housing and Urban Development (HUD) considers you “price burdened.”

Credit score can also matter when applying for a home. There’s no definite rule, as your income, down payment, and other factors will also be a part of the decision. However, you should generally have a credit score of at least 620 to apply for a conventional loan.

How Much House Can You Afford Quiz

The Takeaway

Buying a home is usually the largest expense for the average American. The monthly payment you will make on your home depends on several factors, but the most important are the APR and term. A shorter term and a lower APR will reduce how much you pay overall, though a shorter term will increase your monthly payment.

It’s important to align your purchase with factors like your annual income and down payment. Our Home Loan Help Center can be a good resource. Buying a house that you can afford will help you make your monthly payments comfortably — so you can relax and enjoy your new home.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

How much house can I afford on $70,000 a year?

How much house you can afford on a $70,000 salary depends on several factors, such as your APR, term, and down payment. With a $30,000 down payment, a mortgage rate of 5.0%, and $2,500 of monthly expenses (not including rent), you can afford a home up to $300K.

Can I afford a 300K house on a 50K salary?

You might be able to afford a $300K house on a $50K salary if you can secure a low APR and have a sizable down payment. However, you’ll want to review your monthly expenses to make sure you have room in your income to pay the mortgage.

How much is 20% down on a $300,000 house?

To put 20% down on a $300,000 house, you’ll need $60,000. People often believe you must put 20% down to qualify for a mortgage. While this might be true for some lenders, it isn’t always the case.


Photo credit: iStock/Morsa Images

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.


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.

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How Much Will a $450K Mortgage Cost per Month?

A $450,000 fixed-rate mortgage, with an annual percentage rate (APR) of 7.3% and a 30-year term, would cost you $3,085.07 per month, or $37,020.84 per year in combined principal & interest payments. Of course, your exact payment would depend on your interest rate and other individual factors.

The same loan amount with a 15-year fixed-rate loan would warrant a lower mortgage rate, but the monthly payment would be higher due to the compressed repayment period. For example, a 15-year mortgage for $450,000 with a 6.3% APR would cost $3,870.68 per month, or $46,448.16 per year.

Keep in mind that these costs factor in your mortgage alone but don’t account for any taxes, fees, insurance, or other payments you may incur over your ownership period. Let’s break down the expected costs of a $450K mortgage payment as well as any additional expenses you’ll need to keep in mind over the life of your loan.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Questions? Call (888)-541-0398.


Total Cost of a $450K Mortgage

While it’s easy to focus on your monthly mortgage payment, the economics of taking out one of the many different types of home loans become more pronounced when you weigh the total lifetime cost of the loan.

To put this into perspective, the total cost of the 30-year $450,000 mortgage quoted above at an APR of 7.3% would cost you $1,110,624.90 in payments over the life of the loan. If you were to make every single payment on schedule without any prepayments or late payments, you would pay $660,624.90 in interest over 30 years. A shorter mortgage term would result in significant savings on interest.

Owning a home also involves other costs aside from your mortgage, including things like maintenance, and property taxes; we’ve broken these down into the upfront and long-term costs below.


💡 Quick Tip: SoFi’s new Lock and Look+ feature allows you to lock in a low mortgage financing rate for up to 90 days while you search for the perfect place to call home.

Upfront Costs

Upfront costs on a home usually consist of all the expenses required to close on your home purchase, including closing costs, your down payment, and any earnest money you put down on the property.

While your earnest money and down payment are rolled into the purchase price of the home and will eventually come back to you in the form of home equity, closing costs consist of fees to compensate lenders, agents, and other third-parties for the services they provide to facilitate your home purchase.

Earnest money This generally won’t be more than 1-2% of the home’s purchase price and can be rolled into the down payment on your home. It serves as a good-faith deposit to show that you’re serious about buying a home.

Down payment On average, down payments typically make up 3-20% of the purchase price of the home according to the underwriting standards of most major mortgage programs. Lenders usually require a down payment contribution to ensure that buyers have some “skin” in the game, which reduces the likelihood of default on a loan. You also may wish to contribute a greater down payment upfront if you can afford it, as it also directly reduces the amount you need to borrow on your mortgage.

Closing costs Average upfront closing costs will typically set the buyer back 2-5% of the total purchase price of your home, however the amount paid will vary depending on the taxes and fees in your area as well how the fees are allocated between the buyer and seller.

Long-Term Costs

Long-term costs include property taxes, homeowner’s insurance, maintenance, and utility bills.

Property taxes These are levied annually and can vary anywhere from around 0.5% of your home’s assessed value to as high as 3% or more depending on your state and county of residence.

Insurance The average cost of homeowners insurance in the United States is $1,393 per year. However, this can vary widely depending on your policy terms and property type. In many cases, you can save hundreds of dollars on your home insurance each year by shopping around for the best provider.

Maintenance Maintenance expenses vary widely depending on the age and condition of your home. Generally, it’s a good idea to set aside 1-2% of the cost of your home annually for emergency expenses such as roof repairs, plumbing issues, or appliance repairs.

Don’t forget to factor in homeowners association, co-op, or condo fees if these apply to your purchase.

Recommended: First-Time Homebuyers Guide

Estimated Monthly Payments on a $450K Mortgage

The estimated monthly payment on a $450K mortgage with a 7.3% APR and 30-year loan term is $3,085.07. The interest payments on fixed-rate mortgage loans are front-weighted, which results in $4,313 worth of principal paid back within the first year, even though you’ve made total payments of $37,020.83.

As principal is paid off over time, the balance on which interest accrues will decline. As a result, the majority of your monthly payments made during the early years of your mortgage will be dedicated towards interest. During the later years, the principal portion making up your monthly payment will increase as well, accelerating the rate at which you pay off your mortgage.

Here’s an amortization table showing how that plays out over the life of the loan:

Year

Beginning balance

Interest paid

Principal paid

Ending balance

1 450,000.00 $32,707.58 $4,313.25 $445,686.75
2 $445,686.75 $32,381.96 $4,638.87 $441,047.89
3 $441,047.89 $32,031.76 $4,989.07 $436,058.82
4 $436,058.82 $31,655.13 $5,365.71 $430,693.11
5 $430,693.11 $31,250.05 $5,770.78 $424,922.34
6 $424,922.34 $30,814.40 $6,206.43 $418,715.91
7 $418,715.91 $30,345.86 $6,674.97 $412,040.94
8 $412,040.94 $29,841.95 $7,178.88 $404,862.06
9 $404,862.06 $29,300.00 $7,720.83 $397,141.23
10 $397,141.23 $28,717.13 $8,303.70 $388,837.53
11 $388,837.53 $28,090.26 $8,930.57 $379,906.97
12 $379,906.97 $27,416.07 $9,604.76 $370,302.21
13 $370,302.21 $26,690.98 $10,329.85 $359,972.36
14 $359,972.36 $25,911.16 $11,109.67 $348,862.69
15 $348,862.69 $25,072.46 $11,948.37 $336,914.31
16 $336,914.31 $24,170.44 $12,850.39 $324,063.93
17 $324,063.93 $23,200.33 $13,820.50 $310,243.43
18 $310,243.43 $22,156.99 $14,863.84 $295,379.58
19 $295,379.58 $21,034.87 $15,985.96 $279,393.63
20 $279,393.63 $19,828.05 $17,192.78 $262,200.85
21 $262,200.85 $18,530.12 $18,490.71 $243,710.14
22 $243,710.14 $17,134.21 $19,886.62 $223,823.52
23 $223,823.52 $15,632.92 $21,387.91 $202,435.60
24 $202,435.60 $14,018.28 $23,002.55 $179,433.06
25 $179,433.06 $12,281.76 $24,739.07 $154,693.99
26 $154,693.99 $10,414.14 $26,606.69 $128,087.30
27 $128,087.30 $8,405.53 $28,615.30 $99,472.01
28 $99,472.01 $6,245.29 $30,775.54 $68,696.46
29 $68,696.46 $3,921.96 $33,098.87 $35,597.59
30 $35,597.59 $1,423.24 $35,597.59 $0



💡 Quick Tip: Generally, the lower your debt-to-income ratio, the better loan terms you’ll be offered. One way to improve your ratio is to increase your income (hello, side hustle!). Another way is to consolidate your debt and lower your monthly debt payments.

How Much Interest Is Accrued on a $450K Mortgage?

One choice you will need to make is the term of your loan. Often the choice is a 30-year versus a 15-year loan term. Over a 30-year term, a $450K mortgage with a 7.3% APR will accrue $660,624.90 in total interest expense over the life of the loan, assuming no prepayments. A similar loan balance with the same interest rate and a 15-year loan term will accrue $291,703.73 worth of interest.

The amount of interest accrued on a mortgage is directly related to the loan balance, interest rate, and speed at which the loan is repaid. The faster a loan is repaid, the less interest that is accrued on the loan balance. This is because the interest has less time to accrue as the loan is paid off.

Monthly Payment Breakdown by APR and Term

We’ve broken down the estimates for a $450K mortgage payment across two interest rates, assuming both 30-year and 15-year terms. Try using a mortgage payment calculator to estimate the payments on your loan terms.

Interest rate

30-yr term

15-yr term

5% $2,416 $3,559
5.5% $2,555 $3,677
6% $2,698 $3,797
6.5% $2,844 $3,920
7% $2,994 $4,045
7.5% $3,146 $4,172
8% $3,302 $4,300

What Is Required to Get a $450K Mortgage?

To qualify for a $450K mortgage, you’ll need to meet minimum income and credit requirements, have enough funds on hand for the lender-mandated down payment, and fall within loan limits for the property type you’re attempting to purchase in your area. We’ve spelled out each step of the process below.

1.    Estimate your budget and review your finances

You can start by pulling a copy of your credit report and conducting an honest review of your budget. All Americans are entitled to one free copy of their credit report each year at Annualcreditreport.com; it’s important to do a detailed review of your credit history to ensure everything is correct and address any outstanding issues.

It’s a good idea to shore up your credit score by taking care of any outstanding debt, within reason, prior to starting the loan approval process. Your credit profile doesn’t have to be perfect, but it’s important to ensure it’s as spotless as possible to 1) increase your probability of being approved, and 2) ensure you get the best terms on your loan.

2.    Get prequalified with multiple mortgage lenders

This step will give you an estimate of how much home you can afford. During this step, each lender will do a soft-pull on your credit report, calculate your debt-to-income (DTI) ratio, and give you a sense of how much you would be eligible to borrow at what interest rate. From there, you’ll move on to getting preapproved for a mortgage in the amount you think you will need to purchase a home.

Recommended: Home Loan Help Center

3.    Place a bid on your dream home

You’ll work with an agent to scout homes in your top neighborhoods and identify your potential dream home. It’s important to have your lender preapproval in hand when you arrive at this step in the process, as that signals to both your agent and home sellers that you’re serious about buying a home.

4.    Complete the mortgage application process

Once you’ve submitted a bid and had your offer accepted, you’ll furnish your chosen lender with more financial documentation so that it can formally underwrite your mortgage loan. All your terms will be finalized during this formal mortgage application stage.

5.    Close on your home

Assuming no hiccups arise during the underwriting process, once your loan is formally approved, the only thing to do is wait for the closing date and ensure all legal forms are signed and payments are transferred in good order. Congratulations!

The Takeaway

A $450,000 mortgage could mean you’re spending between $2,400 and $4,300 per month to pay off your loan, depending on your interest rate and loan term. Even a fraction of a percentage point in your quoted interest rate can mean the difference of tens of thousands of dollars in interest payments over the life of your loan. Consequently, it’s important to get the best terms for your mortgage to maximize your value in this transaction.

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.


SoFi Mortgages: simple, smart, and so affordable.

FAQ

How much does a $450,000 mortgage cost per month?

While the estimates will vary depending on your quoted interest rate and loan terms, a $450,000 mortgage with a 6% interest rate would cost $2,698 per month over 30 years.

What credit score is required for a $450K mortgage?

In most cases, the minimum FICO score required for a conventional $450,000 mortgage is 620, according to Fannie Mae’s underwriting guidelines. However, to qualify for the best terms, you’ll want your credit score to be as high as possible.


Photo credit: iStock/Hispanolistic

+Lock and Look program: Terms and conditions apply. Applies to conventional purchase loans only. Rate will lock for 91 calendar days at the time of preapproval. An executed purchase contract is required within 60 days of your initial rate lock. If current market pricing improves by 0.25 percentage points or more from the original locked rate, you may request your loan officer to review your loan application to determine if you qualify for a one-time float down. SoFi reserves the right to change or terminate this offer at any time with or without notice to you.

*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.

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.


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.

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