Calculate Your Mississippi Mortgage Payment
Our calculator is pre-filled with Mississippi's median home price and property tax rate. Adjust the numbers to match your situation.
Open Calculator with MS DefaultsMonthly Payment Breakdown for Mississippi
Here's what your monthly payment looks like on the median Mississippi home ($198,428) with 20% down at 6.67%, the current average 30-year rate:
Note: This estimate assumes 20% down payment ($39,686), no PMI. With less than 20% down, add $66-$132/month for PMI.
Compare Current Mortgage Offers
Advertiser Disclosure: The offers below come from our advertising partner. We may earn a commission when you engage with them. The Mississippi data on this page is independent of these offers.
Mississippi Property Taxes
Mississippi's effective property tax rate is 0.58%, which is below the national average of 0.89%. See how property taxes are calculated and how they compare across states.
Annual Property Tax on $198,428 Home
$1,151
($96/month escrowed)
Buying a Home in Mississippi: Key Facts
- Property tax rate of 0.58% is below national average
- Most affordable median home price in the nation at $195,000
- Homestead exemption of $7,500 for owner-occupied homes
- MHC Smart Solution grant requires no repayment
Mortgage Calculators for Nearby States
Comparing homes across state lines? Check property taxes and home prices in neighboring states:
Mississippi First-Time Homebuyer Programs
Mississippi has 22 homebuyer assistance programs that can help with down payment and closing costs.
MHC Smart Solution
Up to 3% of loan as down payment assistance
GrantMHC Home Saver
30-year fixed rate below market for low-income buyers
Low-Interest MortgageMortgage Credit Certificate
Up to 40% of mortgage interest as annual tax credit
Tax CreditEligibility requirements typically include income limits, credit score minimums (usually 620+), and homebuyer education courses. Visit DownPaymentResource.com to search for programs you may qualify for.
Major Cities in Mississippi
Home prices and property taxes can vary significantly by city. The median home value of $198,428 is a statewide estimate.
Mississippi Mortgage FAQ
What is the property tax rate in Mississippi?
The average effective property tax rate in Mississippi is 0.58%. On a $198,428 home, that's approximately $1,151 per year or $96 per month added to your mortgage payment.
What is the median home value in Mississippi?
The median home value in Mississippi is $198,428 as of 2026-06-01. Prices vary by location - Jackson and Gulfport typically have higher prices than rural areas.
Are there first-time homebuyer programs in Mississippi?
Yes, Mississippi has 22 homebuyer assistance programs. Popular options include MHC Smart Solution, which offers up to 3% of loan as down payment assistance.
How much do I need to buy a house in Mississippi?
For the median Mississippi home ($198,428), you'd need $39,686 for a 20% down payment, plus $5,953-$9,921 for closing costs. With down payment assistance, you could potentially buy with as little as $6,945 (3.5% FHA down payment).
Ready to Calculate?
Use our free mortgage calculator with Mississippi property taxes pre-filled.
Calculate Your MS Mortgage Payment