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
$2,655
Property Taxes
$458
Mortgage Insurance
$126
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 | $23,893 | $2,970 | $20,923 | $394,031 |
| Apr | $2,656 | $323 | $2,333 | $396,678 |
| May | $2,656 | $325 | $2,331 | $396,354 |
| Jun | $2,656 | $327 | $2,329 | $396,028 |
| Jul | $2,655 | $328 | $2,327 | $395,700 |
| Aug | $2,655 | $330 | $2,325 | $395,370 |
| Sep | $2,655 | $332 | $2,323 | $395,039 |
| Oct | $2,655 | $334 | $2,321 | $394,705 |
| Nov | $2,655 | $336 | $2,319 | $394,369 |
| Dec | $2,655 | $338 | $2,317 | $394,031 |
| 2026 | $31,856 | $4,211 | $27,645 | $389,821 |
| 2027 | $31,856 | $4,517 | $27,339 | $385,304 |
| 2028 | $31,856 | $4,846 | $27,010 | $380,458 |
| 2029 | $31,856 | $5,199 | $26,657 | $375,259 |
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