Mortgage Calculator in Louisiana

Calculate your monthly mortgage payment in Louisiana using the 2026 median home price of $249K and current local rates. Adjust the inputs below. Formula shown, sources cited — no account required.

Bayou country offers some of the most affordable home prices in the South, with a median of $249,000 sitting well below national levels. Property taxes are among the lowest in the country at just 0.55%, which on the median home amounts to roughly $1,370 per year — a remarkably light carrying cost that keeps monthly housing expenses low even when insurance adds up. And insurance is a real cost here — flood and wind insurance premiums in coastal parishes can add hundreds of dollars per month that do not appear in a standard mortgage payment estimate. Closing costs average 1.8%, or about $4,482 on a $249,000 purchase. First-time buyers can explore the LHC Mortgage Revenue Bond program and the Soft Second Loan Program, which offers a forgivable second mortgage to help cover down payment and closing costs. A 10% down payment means bringing $24,900 to the table. The market is affordable by price, but buyers should budget carefully for insurance costs specific to their parish and flood zone before committing to a monthly housing figure. Use the mortgage calculator and add your estimated insurance premium to get a realistic total monthly payment.

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Louisiana's average mortgage rate of 6.65% and median home price of $249K produce a monthly P&I of approximately $1,439 before taxes and insurance.

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Louisiana Housing Market at a Glance (2026)

$249K

Median Home Price

6.65%

Avg Mortgage Rate

0.55%

Property Tax Rate

10%

Typical Down Payment

Buying a Home in Louisiana: Costs to Know

Average closing costs1.8% of purchase price

On a $249K home, closing costs â‰ˆ$4,482

Median household income$60,986/yr

State income tax (top rate)3%

First-Time Buyer Programs in Louisiana

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

✓LHC Mortgage Revenue Bond
✓Soft Second Loan Program

How Mortgage Payments Work in Louisiana

A standard mortgage payment in Louisiana 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 $249K home in Louisiana with a 10% down payment at 6.65% over 30 years, your principal and interest payment comes to approximately $1,439/month— not including property taxes or homeowner's insurance.

Louisiana's property tax rate of 0.55% adds roughly $114/month to your total housing cost on a $249K home. This rate is below the national average of ~1.1%, which helps keep total housing costs lower.

Louisiana vs. National Average

Metric	Louisiana	National Avg
Median Home Price	$249,000	$420,000
Property Tax Rate	0.55%	1.07%
Avg Mortgage Rate	6.65%	6.85%
Cost of Living Index	92.9	100

Questions You Might Ask — Mortgage Calculator in Louisiana

What is the average mortgage payment in Louisiana?

Based on the median home price of $249K in Louisiana with a 10% down payment and 6.65% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $1,439. Adding property taxes (~$114/mo) and homeowner's insurance, total PITI is typically $1,703–$1,803/month.

What is the property tax rate in Louisiana?

Louisiana has an average effective property tax rate of 0.55%. On the median home price of $249K, that equals roughly $1,370 per year — or $114 added to your monthly mortgage payment. This is below the national average of ~1.1%, which helps lower total housing costs in Louisiana.

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

The typical down payment in Louisiana is 10% — about $24,900 on the median $249K 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 LHC Mortgage Revenue Bond.

What are closing costs in Louisiana?

Average closing costs in Louisiana are approximately 1.8% of the purchase price — about $4,482 on the median $249K 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 Louisiana?

To afford the $249K median home in Louisiana under the 28% housing-cost rule, you need a gross monthly income of at least $6,082 — roughly $73K/year. The median household income in Louisiana is $60,986.

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.