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.

Mortgage details
Home price
$
Down payment
$
Loan term
Y
Interest rate
%
Calculate
Reset
Mortgage results
Total amount paid
Interest
$125 050
Principal
$360 000
Total principal & interest$485 050
Monthly payment$4 042.08
Total interest paid$125 050
Payoff dateJuly 2035
Print payments schedule

Detailed payment info

DatePaymentPrincipal PaidInterest PaidRemaining Balance
August 20254 042.082 167.081 875357 832.92
September 20254 042.082 178.371 863.71355 654.55
October 20254 042.082 189.721 852.37353 464.83
November 20254 042.082 201.121 840.96351 263.71
December 20254 042.082 212.591 829.50349 051.12
January 20264 042.082 224.111 817.97346 827.02
February 20264 042.082 235.691 806.39344 591.32
March 20264 042.082 247.341 794.75342 343.99
April 20264 042.082 259.041 783.04340 084.94
May 20264 042.082 270.811 771.28337 814.14
June 20264 042.082 282.631 759.45335 531.50
July 20264 042.082 294.521 747.56333 236.98
August 20264 042.082 306.471 735.61330 930.50
September 20264 042.082 318.491 723.60328 612.02
October 20264 042.082 330.561 711.52326 281.45
November 20264 042.082 342.701 699.38323 938.75
December 20264 042.082 354.901 687.18321 583.85
January 20274 042.082 367.171 674.92319 216.68
February 20274 042.082 379.501 662.59316 837.19
March 20274 042.082 391.891 650.19314 445.30
April 20274 042.082 404.351 637.74312 040.95
May 20274 042.082 416.871 625.21309 624.08
June 20274 042.082 429.461 612.63307 194.62
July 20274 042.082 442.111 599.97304 752.51
August 20274 042.082 454.831 587.25302 297.68
September 20274 042.082 467.621 574.47299 830.06
October 20274 042.082 480.471 561.61297 349.59
November 20274 042.082 493.391 548.70294 856.21
December 20274 042.082 506.371 535.71292 349.83
January 20284 042.082 519.431 522.66289 830.40
February 20284 042.082 532.551 509.53287 297.85
March 20284 042.082 545.741 496.34284 752.11
April 20284 042.082 5591 483.08282 193.11
May 20284 042.082 572.331 469.76279 620.79
June 20284 042.082 585.731 456.36277 035.06
July 20284 042.082 599.191 442.89274 435.87
August 20284 042.082 612.731 429.35271 823.14
September 20284 042.082 626.341 415.75269 196.80
October 20284 042.082 640.021 402.07266 556.78
November 20284 042.082 653.771 388.32263 903.02
December 20284 042.082 667.591 374.49261 235.43
January 20294 042.082 681.481 360.60258 553.94
February 20294 042.082 695.451 346.64255 858.50
March 20294 042.082 709.491 332.60253 149.01
April 20294 042.082 723.601 318.48250 425.41
May 20294 042.082 737.781 304.30247 687.63
June 20294 042.082 752.041 290.04244 935.58
July 20294 042.082 766.381 275.71242 169.20
August 20294 042.082 780.791 261.30239 388.42
September 20294 042.082 795.271 246.81236 593.15
October 20294 042.082 809.831 232.26233 783.32
November 20294 042.082 824.461 217.62230 958.86
December 20294 042.082 839.171 202.91228 119.69
January 20304 042.082 853.961 188.12225 265.73
February 20304 042.082 868.821 173.26222 396.90
March 20304 042.082 883.771 158.32219 513.14
April 20304 042.082 898.791 143.30216 614.35
May 20304 042.082 913.881 128.20213 700.47
June 20304 042.082 929.061 113.02210 771.41
July 20304 042.082 944.321 097.77207 827.09
August 20304 042.082 959.651 082.43204 867.44
September 20304 042.082 975.071 067.02201 892.38
October 20304 042.082 990.561 051.52198 901.81
November 20304 042.083 006.141 035.95195 895.68
December 20304 042.083 021.791 020.29192 873.88
January 20314 042.083 037.531 004.55189 836.35
February 20314 042.083 053.35988.73186 783
March 20314 042.083 069.26972.83183 713.74
April 20314 042.083 085.24956.84180 628.50
May 20314 042.083 101.31940.77177 527.19
June 20314 042.083 117.46924.62174 409.73
July 20314 042.083 133.70908.38171 276.03
August 20314 042.083 150.02892.06168 126.01
September 20314 042.083 166.43875.66164 959.58
October 20314 042.083 182.92859.16161 776.66
November 20314 042.083 199.50842.59158 577.17
December 20314 042.083 216.16825.92155 361.01
January 20324 042.083 232.91809.17152 128.10
February 20324 042.083 249.75792.33148 878.35
March 20324 042.083 266.68775.41145 611.67
April 20324 042.083 283.69758.39142 327.98
May 20324 042.083 300.79741.29139 027.19
June 20324 042.083 317.98724.10135 709.21
July 20324 042.083 335.26706.82132 373.94
August 20324 042.083 352.64689.45129 021.30
September 20324 042.083 370.10671.99125 651.21
October 20324 042.083 387.65654.43122 263.56
November 20324 042.083 405.29636.79118 858.26
December 20324 042.083 423.03619.05115 435.23
January 20334 042.083 440.86601.23111 994.37
February 20334 042.083 458.78583.30108 535.60
March 20334 042.083 476.79565.29105 058.80
April 20334 042.083 494.90547.18101 563.90
May 20334 042.083 513.10528.9898 050.79
June 20334 042.083 531.40510.6894 519.39
July 20334 042.083 549.79492.2990 969.60
August 20334 042.083 568.28473.8087 401.31
September 20334 042.083 586.87455.2283 814.45
October 20334 042.083 605.55436.5380 208.90
November 20334 042.083 624.33417.7576 584.57
December 20334 042.083 643.21398.8872 941.36
January 20344 042.083 662.18379.9069 279.18
February 20344 042.083 681.25360.8365 597.93
March 20344 042.083 700.43341.6661 897.50
April 20344 042.083 719.70322.3858 177.80
May 20344 042.083 739.07303.0154 438.72
June 20344 042.083 758.55283.5450 680.18
July 20344 042.083 778.12263.9646 902.05
August 20344 042.083 797.80244.2843 104.25
September 20344 042.083 817.58224.5039 286.67
October 20344 042.083 837.47204.6235 449.20
November 20344 042.083 857.45184.6331 591.75
December 20344 042.083 877.54164.5427 714.21
January 20354 042.083 897.74144.3423 816.47
February 20354 042.083 918.04124.0419 898.43
March 20354 042.083 938.45103.6415 959.98
April 20354 042.083 958.9683.1212 001.02
May 20354 042.083 979.5862.518 021.45
June 20354 042.084 000.3141.784 021.14
July 20354 042.084 021.1420.940

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:

  1. 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.
  2. Compare mortgage rates from various lenders. Consider at least three lenders to ensure you secure the most favorable terms for your mortgage.
  3. Conduct preliminary financial planning based on the amount you've been pre-approved for. This will help you budget for future expenses effectively.
  4. 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.
  5. If you're eligible for a VA loan, prioritize this option.
  6. Explore government-backed plans and local assistance programs. These initiatives often present enticing benefits, so be sure not to overlook them.
  7. 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.

FAQ

How much house can I afford in Tennessee?

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 Tennessee?

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 Tennessee?

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