Memphis Mortgage Calculator
Estimate your monthly mortgage payment in Memphis, TN. On the local median home value of $165,000 — with a 20% down payment at today's rates — expect a total monthly payment (principal, interest, taxes, and insurance) of about $1,065. Adjust every input for your situation.
Monthly Breakdown
- Principal & Interest$834
- Property Tax$98
- Home Insurance$133
Amortization Schedule
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $10,012 | $1,475 | $8,537 | $130,525 |
| 2 | $10,012 | $1,574 | $8,438 | $128,950 |
| 3 | $10,012 | $1,680 | $8,332 | $127,271 |
| 4 | $10,012 | $1,792 | $8,220 | $125,479 |
| 5 | $10,012 | $1,912 | $8,100 | $123,566 |
| 6 | $10,012 | $2,040 | $7,972 | $121,526 |
| 7 | $10,012 | $2,177 | $7,835 | $119,349 |
| 8 | $10,012 | $2,323 | $7,689 | $117,027 |
| 9 | $10,012 | $2,478 | $7,534 | $114,549 |
| 10 | $10,012 | $2,644 | $7,368 | $111,904 |
| 11 | $10,012 | $2,821 | $7,191 | $109,083 |
| 12 | $10,012 | $3,010 | $7,002 | $106,073 |
| 13 | $10,012 | $3,212 | $6,800 | $102,861 |
| 14 | $10,012 | $3,427 | $6,585 | $99,434 |
| 15 | $10,012 | $3,656 | $6,356 | $95,778 |
| 16 | $10,012 | $3,901 | $6,111 | $91,877 |
| 17 | $10,012 | $4,163 | $5,849 | $87,714 |
| 18 | $10,012 | $4,441 | $5,571 | $83,273 |
| 19 | $10,012 | $4,739 | $5,273 | $78,534 |
| 20 | $10,012 | $5,056 | $4,956 | $73,478 |
| 21 | $10,012 | $5,395 | $4,617 | $68,083 |
| 22 | $10,012 | $5,756 | $4,256 | $62,327 |
| 23 | $10,012 | $6,141 | $3,870 | $56,186 |
| 24 | $10,012 | $6,553 | $3,459 | $49,633 |
| 25 | $10,012 | $6,992 | $3,020 | $42,641 |
| 26 | $10,012 | $7,460 | $2,552 | $35,182 |
| 27 | $10,012 | $7,960 | $2,052 | $27,222 |
| 28 | $10,012 | $8,493 | $1,519 | $18,730 |
| 29 | $10,012 | $9,061 | $951 | $9,668 |
| 30 | $10,012 | $9,668 | $344 | $0 |
Swipe the table sideways to see all columns →
How to use this calculator
The Home Price field is pre-filled with the median home value in Memphis (about $165,000). Override with your target home's actual price to get a payment estimate for that specific property.
The Property Tax Rate is pre-filled with Tennessee's average effective rate of 0.71%. Within Tennessee, rates vary by county — if you know your specific local rate, override it for a more precise estimate.
Adjust the Down Payment slider to see how your payment changes. Below 20% down triggers PMI; the calculator adds it automatically and shows a warning.
Scroll down for the full PITI breakdown, monthly payment pie chart, and complete month-by-month amortization schedule.
How it works
Buying a median-priced home in Memphis. At $165,000 with a 20% down payment, you'd bring $33,000 to closing (plus closing costs) and take out a $132,000 mortgage. At a 6.50% interest rate on a 30-year fixed loan, your monthly principal + interest is roughly $834.
Annual costs on top of the loan. Tennessee's average property tax rate is 0.71%, so a median-priced Memphis home generates approximately $1,172 in annual property tax (about $98/mo when paid through escrow). Homeowner's insurance in Tennessee averages around $1,600/year.
Total monthly payment (PITI) on the median Memphis home works out to about $1,065 per month at current rates, assuming a 20% down payment and no HOA. If you're putting less than 20% down, add PMI to this — typically 0.5–1.5% of the loan balance per year.
Rates change; this is the math, not the offer. Mortgage rates fluctuate daily. Our default of 6.50% is a recent conventional 30-year benchmark — enter today's quoted rate from your lender for the most accurate payment estimate.
Frequently Asked Questions
Looking for a different city? Browse all cities. For Tennessee-specific property taxes, see the Tennessee Property Tax Calculator.