Monthly Payment on a $100K Mortgage in Georgia
Using Georgia's 0.92% property tax rate and $2,200/yr homeowners insurance.
$100K Mortgage in Georgia: Rate Comparison
Monthly PITI payment using Georgia's 0.92% property tax and $2,200/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $855 | $824 | $714 |
| 6.0% | $885 | $852 | $740 |
| 6.5% | $916 | $881 | $766 |
| 7.0% | $947 | $911 | $792 |
| 7.5% | $980 | $942 | $819 |
| 8.0% | $1,012 | $973 | $847 |
How This Compares to Georgia's Median
A $100K home is 71% below Georgia's median of $340K. This is well within reach in many Georgia communities.
Income Needed for a $100K Home in Georgia
To afford this payment of $881/mo in Georgia, you'd need a household income of approximately $38K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $40K salary can afford →Closing Costs in Georgia
Estimated closing costs in Georgia: $2K (1.5% of purchase price). Georgia also charges a 0.1% transfer tax, which may add $100 to your transaction costs.
What to Know About a $100K Mortgage in Georgia
With 10% down ($10,000), your loan of $90,000 at 6.5% over 30 years produces a principal and interest payment of $569/mo. Adding Georgia's 0.92% property tax ($77/mo) and $2,200/yr insurance ($183/mo) brings your total to $881/mo. Because you're putting less than 20% down, PMI adds $53/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $114,790 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $10,768 over the life of the loan.