Mortgage Calculator & Closing Costs: Ridgeland, MS
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Ridgeland, Mississippi.
Median Home Price
$275K
Population
24K
Avg Monthly Rent
$1,150
Property Tax Rate
0.8% *
* Property tax shown is the Mississippi state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Ridgeland.
Ridgeland vs Mississippi Median
The median home price in Ridgeland is $275,000, which is 57% above the Mississippi state median of $175,000.
Mortgage Calculator — Ridgeland, MS
Pre-filled with Ridgeland median home price and Mississippi tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $275K home using Mississippi's 0.8% tax rate and $2,400/yr insurance.
5% Down
$2,187/mo
Down: $13,750
Loan: $261K
P&I: $1,651
Tax: $183
Insurance: $200
PMI: $152
10% Down
$2,092/mo
Down: $27,500
Loan: $248K
P&I: $1,564
Tax: $183
Insurance: $200
PMI: $144
20% Down (No PMI)
$1,774/mo
Down: $55,000
Loan: $220K
P&I: $1,391
Tax: $183
Insurance: $200
Income needed (28% rule): $76K/year with 20% down, $90K/year with 10% down.
Rent vs Buy in Ridgeland
Rent
$1,150/mo
vs
Buy (10% down)
$2,092/mo
Price-to-rent ratio: 19.9 — A ratio between 15-20 means the rent vs buy decision in Ridgeland depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Ridgeland is $275,000, 57% above the Mississippi state median of $175,000. With a population of 24,047, Ridgeland is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Mississippi average 0.8% annually. This moderate property tax rate means a $275,000 home in Ridgeland would carry roughly $183/month in property taxes. Homeowners insurance in Mississippi runs approximately $2,400 per year. This is within the normal range nationally.
Average rent in Ridgeland is $1,150/month. The price-to-rent ratio in Ridgeland is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Ridgeland presents moderate affordability. The $275K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Ridgeland.