Mississippi 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 Mississippi
Mississippi, the Magnolia state, is one of the more affordable states for homeownership, with the median homeowner spending around 18.5% of their income on their home. Home prices grew ~8% in 2018, but signs are pointing to a bit of a slowdown in 2019. And, while the median price of housing is relatively affordable at $175k, homes on the housing market tend to be on the more expensive end of the market. Passionate about root beer? The median price of housing in Biloxi, where root beer was created, goes for $136K, which is below the state average.
Mississippi's first-time home buyer programs
There are several national first-time home buyer programs that may be able to help you get into a home in Mississippi. Learn more
Average property tax by county
| County | Avg. property tax rate | Median home value |
|---|---|---|
| Adams County | 0.47% | $99,300 |
| Alcorn County | 0.49% | $125,800 |
| Amite County | 0.37% | $91,400 |
| Attala County | 0.56% | $99,100 |
| Benton County | 0.44% | $96,200 |
| Bolivar County | 0.74% | $118,200 |
| Calhoun County | 0.64% | $82,900 |
| Carroll County | 0.53% | $103,700 |
| Chickasaw County | 0.56% | $88,000 |
| Choctaw County | 0.42% | $104,200 |
| Claiborne County | 0.33% | $78,500 |
| Clarke County | 0.45% | $99,300 |
| Clay County | 0.56% | $110,600 |
| Coahoma County | 0.67% | $84,400 |
| Copiah County | 0.41% | $93,600 |
| Covington County | 0.49% | $76,700 |
| DeSoto County | 0.66% | $258,900 |
| Forrest County | 0.75% | $187,700 |
| Franklin County | 0.36% | $96,200 |
| George County | 0.55% | $157,200 |
| Greene County | 0.62% | $97,500 |
| Grenada County | 0.62% | $130,100 |
| Hancock County | 0.71% | $197,400 |
| Harrison County | 0.62% | $206,400 |
| Hinds County | 0.77% | $145,100 |
| Holmes County | 0.52% | $73,900 |
| Humphreys County | 0.7% | $79,900 |
| Issaquena County | 0.29% | $96,300 |
| Itawamba County | 0.38% | $114,300 |
| Jackson County | 0.73% | $173,800 |
| Jasper County | 0.44% | $110,400 |
| Jefferson County | 0.4% | $76,400 |
| Jefferson Davis County | 0.63% | $87,800 |
| Jones County | 0.74% | $149,500 |
| Kemper County | 0.48% | $89,300 |
| Lafayette County | 0.61% | $242,800 |
| Lamar County | 0.65% | $210,100 |
| Lauderdale County | 0.7% | $122,600 |
| Lawrence County | 0.61% | $104,300 |
| Leake County | 0.56% | $98,800 |
| Lee County | 0.71% | $189,700 |
| Leflore County | 0.87% | $95,100 |
| Lincoln County | 0.57% | $128,100 |
| Lowndes County | 0.51% | $155,300 |
| Madison County | 0.66% | $280,300 |
| Marion County | 0.56% | $104,100 |
| Marshall County | 0.53% | $150,400 |
| Monroe County | 0.55% | $109,500 |
| Montgomery County | 0.58% | $97,100 |
| Neshoba County | 0.52% | $94,300 |
| Newton County | 0.46% | $100,800 |
| Noxubee County | 0.78% | $85,000 |
| Oktibbeha County | 0.66% | $211,200 |
| Panola County | 0.64% | $115,800 |
| Pearl River County | 0.57% | $167,700 |
| Perry County | 0.46% | $126,400 |
| Pike County | 0.64% | $115,900 |
| Pontotoc County | 0.53% | $136,700 |
| Prentiss County | 0.48% | $112,200 |
| Quitman County | 0.57% | $65,500 |
| Rankin County | 0.6% | $221,900 |
| Scott County | 0.52% | $81,300 |
| Sharkey County | 0.89% | $88,100 |
| Simpson County | 0.52% | $104,600 |
| Smith County | 0.36% | $120,200 |
| Stone County | 0.45% | $164,400 |
| Sunflower County | 0.57% | $103,800 |
| Tallahatchie County | 0.47% | $83,400 |
| Tate County | 0.63% | $163,700 |
| Tippah County | 0.55% | $117,100 |
| Tishomingo County | 0.35% | $123,100 |
| Tunica County | 0.43% | $150,800 |
| Union County | 0.46% | $144,900 |
| Walthall County | 0.57% | $113,800 |
| Warren County | 0.51% | $142,100 |
| Washington County | 0.98% | $93,000 |
| Wayne County | 0.49% | $89,100 |
| Webster County | 0.55% | $107,700 |
| Wilkinson County | 0.57% | $78,500 |
| Winston County | 0.48% | $110,100 |
| Yalobusha County | 0.56% | $94,100 |
| Yazoo County | 0.58% | $117,800 |
How to use the mortgage calculator
Under "Loan amount," enter the amount you intend to borrow.
Under "Interest rate," enter the mortgage interest rate that you expect to get.
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.
» MORE: What is mortgage amortization?
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
