Arkansas Mortgage Calculator
Calculate your Arkansas mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Little Rock, Fort Smith, Fayetteville, Springdale, Jonesboro, and all of Arkansas.
Useful for home buyers in Little Rock, Fort Smith, Fayetteville, Springdale, Jonesboro, and all of Arkansas.
Why use an Arkansas Mortgage Calculator?
Arkansas has affordable housing but varying property tax rates. This calculator estimates your payment, PMI, property tax, and closing costs.
Arkansas has affordable housing but varying property tax rates. This calculator estimates your payment, PMI, property tax, and closing costs.
Result
Enter your details to see the estimated payment here.
Related Calculators
Arkansas Property Tax: The average effective property tax rate is about 0.61%. Closing costs in AR are typically 2-5% of the purchase price.
Average Home Prices in Major Arkansas Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Little Rock | $220,000 | $180,000 | $160,000 | $140,000 |
| Fort Smith | $175,000 | $150,000 | $135,000 | $120,000 |
| Fayetteville | $320,000 | $270,000 | $240,000 | $200,000 |
| Springdale | $280,000 | $240,000 | $210,000 | $190,000 |
| Jonesboro | $210,000 | $180,000 | $160,000 | $140,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Arkansas
- Property Tax: Arkansas's average effective property tax rate is about 0.61%. Property taxes are paid annually and may be included in your monthly payment.
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: Arkansas's closing costs include title insurance, recording fees, and other expenses.
Example: On a $180,000 home with 10% down in Little Rock, you pay PMI and property tax. Closing costs are typically 2-5% of the purchase price.
Frequently Asked Questions
Yes, Arkansas has a property tax. The average effective rate is about 0.61% of the assessed value, which is one of the lowest in the country. Property taxes are paid annually.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20%. It protects the lender and is added to your monthly payment until you reach 20% equity.
Closing costs in Arkansas are typically 2-5% of the purchase price and include title insurance, recording fees, and other expenses. Arkansas has relatively affordable closing costs compared to many other states.