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Tennessee Mortgage Calculator

Use this free Tennessee mortgage calculator to estimate your monthly mortgage payments and annual amortization.

Loan details

%

Monthly payment

$2,120

at 6.93% · 30-year fixed

  • Principal & interest

    $1,585

  • Property taxes

    $375

  • Homeowners insurance

    $160

Loan amount

$240,000

Total interest paid

$330,765

Payoff date

—

YOU'RE KEEPING $11,619

$11,619

stays in your pocket

That's your total savings over 30 years at today's best rate on NerdWallet (6.93%) vs. the 7.13% national average — $32 less every month.

  • Today's best rate: 6.93%

  • Get your free rate with no credit impact

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No impact to your credit score

Calculated payments and savings are estimates. The calculator result does not constitute an offer for a loan and will not solicit a loan offer. Savings will depend on the actual amounts and rate for which you are approved, should you choose to apply.

Getting a Mortgage in Tennessee

Written by 
,  Edited by 
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Last updated November 19, 2025
Housing affordability varies by location, and national averages don’t always reflect real-world costs for buyers. Comparing local mortgage costs with everyday living expenses can provide a more accurate view of affordability. NerdWallet’s cost of living calculator can help you compare how cities across Tennessee stack up.
Mortgage costs in Tennessee vary widely by location. While there are certainly affordable areas throughout the state, if you're looking to live in a more populous region — like the Nashville metro area — you may pay a bit more.
The typical monthly mortgage payment for a median-priced home in Davidson County was $2,747 in Q1 2025, based on a $468,632 home value, according to the National Association of Realtors. By comparison, the national median payment was $2,120 on a median-priced single-family home valued at $402,300.

Tennessee mortgage and refinance rates today (APR)

ProductInterest rateAPR
30-year fixed-rate7.326%7.331%
20-year fixed-rate7.289%7.295%
15-year fixed-rate6.435%6.447%
7-year ARM6.982%6.910%
5-year ARM7.625%7.211%
30-year fixed-rate FHA5.452%6.188%
30-year fixed-rate VA6.518%6.866%
Data source: ©Zillow, Inc. 2006 – 2026. Use is subject to the Terms of Use

Today's rate

7.331%

30-year fixed

Today's mortgage rates in Tennessee are 7.331% for a 30-year fixed, 6.447% for a 15-year fixed, and 7.211% for a 5-year adjustable-rate mortgage (ARM).

Tennessee's first-time home buyer programs

The Tennessee Housing Development Agency, or THDA, offers several loan programs to help qualified first-time home buyers get a mortgage.
» MORE: First-time home buyer programs by state

Average property tax by county

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 Tennessee. 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 rateMedian home value
Anderson County0.67%$248,600
Bedford County0.59%$221,200
Benton County0.43%$112,000
Bledsoe County0.47%$153,700
Blount County0.56%$304,800
Bradley County0.51%$244,900
Campbell County0.40%$142,100
Cannon County0.49%$217,700
Carroll County0.55%$117,500
Carter County0.54%$145,000
Cheatham County0.53%$262,200
Chester County0.56%$136,700
Claiborne County0.46%$135,400
Clay County0.45%$132,500
Cocke County0.55%$137,000
Coffee County0.62%$203,400
Crockett County0.59%$127,000
Cumberland County0.34%$199,800
Davidson County0.62%$434,700
Decatur County0.47%$128,600
DeKalb County0.37%$183,100
Dickson County0.51%$243,800
Dyer County0.60%$148,900
Fayette County0.39%$282,600
Fentress County0.37%$137,000
Franklin County0.57%$192,400
Gibson County0.66%$130,900
Giles County0.50%$172,500
Grainger County0.41%$151,200
Greene County0.47%$190,500
Grundy County0.46%$126,400
Hamblen County0.45%$203,300
Hamilton County0.71%$302,800
Hancock County0.44%$112,600
Hardeman County0.63%$112,700
Hardin County0.47%$142,300
Hawkins County0.57%$153,800
Haywood County0.64%$116,900
Henderson County0.53%$139,600
Henry County0.44%$141,000
Hickman County0.48%$163,900
Houston County0.60%$149,200
Humphreys County0.47%$175,600
Jackson County0.47%$126,100
Jefferson County0.44%$183,800
Johnson County0.42%$156,400
Knox County0.52%$305,400
Lake County0.72%$111,900
Lauderdale County0.77%$110,800
Lawrence County0.52%$156,500
Lewis County0.37%$139,100
Lincoln County0.44%$186,300
Loudon County0.41%$263,800
Macon County0.33%$185,100
Madison County0.67%$197,400
Marion County0.47%$153,000
Marshall County0.53%$218,500
Maury County0.47%$352,000
McMinn County0.39%$173,300
McNairy County0.40%$125,400
Meigs County0.33%$163,000
Monroe County0.42%$174,800
Montgomery County0.66%$279,400
Moore County0.50%$256,700
Morgan County0.51%$133,000
Obion County0.58%$119,500
Overton County0.43%$156,000
Perry County0.50%$122,900
Pickett County0.11%$149,300
Polk County0.53%$128,200
Putnam County0.56%$292,500
Rhea County0.52%$155,800
Roane County0.64%$193,400
Robertson County0.53%$327,000
Rutherford County0.54%$387,100
Scott County0.55%$113,900
Sequatchie County0.49%$184,600
Sevier County0.36%$315,300
Shelby County1.12%$250,900
Smith County0.48%$200,500
Stewart County0.55%$163,700
Sullivan County0.65%$209,200
Sumner County0.54%$395,300
Tipton County0.57%$203,500
Trousdale County0.59%$217,400
Unicoi County0.58%$150,600
Union County0.33%$164,400
Van Buren County0.47%$132,700
Warren County0.49%$149,700
Washington County0.63%$258,900
Wayne County0.50%$129,000
Weakley County0.52%$123,100
White County0.41%$161,500
Williamson County0.43%$740,800
Wilson County0.47%$436,800
Source: American Communities Survey 2022, U.S. Census

How to use the mortgage calculator

To use our mortgage calculator, add your details to the following fields:
  1. Home price
  2. Down payment
  3. Interest rate
  4. Loan term (years)
After you enter this information, the calculator displays the monthly payment, as well as:
  • Total principal
  • Total interest payments
  • Payoff date
Video thumbnail

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 (HOA) fee, and monthly private mortgage insurance (PMI) premium.
To enter this information, click “Show Advanced Info” underneath the main loan details. Note that you'll enter the annual cost for property taxes and home insurance and the monthly cost for HOA fees and PMI premiums. The PMI field will only display if your down payment is less than 20%.
In the “Loan Estimate” window, select "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

  • Total monthly payment: An estimate of all your monthly housing costs, covering your loan principal, interest, taxes, insurance, and PMI.
  • Total principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe.
  • Total interest payments: How much interest you would pay over the life of the loan.
  • Total loan payments: The entire amount of principal and interest paid, excluding taxes, insurance, and PMI.
  • Down payment: The portion of the home’s price you pay in cash upfront. 
  • 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 number of years you have to repay the mortgage. A longer term gives you a lower monthly payment, but you’ll pay more interest.
  • Start date: The month that your first mortgage payment is due.
  • Payoff date: The month your home will be fully paid off based on the loan term.
  • Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual property 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 homeowners insurance 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 you get a conventional mortgage and put down less than 20%, you’ll have to pay a monthly PMI premium. It covers the lender if you default on the loan and can be canceled once you reach 20% equity. FHA loans require a similar fee called a mortgage insurance premium. 
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
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