CALCMONEY // MORTGAGE REFINANCE // LA
Louisiana average rate: 6.76%. On the median loan of $173,674, a 1% rate drop saves $113/month and breaks even in 39 months.
Calculate Your Refinance6.76%
$217,092
$1,128
$4,342
| New Rate | New Monthly | Monthly Savings | Break-Even | 30yr Savings |
|---|---|---|---|---|
| 6.26% (save 0.5%) | $1,070 | $57/mo | 6yr 5mo | $16,225 |
| 5.76% (save 1.0%) | $1,015 | $113/mo | 3yr 3mo | $36,332 |
| 5.26% (save 1.5%) | $960 | $167/mo | 2yr 2mo | $55,955 |
The median home price in Louisiana is $217,092. At 80% LTV, the typical loan is $173,674 at the current 6.76% average rate, producing a monthly P+I payment of $1,128. Total interest over 30 years at this rate: $232,262.
Property taxes in Louisiana average 0.55% of assessed value, or $1,194 per year on the median home. This adds $100/month to your all-in housing cost. When evaluating a refinance, factor in property tax and insurance for a complete picture.
Louisiana residents can deduct mortgage interest on state income tax returns for primary residences, subject to state-specific limits. The federal mortgage interest deduction applies on loans up to $750,000.
Oklahoma
$223,612 median home
ARArkansas
$225,822 median home
KYKentucky
$234,510 median home
MSMississippi
$196,333 median home