Louisiana Mortgage Calculator
Estimate your monthly mortgage payment in Louisiana based on the state median home price of $195K, a 0.55% property tax rate, and $4K/year homeowners insurance.
Why This Matters in Louisiana
In Louisiana, property taxes average 0.55% of assessed value. On the state median home of $195K, that adds $89/month to your mortgage payment — well below the national average, giving you more purchasing power. Combined with $292/month for homeowners insurance, your non-mortgage housing costs in Louisiana total $381/month before you even account for principal and interest.
Louisiana's median home price of $195K makes it one of the more affordable states to buy in. At this price point, FHA loans with 3.5% down require just $6,825 for a down payment.
What to Expect for a Mortgage Payment in Louisiana
On the median Louisiana home priced at $195K, a buyer putting 10% down at a 6.5% rate would face a principal-and-interest payment of roughly $1,109 per month. Add $89/mo in property taxes and $292/mo for homeowners insurance, and the total PITI comes to approximately $1,490 each month. That median price sits about 44% below the national median of roughly $350K, which directly shapes how much house most Louisiana borrowers can realistically target.
Louisiana's comparatively affordable housing market gives buyers a meaningful advantage. At a $195K median, FHA loans with just 3.5% down require only $7K upfront — well within reach for many first-time buyers. Even conventional loans at 5% down need just $10K. The lower price point also means private mortgage insurance (PMI) costs less in absolute terms, keeping the total monthly payment manageable.
Louisiana homeowners benefit from a notably low property tax rate of just 0.55%, translating to about $1,073 per year on the median home. That is just $89 per month — a fraction of what buyers pay in high-tax states like New Jersey or Illinois. This lower tax burden effectively makes Louisiana housing more affordable than the sticker price alone suggests.
Homeowners insurance in Louisiana runs about $4K per year ($292/mo), which is well above the national average. Factors like severe weather exposure, claims history in the state, and insurer availability drive these premiums higher. Budget for this carefully — it is a non-negotiable part of your monthly PITI. Shopping multiple carriers and raising your deductible are the most common ways to reduce this cost. The LHC Mortgage Revenue Bond program can help offset upfront costs, making the overall purchase more feasible: Up to $10,000 soft second loan.