Tennessee Mortgage Calculator
Estimate your monthly mortgage payment in Tennessee. On the state's median home value of $315,000, with a 20% down payment at today's rates, expect a total monthly payment (principal, interest, taxes, and insurance) around $1,913. Adjust every input for your situation.
Monthly Breakdown
- Principal & Interest$1,593
- Property Tax$186
- Home Insurance$133
Amortization Schedule
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $19,114 | $2,817 | $16,297 | $249,183 |
| 2 | $19,114 | $3,005 | $16,108 | $246,178 |
| 3 | $19,114 | $3,207 | $15,907 | $242,971 |
| 4 | $19,114 | $3,421 | $15,692 | $239,550 |
| 5 | $19,114 | $3,650 | $15,463 | $235,900 |
| 6 | $19,114 | $3,895 | $15,219 | $232,005 |
| 7 | $19,114 | $4,156 | $14,958 | $227,849 |
| 8 | $19,114 | $4,434 | $14,680 | $223,415 |
| 9 | $19,114 | $4,731 | $14,383 | $218,684 |
| 10 | $19,114 | $5,048 | $14,066 | $213,636 |
| 11 | $19,114 | $5,386 | $13,728 | $208,250 |
| 12 | $19,114 | $5,747 | $13,367 | $202,503 |
| 13 | $19,114 | $6,132 | $12,982 | $196,372 |
| 14 | $19,114 | $6,542 | $12,572 | $189,829 |
| 15 | $19,114 | $6,980 | $12,133 | $182,849 |
| 16 | $19,114 | $7,448 | $11,666 | $175,401 |
| 17 | $19,114 | $7,947 | $11,167 | $167,455 |
| 18 | $19,114 | $8,479 | $10,635 | $158,976 |
| 19 | $19,114 | $9,047 | $10,067 | $149,929 |
| 20 | $19,114 | $9,653 | $9,461 | $140,277 |
| 21 | $19,114 | $10,299 | $8,815 | $129,978 |
| 22 | $19,114 | $10,989 | $8,125 | $118,989 |
| 23 | $19,114 | $11,725 | $7,389 | $107,264 |
| 24 | $19,114 | $12,510 | $6,604 | $94,754 |
| 25 | $19,114 | $13,348 | $5,766 | $81,406 |
| 26 | $19,114 | $14,242 | $4,872 | $67,165 |
| 27 | $19,114 | $15,195 | $3,918 | $51,969 |
| 28 | $19,114 | $16,213 | $2,901 | $35,756 |
| 29 | $19,114 | $17,299 | $1,815 | $18,457 |
| 30 | $19,114 | $18,457 | $656 | $0 |
Swipe the table sideways to see all columns →
How to use it
A two-minute guide.
The Home Price field is pre-filled with Tennessee's median home value (about $315,000). Override with your target home's actual price for a property-specific estimate.
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 from your county assessor or last tax bill, override it for a more precise estimate.
The Home Insurance default reflects Tennessee's typical annual premium of approximately $1,600.
Adjust the Down Payment slider to compare scenarios. Below 20% down triggers PMI; the calculator adds it automatically and flags it.
How it works
The math behind the result.
The Tennessee median home, in dollar terms. At $315,000 with a 20% down payment, you bring $63,000 to closing (plus closing costs) and take out a $252,000 mortgage. At today's 6.50% 30-year fixed rate, your monthly principal and interest is roughly $1,593.
Tennessee's ongoing housing costs. The state's average property tax rate of 0.71% produces about $2,237 per year on a median-priced home — typically paid through escrow with your mortgage. Insurance averages $1,600/year in Tennessee.
Total monthly payment (PITI) on the median Tennessee home works out to about $1,913/month at current rates with 20% down and no HOA. Putting less down adds PMI; HOA dues add separately if your specific neighborhood requires them.
Your specific city matters. Median home prices vary widely within Tennessee — major cities are usually 30-100% above the state median, rural areas can be well below. For city-specific calculators with local home prices pre-filled, use the city links below.
Questions
Frequently asked.
Want a more local estimate? See our city-specific Tennessee mortgage calculators or check Tennessee property tax rates.
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