Mortgage Calculator & Closing Costs: Southaven, MS
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Southaven, Mississippi.
Median Home Price
$235K
Population
54K
Avg Monthly Rent
$1,180
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 Southaven.
Southaven vs Mississippi Median
The median home price in Southaven is $235,000, which is 34% above the Mississippi state median of $175,000.
Mortgage Calculator — Southaven, MS
Pre-filled with Southaven median home price and Mississippi tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $235K home using Mississippi's 0.8% tax rate and $2,400/yr insurance.
5% Down
$1,898/mo
Down: $11,750
Loan: $223K
P&I: $1,411
Tax: $157
Insurance: $200
PMI: $130
10% Down
$1,817/mo
Down: $23,500
Loan: $212K
P&I: $1,337
Tax: $157
Insurance: $200
PMI: $123
20% Down (No PMI)
$1,545/mo
Down: $47,000
Loan: $188K
P&I: $1,188
Tax: $157
Insurance: $200
Income needed (28% rule): $66K/year with 20% down, $78K/year with 10% down.
Rent vs Buy in Southaven
Rent
$1,180/mo
vs
Buy (10% down)
$1,817/mo
Price-to-rent ratio: 16.6 — A ratio between 15-20 means the rent vs buy decision in Southaven 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 Southaven is $235,000, 34% above the Mississippi state median of $175,000. With a population of 54,368, Southaven 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 $235,000 home in Southaven would carry roughly $157/month in property taxes. Homeowners insurance in Mississippi runs approximately $2,400 per year. This is within the normal range nationally.
Average rent in Southaven is $1,180/month. The price-to-rent ratio in Southaven is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Southaven offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Mississippi's MHC Smart Solution program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Southaven.