Memphis, TN variant. This is a Memphis, TN-specific version of the Mortgage 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 Mortgage Calculator.
Memphis's $165,000 median home and 0.75% property tax make for a distinctive mortgage payment. High-cost metros front-load the principal-and-interest portion.
Mortgage payment in Memphis
On the $165,000 median home with 20% down ($33,000), you'd finance $132,000. At 6.5% over 30 years, P&I ≈ $834/month.
Add Memphis's 0.75% property tax (≈ $103/month) plus insurance for the all-in payment.
About Memphis, TN
Memphis residents pay no state or city income tax, since Tennessee does not impose a personal income tax on wages.
Memphis is one of the more affordable large-city housing markets in the country, with low home prices and rents.
Memphis's economy is anchored by logistics and distribution, serving as a major national shipping and freight hub.
Worked example: $165,000 Memphis home
Loan $132,000 at 6.5% for 30 years → $834/mo P&I. Property tax ≈ $103/mo. Total before insurance ≈ $937/mo.
Quick reference
- Median home value: $165,000
- Median rent: $1,300/mo
- Median household income: $49,978
- Local sales tax: 9.75%
- Effective property tax rate: 0.75%
- Cost of living index: 84 (US avg = 100)
Frequently Asked Questions
How much is a mortgage in Memphis?
About $834/month P&I on the $165,000 median home with 20% down at 6.5%.
What is the property tax rate in Memphis?
About 0.75% of home value per year.