Tennessee Mortgage Calculator 2026

Calculate your monthly mortgage payment for a home in Tennessee (TN). The median home price in Tennessee is $256,800, with an effective property tax rate of 0.55% (ranked #40 nationally). Use our free calculator to compare FHA, VA, USDA, and conventional loan options with real Tennessee data.

Tennessee Property Tax Information

Tennessee has an effective property tax rate of 0.55%, ranking #40 among all 50 states. The median annual property tax is $1,400 ($117/month). Source: Tax Foundation 2025.

Tennessee Loan Limits 2026

FHA loan limit in Tennessee: $524,225 (floor) to $1,209,750 (ceiling for high-cost areas). Conforming loan limit: $806,500 (baseline) to $1,209,750 (ceiling). Tennessee has designated high-cost areas with higher limits.

Estimated Monthly Payment in Tennessee

For a median-priced home of $256,800 with 20% down ($51,360), at 6.5% interest over 30 years: estimated monthly principal and interest is $1,299, plus $117 in property taxes and approximately $125 in homeowner's insurance, for a total estimated payment of approximately $1,541/month.

Tennessee Closing Costs

Average closing costs in Tennessee are $5,063 (1.18% of purchase price), ranked #16 nationally. Tennessee charges a transfer tax on real estate transactions. Source: Bankrate/LodeStar 2025.

Tennessee Housing Market 2026

Home prices in Tennessee have increased 2.8% year-over-year. Average days on market: 35. Inventory level: moderate. Currently considered a seller's market.

Down Payment Assistance Programs in Tennessee

Tennessee offers 3 down payment assistance programs through Tennessee Housing Development Agency (THDA):

  • Great Choice Plus (forgivable loan): Forgivable after 10 years. Competitive rates. - Up to Up to $7,500
  • Homeownership for the Brave (grant): Extra grant for eligible veterans on top of Great Choice. - Up to Additional $1,000 for veterans
  • New Start Program (forgivable loan): For buyers affected by economic hardship. - Up to Up to $7,500

Contact THDA: https://www.thda.org | Phone: 615-815-2200

Did You Know About Tennessee?

  • Tennessee has no state income tax
  • Nashville area has high-cost loan limits
  • Transfer tax is $0.37 per $100 (relatively low)
  • Strong job growth attracting new residents

Frequently Asked Questions About Buying a Home in Tennessee

What is the average property tax rate in Tennessee?

The effective property tax rate in Tennessee is 0.55%, with a median annual tax of $1,400. This ranks #40 among all states.

What are the FHA loan limits in Tennessee for 2026?

The FHA loan floor in Tennessee is $524,225 and the ceiling is $1,209,750 for high-cost areas. The conforming loan limit baseline is $806,500.

How much are closing costs in Tennessee?

Average closing costs in Tennessee are $5,063, which is approximately 1.18% of the purchase price.

Are there first-time homebuyer programs in Tennessee?

Yes, Tennessee offers 3 down payment assistance programs through Tennessee Housing Development Agency, including grants, forgivable loans, and second mortgages.

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

With a median home price of $256,800 and moderate inventory, Tennessee is currently a seller's market. Home prices have increased 2.8% 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.