Oregon Mortgage Calculator
Mortgage is next to the only affordable option for low to average income home buyers in many parts of Oregon and the rest of the United States. On this page we offer a convenient Oregon home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in Oregon.
| Total principal & interest | $0 |
| Monthly payment | $0 |
| Total interest paid | $0 |
| Payoff date | Date |
Detailed payment info
| Date | Payment | Principal Paid | Interest Paid | Remaining Balance |
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Best mortgage lenders in Oregon
The most popular mortgage lenders in Oregon operate nationwide. These include such recognizable names as Rocket Mortgage, Change Home Mortgage, AmeriSave.
How to calculate mortgage payment in Oregon
Use our fast and straightforward mortgage calculator in OR to evaluate your prospective monthly expenses. A detailed step-by-step guide follows below.
Additionally, our mortgage calculator allows you to input essential variables like home price, down payment, loan term, and interest rate to provide you with an accurate estimate of your monthly mortgage payments. This valuable tool can assist you in making informed decisions regarding your future property investment.
Why and How to Use Our Mortgage Calculator
Use our house payment calculator Oregon 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 Oregon parameters.
Let's break down the important components of a mortgage:
Firstly, consider the home price. This represents the amount you plan to spend on your future property. The down payment is the initial portion of this price that needs to be paid upfront. To avoid costly insurance, it's essential to come up with at least a 20% down payment, especially in the case of a conventional loan. The remaining amount forms the principal, typically 80% of the home price when a 20% down payment is made.
Next, there's the loan term, which is the duration for complete repayment of your mortgage through scheduled payments. Fixed-rate conforming loans can extend up to 30 years in most cases, while adjustable-rate options generally have shorter terms.
Now, let's talk about the interest rate. This rate is a fixed or floating percentage of the principal that you must pay over the loan's duration. It's important to note that you are actually charged an annual percentage rate (APR), commonly abbreviated as APR, which is not exactly the same as the interest rate. Although the interest rate makes up the bulk of the APR value, the latter also includes various fees like origination fees, closing costs, insurance payments, and more.
For a more precise assessment, the interest rate used in these calculations is based on the current mortgage rates in Oregon, considering a $400,000 home price and a 10% down payment.
Median property taxes in Oregon counties
The property tax is another important thing to consider when selecting your future house. Many lenders insist on setting up a mortgage escrow account to ensure the borrower’s keeping up with the tax and insurance costs.
| County | Avg. property tax rate | Avg. home value |
|---|---|---|
| Baker County | $1,273 | $145,600 |
| Benton County | $2,649 | $351,100 |
| Clackamas County | $2,814 | $404,200 |
| Clatsop County | $1,741 | $253,900 |
| Columbia County | $1,898 | $223,300 |
| Coos County | $1,387 | $177,300 |
| Crook County | $1,680 | $187,200 |
| Curry County | $1,261 | $221,300 |
| Deschutes County | $2,273 | $368,600 |
| Douglas County | $1,245 | $200,600 |
| Gilliam County | $956 | $110,900 |
| Grant County | $1,175 | $155,400 |
| Harney County | $1,251 | $111,900 |
| Hood River County | $1,880 | $339,400 |
| Jackson County | $2,000 | $291,600 |
| Jefferson County | $1,773 | $178,300 |
| Josephine County | $1,227 | $278,000 |
| Klamath County | $1,083 | $179,300 |
| Lake County | $1,097 | $123,100 |
| Lane County | $1,986 | $258,300 |
| Lincoln County | $1,912 | $227,700 |
| Linn County | $1,899 | $216,100 |
| Malheur County | $1,156 | $127,700 |
| Marion County | $2,049 | $239,100 |
| Morrow County | $1,347 | $131,600 |
| Multnomah County | $2,774 | $393,900 |
| Polk County | $2,193 | $254,500 |
| Sherman County | $981 | $144,000 |
| Tillamook County | $1,417 | $233,500 |
| Umatilla County | $1,517 | $172,000 |
| Union County | $1,344 | $172,100 |
| Wallowa County | $1,421 | $217,600 |
| Wasco County | $1,889 | $191,400 |
| Washington County | $2,812 | $394,000 |
| Wheeler County | $996 | $138,300 |
| Yamhill County | $2,115 | $308,700 |
Source: American Communities Survey 2016, U.S. Census
Oregon Housing Market 2024
The past year has seen a steep increase in the market value of housing in Oregon. This continues a longstanding trend amplified by the COVID pandemic. Nevertheless, the pace of growth has diminished compared to the previous year, while both purchase and refinance rates have been on the increase for some time and are expected to rise further 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 Oregon
First, there are several federal agencies (USDA, FHA and VA) that guarantee loans for selected borrowers. Many first-time homebuyers can find options which most fit their budget.
In addition to these government-backed programs, it's worthwhile to explore opportunities provided by UHC (Oregon Housing Corporation) specifically tailored for residents of Oregon. First-time homebuyers may be eligible for the FirstHome program, which offers down payment and closing costs assistance, provided they qualify for an FHA loan and have a minimum FICO score of 660. This option covers up to 6% of the loan amount toward down payment and/or closing costs. It's important to note that this assistance comes in the form of a 30-year-fixed-rate second loan only. If you don't meet the qualifications for the FirstHome program, there's an alternative called the Oregon Housing Score Loan, which provides assistance of up to 4%, with a minimum satisfactory credit score of 620.
Here are some valuable tips for first-time homebuyers:
- Obtain pre-approval in advance. This enhances your credibility in the eyes of home sellers. It's highly recommended to secure pre-approval letters from not just one, but at least two or three different lenders.
- Compare mortgage rates from different lenders. Consider at least three lenders for a comprehensive assessment.
- Perform preliminary financial calculations based on the amount you've been pre-approved for to effectively plan your future expenses.
- Start saving for a down payment as early and as diligently as possible. A larger down payment reduces the principal amount, potentially leading to lower overall expenses. Therefore, it's important to begin saving in advance.
- If you are eligible for a VA loan, prioritize this option.
- Explore government-backed plans and local assistance programs, as they may present enticing opportunities and financial support.
- If possible, aim to pay off any existing debts to improve your overall financial situation.