Idaho Mortgage Calculator

Mortgage is next to the only affordable option for low to average income home buyers in many parts of Idaho and the rest of the United States. On this page we offer a convenient Idaho home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in Idaho.

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$
Down payment
$
Loan term
Y
Interest rate
%
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Mortgage results
Total amount paid
Interest
$
Principal
$
Total principal & interest$0
Monthly payment$0
Total interest paid$0
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DatePaymentPrincipal PaidInterest PaidRemaining Balance

Today's Mortgage Rates Trends in Idaho

Best mortgage lenders in Idaho

The most popular mortgage lenders in Idaho operate nationwide. These include such recognizable names as AmeriSave, Morty Inc, Pentagon Federal Credit Union. Several lesser known but trustworthy options include Idaho-based Idaho First Mortgage, InterWest Mortgage.

How to calculate mortgage payment in Idaho

Use our simple mortgage calculator ID to assess your forthcoming monthly financial commitments. Comprehensive, easy-to-follow instructions are provided below.

Why and How to Use Our Mortgage Calculator

Use our house payment calculator Idaho for thorough planning of your future spendings. Let’s take a closer look at each field in order to gain a better understanding of the mortgage in Idaho parameters.

The first element of the puzzle is the home price – that is, the amount you are planning to spend on your future property. A down payment represents the portion of this price to be paid upfront. To avoid costly insurance, you must come up with at least a 20% down payment (in the case of a conventional loan). The remaining amount constitutes the principal, for example, 80% of the home price given a 20% down payment.

A loan term is the period for the full repayment of your mortgage through scheduled payments. Fixed-rate conforming loans typically have a maximum term of 30 years, while adjustable-rate options often come with shorter terms.

An interest rate is a fixed or floating percentage of the principal that you must pay over the duration of the loan. It's important to mention that you are actually charged an annual percentage rate (commonly abbreviated as APR), which is not exactly the same as the interest rate. Although the interest rate makes up the majority of the APR value, the latter also includes various fees, such as origination fees, closing costs, insurance payments, and more.

For a more precise assessment, the interest rate used for these calculations is based on the current mortgage rates in Idaho, assuming a $400,000 home price and a 10% down payment.

Median property taxes in Idaho counties

Property tax is another crucial factor to take into account when choosing your future home. Many lenders require the establishment of a mortgage escrow account to ensure that the borrower stays current with both tax and insurance expenses.

County Avg. property tax rate Avg. home value
Ada County $1,634 $256,400
Adams County $920 $166,500
Bannock County $1,298 $156,900
Bear Lake County $699 $142,100
Benewah County $763 $150,800
Bingham County $903 $147,400
Blaine County $1,977 $390,300
Boise County $1,044 $185,100
Bonner County $1,111 $222,700
Bonneville County $1,211 $170,900
Boundary County $902 $181,300
Butte County $800 $110,700
Camas County $1,058 $173,300
Canyon County $1,326 $177,300
Caribou County $900 $130,600
Cassia County $692 $136,900
Clark County $591 $98,700
Clearwater County $872 $134,400
Custer County $543 $173,300
Elmore County $1,040 $145,200
Franklin County $1,051 $168,200
Fremont County $799 $157,700
Gem County $905 $148,800
Gooding County $857 $134,400
Idaho County $737 $164,600
Jefferson County $928 $166,200
Jerome County $1,034 $144,400
Kootenai County $1,329 $263,500
Latah County $1,376 $207,200
Lemhi County $786 $173,400
Lewis County $896 $120,000
Lincoln County $925 $127,200
Madison County $1,120 $190,500
Minidoka County $718 $121,800
Nez Perce County $1,475 $172,500
Oneida County $960 $151,600
Owyhee County $689 $125,700
Payette County $1,131 $138,900
Power County $1,259 $132,600
Shoshone County $1,069 $117,500
Teton County $1,228 $291,600
Twin Falls County $1,072 $162,300
Valley County $1,123 $258,000
Washington County $897 $149,100

Source: American Communities Survey 2016, U.S. Census

Idaho Housing Market 2024

Over the past year, there has been a significant rise in the housing market's value in Idaho. This trend has been ongoing and was accentuated by the COVID-19 pandemic. However, the rate of growth has slowed compared to the previous year. Additionally, both purchase and refinance rates have been steadily increasing for a while and are anticipated to continue rising in the near future.

How do I calculate my mortgage payment?

The most convenient way to do this is to make use of our calculator. It's powered by a simple formula, which you can also use to calculate the amount to be paid by hand:

M = P*i(1 + i)^n / (1 + i)^n – 1

M – estimated monthly mortgage payment;

P – principal;

I – monthly interest rate (to determine it, divide your annual mortgage rate by 12);

N – the loan term expressed in months (in other words, the overall number of monthly payments)

Imagine you are applying for a 15-year mortgage loan with a fixed 6.99% APR (which is .0699 as a unit fraction). The house costs $500k, with 10% ($50,000) to be paid down. The principal amount (P) will be equal to 90% of the initial home cost ($500,000 – $50,000 = $450,000).

I = .0699 % / 12 = .005825%.

Finally, let’s convert the loan length from years to months: N = 15 * 12 = 180.

M ($) = 450,000*.005825(1 + .005825)^180 / (1 + .005825)^180 – 1 ≈ 4042.

So, you are going to pay about $4042 a month.

It is important to note that the calculated M value is approximate, as no extra fees are taken into account.

Tips for first-time home buyers in Idaho

To begin with, there exist several federal agencies (USDA, FHA, and VA) that provide loan guarantees to eligible borrowers. Many first-time homebuyers can explore these options to find the one that best aligns with their budget.

In addition to these government-backed programs, it's worthwhile to explore offerings from the UHC (Idaho Housing Corporation) that are accessible to residents of Idaho. Specifically, first-time homebuyers who qualify for an FHA loan with a minimum FICO score of 660 can apply for the FirstHome program, which offers assistance with down payments and closing costs. This option covers up to 6% of the loan amount for either down payment or closing costs. It's essential to note that this assistance is provided in the form of a 30-year fixed-rate second loan. If you do not meet the criteria for the FirstHome program, there's no need to lose hope.

Some useful tips for first-timers:

  1. Obtain pre-approval in advance, as this will enhance your creditworthiness in the eyes of home sellers. It's advisable to obtain pre-approval letters from not just one, but at least two or three different lenders.
  2. Compare various mortgage rates by selecting at least three lenders. The more options you explore, the better-informed your decision will be.
  3. Conduct preliminary financial calculations based on the amount for which you've been pre-approved. This will allow you to plan your future expenses accordingly.
  4. Start setting aside funds for a down payment as early as possible and save as much as you can. A substantial down payment reduces the principal amount, which, in turn, can lower your potential expenses. Therefore, initiating savings well in advance is crucial.
  5. If you are eligible for a VA loan, consider this option as your primary choice.
  6. Explore government-backed programs and local assistance initiatives. These programs may offer attractive opportunities, so be sure not to overlook them.
  7. If possible, work on paying off any existing debts to improve your financial situation.

FAQ

How much house can I afford in Idaho?

To see whether a given property is within the limits of your budget, you must know its value and the tentative loan terms. Feed these to the calculator on the current page. Don't forget to account for your other debts, as well. Most advisers suggest keeping your mortgage payment at less than 28% of your monthly income, with total debt under 36%.

What credit rating do I need to qualify for a mortgage loan in Idaho?

There is no definitive answer to this question. For conventional loans, credit scores starting from 620 are generally satisfactory. However, the exact conditions vary widely and include other essential criteria, including your income, current debt amount etc. For government-backed FHA plans, there is no predefined threshold, and each lender has the right to set their own requirements. Typically, a credit score of 500 or better may qualify.

What is the average mortgage rate in Idaho?

At the time of writing, the average rates for conventional fixed-rate mortgages are 7.2950% and 6.4980% for a 30-year and a 15-year loan term, respectively.