Home / New Orleans, LA
Mortgage Calculator — New Orleans, LA
Median home price in New Orleans: $240,000. Monthly payment: $1,277/month (20% down, 7%, 30yr). Property tax rate: 0.55%.
= $48,000
Monthly Payment
$1,277
Loan Amount
$192,000
Total Interest
$267,857
Total Cost
$507,857
Payment Breakdown
Down Payment$48,000 (9.5%)
Principal$192,000 (37.8%)
Total Interest$267,857 (52.7%)
New Orleans Mortgage Payments by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $1,569 | $1,090 | $200,456 |
| 6% | $1,620 | $1,151 | $222,409 |
| 6.5% | $1,673 | $1,214 | $244,885 |
| 6.75% | $1,699 | $1,245 | $256,311 |
| 7% | $1,726 | $1,277 | $267,857 |
| 7.25% | $1,753 | $1,310 | $279,520 |
| 7.5% | $1,780 | $1,342 | $291,297 |
| 8% | $1,835 | $1,409 | $315,178 |
New Orleans Property Tax & Total Housing Cost
Property Tax Rate
0.55%
$1,320/year
Monthly P&I
$1,277
20% down, 7%, 30yr
Est. Total Monthly
$1,387
P&I + property tax
Affordability in New Orleans
10% down ($24,000)$66,302/yr needed
15% down ($36,000)$62,881/yr needed
20% down ($48,000)$59,459/yr needed
25% down ($60,000)$56,038/yr needed
Based on 28% housing cost rule. Includes property tax.