Tennessee Mortgage Calculator
Estimate your monthly mortgage payment in Tennessee with state-specific property tax, insurance, and homestead data pre-loaded. Median home value in Tennessee is $345,000 with an effective property tax rate of 0.66%.
Mortgage Calculator
Estimate your monthly payment including taxes, insurance, and PMI.
Optional
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
Year 1 | $20,934.12 | $3,084.96 | $17,849.16 | $272,915.04 |
| 1 | $1,744.51 | $249.51 | $1,495.00 | $275,750.49 |
| 2 | $1,744.51 | $250.86 | $1,493.65 | $275,499.63 |
| 3 | $1,744.51 | $252.22 | $1,492.29 | $275,247.41 |
| 4 | $1,744.51 | $253.59 | $1,490.92 | $274,993.82 |
| 5 | $1,744.51 | $254.96 | $1,489.55 | $274,738.86 |
| 6 | $1,744.51 | $256.34 | $1,488.17 | $274,482.52 |
| 7 | $1,744.51 | $257.73 | $1,486.78 | $274,224.79 |
| 8 | $1,744.51 | $259.13 | $1,485.38 | $273,965.66 |
| 9 | $1,744.51 | $260.53 | $1,483.98 | $273,705.13 |
| 10 | $1,744.51 | $261.94 | $1,482.57 | $273,443.19 |
| 11 | $1,744.51 | $263.36 | $1,481.15 | $273,179.83 |
| 12 | $1,744.51 | $264.79 | $1,479.72 | $272,915.04 |
Year 2 | $20,934.12 | $3,291.56 | $17,642.56 | $269,623.48 |
Year 3 | $20,934.12 | $3,512.01 | $17,422.11 | $266,111.47 |
Year 4 | $20,934.12 | $3,747.20 | $17,186.92 | $262,364.27 |
Year 5 | $20,934.12 | $3,998.14 | $16,935.98 | $258,366.13 |
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.
Tennessee Housing Snapshot
| Median Home Value | $345,000 |
| Effective Property Tax Rate | 0.66% |
| Estimated Annual Property Tax | $2,277 |
| State Income Tax | None |
| Homestead Exemption | Property Tax Relief Program for seniors/disabled (income-based, up to about $30,000 in assessed value) |
| Avg Homeowners Insurance | $1,880/yr |
| Transfer & Recording Taxes | Realty transfer tax $0.37 per $100 (0.37%) plus mortgage tax $0.115 per $100 of new mortgage |
What Makes Buying in Tennessee Different
Tennessee has no personal income tax and low property tax (0.66% effective), making it one of the most tax-friendly states for working-age homeowners. The state's housing market is sharply divided. Nashville and surrounding Williamson County (Franklin, Brentwood) have seen explosive growth driven by tech, healthcare, and entertainment industry migration, with Franklin's median home value above $825,000. Memphis remains far more affordable at $195,000 median, with mixed neighborhood trajectories. Knoxville and Chattanooga sit in the middle range at $285,000-$315,000 median. The Property Tax Relief Program provides up to about $30,000 in assessed value reduction for senior citizens (65+) and disabled homeowners with limited income. Tennessee's realty transfer tax of 0.37% plus mortgage tax of 0.115% on new mortgages produces meaningful but not prohibitive closing costs. Insurance averages $1,880, with severe weather (tornadoes, especially in Middle Tennessee) being the primary loss driver.
Top Cities in Tennessee
| City | Median Home Value |
|---|---|
| Nashville | $485,000 |
| Memphis | $195,000 |
| Knoxville | $285,000 |
| Chattanooga | $315,000 |
| Franklin | $825,000 |
Nashville and surrounding Williamson County have been among the fastest-growing US metros since 2018, driven by tech (Oracle's new HQ, AllianceBernstein, multiple Amazon HQ-adjacent operations), healthcare (HCA Healthcare HQ), and continued entertainment industry growth. Nashville metro median home value rose from approximately $275,000 in 2019 to $485,000 today. Franklin and Brentwood have seen even larger increases, with Franklin's median above $825,000.
Tennessee provides property tax relief to senior citizens (65+), totally disabled homeowners, and disabled veterans through the Property Tax Relief Program. The state pays a portion of property tax (effectively reducing the homeowner's bill) based on income, age, and disability status. Maximum relief varies by year but is approximately $30,000 in assessed value equivalent. Apply through your county trustee.
Memphis has median home values around $195,000, among the lowest in major US metros. Some neighborhoods have appreciated meaningfully (Downtown, Cooper-Young, Midtown), while others have continued to lose value. Specific block-level due diligence is important. Memphis also has higher property crime than Nashville and significantly higher insurance premiums for the same home value. The risk-reward profile is highly neighborhood-dependent.
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Estimate monthly mortgage payments including taxes, insurance, and PMI.