Mortgage Calculator in Mississippi

Calculate your monthly mortgage payment in Mississippi using the 2026 median home price of $253K and current local rates. Adjust the inputs below. Formula shown, sources cited — no account required.

Mississippi stands out as one of the most affordable housing markets in the entire country, with a median home price of $253,000 and one of the lowest property tax rates in this dataset at just 0.65%. On a median-priced home, that property tax burden amounts to only $1,645 per year — a meaningful advantage for buyers focused on long-term carrying costs. Closing costs average 1.5% here, keeping the upfront bill around $3,795 on a median purchase. First-time buyers can access the MHC Smart6 program and the MHC Mortgage Revenue Bond, both administered by the Mississippi Home Corporation, offering below-market rates and some down payment support. A 10% down payment means saving $25,300, which is within reach for households at median income with a disciplined savings plan. Mississippi's housing market leans toward buyers in most markets outside the Jackson metro and Gulf Coast resort areas, giving purchasers more negotiating power and time to compare options. The combination of low prices, low taxes, and available assistance programs makes the first-time buying equation here more forgiving than in most states. Use the mortgage calculator to see how Mississippi's low property tax affects your total monthly payment.

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Mississippi's average mortgage rate of 6.65% and median home price of $253K produce a monthly P&I of approximately $1,462 before taxes and insurance.

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Mississippi Housing Market at a Glance (2026)

$253K

Median Home Price

6.65%

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 $253K home, closing costs â‰ˆ$3,795

Median household income$59,127/yr

State income tax (top rate)4%

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 $253K home in Mississippi with a 10% down payment at 6.65% over 30 years, your principal and interest payment comes to approximately $1,462/month— not including property taxes or homeowner's insurance.

Mississippi's property tax rate of 0.65% adds roughly $137/month to your total housing cost on a $253K home. This rate is below the national average of ~1.1%, which helps keep total housing costs lower.

Mississippi vs. National Average

Metric	Mississippi	National Avg
Median Home Price	$253,000	$420,000
Property Tax Rate	0.65%	1.07%
Avg Mortgage Rate	6.65%	6.85%
Cost of Living Index	86	100

Questions You Might Ask — Mortgage Calculator in Mississippi

What is the average mortgage payment in Mississippi?

Based on the median home price of $253K in Mississippi with a 10% down payment and 6.65% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $1,462. Adding property taxes (~$137/mo) and homeowner's insurance, total PITI is typically $1,749–$1,849/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 $253K, that equals roughly $1,645 per year — or $137 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 $25,300 on the median $253K 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 $3,795 on the median $253K 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 $253K median home in Mississippi under the 28% housing-cost rule, you need a gross monthly income of at least $6,246 — roughly $75K/year. The median household income in Mississippi is $59,127.

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.