Tennessee variant. This is a Tennessee-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 $320,000 and an effective property tax rate of 0.67%, a typical Tennessee mortgage payment combines principal, interest, taxes, and insurance into a meaningfully different number than the sticker price suggests.
What drives a Tennessee mortgage payment
On the $320,000 median home with 20% down ($64,000), you'd finance about $256,000. At an illustrative 6.5% 30-year fixed rate, the principal-and-interest payment is roughly $1,618/month.
Tennessee's 0.67% effective property tax adds about $179/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 Tennessee
Tennessee levies no state income tax on wages, having fully repealed its tax on interest and dividend income in 2021.
Tennessee's effective property tax rate is relatively low near 0.67%, with median home values around $320,000.
Tennessee's economy includes music and tourism in Nashville and Memphis, automotive manufacturing, and healthcare.
Worked example: $320,000 home in Tennessee
Price $320,000, 20% down ($64,000), loan $256,000 at 6.5% for 30 years → P&I ≈ $1,618/mo. Add property tax ≈ $179/mo (0.67% of value ÷ 12). Total before insurance ≈ $1,797/mo.
Quick reference
- State income tax: No state income tax (eliminated Hall tax in 2021)
- State sales tax: 7% (plus 2.55% avg local)
- Median home value: $320,000
- Median household income: $67,631
- Effective property tax rate: 0.67%
- Avg auto insurance: $1,373/yr
Frequently Asked Questions
How much is a mortgage on a $320,000 Tennessee home?
With 20% down at 6.5% over 30 years, principal and interest run about $1,618/month, before Tennessee's 0.67% property tax and insurance.
What is the property tax rate in Tennessee?
Tennessee's effective property tax rate is about 0.67% of home value per year.