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How Much Will Your Mortgage In Georgia Be?
If you are looking to get a mortgage to buy a home in Georgia, no doubt you have some questions on your mind.
“How much house can you afford in Georgia?”
“What are the current mortgage interest rates in the state?”
“How will a percentage change in interest rates affect your monthly mortgage payments?”
These are great questions that every Georgian thinks about when looking to get a mortgage. However, the problem is that you can’t get a straight answer because you need to do some calculations with multiple variables and formulas. That can be a daunting task… even for someone who loves doing math! Plus, you can easily get the values wrong, especially with the ever changing real estate variables like interest rates. The last thing you want is incorrect values when dealing with a mortgage.
We at Moreira Team understand all that and have put together a simple-to-use calculator that can help solve your mortgage calculation problems.
If you are in Georgia, you will be glad to know that our calculator is tailored to suit Georgia homebuyers and homeowners specifically. It takes into account all the Georgia variables, including interest rates, taxes, and insurance charges to give you an accurate calculation.
Try our calculator below to see how easy it is to find out your mortgage payments:
Mortgage Calculator
- Calculator
- Schedule
How to Use Our Georgia Mortgage Calculator
Our Georgia mortgage calculator will give you an accurate estimate of how much you can expect to pay for your mortgage each month, taking into account fees and costs such as homeowners insurances, property taxes and HOA fees. It gives you a realistic idea of how much it’s going to cost you to buy your home, helping you to plan out your budget.
By changing the various settings on the calculator, you will see the monthly payment amount change, showing you how much a change in the various costs and fees will dictate your monthly payment amount.
Here is a breakdown of the different calculator terms and what they mean:
- Home Price: The price of the home or the amount of loan you want.
- Down Payment: The amount of money you are able to put down at the time of purchase to get the home, which goes towards the overall cost of the home.
- Interest Rate: The interest rate that the lender charges you to loan you the money for your mortgage.
- Loan Terms: The period of time over which you will repay the mortgage.
- Property Tax: The tax you will need to pay the state based on the value of the purchased property. The average property tax in Georgia is $2,006 per year
- HOA Fees: If the property you’re buying is part of a homeowners association, this is the monthly fee you will need to pay.
- Principal & Interest: The principle is the money that you receive from the lender that you need to pay back. The interest is the fee you pay the lender for loaning you the money (usually referred to in %).
- Monthly Payment: The total payment you will need to make monthly to cover all costs associated with the mortgage.
- PMI: Private Mortgage Insurance, which is required if the down payment is less than 20%.
Other Costs That Can Affect Your Georgia Mortgage Calculations
Closing Costs
You can expect to pay an additional 0.5 to 5% of the total loan amount in closing costs when buying a home in Georgia, so make sure to factor that into your calculations.
Homeowners Insurance
Homeowners Insurance in Georgia is not required by law in the state. However, it may still be required by your lender in order to get a mortgage.
The insurance expenses in Georgia are somewhat below the national average, amounting to roughly $2,200 for dwelling coverage of $200,000, paired with $300,000 in liability insurance, and including a $1,000 deductible.
In Georgia, turbulent weather is not uncommon, with coastal cities like Savannah facing hurricanes and flooding, while towns further inland are subject to windstorms and occasional wildfires. The typical insurance policy doesn’t include flood coverage, so you might want to think about obtaining an extra policy if you are looking for a home in a coastal area.
Title Insurance
Your mortgage lender may require a single purchase of title insurance to cover the loan amount. This safeguards the lender’s stake in case there are any subsequent conflicts concerning your title.
Real Estate Transfer Tax
In real estate transactions, the seller usually covers the transfer tax, although it also favors the buyer should they decide to sell the property in the future. In Georgia, residents can anticipate paying $1 for the initial $1,000 of the home’s purchase price, followed by a rate of 10 cents for every subsequent $100
Home Inspection
The typical cost for home inspections in Georgia ranges from $200 to $400, based on the home’s square footage. A standard home inspection, costing around $315 on average, involves a licensed inspector assessing the structure, plumbing, electrical systems, roof, and basement. Should you require specialized examinations, like mold or radon testing, additional fees will apply.