Monthly Payment on a $150K Mortgage in Tennessee
Using Tennessee's 0.56% property tax rate and $2,400/yr homeowners insurance.
$150K Mortgage in Tennessee: Rate Comparison
Monthly PITI payment using Tennessee's 0.56% property tax and $2,400/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,162 | $1,115 | $951 |
| 6.0% | $1,207 | $1,158 | $989 |
| 6.5% | $1,254 | $1,202 | $1,028 |
| 7.0% | $1,301 | $1,247 | $1,068 |
| 7.5% | $1,350 | $1,293 | $1,109 |
| 8.0% | $1,399 | $1,339 | $1,151 |
How This Compares to Tennessee's Median
A $150K home is 56% below Tennessee's median of $340K. This is well within reach in many Tennessee communities.
Income Needed for a $150K Home in Tennessee
To afford this payment of $1,202/mo in Tennessee, you'd need a household income of approximately $52K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $50K salary can afford →Closing Costs in Tennessee
Estimated closing costs in Tennessee: $2K (1.5% of purchase price). Tennessee also charges a 0.37% transfer tax, which may add $555 to your transaction costs.
What to Know About a $150K Mortgage in Tennessee
With 10% down ($15,000), your loan of $135,000 at 6.5% over 30 years produces a principal and interest payment of $853/mo. Adding Tennessee's 0.56% property tax ($70/mo) and $2,400/yr insurance ($200/mo) brings your total to $1,202/mo. Because you're putting less than 20% down, PMI adds $79/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $172,185 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $16,152 over the life of the loan.