Arkansas Mortgage Calculator
The median home price in Arkansas is $195,000. With a 20% down payment at the state's average 30-year fixed rate of 7.15%, your estimated all-in monthly payment (principal, interest, taxes, and insurance) is approximately $1,286. Arkansas's property tax rate of 0.61% annually is below the U.S. national average of 1.07%.
A buyer earning Arkansas's median household income of $53,000 would dedicate roughly 29% of gross monthly income to housing — moderately stretched by the standard 28% guideline.
Median Home Price
$195,000
Avg 30-yr Rate
7.15%
Property Tax Rate
0.61%/yr
Est. Monthly PITI
$1,286
Mortgage Calculator
Total Monthly Payment
$1,286.13
Loan Amount
$156,000
Total Paid
$379,308
Total Interest
$223,308
How to Get a Mortgage in Arkansas
- 1 Check your credit score. In Arkansas, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $195,000 Arkansas home, 20% down is $39,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in Arkansas average 7.15%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $4,680–$7,800 on a median Arkansas purchase.
- 5 Budget for ongoing costs: Arkansas property taxes average 0.61%/yr ($1,190/yr on the median home), plus homeowner's insurance averaging $1.600/yr.
Monthly Cost Breakdown — Median Arkansas Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
Arkansas Mortgage FAQs
What is the average home price in Arkansas?
The median home price in Arkansas is $195,000 (2024 estimate). With a typical 20% down payment of $39,000, a buyer would finance $156,000 at a 30-year fixed rate.
What are property taxes like in Arkansas?
Arkansas has an average effective property tax rate of 0.61% of assessed home value. On a $195,000 home, that's approximately $1,190 per year ($99/month) — below the national average of 1.07%.
How much income do I need to buy a home in Arkansas?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced Arkansas home, you'd need to earn roughly $55,118 per year. The state's median household income is $53,000, meaning the typical household allocates about 29% of gross income to housing — moderately stretched.
What is the average mortgage rate in Arkansas?
The average 30-year fixed mortgage rate in Arkansas is approximately 7.15% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
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