Oregon Mortgage Calculator

Gilliam County in Oregon has the lowest median monthly mortgage payment at $980, while Deschutes County stands at the highest with $4,380. Monthly mortgage payments can significantly impact your immediate budget and long-term financial health, shaping your ability to save and invest for the future.

Using MoneyGeek's mortgage calculator in Oregon allows you to accurately estimate your monthly mortgage payment, assess suitable loan terms for your budget, and understand the total interest paid over the life of the loan. Input your purchase details into the calculator to see your financial commitment clearly. Secure a mortgage with informed decisions.

Mortgage Calculator

Simply estimate your Oregon loan payments, taxes and PMI.

Updated: Sep 4, 2024

Fact Checked

Your Zip Code

Please enter a valid US Zip Code

Home Price

Down Payment (20%)

Loan Terms

30-Year Fixed

Interest Rate

Optional: add taxes, insurance, HOA Fees

Principal & interest

Property tax

Homeowner's insurance

PMI

HOA fees

Total monthly payment

Next Steps

Get personalized mortgage rates from Oregon.

Why You Can Trust MoneyGeek

Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.

Key Takeaways

Oregon counties with the lowest and highest median monthly mortgage payments are Gilliam County at $980 and Deschutes County at $4,380 as of March 2024.

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

The average APR for a 30-year mortgage in Oregon is 6.4%, and for a 15-year mortgage, it is 5.9%.

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 Oregon. 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.

Interest rate data was last updated in September 2024.

SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our Oregon Mortgage Calculator

MoneyGeek's mortgage calculator in Oregon can estimate your monthly mortgage payments and determine your mortgage's affordability. You'll also gain a clear understanding of your amortization schedule, helping you plan your finances effectively.

Calculate Your Monthly Mortgage Payment

Understanding your monthly mortgage payment involves several factors, like the home's sale price and your down payment. Let's walk through using Oregon's mortgage calculator to demystify the process.

1
Home Price
The home price directly influences your monthly mortgage payment in Oregon. A lower home price in Gilliam County, at a median of $167,320, means lower monthly payments compared to Deschutes County, where the median is $750,760, according to the National Association of Realtors.
2
Down Payment
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. Oregon's median down payment is $89,975, according to ATTOM data from September 2024.
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 Oregon change over time and vary between loan types. For example, the average APR for a 15-year fixed mortgage is 5.9%, and for a 30-year fixed mortgage, it's 6.4%.
4
Loan Terms
Your loan term affects your monthly mortgage payment. 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.

SAMPLE MONTHLY PAYMENT CALCULATION IN OREGON

Using the mortgage calculator in Oregon, you can see that the monthly payment for a 30-year fixed rate mortgage on a house costing $275,000 after a 20% down payment is $1,376. This figure does not account for additional costs such as HOA fees and property tax.

Adjusting to a 15-year repayment term, your monthly mortgage payment rises to $1,845. This increase impacts your monthly budget but reduces your total interest paid on the home loan, saving you $163,369 over the life of the loan.

Determine Your Mortgage's Affordability

Buying a home is one of the most significant expenses you'll encounter, and your mortgage payments will likely take a substantial chunk of your monthly income. Understanding your mortgage's affordability is crucial to managing your finances effectively. MoneyGeek's mortgage calculator for affordability can help you determine how much you can afford by simply inputting your monthly income and other monthly debts, such as car loans and student loans.

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 Oregon is $123,090, which translates to an average monthly debt of $10,258.

See Your Amortization Schedule

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

Key terms:

• 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 Oregon. You can also see when your monthly payments begin to go more toward your principal versus your interest, which helps you understand your payment allocation over time.

Additional Mortgage Fees in Oregon

Home buyers in Oregon need to consider various mortgage fees that could impact your budget. For example, mortgage insurance and HOA fees can increase your monthly payment. Additionally, property taxes and homeowners insurance are other costs to keep in mind.

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 Oregon is $1,039 per year.

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, Oregon's effective property tax rate is 0.93%, ranking it 24th in the nation.

HOA Fees

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

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 Oregon?

The average APR for a 30-year fixed loan in Oregon is 6.4%, while a 15-year fixed loan is 5.9%. 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 a cost of private mortgage insurance worth $117 per month for a 30-year loan. The amount becomes $115 if they opt for a 15-year loan instead.

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

1
Calculate your monthly mortgage payment
Input the necessary information, such as the home's price, down payment, and mortgage rate in Oregon. 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
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
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
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.

Your Expenses

Upfront Insurance Costs

-

Mortgage Loan
Monthly Payment

-

Monthly Mortgage
Insurance Cost (PMI)

-

WHEN CAN YOU CANCEL YOUR PMI?

You put an 8% down payment on a $350,000 home in Oregon. With a 6.4% APR for a 30-year fixed-rate loan, your monthly mortgage payment is $2,014.

20% of $350,000 is $70,000 — that's how much you need in total to request your PMI's cancellation. Subtracting $28,000 (8% of $350,000) from $70,000 gives you $42,000 — that's how much you still need to pay to hit 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 Year 10.

How to Lower Your Monthly Mortgage Payment in Oregon

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in Oregon at 6.4% interest, you'll pay $1,376 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,340. That $36 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $12,892 in total interest.

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

Improve your credit score

Your credit score affects your mortgage payment. In Oregon, 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 7.1% if your credit score is above 740. However, if your credit score is under 680, the average APR becomes 8.2%. This change in APR makes your monthly mortgage payments go from $1,478 to $1,645.

Save for a bigger down payment

Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in Oregon, putting 8% down makes your APR 7%, resulting in a monthly mortgage of $1,683. Increasing your down payment to 25% puts your APR at 6.6% and a monthly mortgage of $1,317.

Choose a longer loan term

A longer loan term affects your monthly mortgage payment. A 15-year fixed rate mortgage in Oregon has an APR of 5.9%. A 20% down payment makes your monthly mortgage payment $1,845. Compare this to $1,376, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.4%.

Explore homeownership assistance programs

You can find homeowners assistance programs in Oregon that may help with your mortgage costs. Institutions like Oregon Housing and Community Services offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in Oregon

Using a mortgage calculator can bring up questions for potential borrowers in Oregon. We've addressed commonly asked questions about mortgage calculators to help you understand your options.

How much mortgage can I afford in Oregon?

You can afford a mortgage in Oregon based on your debt-to-income ratio (DTI). Typically, lenders prefer a DTI ratio of 36% or less.

What is the average mortgage debt in Oregon?

The average mortgage debt in Oregon is $279,907 as of 2023, according to Experian.

How much down payment do I need to purchase a house in Oregon?

The ideal down payment is 20%, but it varies. Conventional loans often require 5% to 20%, FHA loans require 3.5%, and VA loans and USDA loans usually have no down payment.

Do you really need private mortgage insurance in Oregon?

In Oregon, PMI costs around $115 for a 15-year loan and $117 for a 30-year loan. PMI is typically required if your down payment is less than 20%.

What's the effective tax rate in Oregon?

The effective property tax rate in Oregon is 0.93% as of 2023, ranking 24th nationally.

What is the median home price in Oregon?

The median home price in Oregon varies by county. The lowest is in Gilliam County at $167,320, while the highest is in Deschutes County at $750,760.

mortgage

Maximizing the Power of Mortgage Payment Calculators