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Mortgage Calculator in Arkansas

Calculate your monthly mortgage payment in Arkansas using the 2026 median home price of $195K and current local rates. Adjust the inputs below to match your situation.

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See how paying extra each month reduces interest and loan term

Arkansas Housing Market at a Glance (2026)

$195K
Median Home Price
6.88%
Avg Mortgage Rate
0.62%
Property Tax Rate
10%
Typical Down Payment

Buying a Home in Arkansas: Costs to Know

Average closing costs1.5% of purchase price
On a $195K home, closing costs ≈$2,925
Median household income$52,000/yr
State income tax (top rate)4.4%

First-Time Buyer Programs in Arkansas

Arkansas offers state-sponsored programs that can reduce your down payment or closing costs:

  • ✓ADFA Move-Up Loan
  • ✓DPA Program

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 ÷ 12), and n is the number of monthly payments. On a $195K home in Arkansas with a 10% down payment at 6.88% over 30 years, your principal and interest payment comes to approximately $1,153/month— not including property taxes or homeowner's insurance.

Arkansas's property tax rate of 0.62% adds roughly $101/month to your total housing cost on a $195K home. This rate is below the national average of ~1.1%, which helps keep total housing costs lower.

Arkansas vs. National Average

MetricArkansasNational Avg
Median Home Price$195,000$420,000
Property Tax Rate0.62%1.07%
Avg Mortgage Rate6.88%6.85%
Cost of Living Index87100

Frequently Asked Questions — Mortgage Calculator in Arkansas

What is the average mortgage payment in Arkansas?+
Based on the median home price of $195K in Arkansas with a 10% down payment and 6.88% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $1,153. Adding property taxes (~$101/mo) and homeowner's insurance, total PITI is typically $1,404–$1,504/month.
What is the property tax rate in Arkansas?+
Arkansas has an average effective property tax rate of 0.62%. On the median home price of $195K, that equals roughly $1,209 per year — or $101 added to your monthly mortgage payment. This is below the national average of ~1.1%, which helps lower total housing costs in Arkansas.
How much down payment do I need to buy a home in Arkansas?+
The typical down payment in Arkansas is 10% — about $19,500 on the median $195K home. Conventional loans require as little as 3% down; FHA loans allow 3.5%. First-time buyers may also qualify for assistance through programs like ADFA Move-Up Loan.
What are closing costs in Arkansas?+
Average closing costs in Arkansas are approximately 1.5% of the purchase price — about $2,925 on the median $195K home. Closing costs include lender origination fees, title insurance, escrow, prepaid interest, and government recording fees.
What income do I need to afford the median home in Arkansas?+
To afford the $195K median home in Arkansas under the 28% housing-cost rule, you need a gross monthly income of at least $5,014 — roughly $60K/year. The median household income in Arkansas is $52,000.

Data Sources & Methodology

State data sourced from the National Association of Realtors (median home prices), Tax Foundation (property tax rates, income tax), Freddie Mac PMMS (mortgage rates), ATTOM Data Solutions (closing costs), and U.S. Census Bureau ACS (household income). Last updated 2026.

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