Tennessee Mortgage Calculator 2026
Tennessee has no state income tax on wages, low property taxes (0.71%), and no inheritance tax — a combination that has made it one of the most popular destination states for corporate relocations and remote workers. Nashville experienced dramatic price appreciation before cooling from its 2022 peak.
Calculate Your Tennessee Mortgage Payment
Pre-filled with Tennessee averages — adjust any value to match your situation.
= $62,000 down
Estimated Monthly Payment Breakdown
Based on $310,000 home price, 20% down, 30-year fixed at 7.25%.
Tennessee Property Taxes & Income Tax
Tennessee has no state income tax on wages (the Hall Tax on investment income was eliminated in 2021). Property taxes average 0.71%, well below the national average. The state offers a Homestead Exemption for qualifying homeowners. Tennessee's overall tax burden is among the lowest in the nation.
Tennessee Homeowners Insurance
Tennessee faces tornado risk, particularly in the western part of the state. Severe thunderstorms and occasional flooding are also concerns. Annual insurance averages $1,400–$2,000. Budget $120–$170/month.
Tennessee Housing Market Overview
Nashville experienced extraordinary appreciation during 2020–2022 driven by corporate relocations (Oracle, Amazon, AllianceBernstein) and in-migration from high-tax states. The market has since cooled with more inventory. Memphis offers very affordable prices with a strong logistics economy. Knoxville and Chattanooga offer affordable alternatives with growing economies. Much of rural Tennessee qualifies for USDA loans.
Frequently Asked Questions
What is the average mortgage payment in Tennessee?
Based on Tennessee's median home price of $310,000, a 20% down payment, and a 30-year fixed rate of 7.25%, the estimated total monthly payment (PITI) is approximately $2,008/month.
What is the conforming loan limit in Tennessee?
The conforming loan limit in Tennessee is $766,550. Loans above this amount are jumbo loans requiring stronger credit and larger down payments.
Can I get a USDA loan in Tennessee?
Yes — Tennessee has USDA-eligible rural areas where qualifying buyers can purchase a home with zero down payment. Use the USDA eligibility map to check specific addresses.
Are VA loans available in Tennessee?
Yes — eligible veterans, active-duty service members, and surviving spouses can use VA loans in Tennessee with no down payment and no PMI. The VA loan limit in Tennessee is $766,550.
Tennessee Loan Limits
Tennessee Homebuyer Programs
Below-market interest rate mortgages with optional down payment assistance for qualifying first-time homebuyers in Tennessee.
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