Mississippi Mortgage Calculator 2026

Calculate your monthly mortgage payment for a home in Mississippi (MS). The median home price in Mississippi is $161,400, with an effective property tax rate of 0.74% (ranked #32 nationally). Use our free calculator to compare FHA, VA, USDA, and conventional loan options with real Mississippi data.

Mississippi Property Tax Information

Mississippi has an effective property tax rate of 0.74%, ranking #32 among all 50 states. The median annual property tax is $1,189 ($99/month). Source: Tax Foundation 2025.

Mississippi Loan Limits 2026

FHA loan limit in Mississippi: $524,225 (floor) to $524,225 (ceiling for high-cost areas). Conforming loan limit: $806,500 (baseline) to $806,500 (ceiling).

Estimated Monthly Payment in Mississippi

For a median-priced home of $161,400 with 20% down ($32,280), at 6.5% interest over 30 years: estimated monthly principal and interest is $816, plus $99 in property taxes and approximately $125 in homeowner's insurance, for a total estimated payment of approximately $1,040/month.

Mississippi Closing Costs

Average closing costs in Mississippi are $2,332 (0.98% of purchase price), ranked #46 nationally. Mississippi does not charge a transfer tax. Source: Bankrate/LodeStar 2025.

Mississippi Housing Market 2026

Home prices in Mississippi have increased 3.5% year-over-year. Average days on market: 58. Inventory level: high. Currently considered a buyer's market.

Down Payment Assistance Programs in Mississippi

Mississippi offers 2 down payment assistance programs through Mississippi Home Corporation (MHC):

  • Smart Solution DPA (forgivable loan): Forgivable after 10 years of continuous residence. - Up to Up to $10,000
  • Mortgage Credit Certificate (mcc): Federal tax credit for 30-50% of mortgage interest paid. - Up to Up to $2,000/year tax credit

Contact MHC: https://www.mshomecorp.com | Phone: 601-718-4636

Did You Know About Mississippi?

  • Mississippi has the lowest median home price in the nation
  • No transfer tax on real estate transactions
  • Homestead exemption up to $7,500 in assessed value
  • Excellent affordability for first-time buyers

Frequently Asked Questions About Buying a Home in Mississippi

What is the average property tax rate in Mississippi?

The effective property tax rate in Mississippi is 0.74%, with a median annual tax of $1,189. This ranks #32 among all states.

What are the FHA loan limits in Mississippi for 2026?

The FHA loan floor in Mississippi is $524,225 and the ceiling is $524,225 for high-cost areas. The conforming loan limit baseline is $806,500.

How much are closing costs in Mississippi?

Average closing costs in Mississippi are $2,332, which is approximately 0.98% of the purchase price.

Are there first-time homebuyer programs in Mississippi?

Yes, Mississippi offers 2 down payment assistance programs through Mississippi Home Corporation, including grants, forgivable loans, and second mortgages.

Is Mississippi a good place to buy a home in 2026?

With a median home price of $161,400 and high inventory, Mississippi is currently a buyer's market. Home prices have increased 3.5% over the past year.

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Data last updated: 2025-11. This information is for educational purposes only and should not be considered financial advice.