Oregon Mortgage Calculator
Calculate your Oregon mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Portland, Salem, Eugene, Gresham, Hillsboro, and all of Oregon.
Useful for home buyers in Portland, Salem, Eugene, Gresham, Hillsboro, and all of Oregon.
Why use an Oregon Mortgage Calculator?
Oregon has specific property tax rates and no sales tax. This calculator estimates your payment, PMI, property tax, and closing costs.
Oregon has specific property tax rates and no sales tax. This calculator estimates your payment, PMI, property tax, and closing costs.
Result
Enter your details to see the estimated payment here.
Related Calculators
Oregon Property Tax: The average effective property tax rate is about 0.97%. Closing costs in Oregon are typically 2-5% of the purchase price.
Average Home Prices in Major Oregon Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Portland | $550,000 | $450,000 | $400,000 | $350,000 |
| Salem | $420,000 | $370,000 | $320,000 | $300,000 |
| Eugene | $460,000 | $400,000 | $350,000 | $320,000 |
| Gresham | $480,000 | $420,000 | $380,000 | $330,000 |
| Hillsboro | $520,000 | $450,000 | $410,000 | $360,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Oregon
- Property Tax: Oregon's average effective property tax rate is about 0.97%. Property taxes are paid annually, usually in two installments.
- No Transfer Tax: Oregon doesn't have a statewide transfer tax, though some counties charge local transfer taxes.
- Recording Fees: Oregon charges recording fees based on document type and page count, typically around $100-$150 for deed recording.
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: Oregon's closing costs include escrow fees, title insurance, and other expenses, typically averaging 2-5% of the loan amount.
Example: On a $450,000 home with 10% down in Portland, you pay PMI and property tax. Closing costs are typically 2-5% of the purchase price.
Frequently Asked Questions
Oregon's average effective property tax rate is about 0.97% of the home's value, though this varies by county and municipality. Oregon limits annual increases in assessed value for tax purposes to 3% per year.
Oregon does not have a statewide transfer tax on real estate transactions. However, some counties (like Washington and Multnomah) charge a local transfer tax, typically 0.1% of the sale price. Recording fees also apply when transferring deeds.
Yes, Oregon Housing and Community Services (OHCS) offers the Oregon Bond Residential Loan Program with down payment assistance and favorable interest rates for qualified first-time homebuyers. There are also local programs in various counties and cities.