Georgia Mortgage Calculator

A common rule of thumb is that your monthly mortgage payment (including taxes and insurance) shouldn't exceed 28% of your gross monthly income. For Cobb County buyers, a household earning $100,000/year could typically afford a monthly PITI of about $2,330. Use this calculator to reverse-engineer a home price that fits your comfortable monthly payment.

While 20% is traditional, most Georgia buyers put down 5–15%. FHA loans allow as little as 3.5% down for qualified buyers, and VA loans (for eligible veterans) can be zero down. Georgia also offers down payment assistance programs through the Georgia Dream Homeownership Program. Lower down payments usually require PMI, which this calculator accounts for automatically.

Georgia property taxes average about 0.83% of home value statewide. Cobb County typically runs 0.7–0.9% depending on the specific tax district and any homestead exemptions you qualify for. As a homeowner you may qualify for Cobb County's basic homestead exemption, which reduces your taxable value. The calculator uses Georgia's state average as a default.

PMI (Private Mortgage Insurance) protects the lender if you default. It's typically required when your down payment is less than 20% of the home price on conventional loans. PMI usually costs 0.3%–1.5% of the loan amount annually — this calculator uses 0.5% as a midpoint estimate. Once you reach 20% equity in your Georgia home, you can typically request PMI removal.

Yes, if the property has an HOA. Many Cobb County neighborhoods — especially in West Cobb, East Cobb, and newer Marietta developments — have HOA fees ranging from $50–$300/month. Luxury communities and gated neighborhoods can run higher. Always ask about HOA fees early in your home search as they significantly impact your true monthly cost.

No — it's an estimation tool for planning purposes. For an actual loan approval, you'll need to work with a licensed mortgage lender who will review your credit, income, debts, and the specific Georgia property. Katrina works with trusted local lenders and is happy to make an introduction. Request her list by submitting your scenario above.

30-year loans offer lower monthly payments but you pay more total interest. 15-year loans have higher monthly payments but you own the home faster and save significantly on interest. On a $320K Georgia loan at 6.75%, a 15-year vs 30-year difference saves over $200K in interest — but increases monthly payments by ~$700. Most Cobb County buyers choose 30-year for flexibility, making extra payments when able.