Calculate Your Tennessee Mortgage Payment
Our calculator is pre-filled with Tennessee's median home price and property tax rate. Adjust the numbers to match your situation.
Open Calculator with TN DefaultsMonthly Payment Breakdown for Tennessee
Here's what your monthly payment looks like on the median Tennessee home ($380,000) with 20% down at 6.5%:
Note: This estimate assumes 20% down payment ($76,000), no PMI. With less than 20% down, add $127-$253/month for PMI.
Tennessee Property Taxes
Tennessee's effective property tax rate is 0.46%, which is below the national average of 0.89%.
Annual Property Tax on $380,000 Home
$1,748
($146/month escrowed)
No State Income Tax
Tennessee has no state income tax, which can offset higher property taxes and leave more money for your mortgage payment.
Buying a Home in Tennessee: Key Facts
- No state income tax - attractive for lower overall tax burden
- Property tax rate of 0.46% is among the lowest in the nation
- Nearly half the 0.89% national average property tax rate
- Nashville metro has experienced significant population and price growth
Mortgage Calculators for Nearby States
Comparing homes across state lines? Check property taxes and home prices in neighboring states:
Tennessee First-Time Homebuyer Programs
Tennessee has 38 homebuyer assistance programs that can help with down payment and closing costs.
Great Choice Plus Deferred
Up to $6,000 at 0% interest, forgiven after 30 years
Forgivable LoanGreat Choice Plus Amortizing
Up to 5% of sales price (max $15,000) at same rate as first mortgage
Low-Interest LoanHomeownership for Heroes
0.5% mortgage rate discount for veterans, military, first responders
Interest Rate ReductionEligibility 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 Tennessee
Home prices and property taxes can vary significantly by city. The median home price of $380,000 is a statewide average.
Tennessee Mortgage FAQ
What is the property tax rate in Tennessee?
The average effective property tax rate in Tennessee is 0.46%. On a $380,000 home, that's approximately $1,748 per year or $146 per month added to your mortgage payment.
What is the median home price in Tennessee?
The median home price in Tennessee is $380,000 as of January 2026. Prices vary by location - Nashville and Memphis typically have higher prices than rural areas.
Are there first-time homebuyer programs in Tennessee?
Yes, Tennessee has 38 homebuyer assistance programs. Popular options include Great Choice Plus Deferred, which offers up to $6,000 at 0% interest, forgiven after 30 years.
How much do I need to buy a house in Tennessee?
For the median Tennessee home ($380,000), you'd need $76,000 for a 20% down payment, plus $11,400-$19,000 for closing costs. With down payment assistance, you could potentially buy with as little as $13,300 (3.5% FHA down payment).
Ready to Calculate?
Use our free mortgage calculator with Tennessee property taxes pre-filled.
Calculate Your TN Mortgage Payment