Mississippi Mortgage Calculator
Estimate your monthly mortgage payment in Mississippi with state-specific property tax, insurance, and homestead data pre-loaded. Median home value in Mississippi is $190,000 with an effective property tax rate of 0.79%.
Mortgage Calculator
Estimate your monthly payment including taxes, insurance, and PMI.
Optional
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
Year 1 | $11,528.88 | $1,698.90 | $9,829.98 | $150,301.10 |
| 1 | $960.74 | $137.41 | $823.33 | $151,862.59 |
| 2 | $960.74 | $138.15 | $822.59 | $151,724.44 |
| 3 | $960.74 | $138.90 | $821.84 | $151,585.54 |
| 4 | $960.74 | $139.65 | $821.09 | $151,445.89 |
| 5 | $960.74 | $140.41 | $820.33 | $151,305.48 |
| 6 | $960.74 | $141.17 | $819.57 | $151,164.31 |
| 7 | $960.74 | $141.93 | $818.81 | $151,022.38 |
| 8 | $960.74 | $142.70 | $818.04 | $150,879.68 |
| 9 | $960.74 | $143.48 | $817.26 | $150,736.20 |
| 10 | $960.74 | $144.25 | $816.49 | $150,591.95 |
| 11 | $960.74 | $145.03 | $815.71 | $150,446.92 |
| 12 | $960.74 | $145.82 | $814.92 | $150,301.10 |
Year 2 | $11,528.88 | $1,812.66 | $9,716.22 | $148,488.44 |
Year 3 | $11,528.88 | $1,934.07 | $9,594.81 | $146,554.37 |
Year 4 | $11,528.88 | $2,063.60 | $9,465.28 | $144,490.77 |
Year 5 | $11,528.88 | $2,201.81 | $9,327.07 | $142,288.96 |
What is a Mortgage Calculator?
A mortgage calculator helps you estimate your total monthly housing payment, including principal, interest, property taxes, home insurance, and private mortgage insurance (PMI). This gives you a complete picture of what homeownership will cost each month.
Unlike a simple loan calculator, a mortgage calculator accounts for additional costs that come with buying a home. Property taxes and insurance are typically required by lenders to be included in your monthly payment through an escrow account.
All calculations happen in your browser. No financial data is sent to any server, so your information stays completely private.
Mississippi Housing Snapshot
| Median Home Value | $190,000 |
| Effective Property Tax Rate | 0.79% |
| Estimated Annual Property Tax | $1,501 |
| State Income Tax | Flat 4.7% (decreasing to 4.0% by 2026) |
| Homestead Exemption | $300 credit (regular) or full exemption for homeowners 65+ or disabled |
| Avg Homeowners Insurance | $1,815/yr |
| Transfer & Recording Taxes | No state real estate transfer tax |
What Makes Buying in Mississippi Different
Mississippi has the lowest median home value of any US state at $190,000, making it the most accessible entry market in the country. The effective property tax rate is 0.79%, and the state offers a full property tax exemption for homeowners aged 65 or older or those totally disabled (replacing the $300 standard homestead credit for younger homeowners). State income tax is moving to a flat 4.0% by 2026 from a previous progressive system. The northern Mississippi market is heavily influenced by the Memphis metro: Southaven, Olive Branch, and DeSoto County have medians well above the state average and serve as commuter suburbs. The Gulf Coast (Biloxi, Gulfport) is a separate market with hurricane insurance complications. Hurricane Katrina-era insurance challenges persist along the coast, with separate wind-and-hail policies often required. Statewide insurance averages $1,815, but coastal counties can exceed $4,000. No state real estate transfer tax keeps closing costs minimal.
Top Cities in Mississippi
| City | Median Home Value |
|---|---|
| Jackson | $115,000 |
| Gulfport | $185,000 |
| Southaven | $245,000 |
| Hattiesburg | $165,000 |
| Biloxi | $195,000 |
Homeowners aged 65 or older or those who are totally disabled receive a full exemption from regular property tax on their primary residence (excluding municipal and certain special assessments). Homeowners under 65 receive a flat $300 property tax credit. Mississippi is one of the most generous states for retirees in terms of property tax relief, which is a major retirement-destination factor.
Coastal Mississippi (Hancock, Harrison, Jackson counties) carries significant hurricane risk and post-Katrina insurance market disruption. Many homeowners need separate wind-and-hail policies through the Mississippi Windstorm Underwriting Association (the state-backed insurer of last resort) on top of standard homeowners coverage. Total annual premiums for a $250,000 coastal home can exceed $5,000.
The Mississippi Home Corporation offers the Smart Solution program with up to $4,500 in down payment assistance and the Smart6 program with reduced-rate first mortgages for income-eligible buyers. The Mortgage Credit Certificate program provides a federal tax credit of 40% of mortgage interest paid (up to $2,000 annually). Combine with FHA, VA, or conventional loans.
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Mortgage Calculator
Estimate monthly mortgage payments including taxes, insurance, and PMI.