Mortgage for Mississippi (2026)
Mississippi (MS) Key Facts
Median Home Price
$180,000
Average Property Tax Rate
0.81%
Average Home Insurance Rate
1%
Estimated Monthly Payment
$1,322
First Time Buyer Programs
2
How This Calculator Works in Mississippi
This mortgage calculator lets you estimate your monthly payment on a Mississippi home by factoring in the purchase price, down payment, interest rate, property taxes, and insurance. It is pre-loaded with Mississippi's average property tax rate and insurance costs so you can get a realistic estimate quickly. Adjust the inputs to match your specific situation and see how different scenarios affect your monthly budget.
Mississippi Overview
Mississippi has a median home price of approximately $180K, with an average property tax rate of 0.81% and homeowners insurance averaging 1% annually. Lowest median home prices in the US. MSHC Smart Solution program and other state programs can help first-time buyers with down payment assistance and competitive mortgage rates.
How Mississippi Compares
Compared to neighboring states, Mississippi's median home price of $180,000 is below the national median of about $420,000. Nearby Alabama has a median price of $230,000 with a 0.41% property tax rate. Property tax rates vary significantly among neighboring states, which can substantially impact long-term homeownership costs.
| State | Top Rate | Notes |
|---|---|---|
| Alabama | $230,000 | Median home price is $230,000 with a 0.41% property tax rate. Estimated monthly mortgage payment is about $1,555. |
| Tennessee | $310,000 | Median home price is $310,000 with a 0.71% property tax rate. Estimated monthly mortgage payment is about $2,174. |
| Louisiana | $215,000 | Median home price is $215,000 with a 0.55% property tax rate. Estimated monthly mortgage payment is about $1,604. |
The median home price in Mississippi is $180,000, compared to the national median of approximately $420,000. With a 0.81% average property tax rate and 1% insurance rate, Mississippi homeowners can expect an estimated monthly payment of about $1,322 on a median-priced home with 10% down at 6.75% interest.
Tips for Mississippi Residents
- 1Mississippi has a median home price around $180K. Lowest median home prices in the US. Research local market conditions as prices vary significantly by city and neighborhood.
- 2Property taxes in Mississippi average 0.81%. Always verify your specific county's tax rate, as it directly impacts your monthly payment.
- 3Explore MSHC Smart Solution program for potential down payment assistance and favorable rates. Mississippi also offers Mississippi Home Corporation DPA. Check income limits and eligibility early in your home search.
- 4Low home prices mean lower down payments and monthly costs. Budget 2-5% of the purchase price for closing costs including lender fees, title insurance, and prepaid expenses.
- 5Very affordable entry to homeownership. A 0.25% rate difference on a $180K home can save thousands over the life of your loan, so shop at least 3-4 lenders before committing.
Frequently Asked Questions
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