Mortgage Calculator MLcalc

Mortgage Calculator /With Taxes and PMI /Tennessee

Tennessee Mortgage Calculator

Set to Tennessee’s own property tax rate of 0.45% and its median home price, so the payment below reflects what owning here actually costs — not a national average.

$
% ($66,600)
years
%
$/year
$/year
$/month
%
$/month
Amortization schedule
$1,920
Monthly payment
$1,698
Principal & interest
$125
Taxes
$97
Insurance
$0
HOA fees

Loan balance over time

Balance Principal paid $266,400 Interest paid $344,833
20262056
Total of 360 payments$691,153
Principal$266,400
Interest$344,833
Taxes$44,970
Insurance$34,950
HOA fees$0
P&I 88.4% Taxes 6.5% Insurance 5.1%
15- vs 30-year term at 6.58%
15-year
$2,332/mo P&I
$153,425 total interest
30-year · current
$1,698/mo P&I
$344,833 total interest
The 15-year term saves $191,408 in interest. Which term is right for you?

What these numbers come from

Median home value
$332,600
Median tax bill
$1,488
Effective tax rate
0.45%
Rank of 51
47th highest

Tennessee taxes property at about 0.45% of value against 0.89% nationally. On a $333,000 home that is $122 a month less than the same house would cost in taxes at the national rate. Rates are set by counties, cities and school districts, so your own bill will differ from the state median — put your actual figure in the property tax field and the payment updates.

Tax and home value figures: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Insurance is estimated at 0.35% of home value per year — there is no comparable public per-state dataset, so treat it as a placeholder and replace it with your own quote. The interest rate is the national Freddie Mac 30-year average of 6.58%; this site does not publish state-level rate quotes.

Monthly cost across Tennessee home prices

20% down, 30-year fixed at 6.58%, with Tennessee property tax of 0.45% and estimated insurance.

Home price Loan P&I Tax/mo Full payment
$200,000 $160,000 $1,020 $75 $1,153
$266,000 $212,800 $1,356 $100 $1,534
$333,000 median $266,400 $1,698 $125 $1,920
$416,000 $332,800 $2,121 $156 $2,398
$499,000 $399,200 $2,544 $187 $2,877

The gap between the P&I column and the last one is what a mortgage quote leaves out. In Tennessee taxes alone add $125 a month on a median-priced home.

Amortization schedule

Date Principal Interest Tax, Ins. & HOA Balance
Aug $237 $1,461 $222 $266,163
Sep $238 $1,459 $222 $265,924
Oct $240 $1,458 $222 $265,685
Nov $241 $1,457 $222 $265,444
Dec $242 $1,456 $222 $265,201
2026 $1,199 $7,291 $1,110 $265,201
Jan $244 $1,454 $222 $264,958
Feb $245 $1,453 $222 $264,713
Mar $246 $1,452 $222 $264,466
Apr $248 $1,450 $222 $264,219
May $249 $1,449 $222 $263,970
Jun $250 $1,447 $222 $263,719

Refinancing in Tennessee

The arithmetic is the same everywhere: refinancing pays off when the monthly saving clears the closing costs before you sell or refinance again. What differs by state is the cost of getting there — recording fees, transfer and mortgage taxes, and whether an existing tax assessment survives the new loan.

Work the break-even with the refinance calculator, or check this week’s national average rates.

Tennessee home loans in detail

Tennessee Mortgage Overview

Tennessee has always been an affordable place to live despite its rising home prices. The average home price is now around $390,000. Almost 7 million people live in Tennessee because of its affordability and beauty.

If you're thinking of moving to Tennessee, here are your top loan options:

Tennessee conventional loans

Do you have great credit? Get a conventional loan. You need just a 660 credit score and a 3 - 5 percent down payment. You'll pay PMI if you put down less than 20 percent on the home, but the rates are so affordable that it's worth it, plus you can cancel PMI once you owe less than 80 percent of the home's value.

Tennessee FHA loans

FHA loans are a conventional loan alternative. You don't need perfect credit - you need just a 580. With a 3.5 percent down payment that you can get as a gift or down payment assistance, you're on your way to owning your first home. FHA loans have great rates but charge mortgage insurance for the loan's term.

Tennessee VA loans

Veterans have the advantage of 100 percent financing. VA lenders get a guarantee from the VA that they'll receive some of the money back that they lose if you default. This allows VA lenders to offer flexible guidelines including no down payment. It's a great way to get your first home.

Tennessee USDA loans

If you don't qualify for the above loans, the USDA loan may be a good option. You must make less than 115 percent of the average income for your area to qualify, but if you do, you don't need a down payment. All you need to qualify is a 640 credit score and a max 41 percent debt-to-income ratio.

First-Time Homebuyer

Programs in Tennessee

Great Choice Home Loans

If you're a moderate-income household, enjoy the low rates and closing costs on the Great Choice Home Loan. This 30-year term has a fixed rate. You need a 640 credit score to qualify and must fall within the income guidelines.

Down payment assistance

If you apply for and qualify for a Great Choice Home Loan, you can get down payment assistance too. The Great Plus Second Loan is between $6,000 - $7,500 and is repaid over a 15-year term.

These loans help you get your first home at rates and costs lower than traditional loans. You still get the loan from a local lender and may shop around to get the lowest rates and best terms for your loan.

Tennessee mortgage FAQ

How much is property tax on a home in Tennessee?
Tennessee homeowners pay an effective property tax rate of about 0.45 percent of home value — the 47th highest of the 50 states and DC. On the state's median home value of $332,600 that works out to roughly $1,499 a year, or $125 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.
What is the monthly payment on a median-priced Tennessee home?
At $333,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $1,698 a month. Adding Tennessee property tax of roughly $125 a month and an estimated $97 of homeowner insurance brings the full payment to around $1,920.
What are the main mortgage choices in Tennessee?
Tennessee buyers can go conventional with a 660 credit score and 3 to 5 percent down (PMI cancels once you owe under 80 percent of the home's value), FHA with a 580 score and 3.5 percent down that can come from gifts or assistance, VA with 100 percent financing for veterans, or USDA with no down payment, a 640 score, and income under 115 percent of the area average.
What does Tennessee offer first-time homebuyers?
The Great Choice Home Loan gives moderate-income households a 30-year fixed-rate mortgage with low rates and closing costs; you need a 640 credit score and must fall within the income guidelines. Great Choice borrowers can also add the Great Plus Second Loan, down payment assistance repaid over a 15-year term, and still shop local lenders for the best terms.
Is a zero-down mortgage possible in Tennessee?
Yes. VA loans offer eligible veterans 100 percent financing with no down payment, and USDA loans require nothing down if you earn less than 115 percent of your area's average income, have a 640 credit score, and keep your debt-to-income ratio at 41 percent or below. FHA buyers still need 3.5 percent down, but it can be gifted or covered by assistance.

Property tax in every state

Effective rate on owner-occupied value, highest bills first in each column.