New Hampshire Mortgage Calculator: Estimate Your Monthly Payment

For the average person, the first step to consider when buying a home is how to finance it. Getting a mortgage is one option. In New Hampshire, the average monthly mortgage is around $1,140. However, keep in mind that actual prices will differ for each person. Use MoneyGeek’s New Hampshire mortgage calculator to get a personalized estimate of the cost of your mortgage payment.

Last Updated: 5/3/2022
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On average, homeowners in New Hampshire should expect to pay $19 less in mortgage costs compared to the national average. With the average household in the state earning a monthly income of $7,990, individuals and families pay around 14% on housing, which is a good debt-to-income ratio.

Lenders typically evaluate several factors, such as your ability to pay and the state’s property tax, to gauge the risk of lending you money. This influences how much they will charge you when it comes to interest rates.

Use MoneyGeek’s New Hampshire mortgage calculator to estimate how much your mortgage payments will cost based on your personal circumstances and payment preferences. Our comprehensive guide will provide you with instructions on how to use the calculator and tips on how you could lower your payments.

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Start Here: Plug In Your Mortgage Factors

MoneyGeek’s New Hampshire mortgage calculator is designed to help you get a holistic estimate of your monthly mortgage payment. It is based on 12 important factors that are explained below.

New Hampshire Mortgage Calculator

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Total monthly payment$1,271
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Total monthly payment$1,271

Why and How to Use Our Mortgage Calculator

If you want to buy a home in New Hampshire, taking out a loan is one of the most common ways to do this. The typical home costs around $280,400, which places the state at the top half of home values nationwide. The state also ranks on the expensive side in terms of the average mortgage payment, priced at around $1,140. This is $19 more than the national average. On top of these factors, New Hampshire’s real estate tax rate is the third-highest in the country, at 2.18%, equivalent to around $4,738 in annual property tax.

You will get significant savings by choosing to plan ahead and using MoneyGeek’s mortgage calculator in New Hampshire. Our calculator evaluates 12 of the most important factors you need to consider when considering your mortgage.

1

Home Price:

This is the maximum home price or loan amount that could fit comfortably within your budget.

2

Down Payment:

A home down payment covers a portion of the purchase price of the home. The larger your down payment, the less you need to borrow.

3

Interest Rate:

Input the potential interest rate for your loan. You can look at the mortgage rates we publish as a reference.

4

Loan Terms:

These are typically 15 to 30 years, but you can also choose how long you will have to repay the mortgage loan.

5

Payments per Year:

You may divide your annual mortgage into equal payments. The most common is to pay 12 equal monthly payments.

6

Property Tax:

This is the annual tax that you pay to the local government of New Hampshire. On average, this cost is $4,738 annually.

7

HOA Fees:

You will need to pay annual or monthly fees if your property has a homeowners association (HOA).

8

Principal & Interest:

Your principal is the amount of money that you borrow, while the interest is the cost of borrowing that money.

9

Monthly Payment:

This includes your principal and interest, property taxes, homeowners insurance premiums and any possible HOA dues.

10

Principal Payment:

This is the part of your mortgage payment that reduces the total balance. Making additional principal payments will reduce the loan balance and interest payments.

11

Interest Payment:

This is the amount that the lender charges for the mortgage based on the interest rate.

12

Total Cost with Interest:

This is the total cost of repaying your mortgage loan

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WHAT YOU CAN DO TO LOWER YOUR MONTHLY PAYMENT

​​If you are looking to trim your monthly mortgage expenses, we have outlined a few ways to keep your payments low. Here are some tips that might help you get started.

  • Consider getting a less expensive house.
  • Check out a different location since New Hampshire has the third-highest real estate tax rate nationwide.
  • Pay a larger down payment to reduce your principal, interest and the time it will take you to fully pay off your loan.
  • Find a lower interest rate by comparing rates from multiple lenders.
  • Try extending your loan term since a longer payment term might be more suited to your budget. Keep in mind that while this will reduce your monthly payments, it will cost you more in the long run.

Next Steps: What to Do After You Have Estimated Your Mortgage Payments

Don’t let these terms and numbers intimidate you. MoneyGeek has simplified the homebuying process to make the journey a hassle-free one for you by gathering all the necessary information in one guide.

  1. Shop & Compare Rates: The best way to find the mortgage that fits you and your budget is by shopping around and comparing the rate offerings of multiple lenders.
  2. Not Ready to Buy? Evaluate various factors to determine if you should rent vs. buy when it comes to your home.
  3. Learn More: Save more on your mortgage payments by checking if you qualify for loan assistance programs such as FHA loans, VA home loans and reverse mortgages.

Frequently Asked Questions About Mortgages in New Hampshire

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