Typical Tennessee mortgage payment
The median home price in Tennessee is roughly $320,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $2,531 | $1,718 |
| 5.50% | $2,615 | $1,817 |
| 6.00% | $2,700 | $1,919 |
| 6.50% | $2,788 | $2,023 |
| 7.00% | $2,876 | $2,129 |
| 7.50% | $2,966 | $2,237 |
| 8.00% | $3,058 | $2,348 |
| 8.50% | $3,151 | $2,461 |
| 9.00% | $3,246 | $2,575 |
| 9.50% | $3,342 | $2,691 |
| 10.00% | $3,439 | $2,808 |
What a Tennessee mortgage really costs (PITI)
Principal & interest alone would run about $2,023/month at 6.50% over 30 years. But Tennessee's property tax - roughly 0.71% of home value per year here - adds about $189/month, and estimated homeowners insurance adds around $93/month. Your real total monthly payment (PITI) on a $320,000 Tennessee home is closer to $2,305/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $98,798/year. A 20% down payment here is $64,000.
Tennessee vs. its neighbors
Of Tennessee and its neighbors, Mississippi has the lowest estimated total monthly payment - about $921 less per month than Tennessee.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Mississippi | $190,000 | 0.81% | $1,385/mo |
| Arkansas | $210,000 | 0.64% | $1,501/mo |
| Kentucky | $215,000 | 0.86% | $1,576/mo |
| Alabama | $220,000 | 0.41% | $1,530/mo |
| Missouri | $250,000 | 0.98% | $1,857/mo |
| Tennessee (this page) | $320,000 | 0.71% | $2,305/mo |
| North Carolina | $330,000 | 0.84% | $2,413/mo |
| Georgia | $330,000 | 0.92% | $2,435/mo |
| Virginia | $400,000 | 0.82% | $2,918/mo |
What affects your Tennessee 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.