Calculate your monthly mortgage payment in Tennessee. Pre-filled with Tennessee's median home price of $310,000 and an average property tax rate of 0.71%.
Est. Monthly Payment
$2,138
Principal & Interest
$1,826
Property Tax / mo
$183
Total Interest Paid
$378,472
| Home Price | $310,000 | Median home price in Tennessee (2025) |
| Down Payment | 10% ($31,000) | Typical down payment percentage |
| Loan Amount | $279,000 | Home price minus down payment |
| Interest Rate | 6.84% | Approximate 30-year fixed rate (2025 avg) |
| Loan Term | 30 years | Most common mortgage term |
| Property Tax | 0.71% / year | Tennessee average effective rate |
| Home Insurance | 0.5% / year | Approximate annual premium |
THDA Great Choice Home Loan, Great Choice Plus DPA
Cost of living: Moderate · Population: 6,910,840
Tennessee has a median home price of approximately $310,000, placing it below the national median. With a 10% down payment of $31,000, a typical buyer would finance $279,000 over 30 years. At a 6.84% fixed rate, the monthly principal and interest payment comes to $1,826.
Property taxes in Tennessee average 0.71% of the assessed home value annually — one of the moderate rates in the country. Combined with an estimated $129 for homeowners insurance, your all-in monthly housing cost is approximately $2,138.
Using the 28% housing cost guideline, you would need a gross annual income of approximately $91,642 to qualify comfortably. The median household income in Tennessee is $56,071.
