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.
Memphis mortgage calculator
A median-priced Memphis, TN home at 6.75% over 30 years, with Tennessee property tax of 0.58% and $2,400 a year of homeowners insurance. Every figure below is computed on our amortising engine — nothing is estimated in the browser.
$1,553 a month, all in
Principal and interest are $1,173; escrow and PMI add the rest. Over the full term the loan costs $241,493 in interest. Discounted at 5%, buying here has a net present value of $149,329 ($330,870 in today’s dollars).
Within Tennessee, Memphis is the cheapest of the 5 Tennessee markets covered here — Franklin runs about 3.17x these prices. Buyers priced out of the expensive end of the state often end up comparing exactly this pair.
Memphis is cheaper than Tennessee as a whole — $201,000 against a state median of $335,000, roughly 40% below. On a 20% deposit that is $26,800 less to find up front.
Rents here are high relative to prices — a rent index of 0.85 against a price index of 0.60. That combination favours buying sooner, because the payment you avoid is larger relative to the price you pay.
Monthly cost in Memphis vs comparable rent
Owning is stacked by component; renting is the local median asking rent.
The monthly breakdown
| Median home price | $201,000 |
|---|---|
| Down payment (10%) | $20,100 |
| Loan amount | $180,900 |
| Principal & interest | $1,173/mo |
| Property tax (0.58%) | $97/mo |
| Homeowners insurance | $200/mo |
| PMI while above 80% LTV | $83/mo |
| Total monthly payment | $1,553/mo |
| Comparable rent | $1,403/mo |
What a rate move does to the Memphis payment
| Rate | Principal & interest |
|---|---|
| 5.5% | $1,027/mo |
| 6% | $1,085/mo |
| 6.5% | $1,143/mo |
| 7% | $1,204/mo |
| 7.5% | $1,265/mo |
| 8% | $1,327/mo |
Rent or buy in Memphis?
Against $1,403 a month in rent, over 7 years buying leaves you about $17,608 better off — $14,813 once 2.5% inflation is stripped out. See the Tennessee rent-vs-buy page.
Where these numbers come from
Tennessee medians come from editorial and are refreshed weekly. The Memphis figures index those state medians to the local market, so they track the same feed rather than going stale. Insurance and the state income tax rate are editorial. Treat everything here as a planning estimate, not a quote.