Welcome to the Oregon Mortgage Calculator page a powerful tool to navigate the world of mortgages in the Beaver State. Whether you're a first-time homebuyer or considering refinancing, our Oregon Mortgage Calculator is designed to offer valuable assistance tailored specifically to your state.
Using this calculator, you can understand your financial commitments, estimate your monthly mortgage payments, explore different interest rates, and factor in important elements such as property taxes, private mortgage insurance, and closing costs.
This analytical tool empowers you to make informed decisions about your Oregon mortgage, ensuring you have the knowledge and confidence to achieve your homeownership goals. Count on New American Funding to guide you on your path to success in the Oregon real estate market. If you want to move to Oregon, see First-time Homebuyer Guide for Oregon. Also, see FHA Loan in Oregon for details and requirements for a home in the state.
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According to the Census Bureau, Oregon has a population of approximately 4.242 million, making it the 27th most populous state. This represents a slight increase of 0.1% since 2020, highlighting Oregon's relatively stable population growth over the past few years. With an area of 98,381 square miles, it ranks as the ninth-largest state in the country.
It is important to note that the housing market conditions vary significantly in different locations throughout the state. For instance, the medium listed home value in Salem as of May 2023 was $424,984; in Portland, it’s roughly $529,046. Salem's steady population growth and desirable location in Oregon make it a promising city for homebuyers with its proximity to the beach and ski resorts. On the other hand, Portland presents an excellent investment opportunity with its lower home prices compared to Seattle and San Francisco. Hillsboro's tech boom, Eugene's vibrant university town atmosphere, and Gresham's suburban appeal further add to Oregon's diverse options for homebuyers.
In May 2023, Oregon experienced a 3.2% decrease in home prices compared to the previous year, with homes selling at a median price of $510,900. On average, the number of homes sold declined by 30.4% compared to the same period last year, resulting in 4,240 homes sold in May this year, which is 6,091 fewer than the number of homes sold in May last year. The median duration for homes to stay on the market was 23 days, representing a 10-day increase from the previous year.
Mortgage rates change daily and are affected by numerous factors. These can include the current state of the economy, the geographic location of your property, and changes in government laws and regulations. Keeping track of the current rates in your area can help you make more informed decisions regarding your mortgage journey.
Oregon's average property tax collection rate is 0.87% of a property's assessed fair market value per year, positioning the state at the fifteenth rank among all fifty states regarding average property tax collections. Oregon offers more than 100 exemption programs for eligible individuals or organizations that provide property tax relief. Additionally, certain properties are subject to a special assessment program, which allows them to be taxed at a diminished value.
Among the counties in Oregon, Clackamas County stands out for collecting the highest property tax in the state. On average, property owners in Clackamas County pay $2,814.00 annually, equivalent to 0.85% of the median home value, in property taxes. Conversely, Gilliam County has the lowest property tax in Oregon, with an average annual tax of $956.00, representing 0.96% of the median home value. The amount of property taxes owed in Oregon varies depending on the property's location within the state, as each county conducts an annual assessment to determine the current market value of properties.
Our Oregon mortgage calculator indicates that borrowers who make a down payment of less than 20% on a Conventional loan may be required to obtain private mortgage insurance (PMI). PMI protects the lender in case the borrower defaults on the loan. The cost of PMI premiums can vary significantly, ranging from 0.5% to nearly 6% of the loan principal. This variation depends on factors such as the amount of the down payment, the type of loan, the loan term, and the borrower's credit score.
Borrowers need to consider the potential impact of PMI on their overall mortgage expenses. While PMI can increase monthly payments, it may be canceled under specific conditions, such as reaching a certain loan-to-value ratio or making additional principal payments. Borrowers are encouraged to consult with their Loan Officer to understand their specific PMI requirements and options better. By doing so, they can make informed decisions and develop strategies to manage PMI effectively, ensuring a smooth and successful homeownership journey.
When purchasing a home in Oregon, it is essential to consider the specific closing costs associated with the state. Closing costs are extra fees and expenses that are required when purchasing a home. These are in addition to the property's price and usually include things like a property appraisal, lender fees, insurance, and the cost of a credit report.
Oregon’s closing costs average between 2%-5% of the home’s overall purchase price. Important factors determining the closing costs you will pay include the loan program, credit scores, down payment, and property type. You will want to make sure you factor them into your budget early on. Oregon also splits the responsibility of closing costs between the buyer and the seller, so be sure to check with your Loan Officer to find out what exact payments will be expected of you.
Considering the closing costs and associated fees can help you make informed financial decisions and effectively plan for your dream of homeownership in the Beaver State.
While homeowners insurance is not required by law in Oregon, mortgage lenders usually require borrowers to have it in order to qualify for a home loan. This is because the home is used as collateral against the loan, putting lenders at risk if something happens to the property. Oregon homeowners insurance averages $943 annually, about 50% lower than the national average.
Insurance rates vary according to factors like geographic location and the buyer’s credit score, so what a homebuyer pays in Portland will likely differ from what they pay in Hillsboro. Likewise, people with different credit scores are likely to pay different amounts. A higher credit score can mean lower insurance rates, while a lower score can mean a buyer will pay more for insurance.
Oregon homeowners insurance typically excludes coverage for common issues such as floods, sinkholes, earthquakes, nuclear hazards, power failures, wear and tear, war, vermin and insect infestations, and intentional loss. Reviewing your policy to understand these exclusions thoroughly is important since Oregon is prone to earthquakes and fires being the most commonly declared disaster.
Homeowners can expect to pay approximately $300 – $600 in Oregon, with an average cost of $450 depending on the specific services required. Additional fees may apply for certain services. Though it is not always required by your lender, a home inspection is recommended.
It is an important tool to help buyers understand the quality of the home they are purchasing and can help you plan or negotiate any needed repairs. Getting a home inspection also allows borrowers to gauge the accuracy of the seller’s asking price, giving them a platform to renegotiate if there are any issues that might be costly to fix.
The Oregon Public Health Division recommends that all homes, regardless of their geographic location's risk level, should conduct radon testing. While the cost of a radon test or mitigation system is not typically included in the standard closing costs, it is an important consideration for buyers concerned about radon gas levels in their prospective homes. Buyers in Oregon may want to include radon testing and mitigation as part of their home inspection process, considering the potential costs of these additional services. By addressing radon concerns early on, buyers can make informed decisions and ensure the safety and well-being of their future homes.
Home warranties are service contracts that cover repairs or replacements of major home systems and appliances. While home warranties are not typically included as part of standard closing costs in Oregon, they are an option buyers can consider during home buying. The cost of a home warranty can vary depending on factors such as the coverage level and duration.
Including a home warranty in the closing costs would require negotiation and agreement between the buyer and the seller. It's important for buyers in Oregon to carefully review the terms and coverage of the home warranty before making a decision. Obtaining a home warranty could be beneficial as it can provide financial protection against unexpected repairs or replacements of covered items in the home.
Lender’s title insurance is a common requirement by lenders for homebuyers. Some homebuyers also opt to pay for owner’s title insurance as well, since this will protect them personally against issues arising from title conflicts. Owner’s title insurance protects the homebuyer in case of title issues such as conflicting ownership claims of the property, outstanding lawsuits regarding the property, and fraud.
Lender’s title insurance protects the lender in a similar way. If the seller does not have the legal right to transfer the title to the property, the lender will be protected against potential financial losses. The title insurance premiums for both types will depend on factors like your geographic location and the price of the property itself.
Calculating your mortgage payments may seem complicated at first. There are a lot of factors to consider when you start trying to figure out your mortgage. Each person has their own unique circumstances and financial goals to think about as you plan for your future.
Our mortgage calculator can simplify the process and help you take some of the guesswork out of planning for your dream home. Just input the necessary information into our calculator, and you’ll be able to see various options. This information includes the home price, down payment amount, the ZIP code of the property, your credit score, and mortgage rate. There are also advanced options where you can compare various loan types and terms and factor in extra costs like home insurance.
Oregon has seen notable progress in local GDP growth, ranking 11th in the country. After adjusting for inflation, in May 2023, Oregon's reported total personal income has risen by 3.5 % since 2019, outpacing the national average of 2.6%. Oregon's income growth ranks 21st among all states, indicating a relative strength, particularly in non-wage forms of income. The unemployment rate in Oregon was 3.7% as of May 2023, indicating a relatively low level of unemployment in the state.
Oregon offers promising job prospects, thanks to the presence of major companies such as Nike Inc. and Precision Castparts. Precision Castparts, renowned for metal fabrication and infrastructure components, also contributes to the job market with opportunities in engineering, production, and specialized technical roles. The presence of these Fortune 500 companies signifies a strong economic foundation in Oregon, paving the way for prospective job seekers to explore exciting career paths and enjoy potential growth and success. A recently published list of the 100 best companies to work for in Oregon for 2023 showcases the exceptional workplaces that have earned acclaim for employee satisfaction, progressive policies, and great work cultures.
Like other states, Oregon experiences economic fluctuations influenced by factors such as national trends, legislative reforms, global trade dynamics, and governmental transitions. Nevertheless, characterized by steady population and GDP growth, Oregon is poised to maintain its substantial role within the United States economy.
Oregon First-Time Homebuyer Resources
Oregon Mortgage Resources
