Typical Louisiana mortgage payment
The median home price in Louisiana is roughly $230,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $1,819 | $1,235 |
| 5.50% | $1,879 | $1,306 |
| 6.00% | $1,941 | $1,379 |
| 6.50% | $2,004 | $1,454 |
| 7.00% | $2,067 | $1,530 |
| 7.50% | $2,132 | $1,608 |
| 8.00% | $2,198 | $1,688 |
| 8.50% | $2,265 | $1,769 |
| 9.00% | $2,333 | $1,851 |
| 9.50% | $2,402 | $1,934 |
| 10.00% | $2,472 | $2,018 |
What a Louisiana mortgage really costs (PITI)
Principal & interest alone would run about $1,454/month at 6.50% over 30 years. But Louisiana's property tax - roughly 0.55% of home value per year here - adds about $105/month, and estimated homeowners insurance adds around $67/month. Your real total monthly payment (PITI) on a $230,000 Louisiana home is closer to $1,626/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $69,697/year. A 20% down payment here is $46,000.
Louisiana vs. its neighbors
Of Louisiana and its neighbors, Mississippi has the lowest estimated total monthly payment - about $242 less per month than Louisiana.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Mississippi | $190,000 | 0.81% | $1,385/mo |
| Arkansas | $210,000 | 0.64% | $1,501/mo |
| Louisiana (this page) | $230,000 | 0.55% | $1,626/mo |
| Texas | $350,000 | 1.80% | $2,839/mo |
What affects your Louisiana payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.