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Our New Orleans, Louisiana, mortgage calculator helps you estimate monthly payments, total interest, and the overall cost of the mortgage, providing a clear picture of your financial commitment. Keep reading to learn how to use the New Orleans mortgage calculator, what the cost of living is in New Orleans, how to decide how much house you can afford, and more.
Key Points
• A mortgage calculator helps estimate monthly payments, total interest, and overall mortgage costs.
• To use the New Orleans mortgage calculator, enter the home price, down payment, loan term, interest rate, and property tax rate.
• A larger down payment can reduce monthly mortgage payments and total interest paid over the life of the loan, making homeownership more affordable.
• Choosing a shorter loan term, like 15 years, can result in higher monthly payments but less total interest paid, while a longer term offers lower payments but more interest.
• Property taxes may be a component of your monthly mortgage payment and should be factored into your budgeting.
New Orleans Mortgage Calculator
Calculator Definitions
• Home price: The home price, or property value, is the purchase price you have agreed to with the home seller. It determines the home loan amount and the associated costs.
• Down payment: The down payment is the amount the homebuyer pays upfront. A larger down payment can reduce your monthly mortgage payment and the total interest paid over the life of the loan.
• Loan term: The loan term is the length of time you have to repay the mortgage. A shorter term can result in higher monthly payments but less total interest paid, while a longer term offers lower payments but incurs more interest.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. A lower interest rate can significantly reduce your monthly mortgage payment and the total interest paid over the life of the loan.
• Annual property tax: The annual property tax is another part of your monthly mortgage payment. In New Orleans, the property tax rate is 0.82% of the home’s assessed value.
• Total monthly payment: The total monthly payment includes the principal and interest you will pay each month. It’s important to remember that your monthly mortgage payment may also include other costs, such as property taxes, homeowners insurance, private mortgage insurance, and HOA fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. A larger down payment and a lower interest rate can help reduce the total interest paid, making homeownership more affordable.
• Total loan cost: The total loan cost is the all-in amount you will repay for the loan, including both principal and interest paid. Factors such as the loan term, down payment, and interest rate can significantly affect the overall cost of the mortgage.
How to Use the New Orleans, LA Mortgage Calculator
To use the New Orleans mortgage calculator, start by entering the home price, down payment, 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 is a step-by-step guide on how to use the calculator.
Step 1: Enter Your Home Price
The home price, as stated in your purchase contract, represents the amount you’ve agreed to pay. This figure influences the loan amount you can secure and your monthly payments.
Step 2: Select a Down Payment Amount
The down payment is the portion of the overall home price that you, as the buyer, agree to pay at the outset of the transaction. A down payment calculator can be beneficial in helping you to figure out the optimal amount.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Enter your desired interest rate, specifying up to the second or third decimal point. A higher credit score can help you secure a lower interest rate, which can lead to lower monthly payments and a lower overall cost of the loan. 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
This is the percentage of the home’s assessed value you will pay each year to the local government as property taxes. Enter the property tax percentage, not the dollar amount. New Orleans’ property tax rate is 0.82%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments based on loan amount, interest rate, and term. It helps determine affordability and allows you to compare rates and terms to see their impact on monthly payments.
Mortgage calculators also show you how down payments affect your loan, with higher down payments lowering the loan amount and the monthly payment. If you put down 20% or more of the purchase price, you may be able to avoid private mortgage insurance.
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.
Deciding How Much House You Can Afford in New Orleans
In New Orleans, the median home sale price in 2025 is $325,000. Lenders advise keeping housing costs (mortgage, taxes, insurance, HOA) below 28% of gross monthly income. To afford a $325,000 million home with a 20% down payment ($65,000) and a 7.00%, 30-year mortgage, you’d need a $74,000 annual income. Your mortgage would be $1,730 monthly.
Lenders also recommend that total debt should stay within 36% of your gross monthly income. In this case, your other debts (student loans, auto loans, credit cards) shouldn’t exceed $490 a month; if they do, you’ll need a higher income to afford a home at this price. Use a home affordability calculator for a rough estimate based on income and debt obligations.
It can 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 the principal and interest. The mortgage principal is the amount you borrowed to purchase the home, while the interest is the cost of borrowing that money. Other components of a mortgage payment may include:
• Property taxes: Local government taxes based on the assessed value of your property.
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value.
• HOA fees: Monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
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.
Cost of Living in New Orleans, LA
Cost of living impacts affordability. Higher cost areas, such as New Orleans, may have pricier homes and other expenses. The national average cost of living is indexed at 100. New Orleans’ index is 112.4, about 12% higher than average; housing is 49% higher. Here’s how New Orleans 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.
New Orleans’s First-Time Homebuyer Assistance Programs
If you’re a first-time homebuyer in New Orleans, there are several down payment assistance programs available to help you cover the initial costs of purchasing a home. These programs can provide financial aid for the down payment, closing costs, or both. To qualify, you typically must not have owned a primary residence within the past three years.
You’re not stuck with the same monthly mortgage payment forever, as there are strategies to reduce your payment if you choose. The following tips can help you lower your monthly mortgage payment:
• Get rid of private mortgage insurance. Drop private mortgage insurance once you reach 20% equity in your home, either through payments or home appreciation.
• Consider mortgage recasting if you receive a bonus or other windfall. By making a lump sum payment toward your mortgage principal, your lender will recast the loan, resulting in a new, smaller balance and lower monthly payments.
• Appeal your property taxes if you believe they are too high. Research your home’s assessed value and compare it to similar properties in your area. If discrepancies are found, gather evidence and file an appeal with your local tax assessor’s office.
• Modify your loan if you face financial hardships. Negotiate directly with your lender to change the terms of your mortgage, such as reducing the interest rate or extending the loan term.
• Refinance your mortgage. If you’ve built your credit score or rates have improved since you purchased your home, consider refinancing your mortgage. A lower interest rate can significantly decrease your monthly payments.
• Shop for a lower homeowners insurance rate. Increasing your deductible, bundling policies, or making home upgrades can lower your insurance premium and reduce your monthly mortgage payment.
The Takeaway
A New Orleans mortgage calculator can be used for estimating your monthly payments and understanding the financial implications of different mortgage scenarios. Simply input your purchase price, down payment amount, loan term, interest rate, and property taxes to see the monthly payment, the total interest paid over the life of the loan, and the total cost of the loan. This information gives you insight into how much house you can really afford and prepares you for the negotiations to come.
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 amount in New Orleans was $1,770 in 2025. But your payment will vary based on several factors, including the price of the home, the size of the down payment, and prevailing interest rates.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a major role in determining your interest rate for a mortgage loan. A higher score can get you a better rate, lowering your monthly payments and total interest. A lower score may lead to higher rates and stricter loan terms. You can build your credit score by making all of your payments on time, keeping your credit utilization ratio low, and reviewing your credit reports.
What are principal and interest on a mortgage loan?
The mortgage principal is the amount you borrowed to purchase the home, while the interest is the cost of borrowing that money. Each monthly mortgage payment typically includes both, with a portion going toward reducing the loan balance and the rest covering the lender’s interest charges.
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 mortgage offers lower monthly payments but more interest overall. A 15-year mortgage has higher payments but less interest and faster equity growth. If you can afford it, a 15-year term saves more long-term. If you need budget flexibility, a 30-year term helps.
What income do you need for an $800,000 mortgage with a 6.50% interest rate?
An $800,000 mortgage with a 6.50% interest rate (and assuming a 30-year term) would give you a monthly payment of $5,057. Lenders prefer housing costs to stay below 28% of gross monthly income, which would mean you’d need an income of around $217,000 per year. Keep in mind that if you have a down payment, your monthly payment would decrease, allowing you to qualify for the loan with less than $217,000 in annual income.
SoFi Mortgages
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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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