Idaho Mortgage Calculator: Estimate Your Monthly Payment
Updated: January 18, 2024
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As of 2020, about 71.5% of all Idaho residents own a home. This is a small increase from the 70.6% homeownership rate in 2019. The median home value of a house in Idaho is $274,200, while the average outstanding mortgage amount in the state is $171,193. This comes to a difference of $103,007.
The average household income in the state is $5,885 per month, which means that Idaho residents spend almost 20% of their income on mortgage expenses. However, the state’s residents pay $4 less than the national average for monthly mortgage payments.
It is important to know that these figures are based on multiple components. Your monthly mortgage payments may change depending on the cost of your home, the location, your lender and more.
Start Here: Plug In Your Mortgage Factors
MoneyGeek’s Idaho mortgage calculator takes into account every cost involved when buying a home. You can learn more about the most common expenses below.
Why and How to Use Our Mortgage Calculator
MoneyGeek’s mortgage calculator for Idaho takes into account specific aspects that most residents of the state will need to consider before they purchase a home. Our calculator breaks down individual costs of each factor to ensure proper planning and help avoid any surprises.
Our Idaho mortgage calculator also lays out the different options available to make certain payments. For instance, some payments can be made either monthly or annually.
In order for you to make the best use of our Idaho mortgage calculator, you'll need to enter details for the following sections. This will help you get an accurate quote and determine your expected overall mortgage cost.
Home Price:
You can input your maximum home budget or the loan amount you need in this section.
Down Payment:
This is where you share the initial money that you can put up for the home. Enter the amount in dollars or the percentage of the purchase price of the home.
Interest Rate:
Enter the interest rate of the loan. You can also use MoneyGeek’s mortgage rate report, which is updated daily.
Loan Terms:
You can choose the desired duration over which you’ll repay the loan. The shorter the loan term, the higher your monthly mortgage payments.
Payments per Year:
Lenders usually request 12 payments per year, which equates to monthly payments.
Property Tax:
Idaho charges around $1,492 per year as property tax. You can enter this value in the “Other Fees” section.
HOA Fees:
If your property is part of a homeowner’s association (HOA), you’ll need to pay either annual or monthly fees.
Principal & Interest:
The principal amount is the money you get from your lender. The lender also charges you interest at a pre-agreed rate on the money that you borrowed.
Monthly Payment:
Your principal and interest payments, property taxes, insurance and HOA fees are all part of your monthly payments.
Principal Payment:
This is the payment towards the principal amount that you borrowed from the lender.
Interest Payment:
This is the payment you make towards the interest that is charged on the principal amount. Your initial payments will include a larger share towards the interest component and will keep diminishing as the loan term progresses.
Total Cost with Interest:
This is the total repayment of your principal amount and interest that you repay over your mortgage loan term.
While the average mortgage cost in Idaho is less than the national average, there are still ways you can reduce your monthly costs. Here are some key ways to lower your monthly mortgage payments:
- Consider buying somewhere else. You can look for a house in a more affordable neighborhood to reduce mortgage costs.
- Purchase a cheaper house. You can reduce your monthly expenses by buying a home that costs less.
- Compare rates. You can compare rates from several lenders to get the cheapest option.
- Choose a longer loan term. You can choose between shorter and longer loan terms based on the monthly mortgage payments that you’re comfortable making.
- Research assistance programs. You can explore the possibility of getting support from government programs to buy a home in Idaho.
Next Steps: What to Do After You Have Estimated Your Mortgage Payments
MoneyGeek’s Idaho mortgage calculator is a comprehensive tool that provides all the rates and homebuyer resources to help you buy your dream home in the state. We also provide information about how to go about buying a home.
- Shop & Compare Rates - Before choosing a lender, make sure to shop around and compare mortgage rates in Idaho.
- Not Ready to Buy? - Our rent vs. buy guide gives you the lowdown on both options. This is helpful if you’re still contemplating on whether to buy or rent a home in Idaho.
- Learn More - You can find more information on which type of mortgage suits your needs by reading more on FHA loans, VA home loans and reverse mortgages.
Frequently Asked Questions About Mortgages in Idaho
Lenders typically check your debt-to-income (DTI) ratio. Most lenders require a DTI that is 43% or lower. However, you’ll want to evaluate your income and expenses to determine what you are comfortable paying.
The average outstanding mortgage amount in Idaho is $171,193.
Generally, the higher your down payment is, the lower your monthly mortgage payments are. There are lenders that accept down payments as low as 5%. However, the most common down payment amount is 20%.
In Idaho, you will need to take private mortgage insurance (PMI) if you make a down payment that is less than 20% of the cost of your house.
Idaho residents have to pay around $1,492 per year in property taxes.
The average monthly mortgage payment in Idaho is $1,155 per month.
The median home price in Idaho is around $274,200.
sources
- FRED. "Homeownership Rate for Idaho." Accessed March 3, 2022.