Mortgage for Tennessee (2026)
Tennessee (TN) Key Facts
Median Home Price
$310,000
Average Property Tax Rate
0.71%
Average Home Insurance Rate
0.7%
Estimated Monthly Payment
$2,174
First Time Buyer Programs
2
How This Calculator Works in Tennessee
This mortgage calculator lets you estimate your monthly payment on a Tennessee home by factoring in the purchase price, down payment, interest rate, property taxes, and insurance. It is pre-loaded with Tennessee'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.
Tennessee Overview
Tennessee has a median home price of approximately $310K, with an average property tax rate of 0.71% and homeowners insurance averaging 0.7% annually. No state income tax on wages. THDA Great Choice Home Loan and other state programs can help first-time buyers with down payment assistance and competitive mortgage rates.
How Tennessee Compares
Compared to neighboring states, Tennessee's median home price of $310,000 is below the national median of about $420,000. Nearby North Carolina has a median price of $325,000 with a 0.84% property tax rate. Property tax rates vary significantly among neighboring states, which can substantially impact long-term homeownership costs.
| State | Top Rate | Notes |
|---|---|---|
| North Carolina | $325,000 | Median home price is $325,000 with a 0.84% property tax rate. Estimated monthly mortgage payment is about $2,287. |
| Virginia | $380,000 | Median home price is $380,000 with a 0.82% property tax rate. Estimated monthly mortgage payment is about $2,636. |
| Georgia | $320,000 | Median home price is $320,000 with a 0.92% property tax rate. Estimated monthly mortgage payment is about $2,287. |
The median home price in Tennessee is $310,000, compared to the national median of approximately $420,000. With a 0.71% average property tax rate and 0.7% insurance rate, Tennessee homeowners can expect an estimated monthly payment of about $2,174 on a median-priced home with 10% down at 6.75% interest.
Tips for Tennessee Residents
- 1Tennessee has a median home price around $310K. No state income tax on wages. Research local market conditions as prices vary significantly by city and neighborhood.
- 2Property taxes in Tennessee average 0.71%. Always verify your specific county's tax rate, as it directly impacts your monthly payment.
- 3Explore THDA Great Choice Home Loan for potential down payment assistance and favorable rates. Tennessee also offers THDA Homeownership for the Brave. Check income limits and eligibility early in your home search.
- 4No income tax helps qualification; transfer taxes are modest. Budget 2-5% of the purchase price for closing costs including lender fees, title insurance, and prepaid expenses.
- 5Growing Nashville and Memphis markets. A 0.25% rate difference on a $310K 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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