Mortgage Calculator in Georgia (November 2024)

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Updated: November 13, 2024

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Stewart County, Georgia, has the lowest median monthly mortgage payment at $420, compared to Forsyth County's highest at $3,810. This difference in median monthly mortgage payments in Georgia can significantly impact your short-term budget and long-term financial stability, affecting your ability to save and invest.

Using MoneyGeek's mortgage calculator in Georgia can help you estimate your monthly mortgage payment, determine which loan term better suits your financial situation and see how much interest you pay over your loan's lifetime. Input your purchase details into the calculator to see your financial commitment clearly.

Mortgage Calculator

Simply estimate your Georgia loan payments, taxes and PMI.

Updated: Sep 4, 2024

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Get personalized mortgage rates from Georgia.

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Key Takeaways

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In Georgia, Stewart County offers the lowest median monthly mortgage payment at $420, while Forsyth County has the highest at $3,810.

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Using a mortgage calculator helps manage short-term costs by finding a suitable monthly payment and long-term finances by estimating total interest and PMI cancellation timelines.

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The average APR for a 30-year mortgage in Georgia is 6.6%, while a 15-year mortgage averages 6.0%.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for Georgia. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs).

See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.

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Interest rate data was last updated in September 2024.

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SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our Georgia Mortgage Calculator

MoneyGeek's mortgage calculator in Georgia can estimate your monthly mortgage payments, helping you determine your mortgage's affordability. You'll also gain insights into your amortization schedule, providing a clear financial path forward.

Calculate Your Monthly Mortgage Payment

Your monthly mortgage payment in Georgia can vary based on several factors, including the home's sale price and your down payment. To understand these impacts, use Georgia's mortgage calculator for a detailed breakdown.

  1. 1
    Home Price

    The home price directly influences your monthly mortgage payment in Georgia. A lower home price in Stewart County, at a median of $71,800, means lower monthly payments than in Forsyth County, where the median is $653,390, according to the National Association of Realtors.

  2. 2
    Down Payment

    The size of your down payment influences your monthly mortgage payment by reducing the loan amount. Georgia's median down payment was $53,400, according to ATTOM data from June 2024.

  3. 3
    Annual Percentage Rate (APR)

    Your annual percentage rate (APR) impacts your monthly mortgage payment, with a lower APR resulting in lower payments. The current mortgage rates in Georgia change over time and vary between loan types. For example, the average APR for a 15-year fixed mortgage is 6.0%, and for a 30-year fixed mortgage, it's 6.6%.

  4. 4
    Loan Terms

    Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. Conversely, a 30-year term typically has lower monthly payments but accrues more interest over time. Choosing the right term depends on your financial situation and goals.

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SAMPLE MONTHLY PAYMENT CALCULATION IN GEORGIA

Using the mortgage calculator in Georgia, you can see that the monthly payment for a 30-year fixed-rate mortgage on a $275,000 house with a 20% down payment is $1,405. This figure does not include additional costs such as HOA fees and property tax.

Choosing a 15-year repayment term for your home loan increases your monthly payment to $1,856 in Georgia. This adjustment will impact your monthly budget but can lead to a total savings of $171,650 in interest over the life of the loan.

Determine Your Mortgage's Affordability

Buying a home is one of the most substantial expenses you'll encounter, with mortgage payments consuming a significant portion of your monthly income. Understanding your mortgage's affordability is crucial for maintaining financial health. MoneyGeek's mortgage calculator for affordability can assist you in evaluating how much house you can afford. By inputting your monthly income and other debts, such as car loans and student loans, you can get a clear picture of your financial standing.

The calculator also reveals your debt-to-income ratio, a vital metric for potential borrowers. This ratio indicates how much of your income goes towards debt payments, an important factor when planning to secure a mortgage. According to Experian, the average debt in Georgia is $94,927, which translates to an average monthly debt of $7,911.

See Your Amortization Schedule

Mortgage amortization is the process of paying off a loan over time through regular payments. Key terms are:

  • Principal: The loan amount you borrow. Understanding this helps you see how much you owe.
  • Interest: The cost of borrowing the principal. Knowing this shows the total cost of your loan.

MoneyGeek's mortgage calculator allows you to see your amortization schedule. You can use the mortgage calculator in Georgia to estimate the total interest you'll pay over the life of your loan. You can also see when your monthly payments begin to go more toward your principal versus your interest, which helps you understand your payment allocation over time.

Additional Mortgage Fees in Georgia

Homebuyers in Georgia need to consider other mortgage fees that could impact your budget effectively. For example, mortgage insurance and HOA fees could increase your monthly payment. Property taxes and homeowners insurance are other costs to keep in mind.

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    Homeowners Insurance

    Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in Georgia is $2,004 per year.

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    Property Tax

    Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, Georgia's effective property tax rate is 0.92%, ranking it 25th in the nation.

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    HOA Fees

    HOA fees are payments to homeowners associations for property management, maintenance and community amenities. These fees are typically paid monthly or annually.

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    Private Mortgage Insurance

    Private mortgage insurance (PMI) protects lenders if a borrower defaults on a loan. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.

How Much Is Private Mortgage Insurance in Georgia?

The average APR for a 30-year fixed loan in Georgia is 6.6%. For a 15-year fixed loan, it's 6.0%. Using MoneyGeek's PMI calculator, you can see that for a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay PMI worth $117 per month if they get a 30-year fixed-rate loan. The amount becomes $115 if they opt for a 15-year loan instead.

MoneyGeek's Georgia mortgage calculator allows you to see your amortization schedule and determine when you can stop paying for PMI:

  1. 1
    Calculate your monthly mortgage payment

    Input the necessary information, such as the home's price, down payment and mortgage rate in Georgia. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank but know that you'll still have to pay for these. Run the calculator and get your total monthly payment.

  2. 2
    Calculate for your target equity

    You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.

  3. 3
    Determine the remaining equity required

    Your down payment already contributes towards the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.

  4. 4
    Establish a timeline

    Go to the Amortization tab of the mortgage calculator. Move the slider until the principal paid exceeds your remaining equity required — that's the year you can stop paying for PMI.

Private Mortgage Insurance Calculator

Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.

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WHEN CAN YOU CANCEL YOUR PMI?

Let's say you're a homeowner in Georgia who put an 8% down payment on a $350,000 property. With a 6.6% APR on a 30-year fixed-rate loan, your monthly mortgage payment is $2,056. You need 20% equity to cancel PMI, equivalent to $70,000.

Since your down payment was $28,000, you must accumulate an additional $42,000. By making consistent payments, you can reach this equity milestone and request PMI cancellation by year 11, assuming your home's value does not change.

How to Lower Your Monthly Mortgage Payment in Georgia

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in Georgia at 6.6% interest, you'll pay $1,405 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,369. That $36 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $13,007 in total interest.

This example highlights the value of finding ways to lower monthly mortgage payments. Here are some strategies to consider:

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    Improve your credit score

    Your credit score affects your mortgage payment. In Georgia, if you put in a down payment between 5% and 20% of the home's sale price, the average APR for a 30-year fixed-rate mortgage is 7.2% if your credit score is above 740. However, if your credit score is under 680, the average APR becomes 8.2%. This change in APR makes your monthly mortgage payments go from $1,493 to $1,645.

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    Save for a bigger down payment

    Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in Georgia, putting 8% down makes your APR 7.4%, resulting in a monthly mortgage of $1,752. Increasing your down payment to 25% puts your APR at 6.9% and a monthly mortgage of $1,358.

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    Choose a longer loan term

    A longer loan term affects your monthly mortgage payment. A 15-year fixed-rate mortgage in Georgia has an APR of 6.0%. A 20% down payment makes your monthly mortgage payment $1,856. Compare this to $1,405, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.6%.

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    Explore homeownership assistance programs

    You can find homeowners assistance programs in Georgia that may help with your mortgage costs. Institutions like the Georgia Dream Homeownership Program and the Community HOME Investment Program (CHIP) offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in Georgia

Using a mortgage calculator can raise questions for potential borrowers, particularly in Georgia's housing market. We've addressed commonly asked questions to help you understand your mortgage options.

How much mortgage can I afford in Georgia?
What is the average mortgage debt in Georgia?
How much down payment do I need to purchase a house in Georgia?
Do you really need private mortgage insurance in Georgia?
What's the effective tax rate in Georgia?
What is the median home price in Georgia?

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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