Mortgage Calculator Louisiana 2026: Payment, Tax & PMI
This mortgage calculator for Louisiana estimates your full monthly payment — principal & interest, property tax, homeowners insurance and PMI — and notes that Louisiana has no state transfer tax. Enter your own rate; everything is calculated privately in your browser.
A mortgage calculator for Louisiana estimates the full monthly cost of a Louisiana home loan: principal and interest from standard amortization, plus property tax, homeowners insurance and private mortgage insurance (PMI) when you put down less than 20%. Louisiana has no statewide real estate transfer tax; New Orleans (Orleans Parish) charges a flat $325 documentary transaction tax instead.
How the Mortgage Calculator Louisiana Formula Works (Worked Example)
Principal and interest use the standard amortization formula M = P × r(1+r)n ÷ ((1+r)n − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of payments. Property tax is the home price × your local rate ÷ 12, insurance is your annual premium ÷ 12, and PMI is the loan amount × your PMI rate ÷ 12. Example: a $300,000 Louisiana home, 10% down, 30-year fixed at a user-entered 6.5% (click Load Example above to reproduce it).
| Item | Inputs | Monthly |
|---|---|---|
| Principal & interest | $270,000 loan, 6.5%, 360 payments | $1,706.58 |
| Property tax | 0.55% of $300,000 ($1,650/yr) | $137.50 |
| Homeowners insurance | $2,500/yr (example — use your quote) | $208.33 |
| PMI | 0.6% of $270,000 ($1,620/yr) | $135.00 |
| Total monthly payment | $2,187.42 | |
| Transfer tax | None statewide in Louisiana | $0.00 |
Over 30 years this loan pays about $344,370 in interest. Your rate is an input, not an assumption — check the current weekly national average in Freddie Mac’s Primary Mortgage Market Survey and compare lender Loan Estimates.
Louisiana Property Tax Rate and Your Monthly Payment
Louisiana assesses homes at 10% of fair market value, and the homestead exemption removes the first $7,500 of assessed value — about $75,000 of market value — from most parish property taxes on your primary home. That is a big reason the Tax Foundation puts Louisiana’s effective rate at about 0.55% of owner-occupied home value, one of the lowest in the US. Millage rates differ by parish and city, so use the rate from your parish assessor for the best estimate.
| Local rate | Annual tax on $300,000 | Added to monthly payment |
|---|---|---|
| 0.41% | $1,230 | $102.50 |
| 0.55% (Tax Foundation statewide effective rate) | $1,650 | $137.50 |
| 0.83% | $2,490 | $207.50 |
Louisiana Closing Costs: Transfer Tax and Recording Fees
Louisiana has no statewide real estate transfer tax. According to the Louisiana Municipal Association, the only local government levying a transfer-type charge is New Orleans: Orleans Parish collects a flat $325 documentary transaction tax on sales and mortgages (verified via search). Everywhere else, closing costs are mainly lender, title and recording charges.
| Louisiana item | Amount | Usually paid by |
|---|---|---|
| State real estate transfer tax | None | — |
| Orleans Parish documentary transaction tax (New Orleans only) | $325 flat | Negotiable |
| Escrow deposits for tax and insurance | Set by your lender — see your Loan Estimate | Buyer |
| Lender, appraisal, title and recording charges | Vary by lender, title company and county — compare Loan Estimates | Negotiable |
Some costs are negotiable, and sellers sometimes cover part of a buyer’s closing costs as a concession.
How Louisiana Mortgage Rates Affect Your Payment
Rates in Louisiana follow national mortgage markets and vary by lender, credit score, down payment and loan type. On a $215,000 home with 20% down, an example 6.95% rate produces a monthly principal and interest payment of approximately $1,139. A 0.25% rate increase adds roughly $29 to that payment, so shopping multiple lenders can save thousands over the life of the loan.
Adjustable-rate mortgages (ARMs) often start lower but carry rate-reset risk, which is why many buyers choose 30-year fixed loans for payment predictability. FHA loans (3.5% down) and VA loans (0% down for eligible veterans) are also options in Louisiana.
First-Time Buyer Programs in Louisiana
Louisiana Housing Corporation (LHC) offers first-time buyer mortgage and down payment assistance programs for eligible buyers. Check the agency’s website for current income limits, purchase price limits and rates.
FHA loans are available nationwide and require only 3.5% down with a 580+ credit score — useful for first-time buyers in Louisiana who have limited savings. USDA loans offer 0% down for eligible rural properties in Louisiana. VA loans are available to qualified veterans and active-duty service members with no down payment required and no PMI.
If your down payment is below 20%, Private Mortgage Insurance (PMI) on a $193,500 loan (10% down on $215,000) adds approximately $97/month at a 0.6% annual rate. The Urban Institute puts typical PMI at roughly 0.46%–1.5% of the loan per year depending on credit score. PMI can be removed once your loan-to-value ratio reaches 80%, so extra payments accelerate the timeline to dropping PMI.
Last updated: October 2026. Estimates only — confirm figures with your lender and local tax office.
Frequently Asked Questions
What is the average mortgage rate in Louisiana in 2026?
Louisiana mortgage rates track national averages and change weekly. Check the Freddie Mac Primary Mortgage Market Survey for the current 30-year fixed average, then compare quotes from several lenders - your rate depends on credit score, down payment and loan type.
What is the average monthly mortgage payment in Louisiana?
For a $215,000 home with 20% down in Louisiana, the estimated PITI (principal, interest, taxes, and insurance) is approximately $1,445/month at an example 6.95% rate, assuming a 0.55% property tax rate and $2,500 a year for insurance.
Do I need PMI in Louisiana?
Yes — if your down payment is less than 20%, lenders in Louisiana require Private Mortgage Insurance (PMI) on conventional loans. The Urban Institute puts typical PMI at about 0.46%–1.5% of the loan amount per year, depending on credit score. PMI is removed once you reach 20% equity.
What is the property tax rate in Louisiana?
The Tax Foundation puts Louisiana’s effective property tax rate at about 0.55% of owner-occupied home value - roughly $1,650 a year on a $300,000 home. Rates vary by county, city and school district, so use the rate on your own tax bill.
Does Louisiana have a real estate transfer tax?
No. Louisiana has no statewide real estate transfer tax. New Orleans (Orleans Parish) charges a flat $325 documentary transaction tax on sales and mortgages; elsewhere in the state there is no transfer tax, so closing costs are mainly lender, title and recording fees.
What is the monthly payment on a $300,000 house in Louisiana?
With 10% down and a 30-year fixed loan at 6.5%, principal and interest is about $1,707 a month. Adding 0.55% property tax ($138), $2,500 a year insurance ($208) and 0.6% PMI ($135) brings the total to about $2,187 a month.