Louisiana Mortgage Calculator

Calculate your monthly mortgage payment in Louisiana. Average home price: $195,000 · Property tax rate: 0.55% · Median household income: $52,295.

Calculate Your Louisiana Mortgage Payment

Home Price ($)

Down Payment ($)

Interest Rate (%)

Loan Term (Years)

Property Tax Rate (%)

Annual Insurance ($)

HOA Monthly ($)

Loan Type

Louisiana Housing Market Overview

$195,000

Avg Home Price

0.55%

Property Tax Rate

$3,800

Annual Insurance

6.85%

Avg Mortgage Rate

The average home price in Louisiana is $195,000, with a property tax rate of 0.55%. With 20% down at 6.85%, your estimated monthly payment would be approximately $1,428/month including principal, interest, taxes, and insurance (PITI).

Louisiana's median household income is $52,295, making the average home roughly 3.7x the median annual income. Financial advisors generally recommend a home price no more than 3-4x your annual income.

How Mortgage Payments Work in Louisiana

Your monthly mortgage payment in Louisiana consists of four components (PITI):

Principal: The portion that reduces your loan balance. Starts small and grows over time.
Interest: The cost of borrowing. At 6.85%, you'll pay significant interest in the early years.
Taxes: Louisiana's property tax rate of 0.55% means approximately $89/month on the average home.
Insurance: Homeowners insurance in Louisiana averages $3,800/year ($317/month).

If your down payment is less than 20%, you'll also pay Private Mortgage Insurance (PMI), typically 0.5-1% of the loan annually. FHA loans require mortgage insurance for the life of the loan.

Tips for Louisiana Home Buyers

Get pre-approved: Know exactly how much you can afford before shopping in Louisiana.
Compare rates: Even a 0.25% rate difference saves thousands over 30 years on a $195,000 home.
Consider property taxes: Louisiana's 0.55% rate can vary significantly by county — research your target area.
Shop insurance: Louisiana homeowners insurance averages $3,800/year, but rates vary. Get 3-5 quotes.
Budget for closing costs: Expect 2-5% of the purchase price ($3,900-$9,750) in closing costs.
Build an emergency fund: Set aside 3-6 months of mortgage payments ($4,285-$8,569) for emergencies.

Explore Other States

Frequently Asked Questions

What is the average mortgage payment in Louisiana?

Based on the average home price of $195,000 with 20% down at 6.85%, the typical monthly payment in Louisiana is approximately $1,428, including principal, interest, property taxes (0.55%), and homeowners insurance ($3,800/year).

What is the property tax rate in Louisiana?

Louisiana's effective property tax rate is approximately 0.55%. On a $195,000 home, that's about $1,073/year or $89/month. Property tax rates can vary by county within Louisiana.

How much do I need for a down payment on a home in Louisiana?

For a conventional loan, 20% down on the average Louisiana home ($195,000) would be $39,000. FHA loans require as little as 3.5% ($6,825), and VA loans offer 0% down for eligible veterans. Lower down payments mean higher monthly payments and PMI.

What credit score do I need for a mortgage in Louisiana?

Conventional loans typically require 620+, FHA loans 580+ (for 3.5% down) or 500+ (for 10% down), and VA loans have no minimum but lenders typically prefer 620+. Higher scores get better rates — a 760+ score in Louisiana could save you 0.5-1% on your rate.

Should I get a 15-year or 30-year mortgage in Louisiana?

A 30-year mortgage offers lower monthly payments but more total interest. A 15-year mortgage has higher payments but saves significantly on interest. On a $156,000 loan at 6.85%, you'd save approximately $80,145 in total interest with a 15-year term.

How much house can I afford in Louisiana?

With Louisiana's median household income of $52,295, following the 28% rule (housing should be ≤28% of gross income), you could afford approximately $1,220/month for housing. That supports a home price of roughly $183,032-$209,180 depending on rates, taxes, and insurance.