Arkansas Mortgage Calculator

Calculate your monthly mortgage payment in Arkansas. Pre-filled with Arkansas's average property tax rate of 0.61%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$178
Homeowner's Insurance
$100
Total Monthly Payment
$2,048

Loan Summary

Home Price
$350,000
Down Payment
$70,000
Loan Amount
$280,000
Total Interest
$357,125
Total Cost(P&I + down payment)
$707,124

See how this mortgage fits your financial plan

Your estimated payment is $2,048/month. See how it fits alongside your income, savings, investments, and other expenses over time.

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Arkansas Housing Overview

Arkansas has an average property tax rate of 0.61%. Arkansas has one of the lowest costs of living in the US, approximately 14% below the national average.

Property Tax: 0.61%Progressive rates up to 4.4%State has been reducing rates$6,000 retirement income exemption

Buying a Home in Arkansas

If you're considering buying a home in Arkansas, understanding the local housing market and costs is essential. Property taxes, insurance rates, and home prices vary significantly by area within the state. This calculator pre-fills Arkansas's average property tax rate of 0.61% to give you a more accurate estimate.

Arkansas Property Taxes

Arkansas has an average effective property tax rate of 0.61%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 0.61% rate means approximately $2135 per year, or $178 per month in property taxes alone.

Cost of Living in Arkansas

Arkansas has one of the lowest costs of living in the US, approximately 14% below the national average. When evaluating whether to buy a home in Arkansas, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for Arkansas Homebuyers

  • Arkansas has been cutting income tax rates — your effective rate may be lower than you expect
  • The low cost of living in Arkansas means your take-home pay stretches further than in most states
  • Arkansas taxes retirement income but offers a $6,000 exemption
  • Consider the impact of local income taxes in some Arkansas cities

Key Arkansas Features

  • Progressive rates up to 4.4%
  • State has been reducing rates
  • $6,000 retirement income exemption

See How Your Arkansas Mortgage Fits Your Financial Plan

This calculator shows your Arkansas mortgage payment. Trajectoryy's full simulator shows how that payment fits alongside your income, taxes, savings, investments, and more.

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Compare Arkansas Mortgage Costs with Other States

Missouri0.97% property taxTennessee0.66% property taxMississippi0.65% property taxCalifornia0.71% property taxNew York1.46% property taxMassachusetts1.12% property tax

Frequently Asked Questions

What is the average property tax rate in Arkansas?
The average effective property tax rate in Arkansas is approximately 0.61%. This rate is applied to the assessed value of your property, which may differ from the market value depending on Arkansas's assessment practices. Property tax rates can also vary significantly by county and municipality within the state.
How much does a typical mortgage payment cost in Arkansas?
Your mortgage payment in Arkansas depends on the home price, your down payment, interest rate, and loan term. With Arkansas's average property tax rate of 0.61%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is Arkansas an affordable state to buy a home?
Arkansas has one of the lowest costs of living in the US, approximately 14% below the national average. When evaluating affordability in Arkansas, consider not just the home price but also property taxes (0.61% average), homeowner's insurance costs, and any HOA fees common in your area.
How do Arkansas property taxes compare to other states?
Arkansas's average property tax rate of 0.61% can be compared against the national average of roughly 1.1%. States like New Jersey (2.23%) and Illinois (1.97%) have among the highest rates, while Hawaii (0.28%) and Alabama (0.40%) have among the lowest.
What first-time homebuyer programs are available in Arkansas?
Most states, including Arkansas, offer first-time homebuyer programs through their state housing finance agency. These typically include down payment assistance, below-market interest rates, and closing cost grants. Check with Arkansas's housing authority and the FHA, VA, and USDA loan programs for additional options.

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