Georgia Mortgage Calculator
Calculate your Georgia monthly mortgage payment including county ad valorem property taxes, homeowners insurance, and your full 30-year amortization schedule.
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How Georgia mortgage payments work
The Peach State has emerged as one of the fastest-growing residential markets in the nation, driven by economic expansion across the Atlanta metropolitan area, Savannah, and Augusta. Georgia boasts relatively moderate ad valorem property taxation, with a statewide effective rate averaging roughly 0.92%. However, local millage rates and assessment dynamics vary widely between urban and rural counties.
When financing a home in Georgia, your mortgage servicer establishes an escrow account that collects one-twelfth of your annual property taxes and hazard insurance each month. On a $350,000 loan with an average 0.92% property tax rate ($3,220 per year) and $2,040 in annual insurance ($170 per month), escrow fees total $438.33 monthly. Adding these to your $2,212.24 principal and interest payment results in a total monthly PITI obligation of $2,650.57.
Georgia homeowners can achieve meaningful property tax savings by filing for the Georgia Homestead Exemption. The standard statewide exemption deducts $2,000 from the 40% assessed value of your primary residence for county and school taxes. Furthermore, rapidly appreciating counties such as Fulton, DeKalb, Cobb, and Gwinnett offer local floating homestead exemptions that cap annual assessment spikes.
Buyers should also anticipate the Georgia Intangible Recording Tax at closing. Georgia levies an intangible tax of $1.50 per $500 (or 0.30%) on the total amount of any long-term mortgage loan secured by real property, due within 90 days of closing.
The Georgia mortgage calculation formula
Your monthly Georgia housing payment combines level loan amortization with monthly escrow reserves for county, municipal, and school taxes:
| Symbol | Meaning |
|---|---|
P |
Loan principal balance ($350,000 in baseline example) |
i |
Monthly interest rate (quoted annual rate divided by 12) |
n |
Total scheduled monthly payments (360 months for a 30-year term) |
Tax |
Annual Georgia property tax ($3,220 in baseline example) |
In Georgia, property is assessed for ad valorem taxation at exactly 40% of fair market value.
Worked Georgia mortgage payment example
A $350,000 30-year fixed-rate mortgage in Georgia at 6.50% interest with $3,220 in annual property taxes (0.92%) and $2,040 in annual insurance ($170/mo) produces the following breakdown:
| Payment Component | Monthly Amount |
|---|---|
| Total monthly payment (PITI) | $2,650.57 |
| Principal & interest portion | $2,212.24 |
| Property tax (monthly escrow) | $268.33 |
| Homeowners insurance (monthly escrow) | $170.00 |
| Total interest over 30 years | $446,405.71 |
| Total payments made over 30 years | $796,405.71 |
In Georgia, moderate property taxes keep monthly escrow fees under $450 in this baseline scenario. Applying for local county floating homestead exemptions shields you against rapid assessment spikes.
Estimates only. Your lender's figures may differ because of fees, escrow and rounding.
Tips for Georgia homebuyers
Apply for your Georgia Homestead Exemption by April 1
File your homestead exemption application with your county board of tax assessors by April 1. In addition to the state $2,000 deduction, many metro Atlanta counties provide local floating exemptions that limit annual taxable value growth to 2% to 3%.
Account for the Georgia Intangible Recording Tax at closing
Georgia levies an intangible recording tax of $3 per $1,000 of loan amount on mortgages exceeding three years. On a $350,000 loan, this adds $1,050 to your closing costs.
Explore the Georgia Dream Homeownership Program
The Georgia Department of Community Affairs offers Georgia Dream mortgages providing up to $10,000 to $12,500 in zero-interest forgivable down payment assistance for qualifying buyers and educators/first responders.
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Frequently asked questions
What is the property tax assessment ratio in Georgia?
In Georgia, real property is assessed at 40% of its fair market value. For example, a home with a fair market value of $350,000 has an assessed value of $140,000 before homestead exemptions are applied.
What is the Georgia Homestead Exemption?
The Georgia Homestead Exemption deducts $2,000 from the 40% assessed value of your primary residence for county and school taxes. Many metro counties offer additional local exemptions that provide even larger tax reductions.
What is the Georgia Intangible Recording Tax?
Georgia collects an intangible recording tax of $1.50 per $500 of the face amount of any long-term mortgage note (0.30% of the loan amount). This state tax is paid at closing when the security deed is recorded.
Are property taxes in Georgia escrowed with my mortgage payment?
Yes. Unless you put down 20% or more and request an escrow waiver from your lender, mortgage servicers collect one-twelfth of your annual county and municipal property taxes in monthly escrow impoundments.