Hawaii Mortgage Calculator: Estimate Your Monthly Payment
Updated: January 18, 2024
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Hawaii residents pay an average of $621 more than the national average for their monthly mortgage. With an average monthly income of $8,314, residents of Hawaii spend about 21% of their income on housing.
Statistics also indicate that the homeownership rate in Hawaii as of 2020 is 58.8%, which is slightly lower than the 2019 rate of 60%. The median home value in Hawaii is $619,000, while the average outstanding mortgage amount is $345,963. This equates to a difference of $273,037.
Note that these figures are average amounts, and your mortgage rates may depend on several factors. These can include the location of your house, the lender you choose, the cost of your home and more.
Start Here: Plug In Your Mortgage Factors
MoneyGeek’s Hawaii mortgage calculator evaluates several factors that impact mortgage rates to give you an estimate. You can use our guide to learn more about these factors.
Why and How to Use Our Mortgage Calculator
Our Hawaii mortgage calculator gives you detailed information about what factors impact your monthly mortgage rates. It takes into account factors that are unique to you and gives you the cheapest option. You can also use our tool to compare rates from several lenders and choose one that suits you best.
MoneyGeek’s Hawaii mortgage calculator also provides input on the ideal term length to repay your loan and the cost of your home based on your income and other critical factors. You can even use this information to find ways to reduce your monthly payments.
Some of the most important factors to consider when buying a home in Hawaii are:
Home Price:
Our calculator gives you the option to enter the cost of the home you plan to buy or the ideal home price you feel comfortable buying.
Down Payment:
This is the amount you will pay upfront when you buy a house. You can enter this in terms of amount in dollars or as a percentage value of the total cost of the house.
Interest Rate:
You can enter the state’s average interest rate in this section. You can use MoneyGeek’s daily mortgage reports to get the latest interest rates.
Loan Terms:
You can choose the duration over which you’ll repay the loan. With our Hawaii mortgage calculator, you can choose a repayment period anywhere between 10 to 30 years.
Payments per Year:
Lenders usually ask for monthly payments. You can also make annual payments or extra payments to help you pay off your mortgage faster.
Property Tax:
This is the tax payable to the local government and is based on the cost of your house. Under “Other Fees,” you can input Hawaii’s annual property tax rate, which is roughly $606.
HOA Fees:
You may have to pay a homeowners association (HOA) fee if you live in a community with this type of association.
Principal & Interest:
The loan amount has two components, the principal amount, which is what you receive from the lender and the interest amount, which is calculated based on the interest rates you agree to pay.
Monthly Payment:
This is the amount you pay every month to the lender. It includes the payments towards the loan as well as other regular payments such as taxes and association fees.
Principal Payment:
This is your payment towards the amount you receive from the lender.
Interest Payment:
This is the amount payable towards the interest charges calculated on the principal amount.
Total Cost with Interest:
This is the total amount that you have to repay to the lender and includes the original amount loaned to you and the interest charges.
At an average of $1,780 per month, residents of Hawaii have the highest average monthly mortgage payments out of all the states in the country. However, you can lower your mortgage expenses by following some of the tips below.
- Select a longer loan term. You can choose a longer duration to repay your loan to reduce your monthly expenses.
- Shop around for lenders. You can get quotes from multiple lenders in the state to get the lowest interest rates.
- Purchase a home somewhere else. Choose an area where the cost of buying a home is slightly less expensive but still meets all your other necessities.
- Buy a more affordable house. Consider buying a cheaper house so that your payments aren’t as high.
- Look into assistance programs. You can also see if you qualify for any homeowner assistance or relief programs from the government.
Next Steps: What to Do After You Have Estimated Your Mortgage Payments
MoneyGeek’s resources for homebuyers give you all the information you need to buy a house in Hawaii. Here are some tips to help you through the homebuying process
- Shop & Compare Rates - Take the time to shop around and compare rates to get the most affordable mortgage in Hawaii.
- Not Ready to Buy? - If you’re still on the fence about whether to buy or rent a house, you can take a look at our rent vs buy guide to understand what each choice entails.
- Learn More - You need to choose the right mortgage based on your specific needs. Our reviews about FHA loans, VA home loans and reverse mortgages can give you a deeper understanding of these options and help you make an informed choice.
Frequently Asked Questions About Mortgages in Hawaii
Lenders usually consider your debt-to-income (DTI) ratio to determine the amount that you can borrow. However, you must consider if your monthly payments are feasible based on your income and expenses.
The average outstanding mortgage payment in Hawaii is $345,963.
Making a higher down payment will lower your monthly mortgage payments. However, some mortgage programs accept lower down payments, and many government programs may not require any down payment at all.
Private mortgage insurance (PMI) is usually required if you make a low down payment or get a conventional loan. If you qualify for a government loan in Hawaii, you may not need this.
Hawaii has the lowest property tax rates in the country at $606 per year.
Hawaii is the most expensive state in the country when it comes to monthly mortgage payments. Residents of the state pay $1,780 per month on average towards their mortgage.
The median home price in Hawaii is $619,000.
sources
- FRED. "Homeownership Rate for Hawaii." Accessed March 3, 2022.
- HHFDC. "HOMEOWNER ASSISTANCE FUND." Accessed March 3, 2022.