Calculate your mortgage
Planning to buy a home in Idaho? Try our easy-to-use mortgage calculator to estimate your monthly payments and budget with confidence. For help with mortgage questions or buying a home, contact us anytime.
Home Loan Information
These calculations are for educational/estimation purposes only. This does not constitute an offer or approval of credit. Please contact us for actual estimates.
Interest & Payments by Year
| Principal & Interest | $0 |
| Property Taxes | $0 |
| Home Insurance | $0 |
| PMI | NA |
| Total Payment | $0 |
How to use the Idaho mortgage calculator
Thinking about buying a home in Idaho? Our mortgage calculator will help you determine your monthly payment quickly and easily.
Just enter the loan amount and term, interest rate, and your down payment. Try out various combinations to find the one that works best for you. For example, see how putting more money down affects your monthly payments or how adjusting the loan length changes the total cost over time.
How much house can I afford in Idaho?
The current mortgage rate in Idaho is around 6.38% for a 30-year fixed-rate loan. Rates fluctuate frequently, however, so do a quick search to confirm the most up-to-date information.
Let’s say you’re buying a home for $495,200 and have 20% ($99,040) for a down payment. Your loan would be $396,160, and with a 6.38% interest rate, your estimated monthly mortgage payment would be $2,470.
However, buying a home in Idaho includes costs beyond a loan’s principal and interest. You’ll also need to pay property taxes (which average around 0.66%), homeowner’s insurance (at about 0.43% of your home’s price), and closing costs (which usually run 2% to 5% of the selling price).
The good news is that property taxes are relatively low in Idaho. The state’s median property tax bill is about $1,188 per year, which is significantly lower than the national average of $2,400.
Our tool lets you factor in these additional home-buying costs, providing you with a more complete picture of what you’ll have to pay each month. This makes it easier to evaluate loan options so you can choose the one that’s right for you.
The Idaho homeowners exemption
One of the reasons property taxes are so low in Idaho is the state’s homeowners exemption. It allows homeowners to exempt 50% of their home’s value and up to one acre of land (up to a total of $125,000) from their property tax.
To qualify, an individual must
- own and occupy the home (including manufactured homes) as their primary residence
- apply for the exemption with the county assessor
- apply by December 31 of the year for which the exemption is sought
Once approved, this exemption remains in effect as long as a taxpayer continues to own and occupy the home as their primary residence. If you move or sell, however, you’ll need to reapply.
Private mortgage insurance (PMI)
When buying a home, you may also have to pay for private mortgage insurance (PMI) that protects your lender if you default. It’s usually required when making a down payment of less than 20% of the home’s purchase price. PMI will allow you to buy a home with less money down, but it will increase your monthly payment.
For instance, if you borrow $300,000, PMI will likely cost between $90 and $210 monthly. Your exact payment will be based on factors like loan amount, down payment, and credit score. Once you build enough home equity (typically around 20%), you can cancel your PMI.
Types of home loans
There are various types of home loans. Understanding your options and determining which is the most appropriate for your situation will prepare you for negotiating with lenders and getting the best deal. The following are some common types of home loans:
- Conventional loans: Because these loans aren’t government insured, you’ll need a higher credit score and a bigger down payment to qualify. They come in two types: conforming (i.e., meeting Fannie Mae and Freddie Mac guidelines) and non-conforming.
- Federal Housing Administration (FHA) loans: These loans are backed by the FHA and are designed for first-time homebuyers who don’t have great credit or a big down payment.
- Veterans Affairs (VA) loans: Available to veterans and active-duty military members, VA loans are insured by the Department of Veterans Affairs and often require no down payment or mortgage insurance.
- Department of Agriculture (USDA) loans: If you’re looking to buy a home in a rural area, this type of loan might be for you. They’re insured by the USDA and offer low interest rates. You don’t even need a down payment.
Homebuyer resources
Whether you’re seeking a low mortgage rate or down payment assistance, Idaho has resources that can help. For instance, the Idaho Housing and Finance Association may provide up to 7% of your home’s purchase price to help cover down payment and closing costs. This organization can also help you secure a lower mortgage rate, making your monthly payment more manageable.
In addition, Idaho offers programs like Finally Home! that teach prospective home buyers how to budget, help them understand mortgage options, and provide step-by-step guidance on purchasing a home.
How to pay off your mortgage quickly
Paying off your mortgage early can improve financial stability. It can also save you money in the long term because you’ll accrue less interest. Here are some ways to pay off a mortgage faster:
- Make extra payments: Even one extra payment a year can significantly reduce your mortgage payoff time. Consider making biweekly instead of monthly payments to make reaching this goal easier.
- Round up payments: If your monthly payment is $1,450, round it up to $1,500, putting the extra amount toward your principal.
- Apply windfalls: Use bonuses, tax refunds, or any other unexpected income to make extra payments on your mortgage.
- Shorten your loan term: If you can afford a higher monthly payment, switching to a 15-year loan can help you pay off your mortgage sooner.
- Cut expenses and reallocate savings: Look closely at your budget and find ways to trim expenses. You can then put that extra money toward your mortgage payments.
- Avoid new debt: Work on paying off your mortgage before taking on new loans or credit card debt.
