Mortgage Calculator in New Hampshire (November 2024)

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Updated: November 12, 2024

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In New Hampshire, Coos County has the lowest median monthly mortgage payment at $1,150, compared to Rockingham County's highest at $3,310. This disparity can significantly impact your short-term budget and long-term financial health, affecting your ability to save and invest for the future.

Use MoneyGeek's mortgage calculator in New Hampshire to help you estimate your monthly mortgage payment, determine which loan term suits your financial situation better and see how much interest you pay over your loan's lifetime.

Mortgage Calculator

Simply estimate your New Hampshire 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 New Hampshire.

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Key Takeaways

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You can use the mortgage calculator in New Hampshire to determine monthly mortgage payments, which vary by location. Coos County's median payment is $1,150, while Rockingham's is $3,310.

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Using a mortgage calculator helps manage short-term costs by finding a payment that fits your budget and estimating total interest over the loan's life.

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The average APR for a 30-year mortgage in New Hampshire is 6.7%, and for a 15-year mortgage, it is 6.0%.

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 New Hampshire. 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 New Hampshire Mortgage Calculator

MoneyGeek's mortgage calculator in New Hampshire can calculate your monthly mortgage payments, determine your mortgage's affordability and help you understand your amortization schedule. This tool provides clear insights to help you manage your home-buying process efficiently.

Calculate Your Monthly Mortgage Payment

Your monthly mortgage payment is influenced by variables such as the home's sale price and your down payment. Explore how to use New Hampshire's mortgage calculator to estimate your payments.

  1. 1
    Home Price

    The home price directly influences your monthly mortgage payment in New Hampshire. A lower home price in Coos County, with a median of $197,200, means lower monthly payments than in Rockingham County, where the median is $567,800, 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. New Hampshire's median down payment is $95,000, 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 New Hampshire vary over time and between loan types. For example, the average APR for a 15-year fixed mortgage is 6.0%, and for a 30-year fixed mortgage, it's 6.7%.

  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 NEW HAMPSHIRE

Using the mortgage calculator in New Hampshire, you can see that the monthly payment for a 30-year fixed-rate mortgage on a $275,000 house after a 20% down payment is $1,420. This figure is based on the average APR of 6.4% and excludes additional costs like HOA fees or property taxes.

Choosing a 15-year repayment term for your home loan changes your monthly payment in New Hampshire to $1,856. This adjustment affects your short-term budget but reduces the total interest paid over the life of the loan by $176,893, offering substantial long-term savings.

Determine Your Mortgage's Affordability

Buying a home is one of the most significant expenses you'll have, and your mortgage payments will take a substantial portion of your monthly income. Understanding your mortgage's affordability impacts your finances. MoneyGeek's mortgage calculator can help you determine how much you can afford. Input your monthly income and other monthly debts, such as car loans and student loans, to get started.

The calculator also shows your debt-to-income ratio, a critical metric for borrowers. This ratio helps you understand how much of your income goes toward debt payments, which is essential when planning to secure a mortgage. According to Experian, the average debt in New Hampshire is $106,865, which translates to an average monthly debt of $8,905.

See Your Amortization Schedule

Mortgage amortization is the process of paying off a loan over time through regular payments. The 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 and estimate the total interest you'll pay over the life of your loan in New Hampshire. You can also see when your monthly payments begin to go more toward your principal vs. your interest, helping you understand your payment allocation over time.

Additional Mortgage Fees in New Hampshire

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

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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 New Hampshire is $1,002 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, New Hampshire's effective property tax rate is 1.93%, ranking it 3rd 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 New Hampshire?

The average APR for a 30-year fixed loan in New Hampshire is 6.7%, while a 15-year fixed loan averages 6.0%. 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 per month if they get a 30-year fixed rate loan. The amount becomes $115 if they opt for a 15-year loan instead.

MoneyGeek's New Hampshire mortgage calculator 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 New Hampshire. 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 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?

If you put an 8% down payment on a $350,000 home in New Hampshire, with a 6.7% APR on a 30-year fixed-rate loan, your monthly mortgage payment is $2,078. You need 20% equity to cancel PMI, which is $70,000.

Since your down payment was $28,000, you need to accumulate an additional $42,000. Assuming your home's value remains the same and you consistently pay your mortgage, you can request your lender to cancel your PMI before the end of Year 11.

How to Lower Your Monthly Mortgage Payment in New Hampshire

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in New Hampshire at 6.7% interest, you'll pay $1,420 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,383. That $36 difference in monthly payment adds up—over a 30-year fixed-rate mortgage, you'll save $13,064 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 New Hampshire, if you put in a down payment between 5% to 20% of the home's sale price, the average APR for a 30-year fixed rate mortgage is 6.9% if your credit score is above 740. However, if your credit score is under 680, the average APR becomes 8.4%. This change in APR makes your monthly mortgage payments go from $1,449 to $1,676.

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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 New Hampshire, putting 8% down makes your APR 7.4%, resulting in a monthly mortgage of $1,752. Increasing your down payment to 25% puts your APR at 7.0% and a monthly mortgage of $1,372.

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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 New Hampshire has an APR of 6.0%. A 20% down payment makes your monthly mortgage payment $1,856. Compare this to $1,420, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.7%.

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    Explore homeownership assistance programs

    You can find homeowners assistance programs in New Hampshire that may help with your mortgage costs. Institutions like the New Hampshire Housing Finance Authority offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in New Hampshire

Understanding how to use a mortgage calculator can raise questions for potential borrowers, especially in New Hampshire's housing market. We've addressed commonly asked questions to help you better understand your mortgage options.

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

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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