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Arkansas mortgage costs
What a typical Arkansas (AR) purchase actually costs each month once property tax, insurance and PMI are included — and how to model your own numbers.
| Median home price | $215,000 |
|---|---|
| 10% down payment | $21,500 |
| Loan amount | $193,500 |
| Principal & interest (30yr @ 6.75%) | $1,255/mo |
| Property tax (0.62%) | $111/mo |
| Homeowners insurance | $217/mo |
| PMI (until 20% equity) | $81/mo |
| Estimated total monthly | $1,663/mo |
Illustrative only, at a 6.75% sample rate with 10% down. Your rate, tax assessment and insurance premium will differ.
What makes Arkansas different
Cheap entry prices mean closing costs and insurance make up an unusually large share of the first-year outlay.
Worth noticing: insurance costs more than property tax here ($217 against $111 a month). That is the minority case nationally, and it means the usual advice to shop for a lower assessment matters less than shopping the policy.
Entry prices are among the country's more forgiving: a median $215,000 is the 5th lowest in the country, $127,500 below the national median, so a 20% deposit is roughly $43,000.
A median home costs $215,000 and a comparable one rents for $1,200, a price-to-rent ratio of 14.9 — the 9th lowest in the country. At that level buying overtakes renting quickly, and the question is mostly whether you will stay long enough to clear the closing costs.
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