Use the mortgage calculator Louisiana tool to estimate your total monthly housing payment, including principal, interest, property taxes, and homeowners insurance, tailored for the Louisiana housing market.
Mortgage Calculator Louisiana
Estimated Total Monthly Payment (PITI)
$0.00Mortgage Payment Formula
M = P [ i(1 + i)ⁿ / ( (1 + i)ⁿ – 1 ) ] + Tm + Im
Variables Explained
- M: Total Monthly Payment (Principal, Interest, Taxes, Insurance).
- P: Principal Loan Amount ($) – The total amount borrowed.
- i: Monthly Interest Rate – The Annual Rate (%) divided by 1200 (i.e., Annual Rate / 12 / 100).
- n: Total Number of Payments – The Loan Term (Years) multiplied by 12.
- Tm: Monthly Property Tax (Annual Tax / 12).
- Im: Monthly Home Insurance (Annual Insurance / 12).
Related Louisiana Home Calculators
Explore other tools to help you budget for your home in Louisiana:
- Louisiana Property Tax Calculator (Low competition keyword)
- Louisiana Mortgage Amortization Schedule
- Louisiana Housing Affordability Tool
- 30-Year Fixed Rate Louisiana Comparison
What is a Mortgage Calculator Louisiana?
A Louisiana Mortgage Calculator is an essential financial tool designed to estimate the full monthly cost of homeownership within the state, also known as the PITI payment (Principal, Interest, Taxes, Insurance). While the Principal and Interest (P&I) components are governed by national interest rates and your loan terms, the Taxes and Insurance (TI) portions are heavily influenced by local factors.
Louisiana’s specific property tax and insurance environments—including coastal insurance concerns—make using a localized calculator crucial. This tool helps potential homeowners budget accurately by accounting for the often-overlooked escrow components, preventing surprises after closing.
By adjusting variables like the loan amount, interest rate, and term, you can quickly analyze different financing scenarios, compare options, and determine a comfortable monthly payment range before committing to a home purchase in New Orleans, Baton Rouge, Shreveport, or anywhere else in the Pelican State.
How to Calculate Monthly Mortgage Payment (Example)
Let’s use an example to calculate the Principal & Interest (P&I) for a Louisiana home loan:
- Identify Variables: Assume a $200,000 Loan Amount (P), 6.0% Annual Interest Rate (R), and a 30-Year Term (T).
- Calculate Monthly Rate (i): $i = 0.06 / 12 = 0.005$.
- Calculate Total Payments (n): $n = 30 \text{ years} \times 12 \text{ months/year} = 360 \text{ payments}$.
- Apply P&I Formula: Plug P, i, and n into the formula: $M = 200,000 \times [0.005(1.005)^{360} / ((1.005)^{360} – 1)]$.
- Solve for M: The calculated monthly P&I payment (M) is approximately $1,199.10.
- Add Taxes and Insurance (PITI): If annual taxes are $2,400 ($200/month) and insurance is $1,800 ($150/month), the total monthly PITI payment would be $1,199.10 + $200 + $150 = $1,549.10.
Frequently Asked Questions (FAQ)
Is the Louisiana property tax rate included in this calculation?
Yes, this calculator allows you to input your estimated annual property tax amount, which is then divided by 12 and added to your monthly payment (PITI).
What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance. It represents the total monthly cost of homeownership typically collected by your lender and held in an escrow account to cover annual tax and insurance bills.
Do I need to include PMI (Private Mortgage Insurance) in the calculation?
PMI is typically required if your down payment is less than 20% of the home price. If applicable, you should add your estimated monthly PMI cost to the “Annual Home Insurance” field or include it manually in your final budgeting, as this calculator focuses on the standard P&I and TI components.
What is a typical loan term in Louisiana?
The most common loan terms are 30-year fixed-rate mortgages, though 15-year fixed loans are also popular for buyers who can afford higher monthly payments and wish to pay less total interest over time.