Mississippi mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payment, including your principal and interest, taxes, insurance, and PMI in Mississippi. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.

Mississippi housing market

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.

Your monthly payment
$1,599
30 year fixed loan term
Monthly payment
Principal & interest

$1,163

Property taxes

Homeowners insurance

Homeowners association (HOA) fees

Compare common loan types

Total principal: $240,000

Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,063$1,504
Mortgage Rate4.125%2.74%*3.43%*
Total interest paid
$178,737
$52,959
$144,606
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,063$1,504
Mortgage Rate4.125%2.74%*3.43%*
Total interest paid
$178,737
$52,959
$144,606
Amortization

See how your payments change over time for your 30 year fixed loan term

At year 0

30 year fixed loan term

Remaining
$240,000
Principal Paid
$0
Interest Paid
$0
Year 0
drag me
1
30
Years

Insights

We’ll share an interesting insight here for key milestones in your payoff schedule.

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See latest mortgage rates
Get personalized mortgage rates from San Francisco, CA.
Principal & interest

$1,163

Mississippi mortgage and refinance rates today (APR)

Loan typeAverage
rate
Change
1 day
Change
1 year
30-year fixed4.373%
0.0%
0.307%
15-year fixed3.748%
0.0%
0.502%
5/1 ARM4.2%
0.0%
0.58%

Today’s rate

4.373%
30-year fixed

Current rates in Mississippi are 4.373% for a 30-year fixed, 3.748% for a 15-year fixed, and 4.2% for a 5/1 adjustable-rate mortgage (ARM).

Find top real estate agents in Mississippi

Start building your winning home buying team! Our partner, HomeLight, analyzes millions of home sales to identify the best performing agent.

First-time home buyer programs in Mississippi

There are several national first-time home buyer programs that may be able to help you get into a home in Mississippi.

Conventional mortgage

National program

What you need to know

Best for home buyers with good credit looking for low down payments or limited mortgage insurance premiums. A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie...

See full article

Average property tax in Mississippi counties

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 Mississippi. 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 rateAvg. home value
Adams County0.55%$90,800
Alcorn County0.38%$86,100
Amite County0.37%$77,500
Attala County0.37%$72,700
Benton County0.48%$70,300
Bolivar County0.88%$89,100
Calhoun County0.58%$66,600
Carroll County0.56%$90,900
Chickasaw County0.71%$63,800
Choctaw County0.36%$77,200
Claiborne County0.31%$61,000
Clarke County0.54%$72,000
Clay County0.75%$81,200
Coahoma County0.69%$62,400
Copiah County0.43%$93,800
Covington County0.41%$77,600
DeSoto County0.72%$171,600
Forrest County0.78%$131,100
Franklin County0.44%$74,700
George County0.55%$98,200
Greene County0.5%$80,700
Grenada County0.65%$93,200
Hancock County0.55%$132,800
Harrison County0.69%$155,200
Hinds County0.84%$126,100
Holmes County0.66%$50,600
Humphreys County0.93%$64,200
Issaquena County0.74%$50,200
Itawamba County0.48%$87,000
Jackson County0.71%$148,500
Jasper County0.63%$67,300
Jefferson County0.57%$57,100
Jefferson Davis County0.47%$80,600
Jones County0.62%$86,800
Kemper County0.5%$70,900
Lafayette County0.67%$177,300
Lamar County0.69%$169,000
Lauderdale County0.81%$98,000
Lawrence County0.5%$89,100
Leake County0.48%$80,800
Lee County0.71%$132,300
Leflore County0.81%$76,100
Lincoln County0.53%$94,800
Lowndes County0.54%$123,400
Madison County0.66%$230,500
Marion County0.57%$78,500
Marshall County0.7%$94,300
Monroe County0.49%$87,100
Montgomery County0.7%$77,900
Neshoba County0.59%$80,400
Newton County0.57%$80,300
Noxubee County0.39%$57,400
Oktibbeha County0.7%$146,400
Panola County0.65%$73,800
Pearl River County0.64%$122,900
Perry County0.45%$81,100
Pike County0.62%$87,500
Pontotoc County0.61%$102,100
Prentiss County0.49%$90,500
Quitman County0.62%$51,400
Rankin County0.64%$160,000
Scott County0.63%$71,500
Sharkey County0.51%$51,100
Simpson County0.45%$86,800
Smith County0.46%$79,700
Stone County0.57%$113,900
Sunflower County0.75%$71,600
Tallahatchie County0.61%$63,400
Tate County0.86%$107,400
Tippah County0.47%$86,000
Tishomingo County0.41%$82,700
Tunica County0.53%$96,000
Union County0.5%$92,500
Walthall County0.52%$101,900
Warren County0.53%$114,600
Washington County0.98%$74,400
Wayne County0.5%$80,100
Webster County0.62%$77,400
Wilkinson County0.5%$60,400
Winston County0.41%$77,600
Yalobusha County0.35%$75,200
Yazoo County0.67%$78,700

Source: American Communities Survey 2016, U.S. Census

How we got here
Monthly payment: What’s behind the numbers used in our mortgage calculator?
How to calculate your mortgage payment
How to use a mortgage payment calculator
Monthly payment: What’s behind the numbers used in our mortgage calculator?

A mortgage calculator used to look kind of like your grandfather’s cell phone. A bunch of buttons, a little screen and a lot of punching in numbers to get a result. The NerdWallet home mortgage calculator is different. It can calculate your monthly mortgage payment in no time.

Any good home mortgage calculator can do that. Even that big calculator stuffed in your grandpa’s shirt pocket. But an excellent mortgage payment calculator can do more. That’s why the NerdWallet monthly mortgage payment calculator also takes into account the additional costs — like taxes and insurance — that are included in your monthly payment. It’s called a PITI mortgage calculator, for principal, interest, taxes and insurance. We can also include HOA dues and PMI — private mortgage insurance — in your monthly payment calculation.

A lot of folks forget to include all those costs and are frankly a bit surprised when their monthly mortgage payment turns out to be a lot more than they counted on. The formula working behind the curtain of the NerdWallet mortgage calculator takes that bit of uncertainty out of the picture.

A mortgage calculator used to look kind of like your grandfather’s cell phone. A bunch of buttons, a little screen and a lot of punching in numbers to get a result. The NerdWallet home mortgage calculator is different. It can calculate your monthly mortgage payment in no time.

Any good home mortgage calculator can do that. Even that big calculator s...

See all
How to calculate your mortgage payment

For the paper and pencil mathletes out there, the mortgage payment calculation looks like this:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

  • M = monthly mortgage payment
  • P = the principal amount
  • i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year. So, if your rate is 5%, then the monthly rate will look like this: 0.05/12 = 0.004167.
  • n = the number of payments over the life of the loan. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments.

For the paper and pencil mathletes out there, the mortgage payment calculation looks like this:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

  • M = monthly mortgage payment
  • P = the principal amount
  • i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each m...
See all
How to use a mortgage payment calculator

Determining what your monthly house payment will be is an important part of the “how much house can I afford?” decision. That monthly payment is likely to be the biggest part of your living overhead.

Using this tool to calculate your mortgage payment can help you run various scenarios in your decision process for buying a home. You may consider:

  • How long of a home loan term is right for you? A 30-year fixed-rate mortgage will lower your monthly payment, but you’ll pay more interest over the life of the loan. A 15-year fixed-rate mortgage can reduce the total interest you’ll pay, but your monthly payment will be higher. Regardless of which term you choose, fixed-rate mortgages have interest rates that are locked in for the life of the loan.
  • Is an ARM a good option? Adjustable-rate mortgages start with a “teaser” interest rate, and then the loan rate changes — higher or lower — over time. A 5/1 ARM can be a good choice, particularly if you plan on being in a home for just a few years or so. You’ll want to be aware of how much your monthly mortgage payment can change, especially if interest rates are trending higher.
  • If you’re buying too much home. The NerdWallet mortgage payment calculator can help you take a reality check on just how much home you can afford, especially when considering your all-in costs, including taxes, insurance and PMI.
  • Are you putting enough money down? With minimum down payments commonly as low as 3% these days, it’s easier than ever to put just a little money down. The mortgage payment calculator can help you decide what the best down payment for you may be.

Determining what your monthly house payment will be is an important part of the “how much house can I afford?” decision. That monthly payment is likely to be the biggest part of your living overhead.

Using this tool to calculate your mortgage payment can help you run various scenarios in your decision process for buying a home. You may consider:

  • How ...
See all

Mortgage monthly payment 101

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But that’s rarely the case these days. There are a lot of costs that can be built into a monthly mortgage payment. Here are the five key components in play when you calculate mortgage payments:

  • Principal: Typically, this would be the home’s purchase price, less any down payment It’s the amount you borrow. If you’re buying a $500,000 home and put down $100,000, the principal would be $400,000.
  • Interest: What the lender charges you to loan you the money. Interest rates are expressed as an annual percentage.
  • Property taxes: The annual tax assessed by a government authority on your home and land.
  • 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’s interest in case a borrower defaults on a mortgage. Once the equity in your property increases to 20%, the mortgage insurance is canceled, unless you have an FHA loan.
  • Homeowners association (HOA) fee: This is paid by homeowners to an organization that assists with upkeep, property improvements and shared amenities.