Calculate your monthly mortgage payment in Arkansas using the 2026 median home price of $253K and current local rates. Adjust the inputs below. Formula shown, sources cited โ no account required.
Arkansas offers some of the most accessible home prices in the South, with a median of $253,000 that puts ownership within reach for households that would be priced out in larger Sun Belt markets. Property taxes average 0.62%, keeping annual holding costs low. The state does not impose a mortgage recording tax, and closing costs average 1.5% of the purchase price โ about $3,795 on the median home. The market remains relatively balanced between buyers and sellers, with faster turnover in Little Rock and Fayetteville. First-time buyers should explore the ADFA Move-Up Loan, which offers below-market rates through the Arkansas Development Finance Authority, as well as the Down Payment Assistance Program. Together, these programs can dramatically reduce the cash needed to close. Use the mortgage calculator with Arkansas's low property tax rate to build a realistic monthly payment estimate before you start shopping.
How Mortgage Payments Work in Arkansas
A standard mortgage payment in Arkansas is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]
Where P is the loan principal, r is the monthly interest rate (annual rate รท 12), and n is the number of monthly payments. On a $253K home in Arkansas with a 10% down payment at 6.65% over 30 years, your principal and interest payment comes to approximately $1,462/monthโ not including property taxes or homeowner's insurance.
Arkansas's property tax rate of 0.62% adds roughly $131/month to your total housing cost on a $253K home. This rate is below the national average of ~1.1%, which helps keep total housing costs lower.
Arkansas vs. National Average
| Metric | Arkansas | National Avg |
|---|
| Median Home Price | $253,000 | $420,000 |
| Property Tax Rate | 0.62% | 1.07% |
| Avg Mortgage Rate | 6.65% | 6.85% |
| Cost of Living Index | 90.1 | 100 |