Mortgage Calculator & Closing Costs: Enterprise, AL
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Enterprise, Alabama.
Median Home Price
$205K
Population
29K
Avg Monthly Rent
$1,020
Property Tax Rate
0.41% *
* Property tax shown is the Alabama state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Enterprise.
Enterprise vs Alabama Median
The median home price in Enterprise is $205,000, which is 11% below the Alabama state median of $230,000.
Mortgage Calculator — Enterprise, AL
Pre-filled with Enterprise median home price and Alabama tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $205K home using Alabama's 0.41% tax rate and $1,950/yr insurance.
5% Down
$1,577/mo
Down: $10,250
Loan: $195K
P&I: $1,231
Tax: $70
Insurance: $163
PMI: $114
10% Down
$1,506/mo
Down: $20,500
Loan: $185K
P&I: $1,166
Tax: $70
Insurance: $163
PMI: $108
20% Down (No PMI)
$1,269/mo
Down: $41,000
Loan: $164K
P&I: $1,037
Tax: $70
Insurance: $163
Income needed (28% rule): $54K/year with 20% down, $65K/year with 10% down.
Rent vs Buy in Enterprise
Rent
$1,020/mo
vs
Buy (10% down)
$1,506/mo
Price-to-rent ratio: 16.7 — A ratio between 15-20 means the rent vs buy decision in Enterprise depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Enterprise is $205,000, 11% below the Alabama state median of $230,000. With a population of 28,711, Enterprise is a smaller market where home prices tend to be more accessible than in many parts of Alabama.
Property taxes in Alabama average 0.41% annually. This low property tax rate is a significant advantage for Enterprise buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Alabama runs approximately $1,950 per year. This is within the normal range nationally.
Average rent in Enterprise is $1,020/month. The price-to-rent ratio in Enterprise is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Enterprise offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Alabama's Alabama Housing Finance Authority Step Up program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Enterprise.