Mississippi Mortgage Calculator

Mortgage is next to the only affordable option for low to average income home buyers in many parts of Mississippi and the rest of the United States. On this page we offer a convenient Mississippi home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in Mississippi.

Mortgage details
Home price
$
Down payment
$
Loan term
Y
Interest rate
%
Calculate
Reset
Mortgage results
Total amount paid
Interest
$
Principal
$
Total principal & interest$0
Monthly payment$0
Total interest paid$0
Payoff dateDate
Print payments schedule

Detailed payment info

DatePaymentPrincipal PaidInterest PaidRemaining Balance

Today's Mortgage Rates Trends in Mississippi

Best mortgage lenders in Mississippi

The most popular mortgage lenders in Mississippi operate nationwide. These include such recognizable names as Rocket Mortgage, Advanced Mortgage & Investment Company (AMIC), Paddio®.

How to calculate mortgage payment in Mississippi

Use our simple mortgage calculator MS to evaluate your future monthly expenses. Below, you'll find a comprehensive set of instructions broken down into individual steps.

Why and How to Use Our Mortgage Calculator

Use our house payment calculator Mississippi for thorough planning of your future spendings. Let’s take a closer look at each field in order to gain a better understanding of the mortgage in Mississippi parameters.

The initial component of the puzzle revolves around the cost of your prospective home, representing the amount you intend to invest in your future property. The down payment is the fraction of this cost that must be paid upfront. To avoid incurring expensive insurance expenses, it's necessary to come up with a minimum of 20% down payment, particularly in the case of a conventional loan. The remaining portion constitutes the principal, which corresponds to 80% of the home price when a 20% down payment is made.

The loan term refers to the period required for complete mortgage repayment through regular, scheduled payments. Fixed-rate conforming loans typically have a maximum term of 30 years, whereas adjustable-rate options usually feature shorter repayment periods.

An interest rate denotes a fixed or variable percentage of the principal amount that you are obligated to pay over the course of the loan. It's important to note that what you're actually charged is an annual percentage rate (APR), which is distinct from the interest rate. While the interest rate constitutes a significant portion of the APR, the latter also encompasses various fees such as origination fees, closing costs, and insurance payments, among others.

For a more precise assessment, the interest rate employed in these calculations is based on the current mortgage rates in your state, considering a $400,000 home price and a 10% down payment.

Median property taxes in Mississippi counties

Property taxes are another important consideration when selecting your future house. Many lenders insist on setting up a mortgage escrow account to ensure that the borrower keeps up with tax and insurance costs.

County Avg. property tax rate Avg. home value
Adams County $567 $90,800
Alcorn County $445 $86,100
Amite County $281 $77,500
Attala County $525 $72,700
Benton County $448 $70,300
Bolivar County $952 $89,100
Calhoun County $659 $66,600
Carroll County $440 $90,900
Chickasaw County $480 $63,800
Choctaw County $393 $77,200
Claiborne County $330 $61,000
Clarke County $351 $72,000
Clay County $543 $81,200
Coahoma County $562 $62,400
Copiah County $487 $93,800
Covington County $369 $77,600
DeSoto County $1,067 $171,600
Forrest County $937 $131,100
Franklin County $484 $74,700
George County $574 $98,200
Greene County $497 $80,700
Grenada County $626 $93,200
Hancock County $795 $132,800
Harrison County $826 $155,200
Hinds County $826 $126,100
Holmes County $390 $50,600
Humphreys County $468 $64,200
Issaquena County $286 $50,200
Itawamba County $449 $87,000
Jackson County $942 $148,500
Jasper County $454 $67,300
Jefferson County $512 $57,100
Jefferson Davis County $352 $80,600
Jones County $527 $86,800
Kemper County $411 $70,900
Lafayette County $924 $177,300
Lamar County $1,030 $169,000
Lauderdale County $733 $98,000
Lawrence County $406 $89,100
Leake County $420 $80,800
Lee County $788 $132,300
Leflore County $570 $76,100
Lincoln County $522 $94,800
Lowndes County $632 $123,400
Madison County $1,204 $230,500
Marion County $507 $78,500
Marshall County $581 $94,300
Monroe County $543 $87,100
Montgomery County $541 $77,900
Neshoba County $500 $80,400
Newton County $497 $80,300
Noxubee County $555 $57,400
Oktibbeha County $698 $146,400
Panola County $505 $73,800
Pearl River County $733 $122,900
Perry County $427 $81,100
Pike County $536 $87,500
Pontotoc County $526 $102,100
Prentiss County $445 $90,500
Quitman County $389 $51,400
Rankin County $798 $160,000
Scott County $405 $71,500
Sharkey County $479 $51,100
Simpson County $390 $86,800
Smith County $422 $79,700
Stone County $686 $113,900
Sunflower County $623 $71,600
Tallahatchie County $350 $63,400
Tate County $622 $107,400
Tippah County $390 $86,000
Tishomingo County $286 $82,700
Union County $474 $92,500
Walthall County $521 $101,900
Warren County $642 $114,600
Washington County $606 $74,400
Wayne County $325 $80,100
Webster County $408 $77,400
Wilkinson County $326 $60,400
Winston County $349 $77,600
Yalobusha County $515 $75,200
Yazoo County $627 $78,700

Source: American Communities Survey 2016, U.S. Census

Mississippi Housing Market 2024

The past year has seen a steep increase in the market value of housing in Mississippi. This perpetuates a long-standing trend that was exacerbated by the COVID-19 pandemic. Nevertheless, the rate of growth has diminished compared to the previous year, while both purchase and refinance rates have been on the rise for some time and are expected to increase further in the near future.

How do I calculate my mortgage payment?

The easiest way to accomplish this is by utilizing our calculator, which operates based on a straightforward formula. You can also manually calculate the amount to be paid using the same formula:

M = P*i(1 + i)^n / (1 + i)^n – 1

M – estimated monthly mortgage payment;

P – principal;

I – monthly interest rate (to determine it, divide your annual mortgage rate by 12);

N – the loan term expressed in months (in other words, the overall number of monthly payments)

Imagine you are seeking a 15-year mortgage loan with a fixed 6.99% APR (expressed as 0.0699 in fractional form). The house is priced at $500,000, and you intend to make a 10% down payment, which amounts to $50,000. Consequently, the principal amount (P) will be $450,000, which is 90% of the initial home cost ($500,000 - $50,000).

I = .0699 % / 12 = .005825%.

Finally, let’s convert the loan length from years to months: N = 15 * 12 = 180.

M ($) = 450,000*.005825(1 + .005825)^180 / (1 + .005825)^180 – 1 ≈ 4042.

So, you are going to pay about $4042 a month.

It is important to note that the calculated M value is approximate, as no extra fees are taken into account.

Tips for first-time home buyers in Mississippi

To begin with, there are several federal agencies (USDA, FHA, and VA) that provide loan guarantees for eligible borrowers, offering numerous options tailored to the budgets of many first-time homebuyers.

In addition to these government-backed programs, it's worthwhile to explore opportunities offered by the UHC (Mississippi Housing Corporation) for residents of Mississippi. Specifically, first-time homebuyers who qualify for an FHA loan and have a FICO score of at least 660 can apply for the FirstHome program, which provides assistance with down payments and closing costs. This program covers up to 6% of the loan amount and is available solely in the form of a 30-year fixed-rate second loan. If you don't meet the criteria for the FirstHome program, don't lose hope. The Mississippi Housing Score Loan is an alternative option that covers up to 4%, with a minimum acceptable credit score of 620.

Here are some valuable tips for first-time homebuyers:

  1. Obtain pre-approval in advance to enhance your credibility in the eyes of home sellers. It's advisable to seek pre-approval letters from not just one, but at least two or three different lenders.
  2. Compare various mortgage rates by considering a minimum of three lenders; the more options you explore, the better.
  3. Conduct preliminary calculations based on the pre-approved loan amount to plan for your future expenses effectively.
  4. Save as much as possible for a down payment, and start saving early. A larger down payment reduces the principal amount, which can subsequently lower your overall expenses. Therefore, initiating savings in advance is crucial.
  5. If you are eligible for a VA loan, prioritize this option above all others.
  6. Explore government-backed plans and local assistance programs, as they may present enticing opportunities that you don't want to miss out on.
  7. If possible, work on paying off any existing debts before embarking on your home-buying journey.

FAQ

How much house can I afford in Mississippi?

To see whether a given property is within the limits of your budget, you must know its value and the tentative loan terms. Feed these to the calculator on the current page. Don't forget to account for your other debts, as well. Most advisers suggest keeping your mortgage payment at less than 28% of your monthly income, with total debt under 36%.

What credit rating do I need to qualify for a mortgage loan in Mississippi?

There is no definitive answer to this question. For conventional loans, credit scores starting from 620 are generally satisfactory. However, the exact conditions vary widely and include other essential criteria, including your income, current debt amount etc. For government-backed FHA plans, there is no predefined threshold, and each lender has the right to set their own requirements. Typically, a credit score of 500 or better may qualify.

What is the average mortgage rate in Mississippi?

At the time of writing, the average rates for conventional fixed-rate mortgages are 7.3500% and 6.6260% for a 30-year and a 15-year loan term, respectively.