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Tennessee mortgage calculator

The median home in Tennessee runs about $320,000. With 20% down that's a loan near $256,000 — the calculator is pre-filled with that figure. Tennessee has no state income tax and a below-average property tax rate, though its combined state-and-local sales tax is among the highest in the country. Nashville has led the state's price growth.

$1,662.11 / month

Total interest
$342,363
Total paid
$598,363
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$64k$128k$192k$256k0612182430Year

How it works

A full Tennessee payment is more than principal and interest. At the state's 0.66% effective property tax rate, a $320,000 home owes about $2,112 a year in tax, and homeowners insurance averages roughly $2,100 a year here. Together those add about $351 to the monthly payment before any HOA dues or PMI.

Tennessee's median household income is about $68,000, or $5,667 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,587 — which is why a median-priced home is comfortable in some metros and a stretch in others. Homes in Tennessee sell in about 45 days on average.

Frequently asked questions

What is a typical mortgage payment in Tennessee?
On the state's roughly $320,000 median home with 20% down, the loan is about $256,000. Principal and interest depend on your rate; on top of that, Tennessee's 0.66% effective property tax rate and about $2,100 a year in homeowners insurance add roughly $351 per month to the payment.
How much are property taxes on a home in Tennessee?
Tennessee's effective property tax rate averages about 0.66% of market value — roughly $2,112 a year on the $320,000 median home. Your county sets the actual rate and may assess below market value.
Is homeowners insurance expensive in Tennessee?
The average Tennessee homeowners policy runs about $2,100 a year. Tennessee has no state income tax and a below-average property tax rate, though its combined state-and-local sales tax is among the highest in the country. Nashville has led the state's price growth.
Can I afford a home in Tennessee on the median income?
Tennessee's median household income is about $68,000 a year, or $5,667 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,587 — so a median-priced home is a stretch in the pricier metros.
How fast do homes sell in Tennessee?
A for-sale home in Tennessee spends about 45 days on the market on average, though this varies widely by metro and season.

Learn more: Understanding your mortgage payment

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