Mississippi variant. This is a Mississippi-specific version of the Refinance 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 Refinance Calculator.
Refinancing a Mississippi mortgage makes sense when the monthly interest savings recover your closing costs before you sell or move. On the state's $175,000 median home, even a small rate drop moves real money.
When refinancing pays off in Mississippi
Closing costs typically run 2-5% of the loan balance. On a $140,000 loan (80% of the $175,000 median home), that's roughly $4,200 at 3%.
Your break-even point is closing costs ÷ monthly savings. Drop your rate enough to save $200/month and you'd recover $4,200 in about 21 months - refinance only if you'll stay past that point.
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: break-even in Mississippi
Loan $140,000, closing costs ≈ $4,200 (3%). If a refinance cuts your payment by $250/month, break-even ≈ 17 months. Use the calculator above with your actual rates and balance.
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
Is it worth refinancing in Mississippi?
It depends on your break-even: closing costs divided by monthly savings. If you'll keep the home past break-even, refinancing usually pays off.
What are typical closing costs in Mississippi?
Refinance closing costs generally run 2-5% of the loan, or roughly $4,200 on a median Mississippi loan.