Louisiana Mortgage Calculator
Use our Lousiana Mortgage Calculator to help establish your budget and get an idea of your mortgage payment.
Mortgage Calculator For Louisiana
Louisiana Home and Mortgage Stats
The current average median home price in Louisiana is $242,900, which reflects a decrease of 1.4% from the previous year. The housing market in Louisiana is experiencing a tight inventory, which is expected to cause median sale prices to increase in the near future. As of the latest data, the median days on the market for homes in Louisiana was 52 days, indicating an increase of 20 days year-over-year. This suggests a relatively quick turnaround for homes being listed for sale, although it has slowed down compared to the previous year
Factors That Can Affect Your Louisiana Mortgage Calculations
Just like the subtle spices in your gumbo can make a big difference, certain factors can significantly affect your mortgage calculations in Louisiana. Understanding these factors can help you navigate the banks of the Muddy Mississippi of home mortgages. Let’s break them down:
Loan Amount: This is the total amount you are borrowing from your lender. It’s typically the cost of the home minus your down payment. Greater the loan amount, higher the mortgage payments.
Loan Term: This is the total time you have to repay the loan. Longer terms, like 30 years, lower the monthly payments, but you’ll pay more interest over the life of the loan.
Interest Rate: This is the percentage of the loan amount you’ll pay to borrow the money. A lower interest rate can significantly decrease your monthly payments.
Down Payment: This is the amount of money you initially pay towards the home’s price. Increasing down payments reduce the loan amount, and consequently, the mortgage payments.
Home Insurance: This yearly cost is often bundled with your monthly mortgage payment and is influenced by your home’s value, location, and your claims history.
Property Taxes: Louisiana parishes, like other counties across the U.S., charge property taxes. These are typically included in your monthly mortgage payment.
Mortgage Insurance: If your down payment is less than 20%, you’ll usually need to pay for mortgage insurance, which protects lenders if you default.
Credit Score: Your credit score also plays a critical role in your mortgage interest rate. Lenders may offer lower interest rates to borrowers with high credit scores.
Keep these factors in mind while planning your mortgage, and you’ll be cooking up the perfect plan quicker than you can say jambalaya!
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Average Louisiana Property Taxes Per Parish
| County | Avg. property tax rate | Avg. home value |
|---|---|---|
| Acadia Parish | 0.28% | $97,500 |
| Allen Parish | 0.18% | $84,800 |
| Ascension Parish | 0.46% | $211,000 |
| Assumption Parish | 0.33% | $114,600 |
| Avoyelles Parish | 0.18% | $90,600 |
| Beauregard Parish | 0.27% | $115,200 |
| Bienville Parish | 0.29% | $76,000 |
| Bossier Parish | 0.57% | $170,400 |
| Caddo Parish | 0.71% | $149,000 |
| Calcasieu Parish | 0.42% | $165,900 |
| Caldwell Parish | 0.21% | $67,800 |
| Cameron Parish | 0.34% | $110,900 |
| Catahoula Parish | 0.13% | $78,700 |
| Claiborne Parish | 0.24% | $74,100 |
| Concordia Parish | 0.21% | $78,500 |
| De Soto Parish | 0.25% | $110,000 |
| East Baton Rouge Parish | 0.58% | $191,200 |
| East Carroll Parish | 0.52% | $68,200 |
| East Feliciana Parish | 0.19% | $124,100 |
| Evangeline Parish | 0.24% | $90,000 |
| Franklin Parish | 0.19% | $83,200 |
| Grant Parish | 0.28% | $93,600 |
| Iberia Parish | 0.35% | $122,600 |
| Iberville Parish | 0.30% | $127,500 |
| Jackson Parish | 0.31% | $84,400 |
| Jefferson Davis Parish | 0.28% | $101,800 |
| Jefferson Parish | 0.55% | $184,500 |
| Lafayette Parish | 0.51% | $188,000 |
| Lafourche Parish | 0.35% | $156,400 |
| LaSalle Parish | 0.34% | $76,700 |
| Lincoln Parish | 0.50% | $145,900 |
| Livingston Parish | 0.46% | $163,200 |
| Madison Parish | 0.24% | $64,100 |
| Morehouse Parish | 0.41% | $84,900 |
| Natchitoches Parish | 0.37% | $114,100 |
| Orleans Parish | 0.80% | $227,800 |
| Ouachita Parish | 0.45% | $151,300 |
| Plaquemines Parish | 0.38% | $165,900 |
| Pointe Coupee Parish | 0.25% | $124,500 |
| Rapides Parish | 0.43% | $142,200 |
| Red River Parish | 0.17% | $85,900 |
| Richland Parish | 0.18% | $86,900 |
| Sabine Parish | 0.21% | $84,200 |
| St. Bernard Parish | 0.38% | $139,200 |
| St. Charles Parish | 0.52% | $185,800 |
| St. Helena Parish | 0.15% | $77,400 |
| St. James Parish | 0.40% | $136,400 |
| St. John the Baptist Parish | 0.35% | $152,800 |
| St. Landry Parish | 0.18% | $109,100 |
| St. Martin Parish | 0.30% | $114,200 |
| St. Mary Parish | 0.40% | $97,000 |
| St. Tammany Parish | 0.79% | $214,300 |
| Tangipahoa Parish | 0.36% | $157,500 |
| Tensas Parish | 0.20% | $62,200 |
| Terrebonne Parish | 0.33% | $151,100 |
| Union Parish | 0.30% | $88,700 |
| Vermilion Parish | 0.31% | $105,700 |
| Vernon Parish | 0.21% | $116,600 |
| Washington Parish | 0.32% | $84,600 |
| Webster Parish | 0.31% | $81,600 |
| West Baton Rouge Parish | 0.40% | $177,000 |
| West Carroll Parish | 0.14% | $79,400 |
| West Feliciana Parish | 0.44% | $209,600 |
| Winn Parish | 0.23% | $72,700 |
Other Louisiana Costs That Can Affect Louisiana Mortgage Calculations
Navigating through the Bayou State’s mortgage costs can get complicated. But don’t fret! Let’s make this as easy as a delightful swing dance session in New Orleans with these crucial factors that you need to consider:
Closing Costs:
Buyers could encounter closing costs ranging from 3.136% to 3.41% of the final home sale price in Louisiana. For homes that sell between $100,000 to $200,000, expect to pay $1,703.50 to $6,814. On average, Louisiana homeowners are looking at approximately $3,407 after taxes for closing costs.
Homeowner’s Insurance:
With drastic weather changes in the state, it’s no surprise that Louisiana’s homeowner’s insurance premiums are some of the highest in the country, averaging $1,847 per year. While your policy covers theft, fire, and storms, damage caused by hurricanes might require additional coverage. Be sure to thoroughly check your insurance policy for the specific protections it provides.
Flood Insurance:
If your home is situated near the Gulf of Mexico, you should consider flood insurance due to the area’s risk of flooding. Policies can be purchased through the National Flood Insurance Program (NFIP).
Home Insurance:
The actual cost of your home insurance in Louisiana will vary based on factors like the structure of your home, the value of your personal belongings, liability protection, and your living expenses coverage.
Title Insurance:
Investing in title insurance ensures protection for both you and your lender against any undiscovered future claims against the property’s title. The nationwide average cost for title insurance is around $1,000 though the exact cost can vary.
Home Inspection:
An essential step in the home buying process is a comprehensive home inspection to ensure the property’s safety and structural integrity. In Louisiana, the average cost for a home inspection of a 2,000 square foot home is $290.
Real Estate Transfer Tax:
You can breathe easy because Louisiana is one of few U.S. states exempt from real estate transfer tax at both state and local levels.
Having a firm understanding of these costs will help you budget appropriately before taking the plunge and purchasing your dream house in Louisiana.
How to Calculate Your Louisiana Mortgage Payment
Calculating your Louisiana mortgage payment doesn’t have to be as spicy as a crawfish boil recipe. Here are the main components you’ll need to consider:
Mortgage Principal:
This is the total amount of money that you’re borrowing from the lender – excluding any interest or additional charges.
Interest Rate:
This is the added cost the lender charges you for borrowing the money. It’s calculated annually as a percentage of your loan principal.
Loan Term:
The term of the loan is the length of time you have to repay it, typically 15 or 30 years.
Using these three core elements, several online mortgage calculators can help you estimate your monthly mortgage payment in seconds. All you have to do is type in your loan principal, interest rate, and loan term, and voila! You’ll have your estimated monthly payment.
However, these aren’t the only costs to keep in mind. You might also need to consider:
Property Taxes: These taxes vary by county in Louisiana and are usually included in your monthly mortgage payment.
Home Insurance: Typically a requirement by your lender, the cost of your home insurance policy is often rolled into your monthly mortgage payment.
Mortgage Insurance: If your down payment is less than 20% of your total home price, you might also need to pay for mortgage insurance.
Remember, these calculations provide an estimation and your actual costs might differ slightly. For personalized advice, it’s always a good idea to seek help from a mortgage professional. With all this information at hand, you’re well on your way to planning your budget for your new home in Louisiana.
FAQ's
Louisiana Mortgage Calculator FAQ's
The average mortgage payment in Louisiana can vary greatly depending on the house price, down payment, loan term, and interest rate. A mortgage calculator can provide an estimate based on these various factors.
Many factors can influence this, like the type of mortgage and your credit score, but typically, you’ll need a down payment of 3% to 20% of the home's purchase price.
Whether $2000 a month is a lot for a mortgage depends on your income, debt, and other expenses. Generally, it's recommended that your mortgage payment should not exceed 28% of your gross monthly income.
First-time homebuyers in Louisiana can access several beneficial programs such as the Louisiana Housing Corporation's First-time Homebuyer Program, which offers down payment assistance and competitive interest rates.
Depending on the total cost of the home, a $10,000 down payment may be sufficient. For example, it would meet the minimum requirement for many loans on a $200,000 home. However, the amount of down payment you need varies depending on property price and loan type.
Qualifying for a Federal Housing Administration (FHA) loan in Louisiana involves meeting specific income, credit, and employment requirements, along with a down payment of at least 3.5%.
Yes, Louisiana has programs for first-time buyers. One such program is the Louisiana Housing Corporation First-time Homebuyer Program, which provides down payment assistance and competitive mortgage rates.
