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Mortgage Calculator in Tennessee

Calculate your monthly mortgage payment in Tennessee using the 2026 median home price of $330K 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

Tennessee Housing Market at a Glance (2026)

$330K
Median Home Price
6.84%
Avg Mortgage Rate
0.71%
Property Tax Rate
10%
Typical Down Payment

Buying a Home in Tennessee: Costs to Know

Average closing costs1.5% of purchase price
On a $330K home, closing costs ≈$4,950
Median household income$59,000/yr
State income tax (top rate)None

First-Time Buyer Programs in Tennessee

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

  • ✓Great Choice Home Loan
  • ✓Great Choice Plus Down Payment

How Mortgage Payments Work in Tennessee

A standard mortgage payment in Tennessee 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 $330K home in Tennessee with a 10% down payment at 6.84% over 30 years, your principal and interest payment comes to approximately $1,944/month— not including property taxes or homeowner's insurance.

Tennessee's property tax rate of 0.71% adds roughly $195/month to your total housing cost on a $330K home. This rate is below the national average of ~1.1%, which helps keep total housing costs lower.

Tennessee vs. National Average

MetricTennesseeNational Avg
Median Home Price$330,000$420,000
Property Tax Rate0.71%1.07%
Avg Mortgage Rate6.84%6.85%
Cost of Living Index90100

Frequently Asked Questions — Mortgage Calculator in Tennessee

What is the average mortgage payment in Tennessee?+
Based on the median home price of $330K in Tennessee with a 10% down payment and 6.84% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $1,944. Adding property taxes (~$195/mo) and homeowner's insurance, total PITI is typically $2,289–$2,389/month.
What is the property tax rate in Tennessee?+
Tennessee has an average effective property tax rate of 0.71%. On the median home price of $330K, that equals roughly $2,343 per year — or $195 added to your monthly mortgage payment. This is below the national average of ~1.1%, which helps lower total housing costs in Tennessee.
How much down payment do I need to buy a home in Tennessee?+
The typical down payment in Tennessee is 10% — about $33,000 on the median $330K 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 Great Choice Home Loan.
What are closing costs in Tennessee?+
Average closing costs in Tennessee are approximately 1.5% of the purchase price — about $4,950 on the median $330K 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 Tennessee?+
To afford the $330K median home in Tennessee under the 28% housing-cost rule, you need a gross monthly income of at least $8,175 — roughly $98K/year. The median household income in Tennessee is $59,000.

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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