Mississippi variant. This is a Mississippi-specific version of the Auto Loan Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Auto Loan Calculator.
Financing a car in Mississippi means budgeting for both the loan payment and the state's $1,773 average annual auto insurance premium.
Auto loan + ownership costs in Mississippi
On a $35,000 vehicle with 10% down, you'd finance $31,500. At 7% over 5 years, that's about $624/month.
Mississippi drivers pay $1,773/year on average for insurance - about $148/month - plus the state's 7.06% combined sales tax on the purchase.
About taxes and housing in Mississippi
Mississippi has moved to a flat income tax and exempts the first portion of income from taxation.
Mississippi has the lowest median home prices in the country along with below-average property taxes.
Mississippi has one of the lowest costs of living in the nation, with an economy based on agriculture, manufacturing, and casino tourism along the Gulf Coast.
Worked example: $35,000 car in Mississippi
Loan $31,500 at 7% for 5 years → $624/month. Insurance ≈ $148/month. Combined monthly cost of ownership ≈ $771 before fuel and maintenance.
Quick reference
- State income tax: Flat 4.7% (down from 5%, decreasing further)
- State sales tax: 7% (plus 0.06% avg local)
- Median home value: $175,000
- Median household income: $52,985
- Effective property tax rate: 0.65%
- Avg auto insurance: $1,773/yr
Frequently Asked Questions
How much is car insurance in Mississippi?
The Mississippi average is $1,773/year, or about $148/month.
What's a typical car payment in Mississippi?
On a $35,000 car financed at 7% over 5 years, roughly $624/month.