How much home can you afford in New Orleans?
Affordability based on income, debt, Orleans Parish property tax, and Louisiana insurance, not just a lender DTI.
Most affordability calculators ignore property tax and insurance, then return a number a lender would never actually approve. New Orleans is a clean example: Orleans Parish's tax rate is 0.55% and Louisiana insurance averages 1.30% of home value, which together can add hundreds of dollars per month to what a rate-times-loan payment alone would suggest.
Worked examples
Real numbers for common scenarios. These are estimates - your final closing disclosure will reflect the exact fees your specific loan and property require.
$90,000 annual income, New Orleans, LA, 6.5% rate, 20% down
- Gross annual income
- $90,000
- Front-end DTI cap
- 28% (conservative)
- Down payment
- 20%
- Property tax
- 0.55% (Orleans Parish)
- Interest rate
- 6.5%
- Max monthly housing budget
- $2,100
- Affordable loan amount
- $254,614
- Affordable home price
- $318,268
Lenders allow up to 36 to 43% back-end DTI including all debt. The 28% front-end is a conservative starting point. Actual approvals vary by credit and reserves.
$150,000 annual income, New Orleans, LA, 6.5% rate, 20% down
- Gross annual income
- $150,000
- Front-end DTI cap
- 28% (conservative)
- Down payment
- 20%
- Property tax
- 0.55% (Orleans Parish)
- Interest rate
- 6.5%
- Max monthly housing budget
- $3,500
- Affordable loan amount
- $424,357
- Affordable home price
- $530,447
Lenders allow up to 36 to 43% back-end DTI including all debt. The 28% front-end is a conservative starting point. Actual approvals vary by credit and reserves.
Run your own numbers
The calculator gives you the same itemized breakdown for any price, down payment, loan type, and location.
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