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Mississippi mortgage costs
What a typical Mississippi (MS) purchase actually costs each month once property tax, insurance and PMI are included — and how to model your own numbers.
| Median home price | $190,000 |
|---|---|
| 10% down payment | $19,000 |
| Loan amount | $171,000 |
| Principal & interest (30yr @ 6.75%) | $1,109/mo |
| Property tax (0.75%) | $119/mo |
| Homeowners insurance | $275/mo |
| PMI (until 20% equity) | $71/mo |
| Estimated total monthly | $1,574/mo |
Illustrative only, at a 6.75% sample rate with 10% down. Your rate, tax assessment and insurance premium will differ.
What makes Mississippi different
The lowest median price in the country; closing costs are a large fraction of the deal, so break-even horizons stretch.
Entry prices are among the country's more forgiving: a median $190,000 is the 2nd lowest in the country, $152,500 below the national median, so a 20% deposit is roughly $38,000.
A median home costs $190,000 and a comparable one rents for $1,150, a price-to-rent ratio of 13.8 — the 3rd lowest in the country. At that level buying overtakes renting quickly, and the question is mostly whether you will stay long enough to clear the closing costs.
Worth noticing: insurance costs more than property tax here ($275 against $119 a month). That is the minority case nationally, and it means the usual advice to shop for a lower assessment matters less than shopping the policy.
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