Mortgage payment estimates, closing cost breakdowns, and first-time buyer programs for Tennessee homebuyers.
Pre-filled with Tennessee medians. Adjust for your property.
Estimated closing costs based on Tennessee tax rates and fees.
The median home price in Tennessee is $340,000, with property taxes averaging 0.56% annually. Tennessee's low property tax rate is a major advantage for buyers, keeping monthly costs well below what you'd pay in high-tax states.
Closing costs in Tennessee average $5K (1.5%% of purchase price). The state charges a 0.37% transfer tax on real estate transactions, which modestly adds to closing costs. Homeowners insurance runs approximately $2,400 per year. This is within the normal range nationally.
Tennessee offers the THDA Great Choice Home Loan for first-time buyers: Up to $25,000 DPA. Contact your state housing finance agency or a HUD-approved housing counselor for eligibility details and application steps.
Tennessee presents moderate affordability. The $340K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.