Tennessee Mortgage Calculator
Mortgage is next to the only affordable option for low to average income home buyers in many parts of Tennessee and the rest of the United States. On this page we offer a convenient Tennessee home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in Tennessee.
Total principal & interest | $485 050 |
Monthly payment | $4 042.08 |
Total interest paid | $125 050 |
Payoff date | July 2035 |
Detailed payment info
Date | Payment | Principal Paid | Interest Paid | Remaining Balance |
---|---|---|---|---|
August 2025 | 4 042.08 | 2 167.08 | 1 875 | 357 832.92 |
September 2025 | 4 042.08 | 2 178.37 | 1 863.71 | 355 654.55 |
October 2025 | 4 042.08 | 2 189.72 | 1 852.37 | 353 464.83 |
November 2025 | 4 042.08 | 2 201.12 | 1 840.96 | 351 263.71 |
December 2025 | 4 042.08 | 2 212.59 | 1 829.50 | 349 051.12 |
January 2026 | 4 042.08 | 2 224.11 | 1 817.97 | 346 827.02 |
February 2026 | 4 042.08 | 2 235.69 | 1 806.39 | 344 591.32 |
March 2026 | 4 042.08 | 2 247.34 | 1 794.75 | 342 343.99 |
April 2026 | 4 042.08 | 2 259.04 | 1 783.04 | 340 084.94 |
May 2026 | 4 042.08 | 2 270.81 | 1 771.28 | 337 814.14 |
June 2026 | 4 042.08 | 2 282.63 | 1 759.45 | 335 531.50 |
July 2026 | 4 042.08 | 2 294.52 | 1 747.56 | 333 236.98 |
August 2026 | 4 042.08 | 2 306.47 | 1 735.61 | 330 930.50 |
September 2026 | 4 042.08 | 2 318.49 | 1 723.60 | 328 612.02 |
October 2026 | 4 042.08 | 2 330.56 | 1 711.52 | 326 281.45 |
November 2026 | 4 042.08 | 2 342.70 | 1 699.38 | 323 938.75 |
December 2026 | 4 042.08 | 2 354.90 | 1 687.18 | 321 583.85 |
January 2027 | 4 042.08 | 2 367.17 | 1 674.92 | 319 216.68 |
February 2027 | 4 042.08 | 2 379.50 | 1 662.59 | 316 837.19 |
March 2027 | 4 042.08 | 2 391.89 | 1 650.19 | 314 445.30 |
April 2027 | 4 042.08 | 2 404.35 | 1 637.74 | 312 040.95 |
May 2027 | 4 042.08 | 2 416.87 | 1 625.21 | 309 624.08 |
June 2027 | 4 042.08 | 2 429.46 | 1 612.63 | 307 194.62 |
July 2027 | 4 042.08 | 2 442.11 | 1 599.97 | 304 752.51 |
August 2027 | 4 042.08 | 2 454.83 | 1 587.25 | 302 297.68 |
September 2027 | 4 042.08 | 2 467.62 | 1 574.47 | 299 830.06 |
October 2027 | 4 042.08 | 2 480.47 | 1 561.61 | 297 349.59 |
November 2027 | 4 042.08 | 2 493.39 | 1 548.70 | 294 856.21 |
December 2027 | 4 042.08 | 2 506.37 | 1 535.71 | 292 349.83 |
January 2028 | 4 042.08 | 2 519.43 | 1 522.66 | 289 830.40 |
February 2028 | 4 042.08 | 2 532.55 | 1 509.53 | 287 297.85 |
March 2028 | 4 042.08 | 2 545.74 | 1 496.34 | 284 752.11 |
April 2028 | 4 042.08 | 2 559 | 1 483.08 | 282 193.11 |
May 2028 | 4 042.08 | 2 572.33 | 1 469.76 | 279 620.79 |
June 2028 | 4 042.08 | 2 585.73 | 1 456.36 | 277 035.06 |
July 2028 | 4 042.08 | 2 599.19 | 1 442.89 | 274 435.87 |
August 2028 | 4 042.08 | 2 612.73 | 1 429.35 | 271 823.14 |
September 2028 | 4 042.08 | 2 626.34 | 1 415.75 | 269 196.80 |
October 2028 | 4 042.08 | 2 640.02 | 1 402.07 | 266 556.78 |
November 2028 | 4 042.08 | 2 653.77 | 1 388.32 | 263 903.02 |
December 2028 | 4 042.08 | 2 667.59 | 1 374.49 | 261 235.43 |
January 2029 | 4 042.08 | 2 681.48 | 1 360.60 | 258 553.94 |
February 2029 | 4 042.08 | 2 695.45 | 1 346.64 | 255 858.50 |
March 2029 | 4 042.08 | 2 709.49 | 1 332.60 | 253 149.01 |
April 2029 | 4 042.08 | 2 723.60 | 1 318.48 | 250 425.41 |
May 2029 | 4 042.08 | 2 737.78 | 1 304.30 | 247 687.63 |
June 2029 | 4 042.08 | 2 752.04 | 1 290.04 | 244 935.58 |
July 2029 | 4 042.08 | 2 766.38 | 1 275.71 | 242 169.20 |
August 2029 | 4 042.08 | 2 780.79 | 1 261.30 | 239 388.42 |
September 2029 | 4 042.08 | 2 795.27 | 1 246.81 | 236 593.15 |
October 2029 | 4 042.08 | 2 809.83 | 1 232.26 | 233 783.32 |
November 2029 | 4 042.08 | 2 824.46 | 1 217.62 | 230 958.86 |
December 2029 | 4 042.08 | 2 839.17 | 1 202.91 | 228 119.69 |
January 2030 | 4 042.08 | 2 853.96 | 1 188.12 | 225 265.73 |
February 2030 | 4 042.08 | 2 868.82 | 1 173.26 | 222 396.90 |
March 2030 | 4 042.08 | 2 883.77 | 1 158.32 | 219 513.14 |
April 2030 | 4 042.08 | 2 898.79 | 1 143.30 | 216 614.35 |
May 2030 | 4 042.08 | 2 913.88 | 1 128.20 | 213 700.47 |
June 2030 | 4 042.08 | 2 929.06 | 1 113.02 | 210 771.41 |
July 2030 | 4 042.08 | 2 944.32 | 1 097.77 | 207 827.09 |
August 2030 | 4 042.08 | 2 959.65 | 1 082.43 | 204 867.44 |
September 2030 | 4 042.08 | 2 975.07 | 1 067.02 | 201 892.38 |
October 2030 | 4 042.08 | 2 990.56 | 1 051.52 | 198 901.81 |
November 2030 | 4 042.08 | 3 006.14 | 1 035.95 | 195 895.68 |
December 2030 | 4 042.08 | 3 021.79 | 1 020.29 | 192 873.88 |
January 2031 | 4 042.08 | 3 037.53 | 1 004.55 | 189 836.35 |
February 2031 | 4 042.08 | 3 053.35 | 988.73 | 186 783 |
March 2031 | 4 042.08 | 3 069.26 | 972.83 | 183 713.74 |
April 2031 | 4 042.08 | 3 085.24 | 956.84 | 180 628.50 |
May 2031 | 4 042.08 | 3 101.31 | 940.77 | 177 527.19 |
June 2031 | 4 042.08 | 3 117.46 | 924.62 | 174 409.73 |
July 2031 | 4 042.08 | 3 133.70 | 908.38 | 171 276.03 |
August 2031 | 4 042.08 | 3 150.02 | 892.06 | 168 126.01 |
September 2031 | 4 042.08 | 3 166.43 | 875.66 | 164 959.58 |
October 2031 | 4 042.08 | 3 182.92 | 859.16 | 161 776.66 |
November 2031 | 4 042.08 | 3 199.50 | 842.59 | 158 577.17 |
December 2031 | 4 042.08 | 3 216.16 | 825.92 | 155 361.01 |
January 2032 | 4 042.08 | 3 232.91 | 809.17 | 152 128.10 |
February 2032 | 4 042.08 | 3 249.75 | 792.33 | 148 878.35 |
March 2032 | 4 042.08 | 3 266.68 | 775.41 | 145 611.67 |
April 2032 | 4 042.08 | 3 283.69 | 758.39 | 142 327.98 |
May 2032 | 4 042.08 | 3 300.79 | 741.29 | 139 027.19 |
June 2032 | 4 042.08 | 3 317.98 | 724.10 | 135 709.21 |
July 2032 | 4 042.08 | 3 335.26 | 706.82 | 132 373.94 |
August 2032 | 4 042.08 | 3 352.64 | 689.45 | 129 021.30 |
September 2032 | 4 042.08 | 3 370.10 | 671.99 | 125 651.21 |
October 2032 | 4 042.08 | 3 387.65 | 654.43 | 122 263.56 |
November 2032 | 4 042.08 | 3 405.29 | 636.79 | 118 858.26 |
December 2032 | 4 042.08 | 3 423.03 | 619.05 | 115 435.23 |
January 2033 | 4 042.08 | 3 440.86 | 601.23 | 111 994.37 |
February 2033 | 4 042.08 | 3 458.78 | 583.30 | 108 535.60 |
March 2033 | 4 042.08 | 3 476.79 | 565.29 | 105 058.80 |
April 2033 | 4 042.08 | 3 494.90 | 547.18 | 101 563.90 |
May 2033 | 4 042.08 | 3 513.10 | 528.98 | 98 050.79 |
June 2033 | 4 042.08 | 3 531.40 | 510.68 | 94 519.39 |
July 2033 | 4 042.08 | 3 549.79 | 492.29 | 90 969.60 |
August 2033 | 4 042.08 | 3 568.28 | 473.80 | 87 401.31 |
September 2033 | 4 042.08 | 3 586.87 | 455.22 | 83 814.45 |
October 2033 | 4 042.08 | 3 605.55 | 436.53 | 80 208.90 |
November 2033 | 4 042.08 | 3 624.33 | 417.75 | 76 584.57 |
December 2033 | 4 042.08 | 3 643.21 | 398.88 | 72 941.36 |
January 2034 | 4 042.08 | 3 662.18 | 379.90 | 69 279.18 |
February 2034 | 4 042.08 | 3 681.25 | 360.83 | 65 597.93 |
March 2034 | 4 042.08 | 3 700.43 | 341.66 | 61 897.50 |
April 2034 | 4 042.08 | 3 719.70 | 322.38 | 58 177.80 |
May 2034 | 4 042.08 | 3 739.07 | 303.01 | 54 438.72 |
June 2034 | 4 042.08 | 3 758.55 | 283.54 | 50 680.18 |
July 2034 | 4 042.08 | 3 778.12 | 263.96 | 46 902.05 |
August 2034 | 4 042.08 | 3 797.80 | 244.28 | 43 104.25 |
September 2034 | 4 042.08 | 3 817.58 | 224.50 | 39 286.67 |
October 2034 | 4 042.08 | 3 837.47 | 204.62 | 35 449.20 |
November 2034 | 4 042.08 | 3 857.45 | 184.63 | 31 591.75 |
December 2034 | 4 042.08 | 3 877.54 | 164.54 | 27 714.21 |
January 2035 | 4 042.08 | 3 897.74 | 144.34 | 23 816.47 |
February 2035 | 4 042.08 | 3 918.04 | 124.04 | 19 898.43 |
March 2035 | 4 042.08 | 3 938.45 | 103.64 | 15 959.98 |
April 2035 | 4 042.08 | 3 958.96 | 83.12 | 12 001.02 |
May 2035 | 4 042.08 | 3 979.58 | 62.51 | 8 021.45 |
June 2035 | 4 042.08 | 4 000.31 | 41.78 | 4 021.14 |
July 2035 | 4 042.08 | 4 021.14 | 20.94 | 0 |
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Best mortgage lenders in Tennessee
The most widely recognized mortgage lenders in Tennessee operate nationwide. These include such recognizable names as Securitas Mortgage Inc, Rocket Mortgage, Advanced Mortgage & Investment Company (AMIC). Several lesser known but trustworthy options include Tennessee-based Nashville Mortgage Company, Tennessee Trust Mortgage Inc.
How to calculate mortgage payment in Tennessee
Use our user-friendly mortgage calculator TN to evaluate your future monthly expenses. A detailed step-by-step instruction follows below.
Why and How to Use Our Mortgage Calculator
Use our house payment calculator Tennessee 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 Tennessee parameters.
Firstly, consider the home price – this represents the amount you intend to invest in your future property. The down payment is the upfront portion of this price. To avoid expensive insurance premiums, it's advisable to provide a minimum of 20% down payment, especially for conventional loans. The remaining amount constitutes the principal, typically 80% of the home price when you have a 20% down payment.
A loan term is the period of full repayment of your mortgage by making scheduled payments. Fixed-rate conforming loans are allowed to last 30 years most, while adjustable-rate options typically have shorter terms.
An interest rate is a fixed or variable percentage of the principal that you'll pay over the loan's duration. It's important to note that you're actually charged an annual percentage rate (APR), which isn't precisely the same as the interest rate. While the interest rate forms the majority of the APR, the latter also encompasses various fees such as origination fees, closing costs, and insurance payments.
For more precise assessment, the interest rate used for these calculations is based on the current mortgage rates in Tennessee, given a $400,000 home price and a 10% down payment.
Median property taxes in Tennessee counties
The property tax is another important thing to consider when selecting your future house. Many lenders insist on setting up a mortgage escrow account to ensure the borrower’s keeping up with the tax and insurance costs.
County | Avg. property tax rate | Avg. home value |
---|---|---|
Anderson County | $966 | $155,200 |
Bedford County | $764 | $129,700 |
Benton County | $522 | $88,700 |
Bledsoe County | $424 | $129,600 |
Blount County | $872 | $175,500 |
Bradley County | $781 | $166,100 |
Campbell County | $449 | $92,700 |
Cannon County | $673 | $151,800 |
Carroll County | $538 | $86,800 |
Carter County | $520 | $114,600 |
Cheatham County | $1,025 | $170,500 |
Chester County | $498 | $113,800 |
Claiborne County | $542 | $102,700 |
Clay County | $561 | $90,300 |
Cocke County | $574 | $107,200 |
Coffee County | $913 | $118,000 |
Crockett County | $643 | $96,700 |
Cumberland County | $467 | $140,800 |
Davidson County | $1,587 | $250,200 |
Decatur County | $333 | $91,800 |
DeKalb County | $462 | $131,100 |
Dickson County | $926 | $146,300 |
Dyer County | $674 | $98,100 |
Fayette County | $746 | $185,000 |
Fentress County | $374 | $103,700 |
Franklin County | $753 | $120,600 |
Gibson County | $664 | $94,800 |
Giles County | $742 | $120,400 |
Grainger County | $440 | $110,600 |
Greene County | $511 | $115,700 |
Grundy County | $405 | $82,400 |
Hamblen County | $647 | $131,200 |
Hamilton County | $1,270 | $177,300 |
Hancock County | $455 | $83,500 |
Hardeman County | $543 | $85,400 |
Hardin County | $470 | $107,400 |
Hawkins County | $667 | $115,400 |
Haywood County | $633 | $104,300 |
Henderson County | $517 | $92,700 |
Henry County | $518 | $97,000 |
Hickman County | $606 | $104,800 |
Houston County | $573 | $94,900 |
Humphreys County | $541 | $103,000 |
Jackson County | $526 | $107,700 |
Jefferson County | $612 | $136,700 |
Johnson County | $465 | $114,100 |
Knox County | $1,091 | $180,200 |
Lake County | $468 | $75,100 |
Lauderdale County | $581 | $81,000 |
Lawrence County | $1,378 | $98,800 |
Lewis County | $476 | $88,300 |
Lincoln County | $579 | $117,500 |
Loudon County | $746 | $193,000 |
Macon County | $560 | $111,700 |
Madison County | $809 | $131,200 |
Marion County | $502 | $121,200 |
Marshall County | $884 | $119,300 |
Maury County | $924 | $188,600 |
McMinn County | $524 | $123,700 |
McNairy County | $496 | $87,500 |
Meigs County | $506 | $118,400 |
Monroe County | $520 | $115,200 |
Montgomery County | $1,118 | $167,600 |
Moore County | $710 | $166,000 |
Morgan County | $555 | $91,600 |
Obion County | $557 | $87,600 |
Overton County | $417 | $114,700 |
Perry County | $473 | $84,200 |
Pickett County | $446 | $129,700 |
Polk County | $587 | $110,900 |
Putnam County | $797 | $160,400 |
Rhea County | $494 | $114,200 |
Roane County | $754 | $135,900 |
Robertson County | $1,000 | $172,300 |
Rutherford County | $1,155 | $216,600 |
Scott County | $469 | $86,700 |
Sequatchie County | $605 | $138,100 |
Sevier County | $547 | $185,900 |
Shelby County | $1,872 | $148,600 |
Smith County | $653 | $120,700 |
Stewart County | $606 | $130,400 |
Sullivan County | $737 | $142,800 |
Sumner County | $1,160 | $238,400 |
Tipton County | $868 | $142,400 |
Trousdale County | $730 | $128,000 |
Unicoi County | $611 | $121,200 |
Union County | $436 | $114,200 |
Van Buren County | $346 | $95,000 |
Warren County | $587 | $108,600 |
Washington County | $803 | $162,500 |
Wayne County | $394 | $96,400 |
Weakley County | $567 | $94,300 |
White County | $490 | $97,700 |
Williamson County | $1,879 | $451,400 |
Wilson County | $1,136 | $260,200 |
Source: American Communities Survey 2016, U.S. Census
Tennessee Housing Market 2025
The past year has seen a steep increase in the market value of housing in Tennessee. This continues a longstanding trend amplified by the COVID pandemic. Nevertheless, the pace of growth has diminished compared to the previous year, while both purchase and refinance rates have been on the increase for some time and are expected to rise further in the near future.
How do I calculate my mortgage payment?
The most convenient way to do this is to make use of our calculator. It's powered by a simple formula, which you can also use to calculate the amount to be paid by hand:
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 applying for a 15-year mortgage loan with a fixed 6.99% APR (which is .0699 as a unit fraction). The house costs $500k, with 10% ($50,000) to be paid down. The principal amount (P) will be equal to 90% of the initial home cost ($500,000 – $50,000 = $450,000).
I = .0699 % / 12 = .005825%.
Finally, let’s convert the loan length from years to months: N = 15 * 12 = 180.
M ($) = 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 Tennessee
To begin with, there are several federal agencies, namely USDA, FHA, and VA, that offer loan guarantees to eligible borrowers. These programs provide a range of options that can align with the financial constraints of many first-time homebuyers.
In addition to these government-backed initiatives, it's worthwhile to explore opportunities provided by the Tennessee Housing Corporation (UHC) for residents of Tennessee. Specifically, first-time homebuyers can apply for the FirstHome program, which offers assistance with down payments and closing costs, provided they qualify for an FHA loan and have a FICO score of at least 660. This program covers up to 6% of the loan amount for either down payment or closing costs. It's important to note that this assistance is offered in the form of a 30-year-fixed-rate second loan. If you don't meet the criteria for the FirstHome program, there's no need to lose hope. The Tennessee Housing Score Loan is an alternative program that provides up to 4% in assistance, with a minimum acceptable credit score of 620.
Some useful tips for first-timers:
- Obtain pre-approval in advance, as it enhances your credibility in the eyes of potential sellers. It's highly recommended to obtain pre-approval letters from not just one, but at least two or three different lenders.
- Compare mortgage rates from various lenders. Consider at least three lenders to ensure you secure the most favorable terms for your mortgage.
- Conduct preliminary financial planning based on the amount you've been pre-approved for. This will help you budget for future expenses effectively.
- Begin saving for a down payment as early as possible. A larger down payment reduces the principal amount, which, in turn, can lower your overall expenses. Therefore, initiating your savings early is crucial.
- If you're eligible for a VA loan, prioritize this option.
- Explore government-backed plans and local assistance programs. These initiatives often present enticing benefits, so be sure not to overlook them.
- If feasible, work on paying off any existing debts before applying for a mortgage. Reducing your outstanding debts can improve your financial standing and increase your chances of securing a favorable mortgage offer.