Mississippi variant. This is a Mississippi-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.
With a median home value of $175,000 and an effective property tax rate of 0.65%, a typical Mississippi mortgage payment combines principal, interest, taxes, and insurance into a meaningfully different number than the sticker price suggests.
What drives a Mississippi mortgage payment
On the $175,000 median home with 20% down ($35,000), you'd finance about $140,000. At an illustrative 6.5% 30-year fixed rate, the principal-and-interest payment is roughly $885/month.
Mississippi's 0.65% effective property tax adds about $95/month, and homeowners insurance plus any PMI push the all-in payment higher still. Enter your real price, rate, and down payment above for an exact figure.
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: $175,000 home in Mississippi
Price $175,000, 20% down ($35,000), loan $140,000 at 6.5% for 30 years → P&I ≈ $885/mo. Add property tax ≈ $95/mo (0.65% of value ÷ 12). Total before insurance ≈ $980/mo.
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 a mortgage on a $175,000 Mississippi home?
With 20% down at 6.5% over 30 years, principal and interest run about $885/month, before Mississippi's 0.65% property tax and insurance.
What is the property tax rate in Mississippi?
Mississippi's effective property tax rate is about 0.65% of home value per year.