When considering a home purchase in Arkansas, consider factors like your income and expenses and state tax rates. In Arkansas, the median value of a home is $129,500. If you’re comparing Arkansas to other states, mortgages cost around $175 less than the national average.
You pay for real estate taxes in addition to your mortgage payment. In Arkansas, the real estate tax is 0.62%, while property tax costs average $1,358 annually. Arkansas has the 11th lowest property taxes in the United States.
To get a personalized estimate of how much it costs to own a home in the state, MoneyGeek has an Arkansas mortgage calculator that allows you to adjust factors based on your situation. You can tweak interest rate, home price, insurance, down payment and more. In this guide, you learn why and how to use our Arkansas state mortgage calculator, ways to find a lower monthly payment, and the next steps in your mortgage journey, like comparing quotes from multiple lenders.