Watcharu Finance

New Orleans, LA mortgage & affordability calculator

The typical home in New Orleans, LA is worth about $280,000. With 20% down that's a loan near $224,000 — the calculator is pre-filled with that figure. Louisiana's homestead exemption keeps the effective property tax rate low even in Orleans Parish, but hurricane and flood exposure makes homeowners insurance among the most expensive and hardest to find in the country. Many buyers need a separate flood policy on top of standard coverage.

$1,454.35 / month

Total interest
$299,565
Total paid
$523,565
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$56k$112k$168k$224k0612182430Year

How much you need to earn

New Orleans, LA's median household income is about $55,000 a year. Under standard 28/36 lending rules that supports a home price around $174,339 with 20% down — below the $280,000 typical price, so many buyers need a larger down payment, a co-borrower, or a longer commute.

$174,325 max home price

Max loan amount
$118,325
Housing payment budget
$1,283
P&I budget
$768
Bound by
front-end ratio

Uses the 28% front-end / 36% back-end DTI guidelines. Lenders vary.

Typical asking rent in New Orleans, LA is about $1,400 a month, so owning the median home costs roughly $569 more per month before tax effects, maintenance, and any change in home value.

Frequently asked questions

What is a typical mortgage payment in New Orleans, LA?
On the metro's roughly $280,000 typical home with 20% down, the loan is about $224,000. Principal and interest run near $1,454 a month at today's rate, and New Orleans, LA's property tax plus insurance add about $515, for a full payment near $1,969.
Can I afford a home in New Orleans, LA on the median income?
The median household income is about $55,000 a year. Under standard 28/36 lending rules that supports a home price around $174,339 with 20% down — below the $280,000 typical price, so buyers often need a larger down payment or a co-borrower.
Is it cheaper to rent or buy in New Orleans, LA?
Typical asking rent is about $1,400 a month. The full owner payment on a median home is near $1,969, so owning costs roughly $569 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in New Orleans, LA?
The effective property tax rate in the core county is about 0.60% of market value — roughly $1,680 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in New Orleans, LA rising or falling?
Home values are up about 2% over the past year. Louisiana's homestead exemption keeps the effective property tax rate low even in Orleans Parish, but hurricane and flood exposure makes homeowners insurance among the most expensive and hardest to find in the country. Many buyers need a separate flood policy on top of standard coverage.

Nearby metros

← All Louisiana mortgage figures

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