Tennessee Mortgage Calculator
Calculate your Tennessee mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Nashville, Memphis, Knoxville, Chattanooga, Clarksville, and all of Tennessee.
Useful for home buyers in Nashville, Memphis, Knoxville, Chattanooga, Clarksville, and all of Tennessee.
Why use a Tennessee Mortgage Calculator?
Tennessee has a relatively low property tax rate but includes state recording taxes. This calculator estimates your payment, PMI, property tax, and closing costs specific to Tennessee.
Tennessee has a relatively low property tax rate but includes state recording taxes. This calculator estimates your payment, PMI, property tax, and closing costs specific to Tennessee.
Result
Enter your details to see the estimated payment here.
Related Calculators
Tennessee Property Tax: The average effective property tax rate is about 0.63%. Tennessee also has a state recording tax of 0.37% on the loan amount.
Average Home Prices in Major Tennessee Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Nashville | $450,000 | $380,000 | $350,000 | $320,000 |
| Memphis | $230,000 | $210,000 | $190,000 | $170,000 |
| Knoxville | $325,000 | $290,000 | $260,000 | $240,000 |
| Chattanooga | $310,000 | $270,000 | $250,000 | $225,000 |
| Clarksville | $290,000 | $255,000 | $230,000 | $210,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Tennessee
- Property Tax: Tennessee's average effective property tax rate is about 0.63%. Property taxes are paid annually and may be included in your monthly payment.
- Recording Tax: Tennessee charges a recording tax of 0.37% on the loan amount.
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: Tennessee's closing costs include title insurance, appraisal fees, and other expenses, typically ranging from 2-3% of the purchase price.
Example: On a $350,000 home with 10% down in Nashville, you pay PMI and property tax. Closing costs are typically 2-3% of the purchase price.
Frequently Asked Questions
Tennessee has a relatively low property tax rate with an average effective rate of about 0.63% of the assessed value. Property taxes are paid annually and may vary by county and municipality.
Yes, Tennessee charges a recording tax of 0.37% on the loan amount. This is paid at closing and is typically included in your closing costs.
Yes, the Tennessee Housing Development Agency (THDA) offers first-time homebuyer programs that may include down payment assistance, favorable interest rates, and tax credits. The Great Choice Home Loan and the Great Choice Plus programs are popular options for first-time buyers.
Closing costs in Tennessee typically range from 2-3% of the purchase price and include title insurance, recording fees, attorney fees, and other expenses. The recording tax of 0.37% on the loan amount is also included in closing costs.