Mortgage Payment in Georgia

Market Overview: Georgia Housing Mid-Range

Georgia ranks as a mid-range housing market, with a median home price of $329,110. The state's effective property tax rate of 0.80% is lower than the national average of 1.00%, and annual homeowners insurance averaging $1,994 falls below the US median of $2,201.

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.

🏡 Purchase Example: Buying a $329,110 Home in Georgia

Using the state's median home price of $329,110, 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	$329,110
Down Payment (20%)	$65,822
Loan Amount	$263,288
Estimated Closing Costs (3.5%)	$11,519
Total Cash Needed at Closing	$77,341

Monthly Payment (20% Down)

Item	Monthly
Principal & Interest	$1,664
Property Taxes (0.80%)	$219
Homeowners Insurance	$166
PMI (not needed at 20% down)	$0
Total Monthly Payment	$2,050

Annual income needed (28% DTI): $88,000/yr

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

With a 10% down payment ($32,911), you'd have a loan of $296,199 and would need to pay Private Mortgage Insurance (PMI) at roughly 0.7% of the loan annually:

Item	10% Down	20% Down (savings)
Principal & Interest	$1,872	$1,664
Monthly PMI	$173	$0
Total PITI+PMI	$2,431	$2,050

The lower down payment costs you an extra $381/month (P&I + PMI). You would need $105,000/yr to qualify under the 28% DTI rule. PMI can typically be canceled once you reach 20% equity.

First-year interest: In year one, $17,027 of your payments go to interest alone. Over the full 30-year term, you'll pay $335,809 in total interest.

💰 State-Specific Cost Notes for Georgia

Property taxes in Georgia are 0.80%, meaning about $2,633/year ($219/month) on the median-priced home.

Homeowners insurance in Georgia averages $1,994/year ($166/month).

Closing costs in a mid-range market like Georgia typically run 2%–4% of the purchase price — roughly $11,519 on a $329,110 home. This includes loan origination, appraisal, title insurance, escrow fees, and prepaid taxes/insurance.

Monthly Payment on a $329,110 Home in Georgia

With a standard 20% down payment ($263,288 loan) and a 6.5% interest rate on a 30-year fixed-rate mortgage, your estimated total monthly payment comes to $2,050.

Monthly Payment Breakdown (PITI)

Component	Monthly Cost	Annual Cost
Principal & Interest	$1,664	$19,968
Property Taxes (0.80% est.)	$219	$2,628
Home Insurance	$166	$1,992
Total Monthly Payment	$2,050	$24,600

Income Required in Georgia

Using the standard 28% front-end DTI rule, you'd need a gross annual income of approximately $88,000 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 $17,027 goes toward interest alone. Over the full 30-year term, you'll pay a total of $335,809 in interest.

Amortization Schedule — First 10 Years

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

❓ Frequently Asked Questions — Buying a Home in Georgia

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