Tennessee Mortgage Calculator

Calculate your monthly mortgage payment in Tennessee. Pre-filled with Tennessee's average property tax rate of 0.66%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$193
Homeowner's Insurance
$100
Total Monthly Payment
$2,062

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 $2,062/month. See how it fits alongside your income, savings, investments, and other expenses over time.

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Tennessee Housing Overview

Tennessee has an average property tax rate of 0.66%. Tennessee's cost of living is about 7% below the national average, with Nashville growing more expensive.

Property Tax: 0.66%No state income tax (any type)High sales tax (7%)Booming Nashville job market

Buying a Home in Tennessee

If you're considering buying a home in Tennessee, 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 Tennessee's average property tax rate of 0.66% to give you a more accurate estimate.

Tennessee Property Taxes

Tennessee has an average effective property tax rate of 0.66%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 0.66% rate means approximately $2310 per year, or $193 per month in property taxes alone.

Cost of Living in Tennessee

Tennessee's cost of living is about 7% below the national average, with Nashville growing more expensive. When evaluating whether to buy a home in Tennessee, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for Tennessee Homebuyers

  • No state income tax on any income type — Tennessee is one of the most tax-friendly states
  • Nashville's booming healthcare, music, and tech industries offer competitive salaries
  • Tennessee has a relatively high sales tax (7%) — factor this into your cost of living
  • Tennessee's no-tax status has attracted many corporate relocations and remote workers

Key Tennessee Features

  • No state income tax (any type)
  • High sales tax (7%)
  • Booming Nashville job market
  • Major corporate relocations

See How Your Tennessee Mortgage Fits Your Financial Plan

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

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Compare Tennessee Mortgage Costs with Other States

Kentucky0.83% property taxVirginia0.82% property taxNorth Carolina0.78% property taxCalifornia0.71% property taxNew York1.46% property taxNew Jersey2.23% property tax

Frequently Asked Questions

What is the average property tax rate in Tennessee?
The average effective property tax rate in Tennessee is approximately 0.66%. This rate is applied to the assessed value of your property, which may differ from the market value depending on Tennessee'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 Tennessee?
Your mortgage payment in Tennessee depends on the home price, your down payment, interest rate, and loan term. With Tennessee's average property tax rate of 0.66%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is Tennessee an affordable state to buy a home?
Tennessee's cost of living is about 7% below the national average, with Nashville growing more expensive. When evaluating affordability in Tennessee, consider not just the home price but also property taxes (0.66% average), homeowner's insurance costs, and any HOA fees common in your area.
How do Tennessee property taxes compare to other states?
Tennessee's average property tax rate of 0.66% 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 Tennessee?
Most states, including Tennessee, 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 Tennessee's housing authority and the FHA, VA, and USDA loan programs for additional options.

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