Tennessee Mortgage Calculator
How Much Will Your Mortgage Be in Tennessee?
The Volunteer State has been home to rising home values of late—as much as 9% in the northwest of the state. Overall, however, home prices in Tennessee are among some of the lowest in the country. In fact, homeowners in the state only spend around 19% of their take-home income on housing each month on average.
Of note is the fact that in Tennessee, instead of a mortgage, when you purchase a home, you will be given a deed of trust. You need to know about a deed of trust because with the latter, your lender can legally foreclose on your home without needing to obtain a court order through a power of sale clause within deeds of trust. In such cases, your lender can hire a third party to auction off your home if you fall behind in payments without taking the time to go to court. If you want to move to Tennessee, see First-time Homebuyer Guide for Tennessee. Also, see FHA Loan in Tennessee for details and requirements for a home in the state.
Let's calculate your Tennessee Mortgage Payment
Monthly Payment Breakdown
Principal & Interest
$2,408
Property Taxes
$419
Mortgage Insurance
$114
Homeowner's Insurance
$0
HOA
$0
Additional Payment
$0
Legal Disclosure
Monthly payments shown constitute an estimate and are provided for illustrative and educational purposes only. The calculations provided are based on data entered by the user. The amounts displayed are not guaranteed and what you actually pay may be different. Results do not reflect all loan programs and are subject to individual program loan limits. This does not constitute an offer for a mortgage and is not a commitment to lend nor is it an advertisement for the above interest rate, loan terms or payment. Contact a Loan Officer for assistance.
Amortization
| Year | Principal & Interest | Principal | Interest | Balance |
|---|---|---|---|---|
| 2025 | $19,259 | $2,387 | $16,872 | $357,614 |
| 2026 | $28,887 | $3,796 | $25,091 | $353,819 |
| 2027 | $28,888 | $4,073 | $24,815 | $349,747 |
| 2028 | $28,887 | $4,369 | $24,518 | $345,378 |
| 2029 | $28,887 | $4,687 | $24,200 | $340,692 |
We understand the mortgage process can be a lot
If you don't see the answers you're looking for, please reach out to one of our loan officers. We are dedicated to helping you make informed financial decisions for your future.
Happy Homeowners
With more than 300,000 reviews online, don't just take our word for it. From first-time buyers to Veterans to seasoned investors, NAF is committed to serving our customers every step of the way.
Smart Moves Start Here.