Mortgage Payment in Georgia

Market Overview: Georgia Housing Mid-Range

Georgia ranks as a mid-range housing market, with a median home price of $349,900. The state's effective property tax rate of 0.79% is below the national average of 0.90% (about 12% lower than the average state), and annual homeowners insurance averaging $1,655 falls above the US average of $1,492 (about 11% higher than the average state).

These three factors — price level, tax burden, and insurance costs — combine to shape the true monthly cost of homeownership in Georgia. Below we break down a realistic purchase scenario using state-specific data.

📊 How Georgia Compares to the Other 50 States

Rank 1 is the cheapest. Every row below uses the same 20% down, 6.5% APR and 30-year term as the rest of this page.

Measure	Georgia	Rank	Lowest of the 51
Median home price	$349,900	#23 of 51	West Virginia ($225,000)
Effective property tax rate	0.79%	#26 of 51	Hawaii (0.29%)
Average homeowners insurance	$1,655/yr	#36 of 51	Oregon ($893/yr)
Est. monthly payment	$2,138/mo	#22 of 51	West Virginia ($1,326/mo)

The same $2,138/month would cover the median-priced home in 21 other states, including West Virginia ($1,326/month) and Illinois ($2,115/month).

Within the South region, Georgia has the #10 lowest median-price monthly payment of the 17 states there.

📍 Georgia's Largest County: Fulton County

Everywhere else on this page Georgia is one set of numbers — one median price, one tax rate, one insurance premium. The U.S. Census Bureau's American Community Survey publishes the same kind of measures for individual counties, so here is Georgia's most populous county — Fulton County — from the 2020–2024 ACS 5-year estimates release.

Fulton County — 2020–2024 ACS 5-year estimates	Estimate
Population	1,076,561
Median home value (owner-reported)	$458,800
Median real estate taxes paid (annual)	$4,033
Effective property tax rate (taxes ÷ value)	0.88%
Median household income	$95,292

Two things to keep in mind before you use these numbers. First, the Census asks owners what their home is worth: this is a five-year survey estimate, not the sale price of homes that changed hands, so it is not comparable with the sale-price figures elsewhere on this page. Second, 0.88% is the median tax bill divided by the median home value, which is a different calculation from the statewide effective rate in the comparison table above (that one weighs total taxes collected against total value).

Source: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates (B01003 population; B25077 median home value; B25103 median real estate taxes paid; B19013 median household income). Retrieved 2026-09-24. Learn how the American Community Survey collects these estimates.

🏡 Purchase Example: Buying a $349,900 Home in Georgia

Using the state's median home price of $349,900, a 20% down payment, and a 6.5% 30-year fixed rate, here is the complete picture of what it costs to buy in Georgia:

Cost Component	Amount
Home Price	$349,900
Down Payment (20%)	$69,980
Loan Amount	$279,920
Estimated Closing Costs (3.5%)	$12,247
Total Cash Needed at Closing	$82,227

Monthly Payment (20% Down)

Item	Monthly
Principal & Interest	$1,769
Property Taxes (0.79%)	$230
Homeowners Insurance	$138
PMI (not needed at 20% down)	$0
Total Monthly Payment	$2,138

Annual income needed (28% DTI): $92,000/yr

PMI Scenario: What If You Put Only 10% Down?

With a 10% down payment ($34,990), you'd have a loan of $314,910 and would need to pay Private Mortgage Insurance (PMI) at roughly 0.85% of the loan annually:

Item	10% Down	20% Down (savings)
Principal & Interest	$1,990	$1,769
Monthly PMI	$223	$0
Total PITI+PMI	$2,582	$2,138

The lower down payment costs you an extra $444/month (P&I + PMI). You would need $111,000/yr to qualify under the 28% DTI rule. PMI can typically be canceled once you reach 20% equity.

First-year interest: In year one, $18,103 of your payments go to interest alone. Over the full 30-year term, you'll pay $357,023 in total interest.

💰 State-Specific Cost Notes for Georgia

Property taxes in Georgia are 0.79%, meaning about $2,764/year ($230/month) on the median-priced home.

Homeowners insurance in Georgia averages $1,655/year ($138/month), about 11% above the national average of $1,492.

Closing costs in a mid-range market like Georgia typically run 2%–4% of the purchase price — roughly $12,247 on a $349,900 home. This includes loan origination, appraisal, title insurance, escrow fees, and prepaid taxes/insurance.

Monthly Payment on a $349,900 Home in Georgia

With a standard 20% down payment ($279,920 loan) and a 6.5% interest rate on a 30-year fixed-rate mortgage, your estimated total monthly payment comes to $2,138.

Monthly Payment Breakdown (PITI)

Component	Monthly Cost	Annual Cost
Principal & Interest	$1,769	$21,228
Property Taxes (0.79% est.)	$230	$2,760
Home Insurance	$138	$1,656
Total Monthly Payment	$2,138	$25,656

Income Required in Georgia

Using the standard 28% front-end DTI rule, you'd need a gross annual income of approximately $92,000 to comfortably afford the median-priced home in Georgia with 20% down at 6.5%.

How Interest Shapes Your Payments

In your first year, approximately $18,103 goes toward interest alone. Over the full 30-year term, you'll pay a total of $357,023 in interest.

Amortization Schedule — First 10 Years

* Full 30-year amortization available in our interactive calculator.

❓ Frequently Asked Questions — Buying a Home in Georgia

Compare Georgia With Nearby States

Buyers relocating within the South compare these markets most often. Every figure uses the same model as this page — each state's median home price, 20% down, 6.5% APR on a 30-year fixed loan, plus that state's property tax rate and average insurance premium — so the rows are directly comparable.

At $2,138/month for Georgia's median home, Georgia sits above the South average of $2,064/month for the states listed here.

See mortgage payments for all 50 states + DC →

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