Not financial advice. Mortgage FV Calculator is a software calculator, not a personal-finance product or advisory service. It computes standard financial functions and displays the results for your convenience. Nothing here constitutes, or is intended to constitute, financial, investment, tax, legal, mortgage, credit, or insurance advice. Always consult a qualified professional before making any financial decision.
Tennessee mortgage costs
What a typical Tennessee (TN) purchase actually costs each month once property tax, insurance and PMI are included — and how to model your own numbers.
| Median home price | $335,000 |
|---|---|
| 10% down payment | $33,500 |
| Loan amount | $301,500 |
| Principal & interest (30yr @ 6.75%) | $1,956/mo |
| Property tax (0.58%) | $162/mo |
| Homeowners insurance | $200/mo |
| PMI (until 20% equity) | $126/mo |
| Estimated total monthly | $2,443/mo |
Illustrative only, at a 6.75% sample rate with 10% down. Your rate, tax assessment and insurance premium will differ.
What makes Tennessee different
No income tax and low property tax; buying tends to break even faster here than the national average.
Worth noticing: insurance costs more than property tax here ($200 against $162 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.
Tennessee levies no state income tax, so a mortgage interest deduction is worth only your federal marginal rate. With $1,943 of property tax a year, many buyers here never clear the standard deduction and itemise nothing at all.
Property tax is the cheap part of owning here. At 0.58% the effective rate is the 10th lowest in the country, which on a median $335,000 home is only $162 a month — $1,943 a year that buyers in higher-rate states simply have to find.
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