Monthly Payment on a $250K Mortgage in Tennessee
Using Tennessee's 0.56% property tax rate and $2,400/yr homeowners insurance.
$250K 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% | $1,804 | $1,725 | $1,452 |
| 6.0% | $1,879 | $1,797 | $1,516 |
| 6.5% | $1,956 | $1,870 | $1,581 |
| 7.0% | $2,035 | $1,945 | $1,647 |
| 7.5% | $2,116 | $2,021 | $1,715 |
| 8.0% | $2,198 | $2,099 | $1,784 |
How This Compares to Tennessee's Median
A $250K home is 26% below Tennessee's median of $340K. You'll find homes at this price in cities like Jackson, Memphis.
Income Needed for a $250K Home in Tennessee
To afford this payment of $1,870/mo in Tennessee, you'd need a household income of approximately $80K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $80K salary can afford →Closing Costs in Tennessee
Estimated closing costs in Tennessee: $4K (1.5% of purchase price). Tennessee also charges a 0.37% transfer tax, which may add $925 to your transaction costs.
What to Know About a $250K Mortgage in Tennessee
With 10% down ($25,000), your loan of $225,000 at 6.5% over 30 years produces a principal and interest payment of $1,422/mo. Adding Tennessee's 0.56% property tax ($117/mo) and $2,400/yr insurance ($200/mo) brings your total to $1,870/mo. Because you're putting less than 20% down, PMI adds $131/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $286,975 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $26,920 over the life of the loan.