Mississippi Mortgage Calculator

Calculate your monthly mortgage payment in Mississippi. Pre-filled with Mississippi's average property tax rate of 0.65%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$190
Homeowner's Insurance
$100
Total Monthly Payment
$2,059

Loan Summary

Home Price
$350,000
Down Payment
$70,000
Loan Amount
$280,000
Total Interest
$357,125
Total Cost(P&I + down payment)
$707,124

See how this mortgage fits your financial plan

Your estimated payment is $2,059/month. See how it fits alongside your income, savings, investments, and other expenses over time.

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Mississippi Housing Overview

Mississippi has an average property tax rate of 0.65%. Mississippi has the lowest cost of living in the US, approximately 16% below the national average.

Property Tax: 0.65%Flat 4.7% rateLowest cost of living in the nationNo tax on Social Security or retirement income

Buying a Home in Mississippi

If you're considering buying a home in Mississippi, understanding the local housing market and costs is essential. Property taxes, insurance rates, and home prices vary significantly by area within the state. This calculator pre-fills Mississippi's average property tax rate of 0.65% to give you a more accurate estimate.

Mississippi Property Taxes

Mississippi has an average effective property tax rate of 0.65%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 0.65% rate means approximately $2275 per year, or $190 per month in property taxes alone.

Cost of Living in Mississippi

Mississippi has the lowest cost of living in the US, approximately 16% below the national average. When evaluating whether to buy a home in Mississippi, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for Mississippi Homebuyers

  • Mississippi has the lowest cost of living in the US — your salary goes further here than anywhere
  • Mississippi's 4.7% flat rate is straightforward and moderate
  • Mississippi does not tax Social Security benefits or retirement income
  • Consider remote work opportunities to earn higher salaries while enjoying Mississippi's low costs

Key Mississippi Features

  • Flat 4.7% rate
  • Lowest cost of living in the nation
  • No tax on Social Security or retirement income

See How Your Mississippi Mortgage Fits Your Financial Plan

This calculator shows your Mississippi mortgage payment. Trajectoryy's full simulator shows how that payment fits alongside your income, taxes, savings, investments, and more.

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Compare Mississippi Mortgage Costs with Other States

Tennessee0.66% property taxAlabama0.40% property taxLouisiana0.55% property taxCalifornia0.71% property taxHawaii0.28% property taxNew York1.46% property tax

Frequently Asked Questions

What is the average property tax rate in Mississippi?
The average effective property tax rate in Mississippi is approximately 0.65%. This rate is applied to the assessed value of your property, which may differ from the market value depending on Mississippi's assessment practices. Property tax rates can also vary significantly by county and municipality within the state.
How much does a typical mortgage payment cost in Mississippi?
Your mortgage payment in Mississippi depends on the home price, your down payment, interest rate, and loan term. With Mississippi's average property tax rate of 0.65%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is Mississippi an affordable state to buy a home?
Mississippi has the lowest cost of living in the US, approximately 16% below the national average. When evaluating affordability in Mississippi, consider not just the home price but also property taxes (0.65% average), homeowner's insurance costs, and any HOA fees common in your area.
How do Mississippi property taxes compare to other states?
Mississippi's average property tax rate of 0.65% can be compared against the national average of roughly 1.1%. States like New Jersey (2.23%) and Illinois (1.97%) have among the highest rates, while Hawaii (0.28%) and Alabama (0.40%) have among the lowest.
What first-time homebuyer programs are available in Mississippi?
Most states, including Mississippi, offer first-time homebuyer programs through their state housing finance agency. These typically include down payment assistance, below-market interest rates, and closing cost grants. Check with Mississippi's housing authority and the FHA, VA, and USDA loan programs for additional options.

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