Tennessee Mortgage Calculator 2026
Calculate your monthly mortgage payment in Tennessee. Updated with 2026 Tennessee mortgage rates (6.2% avg), property tax (0.71%), and insurance. 10,000+ Tennessee homebuyers use this free calculator.
How to Use This Tennessee Mortgage Calculator
Enter your home price, down payment, and interest rate to instantly calculate your monthly mortgage payment in Tennessee. Results include Principal & Interest (P&I), Property Tax, Homeowners Insurance, and total interest paid.
Tennessee Mortgage Rates in 2026
The average mortgage rate in Tennessee is currently 6.2% for a 30-year fixed-rate loan. Rates typically range from 5.9% to 6.5% depending on your credit score and down payment.
Tennessee Property Taxes
Tennessee has an effective property tax rate of approximately 0.71% per year, lower than the national average.
Average Home Price in Tennessee
The median home price in Tennessee is approximately $330,000. At 20% down ($66,000), your loan amount is $264,000. Monthly P&I at 6.2% is approximately $1,616.
30-Year vs 15-Year Mortgage in Tennessee
| Loan Type | Monthly P&I | Total Interest |
|---|---|---|
| 30-Year Fixed @ 6.2% | $1,616 | $317,760 |
| 15-Year Fixed @ 6.2% | $2,256 | $142,080 |
Popular Cities in Tennessee
Frequently Asked Questions
What is the average mortgage rate in Tennessee?
As of 2026, average Tennessee mortgage rates range from 5.9% to 6.5% for a 30-year fixed-rate loan.
How much down payment do I need in Tennessee?
Most lenders require 3-20% down. Conventional loans need 5-20%, FHA loans accept as little as 3.5%.
Are property taxes high in Tennessee?
Tennessee has an effective property tax rate of approximately 0.71% 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 Tennessee 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 Tennessee?
Mortgage approval in Tennessee typically takes 30-45 days from application to closing.