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Mortgage Calculator in Mississippi

Calculate your monthly mortgage payment in Mississippi using the 2026 median home price of $175K and current local rates. Adjust the inputs below to match your situation.

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See how paying extra each month reduces interest and loan term

Mississippi Housing Market at a Glance (2026)

$175K
Median Home Price
6.93%
Avg Mortgage Rate
0.65%
Property Tax Rate
10%
Typical Down Payment

Buying a Home in Mississippi: Costs to Know

Average closing costs1.5% of purchase price
On a $175K home, closing costs ≈$2,625
Median household income$49,000/yr
State income tax (top rate)5%

First-Time Buyer Programs in Mississippi

Mississippi offers state-sponsored programs that can reduce your down payment or closing costs:

  • ✓MHC Smart6
  • ✓MHC Mortgage Revenue Bond

How Mortgage Payments Work in Mississippi

A standard mortgage payment in Mississippi is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]

Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $175K home in Mississippi with a 10% down payment at 6.93% over 30 years, your principal and interest payment comes to approximately $1,040/month— not including property taxes or homeowner's insurance.

Mississippi's property tax rate of 0.65% adds roughly $95/month to your total housing cost on a $175K home. This rate is below the national average of ~1.1%, which helps keep total housing costs lower.

Mississippi vs. National Average

MetricMississippiNational Avg
Median Home Price$175,000$420,000
Property Tax Rate0.65%1.07%
Avg Mortgage Rate6.93%6.85%
Cost of Living Index84100

Frequently Asked Questions — Mortgage Calculator in Mississippi

What is the average mortgage payment in Mississippi?+
Based on the median home price of $175K in Mississippi with a 10% down payment and 6.93% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $1,040. Adding property taxes (~$95/mo) and homeowner's insurance, total PITI is typically $1,285–$1,385/month.
What is the property tax rate in Mississippi?+
Mississippi has an average effective property tax rate of 0.65%. On the median home price of $175K, that equals roughly $1,138 per year — or $95 added to your monthly mortgage payment. This is below the national average of ~1.1%, which helps lower total housing costs in Mississippi.
How much down payment do I need to buy a home in Mississippi?+
The typical down payment in Mississippi is 10% — about $17,500 on the median $175K home. Conventional loans require as little as 3% down; FHA loans allow 3.5%. First-time buyers may also qualify for assistance through programs like MHC Smart6.
What are closing costs in Mississippi?+
Average closing costs in Mississippi are approximately 1.5% of the purchase price — about $2,625 on the median $175K home. Closing costs include lender origination fees, title insurance, escrow, prepaid interest, and government recording fees.
What income do I need to afford the median home in Mississippi?+
To afford the $175K median home in Mississippi under the 28% housing-cost rule, you need a gross monthly income of at least $4,589 — roughly $55K/year. The median household income in Mississippi is $49,000.

Data Sources & Methodology

State data sourced from the National Association of Realtors (median home prices), Tax Foundation (property tax rates, income tax), Freddie Mac PMMS (mortgage rates), ATTOM Data Solutions (closing costs), and U.S. Census Bureau ACS (household income). Last updated 2026.

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