Georgia Mortgage Calculator

Georgia's housing market is anchored by Atlanta, one of the fastest-growing metro areas in the country. Outside Atlanta, markets like Savannah, Augusta, and Athens offer considerably more affordable options with strong quality of life.

Major markets include Atlanta, Savannah, Augusta, Athens. Monthly P&I estimates at 7%, 30-year fixed with 20% down:

Assumes 20% down, 30-year fixed at 7%, P&I only. Add taxes and insurance for full payment.

Georgia's average effective property tax rate is 0.92%, slightly below the national average of 1.1%. However, Georgia's homestead exemption program can meaningfully reduce the effective rate for primary-residence owners — see below.

On a $330,000 home at 0.92%, that's roughly $253/month in property taxes, collected in escrow by your lender. At the national average of 1.1%, the same home would cost $303/month — a meaningful difference over the life of the loan.

The calculator above uses 0.92% as a starting point. Update it with your specific county rate for a more accurate estimate. Your lender will verify the exact rate during underwriting.

The calculator breaks your total monthly payment into four components:

• Principal & Interest — the base loan payment, calculated using the standard amortization formula.
• Property Tax — at Georgia's 0.92% average, collected monthly in escrow by your lender.
• Home Insurance — estimated at $1,500/year ($125/month) for Georgia. Your actual cost depends on location, coverage, and your insurer.
• PMI — required if your down payment is under 20%. Typically 0.5–1.5% of the loan per year, cancellable once you reach 20% equity.

Scroll below the payment summary to see the full amortization schedule — every monthly payment shown with principal, interest, and remaining balance.

Georgia offers first-time homebuyer support through the Georgia Dream Homeownership Program. This program typically provides:

• Competitive fixed-rate mortgage financing
• Down payment assistance for eligible buyers
• Available for FHA, VA, USDA, and conventional loans (varies by program)
• Income and purchase price limits apply

For current eligibility requirements, income limits, and participating lenders, visit www.dca.ga.gov/safe-affordable-housing/homeownership.

Use the calculator above to estimate your full monthly payment before applying. Knowing your number makes it easier to compare programs and evaluate affordability.

Georgia law requires counties to grant a basic homestead exemption to any homeowner who occupies their property as their primary residence as of January 1. The standard state exemption reduces the assessed taxable value of your home by $2,000 for the state portion of the tax bill — a modest but automatic benefit.

The larger savings come from county-level exemptions, which vary significantly by location:

• Fulton County: $30,000 homestead exemption on county taxes (plus additional exemptions for seniors)
• DeKalb County: $15,000 base exemption; up to $62,500 for seniors 62+
• Cobb County: $10,000 base exemption; additional options for seniors and disabled veterans
• Chatham County (Savannah): $10,000 base exemption on county portion
• Clarke County (Athens): standard exemption; full tax schedule available through county tax commissioner

To receive the exemption, you must apply through your county tax assessor's office by April 1 of the tax year — it is not applied automatically. Once approved, it renews each year as long as you maintain primary residency. New homeowners who miss the April 1 deadline must wait until the following year.