Monthly Payment on a $250K Mortgage in Georgia
Using Georgia's 0.92% property tax rate and $2,200/yr homeowners insurance.
$250K 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% | $1,862 | $1,784 | $1,511 |
| 6.0% | $1,937 | $1,855 | $1,574 |
| 6.5% | $2,015 | $1,928 | $1,639 |
| 7.0% | $2,094 | $2,003 | $1,706 |
| 7.5% | $2,174 | $2,079 | $1,773 |
| 8.0% | $2,256 | $2,157 | $1,843 |
How This Compares to Georgia's Median
A $250K home is 26% below Georgia's median of $340K. You'll find homes at this price in cities like Warner Robins, Dalton, Hinesville, Statesboro, Augusta, Columbus.
Income Needed for a $250K Home in Georgia
To afford this payment of $1,928/mo in Georgia, you'd need a household income of approximately $83K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $85K salary can afford →Closing Costs in Georgia
Estimated closing costs in Georgia: $4K (1.5% of purchase price). Georgia also charges a 0.1% transfer tax, which may add $250 to your transaction costs.
What to Know About a $250K Mortgage in Georgia
With 10% down ($25,000), your loan of $225,000 at 6.5% over 30 years produces a principal and interest payment of $1,422/mo. Adding Georgia's 0.92% property tax ($192/mo) and $2,200/yr insurance ($183/mo) brings your total to $1,928/mo. Because you're putting less than 20% down, PMI adds $131/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $286,975 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $26,920 over the life of the loan.