Louisiana Mortgage Calculator
The median home price in Louisiana is $215,000. With a 20% down payment at the state's average 30-year fixed rate of 7.2%, your estimated all-in monthly payment (principal, interest, taxes, and insurance) is approximately $1,474. Louisiana's property tax rate of 0.55% annually is below the U.S. national average of 1.07%.
A buyer earning Louisiana's median household income of $57,000 would dedicate roughly 31% of gross monthly income to housing — moderately stretched by the standard 28% guideline.
Median Home Price
$215,000
Avg 30-yr Rate
7.2%
Property Tax Rate
0.55%/yr
Est. Monthly PITI
$1,474
Mortgage Calculator
Total Monthly Payment
$1,474.43
Loan Amount
$172,000
Total Paid
$420,306
Total Interest
$248,306
How to Get a Mortgage in Louisiana
- 1 Check your credit score. In Louisiana, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $215,000 Louisiana home, 20% down is $43,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in Louisiana average 7.2%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $5,160–$8,600 on a median Louisiana purchase.
- 5 Budget for ongoing costs: Louisiana property taxes average 0.55%/yr ($1,183/yr on the median home), plus homeowner's insurance averaging $2.500/yr.
Monthly Cost Breakdown — Median Louisiana Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
Louisiana Mortgage FAQs
What is the average home price in Louisiana?
The median home price in Louisiana is $215,000 (2024 estimate). With a typical 20% down payment of $43,000, a buyer would finance $172,000 at a 30-year fixed rate.
What are property taxes like in Louisiana?
Louisiana has an average effective property tax rate of 0.55% of assessed home value. On a $215,000 home, that's approximately $1,183 per year ($99/month) — below the national average of 1.07%.
How much income do I need to buy a home in Louisiana?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced Louisiana home, you'd need to earn roughly $63,188 per year. The state's median household income is $57,000, meaning the typical household allocates about 31% of gross income to housing — moderately stretched.
What is the average mortgage rate in Louisiana?
The average 30-year fixed mortgage rate in Louisiana is approximately 7.2% (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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