Mortgage for Arkansas (2026)
Arkansas (AR) Key Facts
Median Home Price
$210,000
Average Property Tax Rate
0.62%
Average Home Insurance Rate
0.9%
Estimated Monthly Payment
$1,492
First Time Buyer Programs
2
How This Calculator Works in Arkansas
This mortgage calculator lets you estimate your monthly payment on a Arkansas home by factoring in the purchase price, down payment, interest rate, property taxes, and insurance. It is pre-loaded with Arkansas's average property tax rate and insurance costs so you can get a realistic estimate quickly. Adjust the inputs to match your specific situation and see how different scenarios affect your monthly budget.
Arkansas Overview
Arkansas has a median home price of approximately $190K, with an average property tax rate of 0.62% and homeowners insurance averaging 0.9% annually. Very affordable market. ADFA Move-Up and other state programs can help first-time buyers with down payment assistance and competitive mortgage rates.
How Arkansas Compares
Compared to neighboring states, Arkansas's median home price of $210,000 is below the national median of about $420,000. Nearby Mississippi has a median price of $180,000 with a 0.81% property tax rate. Property tax rates vary significantly among neighboring states, which can substantially impact long-term homeownership costs.
| State | Top Rate | Notes |
|---|---|---|
| Mississippi | $180,000 | Median home price is $180,000 with a 0.81% property tax rate. Estimated monthly mortgage payment is about $1,322. |
| Tennessee | $310,000 | Median home price is $310,000 with a 0.71% property tax rate. Estimated monthly mortgage payment is about $2,174. |
| Missouri | $240,000 | Median home price is $240,000 with a 0.97% property tax rate. Estimated monthly mortgage payment is about $1,745. |
The median home price in Arkansas is $210,000, compared to the national median of approximately $420,000. With a 0.62% average property tax rate and 0.9% insurance rate, Arkansas homeowners can expect an estimated monthly payment of about $1,492 on a median-priced home with 10% down at 6.75% interest.
Tips for Arkansas Residents
- 1Arkansas has a median home price around $190K. Very affordable market. Research local market conditions as prices vary significantly by city and neighborhood.
- 2Property taxes in Arkansas average 0.62%. Always verify your specific county's tax rate, as it directly impacts your monthly payment.
- 3Explore ADFA Move-Up & Down Payment Assistance for potential down payment assistance and favorable rates. Arkansas also offers Arkansas Dream Down Payment Initiative (ADDI). Check income limits and eligibility early in your home search.
- 4Affordable prices; budget for tornado insurance in certain areas. Budget 2-5% of the purchase price for closing costs including lender fees, title insurance, and prepaid expenses.
- 5Low cost of living. A 0.25% rate difference on a $210K home can save thousands over the life of your loan, so shop at least 3-4 lenders before committing.
Frequently Asked Questions
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