Tennessee Mortgage Calculator

Use this free mortgage calculator to estimate your monthly mortgage payments and annual amortization.

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Taking out a mortgage in Tennessee

Written by NerdWallet

Tennessee, the Volunteer State, has seen home values rise by 9.2% in the past year, led by Northeast Tennessee. However, home prices still remain relatively low, the 16th lowest in the country, and the cost of ownership relatively low at 19% of monthly income. If you are looking to move from Nashville to Memphis, you'll be joined by the state's beloved Titans.

Tennessee's first-time home buyer programs

The Tennessee Housing Development Agency, or THDA, offers several loan programs to help qualified first-time home buyers get a mortgage. Learn more

Average property tax by county

Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Tennessee. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.
CountyAvg. property tax rateMedian home value
Anderson County0.67%$248,600
Bedford County0.59%$221,200
Benton County0.43%$112,000
Bledsoe County0.47%$153,700
Blount County0.56%$304,800
Bradley County0.51%$244,900
Campbell County0.4%$142,100
Cannon County0.49%$217,700
Carroll County0.55%$117,500
Carter County0.54%$145,000
Cheatham County0.53%$262,200
Chester County0.56%$136,700
Claiborne County0.46%$135,400
Clay County0.45%$132,500
Cocke County0.55%$137,000
Coffee County0.62%$203,400
Crockett County0.59%$127,000
Cumberland County0.34%$199,800
Davidson County0.62%$434,700
Decatur County0.47%$128,600
DeKalb County0.37%$183,100
Dickson County0.51%$243,800
Dyer County0.6%$148,900
Fayette County0.39%$282,600
Fentress County0.37%$137,000
Franklin County0.57%$192,400
Gibson County0.66%$130,900
Giles County0.5%$172,500
Grainger County0.41%$151,200
Greene County0.47%$190,500
Grundy County0.46%$126,400
Hamblen County0.45%$203,300
Hamilton County0.71%$302,800
Hancock County0.44%$112,600
Hardeman County0.63%$112,700
Hardin County0.47%$142,300
Hawkins County0.57%$153,800
Haywood County0.64%$116,900
Henderson County0.53%$139,600
Henry County0.44%$141,000
Hickman County0.48%$163,900
Houston County0.6%$149,200
Humphreys County0.47%$175,600
Jackson County0.47%$126,100
Jefferson County0.44%$183,800
Johnson County0.42%$156,400
Knox County0.52%$305,400
Lake County0.72%$111,900
Lauderdale County0.77%$110,800
Lawrence County0.52%$156,500
Lewis County0.37%$139,100
Lincoln County0.44%$186,300
Loudon County0.41%$263,800
Macon County0.33%$185,100
Madison County0.67%$197,400
Marion County0.47%$153,000
Marshall County0.53%$218,500
Maury County0.47%$352,000
McMinn County0.39%$173,300
McNairy County0.4%$125,400
Meigs County0.33%$163,000
Monroe County0.42%$174,800
Montgomery County0.66%$279,400
Moore County0.5%$256,700
Morgan County0.51%$133,000
Obion County0.58%$119,500
Overton County0.43%$156,000
Perry County0.5%$122,900
Pickett County0.11%$149,300
Polk County0.53%$128,200
Putnam County0.56%$292,500
Rhea County0.52%$155,800
Roane County0.64%$193,400
Robertson County0.53%$327,000
Rutherford County0.54%$387,100
Scott County0.55%$113,900
Sequatchie County0.49%$184,600
Sevier County0.36%$315,300
Shelby County1.12%$250,900
Smith County0.48%$200,500
Stewart County0.55%$163,700
Sullivan County0.65%$209,200
Sumner County0.54%$395,300
Tipton County0.57%$203,500
Trousdale County0.59%$217,400
Unicoi County0.58%$150,600
Union County0.33%$164,400
Van Buren County0.47%$132,700
Warren County0.49%$149,700
Washington County0.63%$258,900
Wayne County0.5%$129,000
Weakley County0.52%$123,100
White County0.41%$161,500
Williamson County0.43%$740,800
Wilson County0.47%$436,800
Source: American Communities Survey 2022, U.S. Census

How to use the mortgage calculator

  1. Under "Loan amount," enter the amount you intend to borrow.

  2. Under "Interest rate," enter the mortgage interest rate that you expect to get.

  3. Under "Loan term (years)," enter the length of the mortgage in years. Most mortgages have 30-year terms.

After you enter these three pieces of information, the calculator prominently displays the monthly payment inside the "Your loan estimate" window. It also displays:

  • The loan amount (under "Total principal").

  • How much interest you would pay over the life of the loan ("Total interest payments").

  • The total principal plus interest you would pay over the loan's term ("Total loan payments").

  • The monthly principal and interest payment excluding taxes and insurance ("Monthly mortgage payment").

  • The payoff date, which is the month when you would pay the last scheduled payment.

Calculating costs in addition to principal and interest

The calculator lets you fine-tune your payment by entering your annual property tax premium, annual home insurance premium, monthly homeowner association fee and monthly cost of mortgage insurance. Note that you'll enter the annual cost for property tax and home insurance, and the monthly cost for HOA fees and mortgage insurance.

Select "Show amortization schedule" to uncover a table that shows how much you'll pay in principal and interest each month, as well as the remaining amount you owe ("Principal balance") after making the payment.

Explanation of terminology

  • Loan amount: Also known as principal, this is the amount you borrow. Each mortgage payment reduces the principal you owe.

  • Interest rate: How much the lender charges you to lend you the money. Interest rates are expressed as an annual percentage. A lower interest rate gives you a smaller monthly payment.

  • Loan term (years): The term is the number of years it will take to pay off the mortgage. A longer term gives you a lower monthly payment than a shorter term does. But you pay more total interest with a longer term because you're paying interest for more months.

  • Start date: The month that your first mortgage payment is due.

  • Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due, the loan servicer pays them.

  • Homeowners insurance: Your policy covers damage and financial losses from fire, storms, theft, a tree falling on your house and other bad things. As with property taxes, you pay roughly one-twelfth of your annual premium each month, and the servicer pays the bill when it's due.

  • Monthly HOA fees: The amount you may pay each month if you belong to a homeowners association. Typically, these dues are billed directly, not added to the monthly mortgage payment. Because HOA dues can be easy to forget when considering the cost of homeownership, NerdWallet's mortgage calculator allows you to enter them here.

  • Private mortgage insurance: If your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. It protects the lender in case a borrower defaults on a mortgage.

Using the mortgage calculator to compare scenarios

This mortgage calculator lets you change the loan amount, interest rate, loan term and other factors so you can see the effect on monthly payments.

Feel free to test it out by entering your loan amount, then altering the interest rate or the loan term (or both). You won't break anything!

If you're looking to see how much you could save by refinancing your mortgage, try NerdWallet's refinance calculator.

» MORE FOR CANADIAN READERS: Canada mortgage payment calculator

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