Mortgage Calculator — Tennessee
Pre-filled with Tennessee's average home price of $325000, property tax rate of 0.6%, and average insurance of $2000/year. Adjust any value below.
1 Loan Details
2 Monthly Costs (Tennessee averages pre-filled)
Include PMI
Required when down payment < 20%
Estimated Monthly Payment
—
Enter your loan details to see your payment
Total Interest Paid
—
Over loan lifetime
Total Cost
—
Principal + interest
Loan Amount
—
Amount financed
Down Payment
—
Of home price
Monthly Payment Breakdown
Balance Over Time
Rate Comparison
How your payment changes with different interest rates
| Rate Scenario | Monthly P&I | Total Interest |
|---|---|---|
| Enter loan details above to see rate scenarios | ||
Amortization Schedule
Full month-by-month payment breakdown
| Month | Year | Payment | Principal | Interest | Balance |
|---|
Tennessee Housing Market
Tennessee has no state income tax and low property taxes, making it a popular relocation destination. Nashville has experienced dramatic price appreciation since 2015, driven by strong job growth and in-migration from expensive coastal markets.
Affordability in Tennessee
While Nashville prices have risen sharply — median now exceeding $400,000 — Knoxville and Chattanooga remain significantly more affordable. Memphis continues to offer some of the lowest home prices among major US cities.
Key Markets
First-Time Buyer Programs in Tennessee
THDA Great Choice Home Loan
30-year fixed mortgage for first-time buyers (and repeat buyers in targeted counties), with income and price limits.
Great Choice Plus
Second loan toward down payment and closing costs, either deferred or amortizing, paired with the Great Choice loan.
Programs are run by the Tennessee Housing Development Agency (THDA). Income limits, price limits and assistance amounts change often — confirm current terms with the agency or an approved lender.
Property Tax in Tennessee
Tennessee has low property taxes and no state tax on wage income. Counties reappraise every 4–6 years, and tax relief programs are available to qualifying seniors, disabled homeowners and veterans. At Tennessee's average effective rate of 0.6%, a $325,000 home pays roughly $1,950/year (about $162/month).
Tennessee 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 Tennessee
Tennessee charges a recordation (transfer) tax of $0.37 per $100 of value, customarily paid by the buyer, plus a mortgage tax of $0.115 per $100 of loan above $2,000. On a typical purchase that is about 0.5% of the price in state taxes.
Mortgage Calculator by State