Mortgage Calculator in Georgia

Calculate your monthly mortgage payment in Georgia using the 2026 median home price of $374K and current local rates. Adjust the inputs below. Formula shown, sources cited — no account required.

Georgia's housing market is anchored by the Atlanta metro, which drives statewide median prices to $374,000 — but buyers who look outside the perimeter find dramatically more affordable options in secondary cities like Savannah, Augusta, and Columbus. Property taxes average 0.92%, moderate for the Southeast. Georgia does not impose a mortgage recording tax, which keeps closing costs closer to the 1.4% average. On the median $374,000 home, closing costs run approximately $5,236. The Georgia Dream Homeownership Program is one of the most established first-time buyer programs in the Southeast, offering below-market rate mortgages and down payment loans for income-qualified buyers. The CHOICE Loan Program serves buyers who may not qualify for standard financing. Use the mortgage calculator with Georgia's property tax rate to see how your monthly payment breaks down across principal, interest, taxes, and insurance for your target purchase price.

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Georgia's average mortgage rate of 6.51% and median home price of $374K produce a monthly P&I of approximately $2,130 before taxes and insurance.

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Georgia Housing Market at a Glance (2026)

$374K

Median Home Price

6.51%

Avg Mortgage Rate

0.92%

Property Tax Rate

10%

Typical Down Payment

Buying a Home in Georgia: Costs to Know

Average closing costs1.4% of purchase price

On a $374K home, closing costs â‰ˆ$5,236

Median household income$79,991/yr

State income tax (top rate)5.19%

First-Time Buyer Programs in Georgia

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

✓Georgia Dream Homeownership
✓CHOICE Loan Program

How Mortgage Payments Work in Georgia

A standard mortgage payment in Georgia 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 $374K home in Georgia with a 10% down payment at 6.51% over 30 years, your principal and interest payment comes to approximately $2,130/month— not including property taxes or homeowner's insurance.

Georgia's property tax rate of 0.92% adds roughly $287/month to your total housing cost on a $374K home. This rate is near the national average of ~1.1%.

Georgia vs. National Average

Metric	Georgia	National Avg
Median Home Price	$374,000	$420,000
Property Tax Rate	0.92%	1.07%
Avg Mortgage Rate	6.51%	6.85%
Cost of Living Index	92.2	100

Questions You Might Ask — Mortgage Calculator in Georgia

What is the average mortgage payment in Georgia?

Based on the median home price of $374K in Georgia with a 10% down payment and 6.51% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $2,130. Adding property taxes (~$287/mo) and homeowner's insurance, total PITI is typically $2,567–$2,667/month.

What is the property tax rate in Georgia?

Georgia has an average effective property tax rate of 0.92%. On the median home price of $374K, that equals roughly $3,441 per year — or $287 added to your monthly mortgage payment. This is near the national average of ~1.1%.

How much down payment do I need to buy a home in Georgia?

The typical down payment in Georgia is 10% — about $37,400 on the median $374K 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 Georgia Dream Homeownership.

What are closing costs in Georgia?

Average closing costs in Georgia are approximately 1.4% of the purchase price — about $5,236 on the median $374K 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 Georgia?

To afford the $374K median home in Georgia under the 28% housing-cost rule, you need a gross monthly income of at least $9,168 — roughly $110K/year. The median household income in Georgia is $79,991.

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.