Mortgage Calculator & Closing Costs: Lafayette, LA
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Lafayette, Louisiana.
Median Home Price
$225K
Population
126K
Avg Monthly Rent
$1,050
Property Tax Rate
0.55% *
* Property tax shown is the Louisiana state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Lafayette.
Lafayette vs Louisiana Median
The median home price in Lafayette is $225,000, which is 15% above the Louisiana state median of $195,000.
Mortgage Calculator — Lafayette, LA
Pre-filled with Lafayette median home price and Louisiana tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $225K home using Louisiana's 0.55% tax rate and $3,500/yr insurance.
5% Down
$1,871/mo
Down: $11,250
Loan: $214K
P&I: $1,351
Tax: $103
Insurance: $292
PMI: $125
10% Down
$1,793/mo
Down: $22,500
Loan: $203K
P&I: $1,280
Tax: $103
Insurance: $292
PMI: $118
20% Down (No PMI)
$1,533/mo
Down: $45,000
Loan: $180K
P&I: $1,138
Tax: $103
Insurance: $292
Income needed (28% rule): $66K/year with 20% down, $77K/year with 10% down.
Rent vs Buy in Lafayette
Rent
$1,050/mo
vs
Buy (10% down)
$1,793/mo
Price-to-rent ratio: 17.9 — A ratio between 15-20 means the rent vs buy decision in Lafayette 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 Lafayette is $225,000, 15% above the Louisiana state median of $195,000. With a population of 126,185, Lafayette is a mid-size city where home prices reflect strong demand and local economic factors.
Property taxes in Louisiana average 0.55% annually. This low property tax rate is a significant advantage for Lafayette buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Louisiana runs approximately $3,500 per year. Insurance costs are notably high — factor this into your monthly budget.
Average rent in Lafayette is $1,050/month. The price-to-rent ratio in Lafayette is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Lafayette offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Louisiana's LHC Mortgage Revenue Bond program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Lafayette.