Quick answer
The median home in New Orleans costs $250K. With 20% down ($50K) at 7% for 30 years, the monthly payment is $1,331/month. Total interest paid over 30 years: $279,018.
Calculator · LA · 2026
Mortgage Calculator for New Orleans, LA (2026)
Pre-filled with New Orleans's median home price of $250K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
New Orleans Mortgage Payment Scenarios
Median home price: $250K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $12,500 | $237,500 | $1,580 | $2,135 | $331,334 |
| 10% | $25,000 | $225,000 | $1,497 | $2,022 | $313,895 |
| 20% | $50,000 | $200,000 | $1,331 | $1,798 | $279,018 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in New Orleans
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $250K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$250K home · 20% down ($200K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in New Orleans?
The median home price in New Orleans is $250K. With 20% down and a 30-year loan at 7%, the monthly payment is $1,331. Adding estimated property taxes and insurance brings total monthly costs to approximately $1,581.
Is it cheaper to rent or buy in New Orleans?
A 2-bedroom rental in New Orleans averages $1,620/month. Buying the median $250K home with 20% down costs approximately $1,581/month (mortgage + taxes + insurance) — $39 less than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in New Orleans?
Using the 28% housing rule, you need at least $57K–68K in annual gross income to comfortably afford the median $250K home in New Orleans with 20% down. You also need $50K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in New Orleans?
LA has a state income tax rate of Up to 4.25%. Property taxes vary by county but on a $250K home, expect $208–$417/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.