Monthly Payment on a $300K Mortgage in Tennessee
Using Tennessee's 0.56% property tax rate and $2,400/yr homeowners insurance.
$300K Mortgage in Tennessee: Rate Comparison
Monthly PITI payment using Tennessee's 0.56% property tax and $2,400/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $2,124 | $2,031 | $1,703 |
| 6.0% | $2,215 | $2,116 | $1,779 |
| 6.5% | $2,308 | $2,204 | $1,857 |
| 7.0% | $2,402 | $2,294 | $1,937 |
| 7.5% | $2,499 | $2,385 | $2,018 |
| 8.0% | $2,597 | $2,479 | $2,101 |
How This Compares to Tennessee's Median
A $300K home is 12% below Tennessee's median of $340K. You'll find homes at this price in cities like Chattanooga, Cookeville, Clarksville, Cleveland, Johnson City, Shelbyville.
Income Needed for a $300K Home in Tennessee
To afford this payment of $2,204/mo in Tennessee, you'd need a household income of approximately $94K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $90K salary can afford →Closing Costs in Tennessee
Estimated closing costs in Tennessee: $5K (1.5% of purchase price). Tennessee also charges a 0.37% transfer tax, which may add $1,110 to your transaction costs.
What to Know About a $300K Mortgage in Tennessee
With 10% down ($30,000), your loan of $270,000 at 6.5% over 30 years produces a principal and interest payment of $1,707/mo. Adding Tennessee's 0.56% property tax ($140/mo) and $2,400/yr insurance ($200/mo) brings your total to $2,204/mo. Because you're putting less than 20% down, PMI adds $158/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $344,370 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $32,304 over the life of the loan.