Watcharu Finance

Memphis, TN mortgage & affordability calculator

The typical home in Memphis, TN is worth about $240,000. With 20% down that's a loan near $192,000 — the calculator is pre-filled with that figure. Memphis is among the lowest-priced large metros and a well-known market for rental investors. Shelby County's property tax rate is higher than the rest of Tennessee, which narrows the affordability gap the low prices open up.

$1,246.58 / month

Total interest
$256,775
Total paid
$448,775
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$48k$96k$144k$192k0612182430Year

How much you need to earn

Memphis, TN's median household income is about $56,000 a year. Under standard 28/36 lending rules that supports a home price around $178,404 with 20% down — below the $240,000 typical price, so many buyers need a larger down payment, a co-borrower, or a longer commute.

$178,419 max home price

Max loan amount
$130,419
Housing payment budget
$1,307
P&I budget
$847
Bound by
front-end ratio

Uses the 28% front-end / 36% back-end DTI guidelines. Lenders vary.

Typical asking rent in Memphis, TN is about $1,300 a month, so owning the median home costs roughly $407 more per month before tax effects, maintenance, and any change in home value.

Frequently asked questions

What is a typical mortgage payment in Memphis, TN?
On the metro's roughly $240,000 typical home with 20% down, the loan is about $192,000. Principal and interest run near $1,247 a month at today's rate, and Memphis, TN's property tax plus insurance add about $460, for a full payment near $1,707.
Can I afford a home in Memphis, TN on the median income?
The median household income is about $56,000 a year. Under standard 28/36 lending rules that supports a home price around $178,404 with 20% down — below the $240,000 typical price, so buyers often need a larger down payment or a co-borrower.
Is it cheaper to rent or buy in Memphis, TN?
Typical asking rent is about $1,300 a month. The full owner payment on a median home is near $1,707, so owning costs roughly $407 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Memphis, TN?
The effective property tax rate in the core county is about 1.30% of market value — roughly $3,120 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Memphis, TN rising or falling?
Home values are up about 2% over the past year. Memphis is among the lowest-priced large metros and a well-known market for rental investors. Shelby County's property tax rate is higher than the rest of Tennessee, which narrows the affordability gap the low prices open up.

Nearby metros

← All Tennessee mortgage figures

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