Typical Tennessee mortgage payment
The median home price in Tennessee is roughly $320,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $2,531 | $1,718 |
| 5.50% | $2,615 | $1,817 |
| 6.00% | $2,700 | $1,919 |
| 6.50% | $2,788 | $2,023 |
| 7.00% | $2,876 | $2,129 |
| 7.50% | $2,966 | $2,237 |
| 8.00% | $3,058 | $2,348 |
At 6.50% over 30 years, a $320,000 home in Tennessee costs about $2,023/month in principal & interest.
What affects your Tennessee payment?
- Property taxes & insurance vary by county and aren't included above.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price is an approximate estimate. Figures are principal & interest only and exclude taxes, insurance and fees. Not financial advice.