Tennessee Mortgage Calculator
Estimate your monthly mortgage payment in Tennessee with local property taxes built in. The typical Tennessee home costs around $320,000, and the state's effective property-tax rate of 0.67% is below the U.S. average.
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Half your payment every 2 weeks = one extra payment a year.
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Set an "extra payment / mo" above to see the impact here.
Enter an extra monthly amount to see how much interest you'd save.
Amortization schedule
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Property taxes in Tennessee
Tennessee's effective property-tax rate is about 0.67% of a home's value each year — lower than the U.S. average of 1.1%. On the state's median home price of $320,000, that works out to roughly $2,144/year ($179/month) added to your payment.
For the full formula and a worked example, see the main Mortgage Calculator.
Buying a home in Tennessee
At a median price of $320,000, homes in Tennessee are about 24% more affordable than the U.S. median of $420,000. On a typical purchase with 20% down on a 30-year loan around 6.5%, the principal and interest comes to roughly $1,618/month. Adding Tennessee's property tax of about $179/month brings the housing cost to around $1,797/month before homeowners insurance, any HOA dues and — if you put down less than 20% — PMI. Because Tennessee's effective property-tax rate (0.67%) is below the national average, taxes here weigh more lightly on your monthly budget than in most states. Use the calculator above to swap in your own price, down payment and rate, and the local tax figure will adjust the total for you.