Georgia Mortgage Calculator
Estimate your monthly mortgage payment in Georgia using local property tax rates, insurance costs, and current interest rates.
$
$20%
%
Monthly Payment
$2,208
$1,816 principal & interest
Principal & Interest: $1,816
Property Tax: $292
Insurance: $100
Loan Amount
$280,000
Total Interest
$373,787
Total Cost
$653,787
LTV Ratio
80.0%
Advanced
Advanced Calculator
Charts, scenario comparison, tax benefits, equity projection
Compare different loan terms using your home price of $350,000 with $70,000 down at 6.8%.
15-Year Fixed
$2,401/mo
Total interest: $152,141
Total cost: $432,141
Save $221,646 vs 30-year
20-Year Fixed
$2,088/mo
Total interest: $221,025
Total cost: $501,025
Save $152,762 vs 30-year
30-Year Fixed (Current)
$1,816/mo
Total interest: $373,787
Total cost: $653,787
Lowest monthly payment
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Professional Simulator
Complete financial model: closing costs breakdown, rent vs buy, inflation-adjusted returns, true cost of ownership
years
%
%
%
%
10-Year Net Gain/Loss
-$173,685
After selling in year 10 at $493,710
Total Paid Over Hold Period
$398,929
Down + closing + all payments
Home Value at Sale
$493,710
3.5%/ yr appreciation
Selling Costs
$29,623
6% of sale price
Net Sale Proceeds
$225,244
After mortgage payoff + selling costs
Real Interest Rate
4.25%
Nominal 6.8% - inflation 2.5%
Real Monthly Payment
$1,254
Today's dollars (mid-loan)
State Property Tax
$5,600
TX rate: 1.6%
True Monthly Cost
$2,499
PITI + HOA + maintenance
Buying a Home in Georgia
Georgia has become one of the South's most dynamic real estate markets. Atlanta continues to be a magnet for population growth, corporate relocations, and a thriving film and technology sector, fueling strong demand for housing. The average home price of $365,000 reflects an active market, though affordability varies considerably between the Atlanta metro and the rest of the state.
Outside Atlanta, Georgia offers outstanding value. Savannah, Augusta, Macon, and Columbus all have median prices well below the state average. Georgia's moderate property tax rates (averaging 0.83%) and a statewide homestead exemption help keep ongoing housing costs in check.
Key Housing Facts for Georgia
- Average home price: $365,000
- Average effective property tax rate: 0.83%
- Average homeowners insurance: $1,800/year
- Properties assessed at 40% of fair market value
- Attorney required at closing
- Fastest-growing market: Atlanta metro
- Most affordable markets: Macon, Albany, Columbus, Augusta
Georgia First-Time Homebuyer Programs
- Georgia Dream Standard: $10,000 deferred, 0% interest second loan for down payment and closing costs for first-time buyers.
- Georgia Dream PEN/Choice: $12,500 deferred second loan for public protectors, educators, nurses, military, or households with a disabled member.
- Georgia Dream Peach Plus: Enhanced assistance for qualifying buyers in targeted areas.
- Georgia Dream CHOICE: For buyers with a disability or a family member with a disability, providing $12,500 in down payment assistance.
- Atlanta Affordable Homeownership Program: City of Atlanta provides up to $20,000 in assistance for qualifying buyers within city limits.
Property Tax Rates by Major Georgia County
| County | Effective Tax Rate | Median Home Value | Annual Tax (Median) |
|---|---|---|---|
| Fulton (Atlanta) | 1.07% | $420,000 | $4,494 |
| DeKalb | 1.05% | $310,000 | $3,255 |
| Gwinnett | 0.86% | $360,000 | $3,096 |
| Cobb | 0.81% | $390,000 | $3,159 |
| Cherokee | 0.66% | $370,000 | $2,442 |
| Chatham (Savannah) | 0.83% | $280,000 | $2,324 |
| Richmond (Augusta) | 0.84% | $175,000 | $1,470 |
| Bibb (Macon) | 1.11% | $155,000 | $1,721 |
Average Home Prices by Major Georgia City
| City/Area | Median Home Price |
|---|---|
| Alpharetta / Milton | $600,000 |
| Atlanta city | $420,000 |
| Marietta / Cobb County | $390,000 |
| Gwinnett County suburbs | $360,000 |
| Savannah | $320,000 |
| Athens | $280,000 |
| Augusta | $175,000 |
| Macon | $155,000 |
Frequently Asked Questions
Georgia's housing market has been one of the fastest-growing in the Southeast, driven largely by the Atlanta metro's rapid population and job growth. The average statewide home price is $365,000, though Atlanta itself averages higher. Outside the metro, cities like Savannah, Augusta, Macon, and Columbus offer significantly more affordable options. Georgia continues to attract major employers in technology, film, logistics, and healthcare.
The Georgia Dream program, administered by the Georgia Department of Community Affairs (DCA), offers first-time homebuyers below-market 30-year fixed-rate mortgages. Down payment assistance is available as a second loan of $10,000 (standard), $12,500 (for public protectors, educators, healthcare workers, military, or those with a disability in the household), or $12,500 for buyers in certain targeted areas. These second loans are 0% interest, deferred until the home is sold, refinanced, or the mortgage paid off.
In Georgia, residential properties are assessed at 40% of fair market value. Tax rates (millage) are then applied to that assessed value. Georgia also offers a statewide homestead exemption of $2,000 off the assessed value for owner-occupied primary residences — plus many counties and cities offer additional exemptions. The effective average rate statewide is about 0.83%, making Georgia relatively affordable for property taxes compared to the national average.
Georgia homeowners insurance averages around $1,800 per year, somewhat above the national average. Coastal areas (Savannah, Brunswick, and the Golden Isles) face higher hurricane and wind risks and correspondingly higher premiums. Inland areas are generally near the national average. Georgia also sees significant thunderstorm and tornado activity, which contributes to insurance costs. Some lenders in coastal areas require separate wind/hail policies.
Georgia closing costs typically run 2–3% of the purchase price. On a $365,000 home, expect $7,300–$10,950. Georgia charges an intangibles tax on new mortgages of $1.50 per $500 of principal (0.30% of loan amount), which adds to buyer costs. There is also a deed transfer tax of $1 per $1,000 of purchase price (0.10%). Attorneys are required at closing in Georgia, typically costing $500–$1,000.