Mississippi Mortgage Calculator
Estimate your monthly mortgage payment in Mississippi based on the state median home price of $175K, a 0.8% property tax rate, and $2K/year homeowners insurance.
Why This Matters in Mississippi
In Mississippi, property taxes average 0.8% of assessed value. On the state median home of $175K, that adds $117/month to your mortgage payment — close to the national average. Combined with $200/month for homeowners insurance, your non-mortgage housing costs in Mississippi total $317/month before you even account for principal and interest.
Mississippi's median home price of $175K makes it one of the more affordable states to buy in. At this price point, FHA loans with 3.5% down require just $6,125 for a down payment.
What to Expect for a Mortgage Payment in Mississippi
On the median Mississippi home priced at $175K, a buyer putting 10% down at a 6.5% rate would face a principal-and-interest payment of roughly $996 per month. Add $117/mo in property taxes and $200/mo for homeowners insurance, and the total PITI comes to approximately $1,312 each month. That median price sits about 50% below the national median of roughly $350K, which directly shapes how much house most Mississippi borrowers can realistically target.
Mississippi's comparatively affordable housing market gives buyers a meaningful advantage. At a $175K median, FHA loans with just 3.5% down require only $6K upfront — well within reach for many first-time buyers. Even conventional loans at 5% down need just $9K. The lower price point also means private mortgage insurance (PMI) costs less in absolute terms, keeping the total monthly payment manageable.
Homeowners insurance in Mississippi averages around $2K per year, which adds $200 to the monthly PITI. This is manageable relative to many other states. To bring the total payment down further, consider the MHC Smart Solution program, which offers up to $10,000 dpa for qualifying buyers — reducing the down payment barrier and potentially lowering your loan amount.