Mortgage Calculator & Closing Costs: Fort Smith, AR
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Fort Smith, Arkansas.
Median Home Price
$155K
Population
89K
Avg Monthly Rent
$850
Property Tax Rate
0.62% *
* Property tax shown is the Arkansas state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Fort Smith.
Fort Smith vs Arkansas Median
The median home price in Fort Smith is $155,000, which is 21% below the Arkansas state median of $195,000.
Mortgage Calculator — Fort Smith, AR
Pre-filled with Fort Smith median home price and Arkansas tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $155K home using Arkansas's 0.62% tax rate and $2,500/yr insurance.
5% Down
$1,305/mo
Down: $7,750
Loan: $147K
P&I: $931
Tax: $80
Insurance: $208
PMI: $86
10% Down
$1,252/mo
Down: $15,500
Loan: $140K
P&I: $882
Tax: $80
Insurance: $208
PMI: $81
20% Down (No PMI)
$1,072/mo
Down: $31,000
Loan: $124K
P&I: $784
Tax: $80
Insurance: $208
Income needed (28% rule): $46K/year with 20% down, $54K/year with 10% down.
Rent vs Buy in Fort Smith
Rent
$850/mo
vs
Buy (10% down)
$1,252/mo
Price-to-rent ratio: 15.2 — A ratio between 15-20 means the rent vs buy decision in Fort Smith 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 Fort Smith is $155,000, 21% below the Arkansas state median of $195,000. With a population of 89,142, Fort Smith is a smaller market where home prices tend to be more accessible than in many parts of Arkansas.
Property taxes in Arkansas average 0.62% annually. This low property tax rate is a significant advantage for Fort Smith buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Arkansas runs approximately $2,500 per year. This is within the normal range nationally.
Average rent in Fort Smith is $850/month. The price-to-rent ratio in Fort Smith is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Fort Smith offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Arkansas's ADFA Down Payment Assistance program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Fort Smith.