Georgia Mortgage Calculator: Estimate Your Monthly Payment
Updated: January 18, 2024
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Georgia ranks in the lower half amongst states for the average monthly mortgage payment. On average, homeowners in Georgia pay $59 less per month for a mortgage compared to the national average.
In 2020, the homeownership rate for Georgia was 67.3%. That is slightly higher than the 2019 rate of 64.4%. The median home value in Georgia is $193,500, and property tax averages $2,006 per year with a real estate tax of around 0.92%.
With the MoneyGeek Georgia mortgage calculator, you can see how much a mortgage may cost you considering the price of the home, how much down payment you make, interest rate and other fees, such as homeowners association (HOA) fees and insurance. Plus, our guide provides tips on how to lower a mortgage payment in Georgia and what steps to take after you estimate the monthly payment with the calculator.
Start Here: Plug In Your Mortgage Factors
There are several factors that impact a mortgage payment. MoneyGeek’s mortgage calculator for Georgia considers these factors to give you a comprehensive estimate of what a mortgage costs. You can learn more about these factors below.
Why and How to Use Our Mortgage Calculator
The MoneyGeek Georgia state mortgage calculator gives an accurate estimate of home mortgage costs, considering homeowners insurance, property taxes, flood insurance and homeowners association (HOA) fees on top of principal and interest. The tool provides a realistic picture of the cost of buying a home and can help you plan your budget. It is also a good way to avoid any surprises, such as not factoring in the cost of insurance, or to see how a longer-term 30-year mortgage compares in interest costs to a 15-year mortgage.
Below is a list of the most important factors that you need to know or take into consideration when planning to get a mortgage in Georgia and how to use our calculator to estimate your costs.
Home Price:
Enter the cost of the home you’re looking to purchase or the loan amount you want.
Down Payment:
You can utilize this section in two ways: enter the amount you’re willing to pay as a down payment or the percentage of the total cost of the home you’re looking to buy.
Interest Rate:
Input the interest rate that a lender charges. You can also put in your preferred interest rate.
Loan Terms:
This is the duration over which you repay your loan. Mortgage terms can range from 10 to 30 years.
Payments per Year:
Typically, you make monthly payments, but other payment options may be available.
Property Tax:
This is the tax payable to the state based on the value of the purchased property. Georgia’s average property tax is $2,006 annually.
HOA Fees:
If the property you’re buying is part of a homeowners association, enter the monthly fee to include it in your mortgage payment.
Principal & Interest:
The principal amount is the money that you receive from a lender and pay back. The interest is the charge you pay the lender for loaning you money to make a home purchase.
Monthly Payment:
This is the payment you make monthly; it includes principal and interest, HOA fees, home insurance and property tax.
Principal Payment:
The principal payment is the portion of the monthly payment that reduces your total balance.
Interest Payment:
The interest payment is calculated from the principal amount and does not reduce your total balance. A major portion of your initial repayments goes towards interest.
Total Cost with Interest:
This is the total amount of principal and interest you pay to the lender for the entire term of your loan.
How much a mortgage costs depends on several factors, such as the price of your home, the interest rate and property tax rate. Georgia residents pay around $1,100 per month for a mortgage. You can reduce your mortgage payment in Georgia by doing any of the below:
- Choose a different location. The real estate tax rate in Georgia is around 0.92%, but you may pay more in specific cities. Buying a house in a cheaper location can give you significant cost savings.
- Increase your down payment. Making a larger down payment can lower your interest rate or remove the requirement for private mortgage insurance (PMI), reducing your monthly mortgage payment.
- Buy a cheaper home. Choose a property that is relatively inexpensive, so you have a smaller loan.
- Choose a longer repayment term. Consider a 30-year loan over a 10, 15 or 20, as it will lower the monthly payment.
You can also check your eligibility for assistance from the Georgia Department of Community Affairs.
Next Steps: What to Do After You Have Estimated Your Mortgage Payments
MoneyGeek’s research provides you with all the important information and useful tips to help you weather the home-buying process in Georgia.
- Shop & Compare Rates - You can read our guide to home-buying to find the best rates and homebuyer resources in Georgia.
- Not Ready To Buy? - If you’re undecided about whether to rent or buy a home in Georgia, MoneyGeek helps you see the pros and cons in our rent or buy guide.
- Learn More - MoneyGeek performed exhaustive research on VA home loans and FHA loans for prospective Georgia homeowners to help them decide what type of mortgage suits them. Plus, Georgia residents who own a home and are 62 years old or above can explore reverse mortgage options to leverage the equity built over time in their homes.
Frequently Asked Questions About Mortgages in Georgia
MoneyGeek answered frequently asked questions about mortgages in Georgia to prepare you in addition to the information our Georgia mortgage calculator provides.
That depends on your income and the down payment you make. A higher down payment equals a lower monthly mortgage payment. Lenders also factor in your debt-to-income ratio, which should be 43% or lower.
The average outstanding mortgage amount in Georgia is $175,086.
The higher your down payment, the lower your monthly mortgage costs. A 20% down payment is common, although many government programs require lower or no down payment.
Private mortgage insurance (PMI) is typically a requirement when you put below 20% down on the cost of your home.
In Georgia, homeowners pay an average of $2,006 per year in property taxes.
In Georgia, the average monthly mortgage payment is $1,100 — $59 less than the national average.
The median home price in Georgia is $193,500.
sources
- FRED Economic Data. "Homeownership Rate for Georgia." Accessed March 24, 2022.
- Georgia Department of Community Affairs. "Homebuyers." Accessed March 24, 2022.