Mississippi Mortgage Calculator
The median home price in Mississippi is $175,000. With a 20% down payment at the state's average 30-year fixed rate of 7.2%, your estimated all-in monthly payment (principal, interest, taxes, and insurance) is approximately $1,195. Mississippi's property tax rate of 0.65% annually is below the U.S. national average of 1.07%.
A buyer earning Mississippi's median household income of $50,000 would dedicate roughly 29% of gross monthly income to housing — moderately stretched by the standard 28% guideline.
Median Home Price
$175,000
Avg 30-yr Rate
7.2%
Property Tax Rate
0.65%/yr
Est. Monthly PITI
$1,195
Mortgage Calculator
Total Monthly Payment
$1,195.14
Loan Amount
$140,000
Total Paid
$342,109
Total Interest
$202,109
How to Get a Mortgage in Mississippi
- 1 Check your credit score. In Mississippi, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $175,000 Mississippi home, 20% down is $35,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in Mississippi average 7.2%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $4,200–$7,000 on a median Mississippi purchase.
- 5 Budget for ongoing costs: Mississippi property taxes average 0.65%/yr ($1,138/yr on the median home), plus homeowner's insurance averaging $1.800/yr.
Monthly Cost Breakdown — Median Mississippi Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
Mississippi Mortgage FAQs
What is the average home price in Mississippi?
The median home price in Mississippi is $175,000 (2024 estimate). With a typical 20% down payment of $35,000, a buyer would finance $140,000 at a 30-year fixed rate.
What are property taxes like in Mississippi?
Mississippi has an average effective property tax rate of 0.65% of assessed home value. On a $175,000 home, that's approximately $1,138 per year ($95/month) — below the national average of 1.07%.
How much income do I need to buy a home in Mississippi?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced Mississippi home, you'd need to earn roughly $51,218 per year. The state's median household income is $50,000, meaning the typical household allocates about 29% of gross income to housing — moderately stretched.
What is the average mortgage rate in Mississippi?
The average 30-year fixed mortgage rate in Mississippi is approximately 7.2% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
Related:
National Mortgage Calculator Loan Calculator Investment Return Calculator