Mortgage Calculator — Mississippi
Pre-filled with Mississippi's average home price of $175000, property tax rate of 0.6%, and average insurance of $2200/year. Adjust any value below.
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Mississippi Housing Market
Mississippi has the lowest median home prices of any US state, offering exceptional affordability with low property taxes. Coastal markets (Gulfport, Biloxi) carry higher insurance costs due to hurricane exposure.
Affordability in Mississippi
Mississippi offers the most affordable housing in the country by most metrics. Buyers at modest income levels can achieve homeownership, though the state's lower average wages mean debt-to-income ratios still require careful planning.
Key Markets
First-Time Buyer Programs in Mississippi
Smart6
Fixed-rate first mortgage with down payment assistance for eligible Mississippi buyers.
Smart Solution
Down payment help as a 0% deferred second loan, paired with a Smart Solution first mortgage.
Mortgage Credit Certificate
Federal tax credit on part of your yearly mortgage interest, for first-time buyers.
Programs are run by the Mississippi Home Corporation (MHC). Income limits, price limits and assistance amounts change often — confirm current terms with the agency or an approved lender.
Property Tax in Mississippi
Owner-occupied homes are assessed at 10% of value, compared with 15% for other property, and the homestead exemption lowers bills further. At Mississippi's average effective rate of 0.6%, a $175,000 home pays roughly $1,050/year (about $88/month).
Mississippi Conforming Loan Limit
In 2026, the conforming loan limit is $832,750 in most counties. Designated high-cost areas can go up to $1,249,125. Loans above the limit are jumbo loans and usually need a larger down payment.
Closing Costs in Mississippi
Mississippi has no transfer tax, no mortgage tax and no deed stamps, so closing costs are among the lowest in the country. Budget for homeowners and wind insurance on the Gulf Coast.
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