US mortgage calculator (all states)
Tennessee's median home price is approximately $400,000–$425,000 in 2026, with Nashville adjusting from prior highs. Tennessee attracts significant in-migration due to its no state income tax policy — similar to Texas and Florida — drawing relocators from high-tax states like California and New York. Current 30-year fixed mortgage rates in Tennessee are approximately 6.8–7.2% in 2026. Tennessee's effective property tax rate is just 0.6–0.7% — one of the lowest in the US. The Tennessee Housing Development Agency (THDA) Great Choice Home Loan offers first-time buyers up to $15,000 in down payment assistance for households earning under $140,000.
Adjust values — results update instantly.
State: Tennessee (median-style home price, tax, and insurance pre-filled — edit as needed)
Illustrative property tax and insurance — actual escrow, lender PMI, and THDA eligibility vary. Not a loan offer.
Dollar amount. PMI applies when under 20% of home price.
PMI is estimated at 0.5% of the loan amount per year when your down payment is below 20% of the purchase price.
Total monthly payment
$2,478
Amortization summary: fixed rate; effective rate equals your quoted rate. Taxes, insurance, PMI, and HOA are shown separately from P&I.
| Year | Statewide Median | Nashville | Change YoY |
|---|---|---|---|
| 2024 | ~$385,000 | ~$450,000 | +4.2% |
| 2025 | ~$398,000 | ~$460,000 | +3.4% |
| 2026 | $400,000–$425,000 | ~$465,000 | +1.5% |
| Home Value | Effective Rate | Annual Tax |
|---|---|---|
| $300,000 | ~0.65% | ~$1,950 |
| $412,000 | ~0.65% | ~$2,678 |
| $600,000 | ~0.65% | ~$3,900 |
Tennessee's effective property tax rate of 0.6–0.7% is among the lowest in the United States — significantly below the national average of approximately 1.1%. On Tennessee's median home of $412,000, annual property taxes are approximately $2,400–$2,975. Combined with no state income tax, Tennessee has one of the lowest overall tax burdens for homeowners in the US — a major driver of in-migration from higher-tax states.
The Tennessee Housing Development Agency (THDA) Great Choice Home Loan is Tennessee's primary first-time buyer program. It offers 30-year fixed mortgages at below-market rates plus down payment assistance of up to $15,000. Eligibility requires household income under $140,000 and a minimum credit score of 640. THDA programs are available through approved lenders statewide. Additional targeted programs exist for specific professions including teachers, healthcare workers, and first responders.
| Term | Rate | Monthly Payment | Total Interest |
|---|---|---|---|
| 30-year fixed | 7.0% | $2,191 | $459,056 |
| 15-year fixed | 6.4% | $2,854 | $184,165 |
Illustrative principal & interest only — excludes taxes, insurance, and PMI. Use the calculator above for your scenario.
Tennessee's combination of no state income tax, low property taxes (0.65%), and relatively affordable home prices compared to coastal markets makes it one of the most popular relocation destinations in the US. Nashville in particular has seen strong demand from California and New York residents — saving $10,000–$50,000+ annually in state income taxes. Tennessee's growing tech scene in Nashville, strong healthcare sector in Memphis, and outdoor recreation in Knoxville and Chattanooga provide diverse employment options for relocators.
Tennessee's median home price is approximately $400,000–$425,000 in 2026. Nashville averages around $465,000, Memphis around $220,000, and Knoxville around $340,000. Tennessee prices have moderated from 2021–2023 highs but remain elevated due to strong in-migration demand.
Tennessee's effective property tax rate is approximately 0.6–0.7% of home value — one of the lowest in the United States. On a $412,000 home, annual property taxes are approximately $2,400–$2,975. Combined with no state income tax, Tennessee has one of the lowest total tax burdens for homeowners in the US.
Current 30-year fixed mortgage rates in Tennessee are approximately 6.8–7.2% in 2026 — slightly higher than the national average. THDA Great Choice program participants may access below-market rates through approved lenders.
The Tennessee Housing Development Agency (THDA) Great Choice Home Loan offers first-time buyers 30-year fixed mortgages at below-market rates plus down payment assistance of up to $15,000. Household income must be under $140,000 with a 640+ credit score.
Conventional loans require 5–20% down. FHA loans require 3.5%. VA loans offer 0% for eligible veterans. On Tennessee's median home of $412,000, a 5% down payment is $20,600 and 20% is $82,400. THDA assistance of up to $15,000 can cover most of the minimum down payment.
Tennessee's no state income tax saves California transplants $5,000–$50,000+ annually depending on income. Combined with Tennessee's 0.65% property tax rate, affordable home prices outside Nashville, and growing job market, Tennessee offers significant financial advantages for high-income earners relocating from California or New York.
Educational estimates only. Not a lender pre-approval.