Mortgage Calculator in Idaho (November 2024)

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Updated: November 13, 2024

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In Idaho, Clark County has the lowest median monthly mortgage payment at $1,040, while Blaine County has the highest at $4,420. Variations in median monthly mortgage payments in Idaho can significantly impact your short-term budget and long-term financial health, affecting your ability to save and invest for the future.

Using MoneyGeek's mortgage calculator in Idaho helps you estimate your monthly mortgage payment, determine which loan term fits your financial situation best and see how much interest you'll pay over the loan's lifetime. This tool provides a clear view of your financial commitments when you secure a mortgage.

Mortgage Calculator

Simply estimate your Idaho loan payments, taxes and PMI.

Updated: Sep 4, 2024

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Optional: add taxes, insurance, HOA Fees

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Get personalized mortgage rates from Idaho.

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Key Takeaways

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Idaho counties with the lowest and highest median monthly mortgage payments are Clark County at $1,040 and Blaine County at $4,420.

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A mortgage calculator helps you find a monthly payment that fits your budget, adjust loan terms and estimate total interest over the loan's life.

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The average APR for a 30-year mortgage in Idaho is 6.8%, and for a 15-year mortgage, it is 6.1%.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for Idaho. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs).

See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.

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Interest rate data was last updated in September 2024.

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SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our Idaho Mortgage Calculator

MoneyGeek's mortgage calculator in Idaho can help you calculate your monthly mortgage payments and determine your mortgage's affordability. You'll also understand your amortization schedule, offering a clear financial path ahead.

Calculate Your Monthly Mortgage Payment

Understanding your monthly mortgage payment involves several factors, including the home's sale price and your down payment. Let's explore how to use Idaho's mortgage calculator to navigate your payment options.

  1. 1
    Home Price

    The home price directly influences your monthly mortgage payment in Idaho. A lower home price in Clark County, at a median of $178,970, means lower monthly payments than in Blaine County, where the median is $757,380, according to the National Association of Realtors.

  2. 2
    Down Payment

    The size of your down payment influences your monthly mortgage payment by reducing the loan amount. Idaho's median down payment was $128,750, according to ATTOM data from June 2024.

  3. 3
    Annual Percentage Rate (APR)

    Your annual percentage rate (APR) impacts your monthly mortgage payment, with a lower APR resulting in lower payments. The current mortgage rates in Idaho change over time and vary between loan types. For example, the average APR for a 15-year fixed mortgage is 6.1%, and for a 30-year fixed mortgage, it's 6.8%.

  4. 4
    Loan Terms

    Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. Conversely, a 30-year term typically has lower monthly payments but accrues more interest over time. Choosing the right term depends on your financial situation and goals.

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SAMPLE MONTHLY PAYMENT CALCULATION IN IDAHO

Using the mortgage calculator in Idaho, you can see that the monthly payment for a 30-year fixed-rate mortgage on a house costing $275,000 with a 20% down payment is $1,434. This figure does not account for additional costs like HOA fees and property tax.

When you opt for a 15-year repayment term, your monthly mortgage payment increases to $1,868, impacting your monthly budget. This home loan choice leads to a total interest savings of $180,014 over the life of the loan, presenting a substantial benefit for your long-term financial health.

Determine Your Mortgage's Affordability

Buying a home is one of the most significant expenses you'll face, and your mortgage payments will likely take a substantial portion of your monthly income. Understanding your mortgage's affordability can greatly impact your finances, and that's where MoneyGeek's mortgage calculator for affordability comes in. By entering your monthly income and other debts, like car loans and student loans, you can quickly determine how affordable your mortgage is.

The calculator also reveals your debt-to-income ratio, a metric that shows how much of your income is devoted to debt payments. This understanding is vital when planning to secure a mortgage. According to Experian, the average debt in Idaho is $120,766, translating to an average monthly debt of $10,064.

See Your Amortization Schedule

Mortgage amortization is the process of paying off a loan over time through regular payments. Key terms are:

  • Principal: The loan amount you borrow. Understanding this helps you see how much you owe.
  • Interest: The cost of borrowing the principal. Knowing this shows the total cost of your loan.

MoneyGeek's mortgage calculator allows you to see your amortization schedule in Idaho. You can estimate the total interest you'll pay over the life of your loan and see when your monthly payments begin to go more toward your principal vs. your interest. This helps you understand your payment allocation over time.

Additional Mortgage Fees in Idaho

Homebuyers in Idaho need to consider additional mortgage fees that could impact your budget. For example, mortgage insurance and HOA fees can increase your monthly payment. Property taxes and homeowners insurance are other costs to consider.

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    Homeowners Insurance

    Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in Idaho costs $1,448 per year.

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    Property Tax

    Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, Idaho's effective property tax rate is 0.67%, ranking it 38th in the nation.

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    HOA Fees

    HOA fees are payments to homeowners associations for property management, maintenance and community amenities. These fees are typically paid monthly or annually.

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    Private Mortgage Insurance

    Private mortgage insurance (PMI) protects lenders if a borrower defaults on a loan. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.

How Much Is Private Mortgage Insurance in Idaho?

The average APR for a 30-year fixed loan in Idaho is 6.8%. For a 15-year fixed loan, it's 6.1%. Using MoneyGeek's PMI calculator, you can see that for a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay PMI worth $117 monthly for a 30-year loan. The amount becomes $115 for a 15-year loan.

MoneyGeek's mortgage calculator in Idaho allows you to see your amortization schedule and determine when you can stop paying for PMI:

  1. 1
    Calculate your monthly mortgage payment

    Input the necessary information, such as the home's price, down payment and mortgage rate in Idaho. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank but know that you'll still have to pay for these. Run the calculator and get your total monthly payment.

  2. 2
    Calculate for your target equity

    You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.

  3. 3
    Determine the remaining equity required

    Your down payment already contributes towards the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.

  4. 4
    Establish a timeline

    Go to the Amortization tab of the mortgage calculator. Move the slider until the principal paid exceeds your remaining equity required — that's the year you can stop paying for PMI.

Private Mortgage Insurance Calculator

Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.

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WHEN CAN YOU CANCEL YOUR PMI?

Let's say you put in an 8% down payment for a home in Idaho priced at $350,000. With an average APR of 6.8% for a 30-year fixed-rate loan, your monthly mortgage payment is $2,099. You need 20% equity to cancel PMI, equivalent to $70,000.

Since your down payment was $28,000, you still need to pay $42,000 to accumulate 20% equity. Assuming that your home's value remains the same over the years and that you consistently pay your mortgage, you can request your lender to cancel your PMI by the end of year 11.

How to Lower Your Monthly Mortgage Payment in Idaho

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in Idaho at 6.8% interest, you'll pay $1,434 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,398. That $36 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $13,120 in total interest.

This example highlights the value of finding ways to lower monthly mortgage payments. Here are some strategies to consider:

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    Improve your credit score

    Your credit score affects your mortgage. In Idaho, if you put in a down payment between 5% and 20% of the home's sale price, the average APR for a 30-year fixed-rate mortgage is 7.4% if your credit score is above 740. However, if your credit score is under 680, the average APR becomes 8.0%. This change in APR makes your monthly mortgage payments go from $1,523 to $1,614.

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    Save for a bigger down payment

    Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in Idaho, putting 8% down makes your APR 7.5%, resulting in a monthly mortgage of $1,769. Increasing your down payment to 25% puts your APR at 6.9% and a monthly mortgage of $1,358.

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    Choose a longer loan term

    A longer loan term affects your monthly mortgage payment. A 15-year fixed-rate mortgage in Idaho has an APR of 6.1%. A 20% down payment makes your monthly mortgage payment $1,868. Compare this to $1,434, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.8%.

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    Explore homeownership assistance programs

    You can find homeowners assistance programs in Idaho that may help with your mortgage costs. Institutions like the Idaho Development and Housing Organization and the Idaho Housing and Finance Association offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in Idaho

Using a mortgage calculator can raise questions for potential borrowers, especially in Idaho's housing market. This section addresses commonly asked questions about mortgage calculators.

How much mortgage can I afford in Idaho?
What is the average mortgage debt in Idaho?
How much down payment do I need to purchase a house in Idaho?
Do you really need private mortgage insurance in Idaho?
What's the effective tax rate in Idaho?
What is the median home price in Idaho?

About Zachary Romeo, CBCA

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Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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