Understanding your mortgage payment is crucial when buying a home in Arkansas. With median home prices around $184,000 and property taxes averaging 0.63%, our mortgage calculator helps you estimate your monthly costs accurately. Whether you're considering USDA financing for a rural property or looking at conventional loans in urban areas like Little Rock, our tool provides valuable insights into your potential mortgage payments.
Calculate Your Arkansas Mortgage Payment
Enter the home price, down payment, and interest rate to see your estimated monthly payment including principal, interest, taxes, and insurance.
Calculator Tips for Arkansas Homebuyers
Get the most out of your mortgage calculation with these expert tips.
Compare Loan Terms
Try 15-year vs 30-year terms to find the right balance of payment size and total interest paid over the life of your loan.
Down Payment Impact
Increasing your down payment by even 5% can significantly reduce your monthly payment and help you avoid paying PMI altogether.
Include All Costs
Remember to budget for property taxes, homeowners insurance, and potential HOA fees when estimating your true monthly housing cost.
Get Exact Numbers
Contact NMHL for current rates specific to your credit profile and loan amount. Our calculators estimate — we can provide exact figures.
Turn Numbers Into Your New Home
This calculator gives you a solid starting point. When you are ready for exact numbers based on your credit profile and down payment, our loan officers provide personalized quotes — no obligation, no surprises.
Your Path to a Arkansas Mortgage
From calculator to closing — here is how it works.
Choose Your Program
Explore FHA, VA, conventional, and other loan types to find the best fit for your situation.
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Calculate Your Payment
Use our calculator with your actual rate to see exactly what your monthly payment will be.
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Understanding Arkansas Mortgage Calculations
When calculating your mortgage payment in Arkansas, several factors come into play. The state's median home price of $184,000 makes it an attractive option for homebuyers. However, you must consider additional costs such as property taxes and homeowners insurance.
Arkansas property taxes average 0.63% of the home's assessed value, which is relatively low compared to national averages. For example, on a $200,000 home, you could expect to pay around $1,260 annually in property taxes, or about $105 per month.
- Property taxes: 0.63% average rate
- Homeowners insurance: $844 average annual cost
- Median home price: $184,000
Note that property tax rates can vary by county in Arkansas.
USDA Loans in Arkansas
Arkansas is one of the most USDA-eligible states in the country. Over 75% of the state's land area qualifies for USDA rural development loans, making it an ideal location for zero-down financing. Popular USDA areas include:
- Mountain Home
- Clarksville
- Harrison
- Rural areas around Little Rock and Fayetteville
USDA loans offer competitive interest rates and no down payment requirements, making homeownership more accessible to moderate-income buyers.
Check your eligibility for USDA loans using our pre-approval tool.
Down Payment Assistance in Arkansas
The Arkansas Development Finance Authority (ADFA) offers several down payment assistance programs for homebuyers. The ADFA Move-Up program provides assistance up to $15,000 as a second mortgage with favorable terms. This can significantly reduce your out-of-pocket costs when purchasing a home.
To qualify, you'll typically need to:
- Be a first-time homebuyer or not have owned a home in the past three years
- Complete a homebuyer education course
- Meet income limits (varying by county and family size)
Combining ADFA assistance with USDA or FHA loans can make homeownership even more affordable.
Check the current income limits and program details on the ADFA website.
Mortgage Regulations in Arkansas
Arkansas has specific regulations governing mortgage lending. For instance, the state requires mortgage lenders to provide certain disclosures to borrowers, including information about the loan terms and potential risks.
Additionally, Arkansas law governs foreclosure procedures and provides certain protections for homeowners facing financial hardship. Understanding these regulations can help you navigate the homebuying process more effectively.
Consult with a mortgage professional to understand how these regulations affect your specific situation.
Arkansas Mortgage Calculator FAQs
Arkansas property taxes average 0.63% of assessed value, relatively low compared to other states. This helps keep monthly mortgage payments manageable.
Yes, USDA loans are popular in Arkansas due to the state's rural nature. Over 75% of Arkansas land qualifies for USDA financing, including areas around Mountain Home and Harrison.
Minimum credit scores vary by loan type: FHA requires 580 for 3.5% down, conventional typically needs 620-680, and USDA prefers 640+ for streamlined processing.
The Arkansas Development Finance Authority offers assistance up to $15,000 through programs like Move-Up. This can be used with various loan types, including FHA and conventional loans.
As of recent data, Arkansas's median home price is approximately $184,000, making it one of the more affordable states for homeownership.
Arkansas Mortgage Resources
Ready to Buy a Home in Arkansas?
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