Typical Mississippi mortgage payment
The median home price in Mississippi is roughly $190,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $1,503 | $1,020 |
| 5.50% | $1,552 | $1,079 |
| 6.00% | $1,603 | $1,139 |
| 6.50% | $1,655 | $1,201 |
| 7.00% | $1,708 | $1,264 |
| 7.50% | $1,761 | $1,329 |
| 8.00% | $1,816 | $1,394 |
| 8.50% | $1,871 | $1,461 |
| 9.00% | $1,927 | $1,529 |
| 9.50% | $1,984 | $1,598 |
| 10.00% | $2,042 | $1,667 |
What a Mississippi mortgage really costs (PITI)
Principal & interest alone would run about $1,201/month at 6.50% over 30 years. But Mississippi's property tax - roughly 0.81% of home value per year here - adds about $128/month, and estimated homeowners insurance adds around $55/month. Your real total monthly payment (PITI) on a $190,000 Mississippi home is closer to $1,385/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $59,340/year. A 20% down payment here is $38,000.
Mississippi vs. its neighbors
Mississippi has the lowest estimated total monthly payment of its bordering states.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Mississippi (this page) | $190,000 | 0.81% | $1,385/mo |
| Arkansas | $210,000 | 0.64% | $1,501/mo |
| Alabama | $220,000 | 0.41% | $1,530/mo |
| Louisiana | $230,000 | 0.55% | $1,626/mo |
| Tennessee | $320,000 | 0.71% | $2,305/mo |
What affects your Mississippi payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.