Mississippi Mortgage Calculator

Calculate your monthly mortgage payment in Mississippi. Average home price: $155,000 · Property tax rate: 0.79% · Median household income: $48,610.

Calculate Your Mississippi Mortgage Payment

Home Price ($)

Down Payment ($)

Interest Rate (%)

Loan Term (Years)

Property Tax Rate (%)

Annual Insurance ($)

HOA Monthly ($)

Loan Type

Mississippi Housing Market Overview

$155,000

Avg Home Price

0.79%

Property Tax Rate

$2,300

Annual Insurance

6.9%

Avg Mortgage Rate

The average home price in Mississippi is $155,000, with a property tax rate of 0.79%. With 20% down at 6.9%, your estimated monthly payment would be approximately $1,110/month including principal, interest, taxes, and insurance (PITI).

Mississippi's median household income is $48,610, making the average home roughly 3.2x the median annual income. Financial advisors generally recommend a home price no more than 3-4x your annual income.

How Mortgage Payments Work in Mississippi

Your monthly mortgage payment in Mississippi consists of four components (PITI):

Principal: The portion that reduces your loan balance. Starts small and grows over time.
Interest: The cost of borrowing. At 6.9%, you'll pay significant interest in the early years.
Taxes: Mississippi's property tax rate of 0.79% means approximately $102/month on the average home.
Insurance: Homeowners insurance in Mississippi averages $2,300/year ($192/month).

If your down payment is less than 20%, you'll also pay Private Mortgage Insurance (PMI), typically 0.5-1% of the loan annually. FHA loans require mortgage insurance for the life of the loan.

Tips for Mississippi Home Buyers

Get pre-approved: Know exactly how much you can afford before shopping in Mississippi.
Compare rates: Even a 0.25% rate difference saves thousands over 30 years on a $155,000 home.
Consider property taxes: Mississippi's 0.79% rate can vary significantly by county — research your target area.
Shop insurance: Mississippi homeowners insurance averages $2,300/year, but rates vary. Get 3-5 quotes.
Budget for closing costs: Expect 2-5% of the purchase price ($3,100-$7,750) in closing costs.
Build an emergency fund: Set aside 3-6 months of mortgage payments ($3,331-$6,662) for emergencies.

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Frequently Asked Questions

What is the average mortgage payment in Mississippi?

Based on the average home price of $155,000 with 20% down at 6.9%, the typical monthly payment in Mississippi is approximately $1,110, including principal, interest, property taxes (0.79%), and homeowners insurance ($2,300/year).

What is the property tax rate in Mississippi?

Mississippi's effective property tax rate is approximately 0.79%. On a $155,000 home, that's about $1,224/year or $102/month. Property tax rates can vary by county within Mississippi.

How much do I need for a down payment on a home in Mississippi?

For a conventional loan, 20% down on the average Mississippi home ($155,000) would be $31,000. FHA loans require as little as 3.5% ($5,425), and VA loans offer 0% down for eligible veterans. Lower down payments mean higher monthly payments and PMI.

What credit score do I need for a mortgage in Mississippi?

Conventional loans typically require 620+, FHA loans 580+ (for 3.5% down) or 500+ (for 10% down), and VA loans have no minimum but lenders typically prefer 620+. Higher scores get better rates — a 760+ score in Mississippi could save you 0.5-1% on your rate.

Should I get a 15-year or 30-year mortgage in Mississippi?

A 30-year mortgage offers lower monthly payments but more total interest. A 15-year mortgage has higher payments but saves significantly on interest. On a $124,000 loan at 6.9%, you'd save approximately $64,170 in total interest with a 15-year term.

How much house can I afford in Mississippi?

With Mississippi's median household income of $48,610, following the 28% rule (housing should be ≤28% of gross income), you could afford approximately $1,134/month for housing. That supports a home price of roughly $170,135-$194,440 depending on rates, taxes, and insurance.