Mississippi Mortgage Calculator 2026
Calculate your monthly mortgage payment in Mississippi. Updated with 2026 Mississippi mortgage rates (6.1% avg), property tax (0.63%), and insurance. 10,000+ Mississippi homebuyers use this free calculator.
How to Use This Mississippi Mortgage Calculator
Enter your home price, down payment, and interest rate to instantly calculate your monthly mortgage payment in Mississippi. Results include Principal & Interest (P&I), Property Tax, Homeowners Insurance, and total interest paid.
Mississippi Mortgage Rates in 2026
The average mortgage rate in Mississippi is currently 6.1% for a 30-year fixed-rate loan. Rates typically range from 5.8% to 6.4% depending on your credit score and down payment.
Mississippi Property Taxes
Mississippi has an effective property tax rate of approximately 0.63% per year, lower than the national average.
Average Home Price in Mississippi
The median home price in Mississippi is approximately $190,000. At 20% down ($38,000), your loan amount is $152,000. Monthly P&I at 6.1% is approximately $921.
30-Year vs 15-Year Mortgage in Mississippi
| Loan Type | Monthly P&I | Total Interest |
|---|---|---|
| 30-Year Fixed @ 6.1% | $921 | $179,560 |
| 15-Year Fixed @ 6.1% | $1,290 | $80,200 |
Popular Cities in Mississippi
Frequently Asked Questions
What is the average mortgage rate in Mississippi?
As of 2026, average Mississippi mortgage rates range from 5.8% to 6.4% for a 30-year fixed-rate loan.
How much down payment do I need in Mississippi?
Most lenders require 3-20% down. Conventional loans need 5-20%, FHA loans accept as little as 3.5%.
Are property taxes high in Mississippi?
Mississippi has an effective property tax rate of approximately 0.63% annually.
What is PMI?
PMI is required if down payment is less than 20%. Once you reach 20% equity, you can request cancellation.
What documents do I need for a Mississippi mortgage?
Pay stubs, W-2s or tax returns (2 years), bank statements (3 months), valid ID, and debt details.
How long does mortgage approval take in Mississippi?
Mortgage approval in Mississippi typically takes 30-45 days from application to closing.