Calculate your monthly mortgage payment in Tennessee. Pre-filled with Tennessee's typical home value of $334,100 (Zillow Home Value Index, August 2026) and an effective property tax rate of 0.45% (Census ACS 2024 1-year, median taxes ÷ median home value).
Est. Monthly Payment
$2,048
Principal & Interest
$1,784
Property Tax / mo
$125
Total Interest Paid
$374,819
| Home Price | $334,100 | Typical home value in Tennessee — Zillow Home Value Index, August 2026 |
| Down Payment | 20% ($66,820) | Assumption — no sourced state average |
| Loan Amount | $267,280 | Home price minus down payment |
| Interest Rate | 7.03% | Freddie Mac PMMS national average, week of 2026-09-24 — not a Tennessee rate |
| Loan Term | 30 years | Assumption |
| Property Tax | 0.45% / year | Tennessee effective rate — Census ACS 2024 1-year, median taxes ÷ median home value |
| Home Insurance | 0.5% / year | Assumption — not a sourced premium |
Programs named for Tennessee: THDA Great Choice Home Loan, Great Choice Plus DPA. This list has no recorded source or date and may be out of date — confirm current programs and eligibility with the Tennessee housing finance agency before you rely on it.
Cost of living: Low (index 89.7, MERIC (C2ER index), Second Quarter 2026) · Population: 7,315,076 (Census Bureau estimate, July 1, 2025)
Tennessee has a typical home value of about $334,100 (Zillow Home Value Index, August 2026), below the U.S. typical value of $368,700. With an assumed 20% down payment of $66,820, a buyer would finance $267,280 over 30 years. At the national 7.03% fixed rate, the monthly principal and interest payment comes to $1,784.
The effective property tax rate in Tennessee — median real estate taxes paid divided by median home value — is 0.45% per year (Census ACS 2024 1-year, median taxes ÷ median home value), against 0.89% for the U.S. Combined with an assumed $139 a month for homeowners insurance, the estimated all-in monthly housing cost is about $2,048.
Using the 28% housing cost guideline, you would need a gross annual income of approximately $87,755 to qualify comfortably. The median household income in Tennessee is $71,997 (Census ACS 2024 1-year).
