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Tennessee Mortgage Calculator

Your monthly mortgage payment in Tennessee, with Tennessee's effective property tax rate (0.50%) built in, at this week's average rate. The calculator starts at the state's median home value, $286,700.

A $287,000 home with 20% down ($229,600 borrowed) at 7.28% over 30 years costs about $1,858 a month: $1,571 principal and interest plus $287 of tax, insurance and dues.

Monthly payment
$1,857.92
Principal and interest
$1,570.95
Tax, insurance, PMI and HOA
$286.97
Total interest over the loan
$335,943
Loan balance and interest paid over 30 years at 7.28%$0$100k$200k$300k$400k051015202530Years━Balance owed━Interest paid so far
Download the schedule (CSV)
Amortization by year: $229,600 at 7.28%
YearInterestPrincipalBalance
1$16,642.13$2,209.29$227,390.71
2$16,475.82$2,375.60$225,015.11
3$16,296.98$2,554.43$222,460.68
4$16,104.69$2,746.73$219,713.95
5$15,897.92$2,953.50$216,760.45
6$15,675.58$3,175.83$213,584.62
7$15,436.51$3,414.91$210,169.71
8$15,179.44$3,671.98$206,497.73
9$14,903.02$3,948.40$202,549.33
10$14,605.79$4,245.63$198,303.70
11$14,286.18$4,565.24$193,738.46
12$13,942.51$4,908.90$188,829.56
13$13,572.98$5,278.44$183,551.12
14$13,175.62$5,675.80$177,875.32
15$12,748.35$6,103.06$171,772.26
16$12,288.92$6,562.50$165,209.76
17$11,794.90$7,056.51$158,153.25
18$11,263.70$7,587.72$150,565.53
19$10,692.50$8,158.91$142,406.62
20$10,078.31$8,773.11$133,633.51
21$9,417.88$9,433.54$124,199.97
22$8,707.73$10,143.68$114,056.29
23$7,944.13$10,907.29$103,148.99
24$7,123.04$11,728.38$91,420.62
25$6,240.14$12,611.28$78,809.34
26$5,290.78$13,560.64$65,248.70
27$4,269.95$14,581.47$50,667.22
28$3,172.27$15,679.15$34,988.08
29$1,991.96$16,859.46$18,128.62
30$722.80$18,128.62$0.00

This week's mortgage rates →

Monthly payment in Tennessee by home price (20% down, 7%, 30 years, 0.50% tax, $2,000 insurance)

Home pricePrincipal and interestProperty taxTotal
$140,000$745$59$970
$220,000$1,171$92$1,430
$290,000$1,544$122$1,832
$430,000$2,289$180$2,636
$570,000$3,034$239$3,439

How this calculator works

As the mortgage calculator, with Tennessee's effective property tax rate from the Census Bureau's American Community Survey 2020–2024 5-year estimates: median taxes $1,442 ÷ median value $286,700.

What it assumes

  • Home insurance varies a lot by state and area; enter your quote.
  • County property tax rates differ from the state figure; see the county pages.

Questions people ask

What is the mortgage payment on a median home in Tennessee?

On $286,700 with 20% down at 7% over 30 years: about $1,526 principal and interest and $120 of property tax, $1,813 a month with $2,000 a year of insurance.

What is the median home value in Tennessee?

$286,700 for owner-occupied homes (Census American Community Survey 2020–2024 5-year estimates), against $332,700 nationally.

How much is property tax in Tennessee?

The effective rate is 0.50%, a median $1,442 a year. See Tennessee's property tax page for every county we cover.

How much income do I need for a median Tennessee home?

Under the 28% guideline, about $77,691 a year for the payment above; Tennessee's median household income is $69,595.

Mortgage calculator by state

Related calculators

  • Mortgage CalculatorYour full monthly mortgage payment: principal and interest, property tax, insurance, PMI and HOA dues, at this week's average rate, with a yearly amortization schedule.
  • Tennessee Property Tax CalculatorTennessee homeowners pay a median $1,442 a year in property tax, 0.50% of a median $286,700 home: the 43rd highest effective rate of the 50 states and DC.
  • Home Affordability CalculatorThe home price your income supports under the 28/36 guideline lenders use, counting your other debts, down payment, taxes and insurance, at this week's average rate.

Sources

Updated by the RateHerald team. The maths is tested against worked examples; report a problem.