Mortgage Calculator & Closing Costs: New Orleans, LA
Mortgage payment estimates, closing cost breakdowns, and homebuying data for New Orleans, Louisiana.
Median Home Price
$275K
Population
384K
Avg Monthly Rent
$1,350
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 New Orleans.
New Orleans vs Louisiana Median
The median home price in New Orleans is $275,000, which is 41% above the Louisiana state median of $195,000.
Mortgage Calculator — New Orleans, LA
Pre-filled with New Orleans median home price and Louisiana tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $275K home using Louisiana's 0.55% tax rate and $3,500/yr insurance.
5% Down
$2,221/mo
Down: $13,750
Loan: $261K
P&I: $1,651
Tax: $126
Insurance: $292
PMI: $152
10% Down
$2,126/mo
Down: $27,500
Loan: $248K
P&I: $1,564
Tax: $126
Insurance: $292
PMI: $144
20% Down (No PMI)
$1,808/mo
Down: $55,000
Loan: $220K
P&I: $1,391
Tax: $126
Insurance: $292
Income needed (28% rule): $77K/year with 20% down, $91K/year with 10% down.
Rent vs Buy in New Orleans
Rent
$1,350/mo
vs
Buy (10% down)
$2,126/mo
Price-to-rent ratio: 17.0 — A ratio between 15-20 means the rent vs buy decision in New Orleans 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 New Orleans is $275,000, 41% above the Louisiana state median of $195,000. With a population of 383,997, New Orleans 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 New Orleans 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 New Orleans is $1,350/month. The price-to-rent ratio in New Orleans is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
New Orleans presents moderate affordability. The $275K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in New Orleans.