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Mississippi mortgage calculator

The median home in Mississippi runs about $180,000. With 20% down that's a loan near $144,000 — the calculator is pre-filled with that figure. Mississippi has the lowest median home price in the country and a below-average property tax rate, but Gulf Coast wind exposure lifts insurance costs and homes take longer than average to sell.

$934.94 / month

Total interest
$192,577
Total paid
$336,577
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$36k$72k$108k$144k0612182430Year

How it works

A full Mississippi payment is more than principal and interest. At the state's 0.75% effective property tax rate, a $180,000 home owes about $1,350 a year in tax, and homeowners insurance averages roughly $2,800 a year here. Together those add about $346 to the monthly payment before any HOA dues or PMI.

Mississippi's median household income is about $53,000, or $4,417 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,237 — which is why a median-priced home is comfortable in some metros and a stretch in others. Homes in Mississippi sell in about 60 days on average.

Frequently asked questions

What is a typical mortgage payment in Mississippi?
On the state's roughly $180,000 median home with 20% down, the loan is about $144,000. Principal and interest depend on your rate; on top of that, Mississippi's 0.75% effective property tax rate and about $2,800 a year in homeowners insurance add roughly $346 per month to the payment.
How much are property taxes on a home in Mississippi?
Mississippi's effective property tax rate averages about 0.75% of market value — roughly $1,350 a year on the $180,000 median home. Your county sets the actual rate and may assess below market value.
Is homeowners insurance expensive in Mississippi?
The average Mississippi homeowners policy runs about $2,800 a year. Mississippi has the lowest median home price in the country and a below-average property tax rate, but Gulf Coast wind exposure lifts insurance costs and homes take longer than average to sell.
Can I afford a home in Mississippi on the median income?
Mississippi's median household income is about $53,000 a year, or $4,417 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,237 — so a median-priced home is a stretch in the pricier metros.
How fast do homes sell in Mississippi?
A for-sale home in Mississippi spends about 60 days on the market on average, though this varies widely by metro and season.

Learn more: Understanding your mortgage payment

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