Oregon Mortgage Calculator: Estimate Your Monthly Payment

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Updated: January 18, 2024

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In Oregon, the median home value is $350,600 and the average outstanding mortgage amount is $225,597. Homeowners pay $63 more than the national average mortgage payment.

Because of these steep prices, it’s especially valuable to conduct in-depth research before buying a house in Oregon. It’s important to compare mortgages, rates and terms to find ways to lower your monthly expenses.

Your monthly payment is affected by several factors, including your interest rate, property tax and homeowners association (HOA) fees. MoneyGeek’s Oregon mortgage calculator allows you to estimate your costs according to specific factors. You can change the numbers to see how each adjustment can affect your payments.


Start Here: Plug In Your Mortgage Factors

MoneyGeek’s Oregon mortgage calculator will help you get a comprehensive overview of your monthly mortgage payment. The factors that can influence the amount of your mortgage are adjustable so you can see how your unique profile will affect your rates.


Why and How to Use Our Mortgage Calculator

Buying a house is a major financial step that significantly affects your budget. You will want to consider your house’s affordability in reference to your income and overall budget in the future.

A mortgage calculator shows you a quote for this potential addition to your monthly expenses. By crunching the numbers before taking out a loan, you can prepare yourself for the financial obligation. You can think about adjusting your budget to accommodate the additional costs.

Tweaking the numbers that affect your loan payments gives you an idea of how each factor can increase or reduce your payments. Our Oregon mortgage calculator uses the following information to provide the closest estimate:


Home Price:

Enter the price of the house you’re planning to buy or the loan amount you would like to get.


Down Payment:

Oregon’s minimum down payment is 3% for a conventional mortgage.


Interest Rate:

Input your loan’s interest rate. If you don’t know this information yet, you can check MoneyGeek’s daily mortgage rates report for the current rates from different lenders.


Loan Terms:

Select from 10, 15, 20 and 30 years. These terms represent the length of time you will need to repay your loan.


Payments per Year:

For monthly payments, enter the number 12.


Property Tax:

You can enter tax on a yearly or a monthly basis. Annual property tax in Oregon averages $2,116 and the real estate tax rate is 0.97%.


HOA Fees:

You may need to pay HOA fees, depending on your location. You can input these on an annual or a monthly basis.


Principal & Interest:

The principal is the portion of your payment that pays off the actual money you borrowed. The interest is an additional percentage that is the lender’s compensation.


Monthly Payment:

This amount is how much you need to pay each month. It is the sum of all the factors that you have entered.


Principal Payment:

The principal payment reduces your balance as it goes toward the original amount you borrowed.


Interest Payment:

Your interest payment is applied first. This amount decreases as you pay your loan.


Total Cost with Interest:

This amount is the sum of the payment of your principal balance and interest.

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Monthly expenses can be high, but there are ways to reduce these costs. The following are tips to lower the monthly payment on your mortgage loan:

  • Consider a different location. Many states have lower monthly costs than Oregon. In Connecticut, the average monthly payment is $1,209. Iowa has an average of $970 for monthly mortgage payments.
  • Extend your loan terms. High mortgage costs can be manageable if you add years to your loan.
  • Increase your down payment. Paying a higher down payment reduces your loan amount. As a result, your interest will also be lower.

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

A mortgage is only one of the many things to consider when buying a house. MoneyGeek offers some information to guide you in this process:

  1. Shop & Compare Rates - Comparing and analyzing numbers from different lenders is a smart move. Check out the rates of different lenders to determine which one might be best for you.
  2. Not Ready to Buy? - If you’re still deciding whether to buy a house or not, MoneyGeek’s Rent Vs. Buy Guide will help you consider the pros and cons of buying or renting.
  3. Learn More - Other loan types may be available to you. Learn more about FHA loans, VA home loans and reverse mortgages to determine whether they fit your needs.

Frequently Asked Questions About Mortgages in Oregon

When you apply for a mortgage, lenders look at your debt-to-income (DTI) ratio. A favorable DTI is 36% or less. Ultimately, the mortgage price that you can afford depends on you.

The average outstanding mortgage amount in Oregon is $225,597.

The minimum requirement for a down payment in Oregon is 3%.

If you’re getting a conventional home loan and your down payment is under 20% of the house’s value, you may need private mortgage insurance (PMI).

The average annual property tax in Oregon is $2,116.

The average monthly mortgage payment in Oregon is $1,221.

The median home price in Oregon is $350,600.