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When considering a home purchase in Atlanta, a mortgage calculator can allow you to see how a home’s price and your down payment amount, plus interest rate, loan term, and property tax, come together to create a monthly mortgage payment. This helps you get a clearer picture of how much house you can afford without stretching your budget too thin. Here’s how to use the calculator to your advantage during your home search.
Key Points
• An Atlanta mortgage calculator helps estimate monthly payment obligations and the total cost of the loan.
• A 15-year mortgage term can save you a substantial amount in interest compared to a 30-year term, but it comes with higher monthly payments.
• A higher credit score can secure a lower interest rate, reducing your monthly payments and the total interest paid over the life of the loan.
• A larger down payment of 20% or more can help avoid private mortgage insurance (PMI) and potentially secure better interest rates, making the mortgage more affordable.
• Down payment assistance programs in Atlanta can significantly reduce upfront costs, making homeownership more accessible for first-time buyers.
Atlanta Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price and your initial offer. This is a key figure when it comes to determining your home loan amount.
• Down payment: The down payment, typically 3-20% of the purchase price, is paid upfront by the homebuyer. A larger down payment potentially improves loan terms.
• Loan term: The loan term is the length of time you have to repay the home loan, typically 15 or 30 years. A 15-year mortgage term can reduce the total interest paid over the life of the loan, but it comes with higher monthly payments.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the home loan amount. A strong credit score can help secure a lower interest rate, reducing your monthly payments and the total interest paid over the life of the loan.
• Annual property tax: The annual property tax is a significant ongoing cost of homeownership, typically administered by the local government and expressed as a percentage of the home’s assessed value. In Atlanta, the average property tax rate is 0.77%.
• Total monthly payment: The total monthly payment with our calculator includes the principal, interest, and property tax. Your monthly mortgage payment may also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the home loan. To reduce the total interest paid, consider strategies such as refinancing to a lower interest rate or choosing a shorter loan term.
• Total loan cost: The total loan cost is the all-in amount you will repay for the home loan, including both principal and interest. Factors that influence the total loan cost include the loan term, interest rate, and down payment.
How to Use the Atlanta Mortgage Calculator
To use the Atlanta mortgage calculator effectively, start by inputting the home price, down payment amount, loan term, and interest rate. The calculator will then provide an estimate of your monthly payment, total interest paid, and the total loan cost. Here are the specific steps on how to estimate your total monthly payment and overall borrowing cost.
Step 1: Enter Your Home Price
Type in the purchase price of the property. This is not your loan amount, but rather the amount you intend to pay for the home.
Step 2: Select a Down Payment Amount
Choose the down payment you plan to pay upfront. The higher your down payment, the lower your monthly payment will be. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the time you’ll need to repay the home loan. Most consumers choose a mortgage with either a 30-year or a 15-year term. A 15-year term will result in higher monthly payments but less paid in interest overall; whereas a 30-year term will provide lower monthly payments but higher interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This affects your monthly payment and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to research rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage representing the annual property tax rate. Georgia’s average effective rate is 0.77%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates affordable house prices and monthly payments based on loan amount, interest rate, and term. It aids in cost comparisons, like interest rate impacts, and clarifies down payment effects and potential private mortgage insurance (PMI).
Mortgage calculators are also particularly useful for first-time homebuyers, who may not be aware of all that goes into a mortgage payment and how that payment is determined.
Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
In Atlanta, as of August 2025, the median home sale price was $400,000. Lenders advise that housing costs (mortgage, taxes, insurance, HOA) should be under 28% of your gross monthly income. To afford a $400,000 home with a 20% down payment ($80,000) on a 30-year mortgage at 7.00% interest, you would need an annual income of about $91,000.
To figure out how much house you can afford, you can use a home affordability calculator. A home affordability calculator estimates your home-buying power based on your income, expenses, down payment, and current mortgage rates.
It can also be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. The mortgage principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal. Your monthly payment may also include property tax, private mortgage insurance (PMI), and homeowners association (HOA) fees.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
The Cost of Living in Atlanta
Atlanta’s cost of living is 4% lower than the national average. Housing expenses are 13% lower, but grocery and health care expenses are slightly above the national average.
The city has a cost of living index of 96.0 (the average cost of living in the U.S. is 100 on this scale). Here’s how Atlanta compares to the national average in other areas:
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
If you’re looking to buy your first home in Atlanta, there are several down payment assistance programs available. These programs are specifically designed to help you cover the initial costs associated with purchasing a home, including the down payment, closing costs, or both. To qualify for most of these programs, you typically must not have owned a primary residence within the past three years.
Once you purchase a home in Atlanta, it might still be possible to reduce your mortgage payment. Here are some strategies you can explore:
• Drop private mortgage insurance (PMI). Once you have 20% equity in your home, you can ask your lender to drop private mortgage insurance. This can be achieved through regular payments or home appreciation, and it can save you a considerable amount of money each month.
• Consider mortgage recasting. By making a lump sum payment toward your mortgage principal, your lender will re-amortize the loan, keeping the same interest rate and term. This results in a new, smaller balance, which translates to lower monthly payments.
• Appeal property taxes. If you believe that your annual city property tax assessment is excessively high, you have the right to appeal your property taxes. Submitting a well-documented and thorough appeal can potentially lead to a lower tax bill, which will positively impact your monthly mortgage payment.
• Extend your loan term. If you’re struggling to make your mortgage payments, one option is to extend the term of your loan, which reduces the monthly payment but increases the total interest paid over the life of the loan.
• Shop around for homeowners insurance. You can shop around for a lower homeowners insurance rate as a way to save money. Consider increasing your deductible, bundling your homeowners and auto insurance policies, or making upgrades that enhance your home’s security features or storm-resistance.
The Takeaway
Using an Atlanta mortgage calculator can help you make informed decisions about homeownership. It can give you a clearer picture of what your monthly payment might be based on your down payment amount, interest rate, and term. By understanding the full cost of a mortgage, you can avoid financial strain down the road and ensure a more secure and comfortable home-buying experience for you and your family.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
The average mortgage in Atlanta can vary based on factors like home price, down payment, and interest rate. For example, a median home price of $400,000 with a 20% down payment and a 30-year fixed-rate mortgage at 7.00% interest would result in a monthly payment of around $2,129, not including property taxes and insurance.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly impacts your mortgage interest rate. A higher credit score can secure a lower interest rate, reducing your monthly payments and the total interest paid over the life of the loan. For instance, a borrower with a credit score of 700 might qualify for a lower rate compared to someone with a score of 620.
What are principal and interest on a mortgage loan?
When you take out a mortgage, your monthly payment typically includes principal and interest. The principal is the amount you borrow, while the interest is the cost of borrowing that money. A higher down payment can reduce the principal, leading to lower interest costs and monthly payments over the life of the loan.
Should I choose a 30-year or 15-year mortgage term?
When choosing between a 30-year and 15-year mortgage, consider your finances. A 30-year term offers lower payments but higher total interest. A 15-year term has higher payments but saves on interest and builds equity faster. If you can afford larger payments, a 15-year mortgage is beneficial. If you need budget flexibility, a 30-year mortgage might be better.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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