Georgia Mortgage Calculator

Mortgage is next to the only affordable option for low to average income home buyers in many parts of Georgia and the rest of the United States. On this page we offer a convenient Georgia home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in Georgia.

Mortgage details
Home price
$
Down payment
$
Loan term
Y
Interest rate
%
Calculate
Reset
Mortgage results
Total amount paid
Interest
$125 050
Principal
$360 000
Total principal & interest$485 050
Monthly payment$4 042.08
Total interest paid$125 050
Payoff dateJune 2035
Print payments schedule

Detailed payment info

DatePaymentPrincipal PaidInterest PaidRemaining Balance
July 20254 042.082 167.081 875357 832.92
August 20254 042.082 178.371 863.71355 654.55
September 20254 042.082 189.721 852.37353 464.83
October 20254 042.082 201.121 840.96351 263.71
November 20254 042.082 212.591 829.50349 051.12
December 20254 042.082 224.111 817.97346 827.02
January 20264 042.082 235.691 806.39344 591.32
February 20264 042.082 247.341 794.75342 343.99
March 20264 042.082 259.041 783.04340 084.94
April 20264 042.082 270.811 771.28337 814.14
May 20264 042.082 282.631 759.45335 531.50
June 20264 042.082 294.521 747.56333 236.98
July 20264 042.082 306.471 735.61330 930.50
August 20264 042.082 318.491 723.60328 612.02
September 20264 042.082 330.561 711.52326 281.45
October 20264 042.082 342.701 699.38323 938.75
November 20264 042.082 354.901 687.18321 583.85
December 20264 042.082 367.171 674.92319 216.68
January 20274 042.082 379.501 662.59316 837.19
February 20274 042.082 391.891 650.19314 445.30
March 20274 042.082 404.351 637.74312 040.95
April 20274 042.082 416.871 625.21309 624.08
May 20274 042.082 429.461 612.63307 194.62
June 20274 042.082 442.111 599.97304 752.51
July 20274 042.082 454.831 587.25302 297.68
August 20274 042.082 467.621 574.47299 830.06
September 20274 042.082 480.471 561.61297 349.59
October 20274 042.082 493.391 548.70294 856.21
November 20274 042.082 506.371 535.71292 349.83
December 20274 042.082 519.431 522.66289 830.40
January 20284 042.082 532.551 509.53287 297.85
February 20284 042.082 545.741 496.34284 752.11
March 20284 042.082 5591 483.08282 193.11
April 20284 042.082 572.331 469.76279 620.79
May 20284 042.082 585.731 456.36277 035.06
June 20284 042.082 599.191 442.89274 435.87
July 20284 042.082 612.731 429.35271 823.14
August 20284 042.082 626.341 415.75269 196.80
September 20284 042.082 640.021 402.07266 556.78
October 20284 042.082 653.771 388.32263 903.02
November 20284 042.082 667.591 374.49261 235.43
December 20284 042.082 681.481 360.60258 553.94
January 20294 042.082 695.451 346.64255 858.50
February 20294 042.082 709.491 332.60253 149.01
March 20294 042.082 723.601 318.48250 425.41
April 20294 042.082 737.781 304.30247 687.63
May 20294 042.082 752.041 290.04244 935.58
June 20294 042.082 766.381 275.71242 169.20
July 20294 042.082 780.791 261.30239 388.42
August 20294 042.082 795.271 246.81236 593.15
September 20294 042.082 809.831 232.26233 783.32
October 20294 042.082 824.461 217.62230 958.86
November 20294 042.082 839.171 202.91228 119.69
December 20294 042.082 853.961 188.12225 265.73
January 20304 042.082 868.821 173.26222 396.90
February 20304 042.082 883.771 158.32219 513.14
March 20304 042.082 898.791 143.30216 614.35
April 20304 042.082 913.881 128.20213 700.47
May 20304 042.082 929.061 113.02210 771.41
June 20304 042.082 944.321 097.77207 827.09
July 20304 042.082 959.651 082.43204 867.44
August 20304 042.082 975.071 067.02201 892.38
September 20304 042.082 990.561 051.52198 901.81
October 20304 042.083 006.141 035.95195 895.68
November 20304 042.083 021.791 020.29192 873.88
December 20304 042.083 037.531 004.55189 836.35
January 20314 042.083 053.35988.73186 783
February 20314 042.083 069.26972.83183 713.74
March 20314 042.083 085.24956.84180 628.50
April 20314 042.083 101.31940.77177 527.19
May 20314 042.083 117.46924.62174 409.73
June 20314 042.083 133.70908.38171 276.03
July 20314 042.083 150.02892.06168 126.01
August 20314 042.083 166.43875.66164 959.58
September 20314 042.083 182.92859.16161 776.66
October 20314 042.083 199.50842.59158 577.17
November 20314 042.083 216.16825.92155 361.01
December 20314 042.083 232.91809.17152 128.10
January 20324 042.083 249.75792.33148 878.35
February 20324 042.083 266.68775.41145 611.67
March 20324 042.083 283.69758.39142 327.98
April 20324 042.083 300.79741.29139 027.19
May 20324 042.083 317.98724.10135 709.21
June 20324 042.083 335.26706.82132 373.94
July 20324 042.083 352.64689.45129 021.30
August 20324 042.083 370.10671.99125 651.21
September 20324 042.083 387.65654.43122 263.56
October 20324 042.083 405.29636.79118 858.26
November 20324 042.083 423.03619.05115 435.23
December 20324 042.083 440.86601.23111 994.37
January 20334 042.083 458.78583.30108 535.60
February 20334 042.083 476.79565.29105 058.80
March 20334 042.083 494.90547.18101 563.90
April 20334 042.083 513.10528.9898 050.79
May 20334 042.083 531.40510.6894 519.39
June 20334 042.083 549.79492.2990 969.60
July 20334 042.083 568.28473.8087 401.31
August 20334 042.083 586.87455.2283 814.45
September 20334 042.083 605.55436.5380 208.90
October 20334 042.083 624.33417.7576 584.57
November 20334 042.083 643.21398.8872 941.36
December 20334 042.083 662.18379.9069 279.18
January 20344 042.083 681.25360.8365 597.93
February 20344 042.083 700.43341.6661 897.50
March 20344 042.083 719.70322.3858 177.80
April 20344 042.083 739.07303.0154 438.72
May 20344 042.083 758.55283.5450 680.18
June 20344 042.083 778.12263.9646 902.05
July 20344 042.083 797.80244.2843 104.25
August 20344 042.083 817.58224.5039 286.67
September 20344 042.083 837.47204.6235 449.20
October 20344 042.083 857.45184.6331 591.75
November 20344 042.083 877.54164.5427 714.21
December 20344 042.083 897.74144.3423 816.47
January 20354 042.083 918.04124.0419 898.43
February 20354 042.083 938.45103.6415 959.98
March 20354 042.083 958.9683.1212 001.02
April 20354 042.083 979.5862.518 021.45
May 20354 042.084 000.3141.784 021.14
June 20354 042.084 021.1420.940

Georgia Mortgage Calculator

In many parts of Georgia and the rest of the United States, the mortgage option stands as the go-to and affordable choice for individuals with low to average incomes who aspire to become homeowners. We have developed a convenient Georgia mortgage calculator on this page, allowing you to estimate your potential expenses accurately. Moreover, we have compiled a comprehensive list of frequently asked questions related to purchasing a house in Georgia, providing you with up-to-date answers.

Best mortgage lenders in Georgia

These include such recognizable names as AmeriSave, Rocket Mortgage. Several lesser known but trustworthy options include Georgia-based Angel Oak Home Loans LLC, Southeast Mortgage of Georgia, Inc.

How to calculate mortgage payment in Georgia

Witness the prowess of our high-speed and effortlessly navigable mortgage calculator for GA, empowering you to assess your future monthly expenses with utmost accuracy. Unleash the potential of our meticulous, comprehensive step-by-step instructions presented below, guaranteeing a seamless journey through the evaluation process.

Why and How to Use Our Mortgage Calculator

Utilize our prompt and uncomplicated mortgage calculator for Georgia to thoroughly plan your future expenditures. Let's closely examine each field to gain a better comprehension of the mortgage parameters in Georgia.

The initial component to consider is the home price, representing the anticipated expenditure on your prospective property. The down payment refers to the portion of this price that is paid upfront. To avoid costly insurance, it is recommended to provide a minimum down payment of 20% for conventional loans. The remaining amount constitutes the principal, equivalent to 80% of the home price with a 20% down payment.

The loan term denotes the duration within which the mortgage is fully repaid through scheduled payments. Fixed-rate conforming loans typically extend up to a maximum of 30 years, while adjustable-rate options often have shorter terms.

The interest rate signifies a fixed or variable fraction of the principal amount that must be paid throughout the loan's duration. It's important to note that you are charged an annual percentage rate (APR), which encompasses more than just the interest rate. In addition to the interest, the APR incorporates various fees such as origination fees, closing costs, and insurance payments.

For precise assessment, the interest rate utilized in these calculations is based on the current mortgage rates in Georgia, considering a home price of $400,000 and a down payment of 10%.

Georgia Housing Market 2023

Georgia's housing market has witnessed a substantial upturn in market value over the past year, continuing a well-established trend that has been further fueled by the effects of the COVID-19 pandemic. However, it is important to note that the pace of growth has moderated compared to the previous year. In addition, both purchase and refinance rates have been steadily climbing and are projected to further ascend in the future.

Median property taxes in Georgia counties

The property tax is another important thing to consider when selecting your future house. Many lenders insist on setting up a mortgage escrow account to ensure the borrower’s keeping up with the tax and insurance costs.

County Avg. property tax rate Avg. home value
Appling County $506 $72,100
Atkinson County $376 $62,500
Bacon County $468 $73,200
Baker County $459 $79,500
Baldwin County $747 $108,800
Banks County $812 $128,900
Barrow County $1,145 $156,400
Bartow County $921 $165,400
Ben Hill County $561 $81,200
Berrien County $567 $86,700
Bibb County $982 $117,400
Bleckley County $574 $98,800
Brantley County $558 $68,200
Brooks County $743 $92,400
Bryan County $1,495 $201,700
Bulloch County $891 $135,400
Burke County $558 $86,500
Butts County $1,281 $121,500
Calhoun County $539 $49,000
Camden County $1,281 $154,500
Candler County $799 $88,600
Carroll County $928 $132,800
Catoosa County $871 $137,900
Charlton County $596 $82,200
Chatham County $1,382 $192,500
Chattahoochee County $636 $81,700
Chattooga County $509 $68,500
Cherokee County $1,665 $251,100
Clarke County $1,549 $167,300
Clay County $496 $59,900
Clayton County $1,120 $103,500
Clinch County $551 $63,100
Cobb County $1,665 $254,300
Coffee County $607 $87,600
Colquitt County $594 $84,500
Columbia County $1,466 $201,000
Cook County $561 $87,800
Coweta County $1,442 $213,800
Crawford County $853 $93,300
Crisp County $788 $83,900
Dade County $592 $122,500
Dawson County $1,430 $202,300
Decatur County $607 $109,800
DeKalb County $1,977 $199,800
Dodge County $518 $73,400
Dooly County $541 $83,200
Dougherty County $1,117 $101,400
Douglas County $1,339 $161,300
Early County $561 $82,700
Echols County $475 $57,000
Effingham County $1,574 $155,500
Elbert County $571 $81,800
Emanuel County $573 $78,500
Evans County $708 $83,600
Fannin County $633 $171,500
Fayette County $2,635 $280,600
Floyd County $925 $135,000
Forsyth County $1,973 $349,500
Franklin County $808 $101,600
Fulton County $2,733 $306,200
Gilmer County $749 $162,400
Glascock County $700 $66,600
Glynn County $1,108 $170,700
Gordon County $755 $119,500
Grady County $689 $110,500
Greene County $847 $175,800
Gwinnett County $1,950 $220,000
Habersham County $886 $137,200
Hall County $1,394 $195,600
Hancock County $571 $66,100
Haralson County $759 $117,000
Harris County $1,396 $194,800
Hart County $763 $131,200
Heard County $575 $100,500
Henry County $1,838 $169,600
Houston County $1,133 $129,800
Irwin County $571 $81,200
Jackson County $1,550 $186,500
Jasper County $1,090 $119,700
Jeff Davis County $437 $77,900
Jefferson County $597 $69,200
Jenkins County $513 $59,100
Johnson County $508 $64,200
Jones County $990 $124,800
Lamar County $939 $132,400
Lanier County $857 $102,000
Laurens County $563 $85,000
Lee County $1,310 $156,800
Liberty County $1,347 $120,500
Lincoln County $813 $115,600
Long County $678 $117,500
Lowndes County $915 $133,500
Lumpkin County $1,258 $176,300
Macon County $563 $61,300
Madison County $1,058 $121,600
Marion County $555 $86,300
McDuffie County $592 $102,500
McIntosh County $767 $112,700
Meriwether County $710 $91,300
Miller County $760 $88,500
Mitchell County $676 $82,500
Monroe County $869 $159,900
Montgomery County $554 $76,500
Morgan County $1,260 $208,200
Murray County $531 $91,700
Muscogee County $701 $139,000
Newton County $1,455 $148,500
Oconee County $1,827 $252,000
Oglethorpe County $844 $111,800
Paulding County $1,384 $170,400
Peach County $1,051 $126,000
Pickens County $1,134 $185,700
Pierce County $658 $99,000
Pike County $1,182 $162,000
Polk County $780 $105,600
Pulaski County $608 $111,100
Putnam County $747 $168,700
Quitman County $404 $67,400
Rabun County $822 $157,800
Randolph County $426 $67,300
Richmond County $911 $101,800
Rockdale County $1,184 $155,800
Schley County $515 $94,800
Screven County $549 $78,900
Seminole County $605 $77,200
Spalding County $1,301 $119,100
Stephens County $871 $98,500
Stewart County $445 $51,800
Sumter County $855 $82,600
Talbot County $519 $81,200
Taliaferro County $813 $59,100
Tattnall County $675 $88,100
Taylor County $441 $65,800
Telfair County $472 $55,600
Terrell County $684 $88,600
Thomas County $935 $131,400
Tift County $920 $112,200
Toombs County $508 $97,500
Towns County $677 $197,900
Treutlen County $486 $71,000
Troup County $1,129 $140,200
Turner County $779 $72,700
Twiggs County $466 $57,000
Union County $902 $191,800
Upson County $673 $84,900
Walker County $696 $120,500
Walton County $1,480 $187,300
Ware County $645 $78,500
Warren County $314 $62,300
Washington County $589 $82,400
Wayne County $629 $107,300
Webster County $532 $57,200
Wheeler County $398 $46,800
White County $1,127 $157,900
Whitfield County $757 $132,400
Wilcox County $493 $69,800
Wilkes County $641 $83,400
Wilkinson County $501 $69,100
Worth County $648 $85,600

Source: American Communities Survey 2016, U.S. Census

How do I calculate my mortgage payment?

Simplify the process by utilizing our calculator, a user-friendly tool equipped with an intuitive formula for accurate calculations:

M = (P * i * (1 + i)^n) / ((1 + i)^n - 1)

Where:

M represents the estimated monthly mortgage payment,

P denotes the principal,

I signifies the monthly interest rate (obtained by dividing the annual mortgage rate by 12),

N denotes the loan term expressed in months (i.e., the total number of monthly payments).

Let's consider an example:

Suppose you're applying for a 15-year mortgage loan with a fixed Annual Percentage Rate (APR) of 6.99% (0.0699 as a unit fraction). The house costs $500,000, with a down payment of 10% ($50,000). Consequently, the principal amount (P) will be 90% of the initial home cost ($500,000 - $50,000 = $450,000).

To determine the monthly interest rate (i):

i = 0.0699% / 12 = 0.005825%.

Next, convert the loan term from years to months:

N = 15 * 12 = 180.

Now, let's calculate the monthly payment (M in $):

M = (450,000 * 0.005825 * (1 + 0.005825)^180) / ((1 + 0.005825)^180 - 1) ≈ $4042.

Consequently, your monthly payment will amount to approximately $4042.

Please note that the calculated value for M is an approximation and does not consider additional fees or charges.

Tips for first-time home buyers in Georgia

Within the realm of finance, there exists a range of federal agencies, namely USDA, FHA, and VA, which extend loan guarantees exclusively to eligible borrowers. These offerings cater to the diverse needs of first-time homebuyers, enabling them to identify options that best align with their financial capabilities.

In addition to these government-backed initiatives, it is prudent to explore the enticing opportunities presented by the Georgia Housing Corporation (UHC), specifically tailored for residents of Georgia. Prospective homebuyers embarking on their maiden property purchase can avail themselves of the FirstHome program—a remarkable avenue for obtaining assistance with down payments and closing costs. To qualify, applicants must meet the eligibility criteria for an FHA loan and possess a FICO score of no less than 660. This initiative encompasses a generous contribution of up to 6% of the loan amount, effectively earmarked for either the down payment or the closing costs. It is crucial to bear in mind that the assistance materializes in the form of a 30-year-fixed-rate second loan exclusively.

Should one find themselves ineligible for the FirstHome program, despondency should not ensue. The Georgia Housing Score Loan offers a viable alternative, granting coverage of up to 4%. A minimum credit score of 620 serves as the threshold for qualification, allowing aspiring homeowners to seize this promising opportunity.

Here are some valuable tips to guide first-time homebuyers:

  1. Secure Pre-Approval. Before embarking on your home-buying journey, obtaining pre-approval is essential. This step bolsters your creditworthiness in the eyes of home sellers. It is generally recommended to obtain pre-approval letters from multiple lenders, preferably two or three, to enhance your options.
  2. Compare Mortgage Rates. Engage in thorough research and compare mortgage rates offered by different lenders. Aim to assess a minimum of three lenders, as a wider range of options provides greater flexibility and potential benefits.
  3. Conduct Preliminary Calculations. Based on the amount you have been pre-approved for, conduct preliminary calculations to gain a clear understanding of your future expenses. This proactive approach allows you to plan and budget effectively.
  4. Prioritize Down Payment. Strive to set aside as much as possible for your down payment, starting early in the process. A substantial down payment reduces the principal amount, leading to potential cost savings in the long run. Initiate your savings plan well in advance to maximize your financial position.
  5. Explore VA Loan Eligibility. If you meet the eligibility criteria for a VA loan, consider this option as your first choice. VA loans often offer favorable terms and conditions for qualifying individuals, presenting an opportunity worth exploring.
  6. Explore Government-Backed and Local Assistance Programs. Be sure to explore government-backed initiatives and local assistance programs. These resources often present enticing offers and benefits, making it essential not to overlook them. Stay informed and seize the opportunities that align with your needs.
  7. Pay off any existing debts before entering into the home-buying process. This step can positively impact your loan approval and terms.

FAQ

How much house can I afford in Georgia?

To determine if a specific property falls within your budgetary constraints, it is crucial to be aware of its value and the estimated loan terms. Enter this information into the calculator provided on the present page, taking into consideration any existing debts you may have. It is generally advised by financial experts to ensure that your mortgage payment constitutes less than 28% of your monthly income while keeping your total debt below 36% of your income. By adhering to these guidelines, you can maintain a balanced and sustainable financial outlook.

What credit rating do I need to qualify for a mortgage loan in Georgia?

This question lacks a definitive response, as the criteria for loan approval can differ significantly. In the case of conventional loans, a credit score of 620 or higher is generally deemed satisfactory. However, it is essential to note that various factors, such as income, current debt level, and additional criteria, come into play. On the other hand, government-backed FHA plans do not have a predefined threshold, and individual lenders retain the autonomy to establish their requirements. Typically, a credit score of 500 or higher may meet the qualification criteria for such plans.

What is the average mortgage rate in Georgia?

At the time of writing, the average rates for conventional fixed-rate mortgages are :30_year_fixed_today_rate% and :15_year_fixed_today_rate% for a 30-year and a 15-year loan term, respectively.