# Georgia Mortgage Calculator | Ascent

## How do you calculate your home loan repayments?

first, easiest A way to calculate your mortgage payments is to use a mortgage calculator like the Georgia Mortgage Calculator included in this article. Calculators like this do the heavy lifting for you, so there aren’t many situations where you’ll need to manually calculate your mortgage payments. That said, if you’re into the math, or just want to know where the payment came from, I can walk you through the process.

Calculating a mortgage payment involves three variables: the principal, the interest rate, and the number of mortgage payments.

### Principal (P)

This is the amount you originally borrowed when you got your mortgage, or the home sale price minus your mortgage. down paymentAlso, if you plan to incorporate closing costs or lender fees into the principal amount, as is often the case with loan refinancings and especially FHA mortgages, be sure to include those as well.

### interest rate (r)

your loan interest ratebut expressed above monthly Basic. To find your interest rate, convert the loan interest rate (not the APR) to a decimal number and divide by 12. For example, if the mortgage rate is 4.5%, divide 0.045 by 12. Find 0.00375.

### number of payments (n)

The number of scheduled monthly loan payments. For 30 and 15 year mortgages, this is 360 and 180 months respectively. If you have another loan term, simply multiply the number of years by 12.

Putting it all together, the formula for calculating mortgage payments is:

## Things to know before buying a house in Georgia

While this article focuses on mortgage payments, it’s important to keep a few other things in mind before buying a home in Georgia.

### Georgia Property Tax

The average Georgia homeowner pays 0.92% of the home price in annual property taxes. This means that a typical Georgia property tax bill for a \$300,000 home is approximately \$2,760 annually.

### Insurance fee

When it comes to homeowners insurance, Georgia’s average premium rate is slightly above the national average as a percentage of home value. It’s also important to note that this can vary greatly depending on the geographic location of the property. If you are buying a home in a coastal area, you may also need to purchase flood insurance.

### credit and income requirements

Before applying for a mortgage, we recommend checking to see if you are eligible.must meet the minimum credit score criteria At least 620 for traditional loans and 580 for FHA mortgages, regardless of the type of loan you apply for. You should also have enough income to justify the loan and a stable work history.

### Rental limit

Are you planning to buy a second home or investment property in Georgia, or do you want the ability to list it on Airbnb or a similar platform when you’re not at home? If so, local regulations governing short-term rentals Please be sure to check Many homeowners associations have outright banned short-term rentals, and it’s not uncommon for entire cities to significantly restrict rentals, especially in touristy areas.

## Tips for First Time Home Buyers in Georgia

### Georgia Homeownership Assistance Program

Like many other states, Georgia has program Helps first-time homeowners make home ownership accessible. Specifically, the Georgia Dream Homeownership Program partners with lenders to provide eligible buyers with traditional her FHA, USDA, or VA loans. First-time homebuyers, homebuyers who have not owned a home in the last three years, or homebuyers in certain areas of the state may qualify.

### How to get qualification

Buyers must have a household income below the threshold, liquidity no greater than \$20,000 or 20% of the home value (whichever is higher), and meet lender credit requirements. Homes must be under \$275,000 or \$325,000, depending on the county, but given the recent surge in home prices, it’s no surprise that these limits will be raised in the coming years.

As of April 1, 2021, buyer If you qualify for the program, you will receive a \$7,500 down payment assistance. Additionally, police, firefighters, healthcare workers, and educators, as well as purchasers with family members with disabilities, can receive up to \$10,000. Buyers must donate a minimum of \$1,000 toward the purchase of a home. Down payment assistance is structured as an interest-free loan with no payments. Homebuyers don’t have to pay anything back until they sell their home or refinance their mortgage.

## Still have questions?

Here are some other questions answered so far: