Tennessee mortgage calculator

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

Tennessee housing market

Tennessee, the Volunteer State, has seen home values rise by 9.2% in the past year,... led by Northeast Tennessee. However, home prices still remain relatively low, the 16th lowest in the country, and the cost of ownership relatively low at 19% of monthly income. If you are looking to move from Nashville to Memphis, you'll be joined by the state's beloved Titans.

Your monthly payment
30 year fixed loan term
Monthly payment
Principal & interest


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$2,014$1,456
Mortgage Rate4.125%2.3%*3.061%*
Total interest paid
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,014$1,456
Mortgage Rate4.125%2.3%*3.061%*
Total interest paid

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

At year 0

30 year fixed loan term

Principal Paid
Interest Paid
Year 0
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We’ll share an interesting insight here for key milestones in your payoff schedule.

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Tennessee mortgage and refinance rates today (APR)

ProductInterest rateAPR
30-year fixed-rate3.001%3.071%
20-year fixed-rate2.858%2.953%
15-year fixed-rate2.192%2.318%
10-year fixed-rate2.138%2.294%
7/1 ARM2.615%2.873%
5/1 ARM2.417%2.784%
30-year fixed-rate FHA2.354%3.088%
30-year fixed-rate VA2.643%2.958%

Data source: ©Zillow, Inc. 2006 – 2021. Use is subject to the Terms of Use

Today's rate

30-year fixed

Today’s mortgage rates in Tennessee are 3.071% for a 30-year fixed, 2.318% for a 15-year fixed, and 2.784% for a 5/1 adjustable-rate mortgage (ARM).

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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.

Great Choice Home Loan

State program

Review THDA Lenders

at NerdWallet

Best for

Down payment assistance

Closing cost assistance

What you need to know

This 30-year, fixed-rate loan is available to qualified first-time home buyers as well as repeat buyers purchasing property in certain designated counties. Once qualified for the Great Choice loan, you’re automatically eligible for help with your down payment and closing costs, up to $7,500...

See full article

Tennessee's best mortgage lenders

NerdWallet has done the work for you to pick the best financing partner for you in Tennessee.

See full article

Average property tax in Tennessee 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 Tennessee. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.

Avg. property tax rate
Avg. home value
Anderson County0.8%$155,200
Bedford County0.58%$129,700
Benton County0.49%$88,700
Bledsoe County0.47%$129,600
Blount County0.6%$175,500
Bradley County0.6%$166,100
Campbell County0.51%$92,700
Cannon County0.49%$151,800
Carroll County0.78%$86,800
Carter County0.61%$114,600
Cheatham County0.62%$170,500
Chester County0.64%$113,800
Claiborne County0.59%$102,700
Clay County0.69%$90,300
Cocke County0.58%$107,200
Coffee County0.84%$118,000
Crockett County0.73%$96,700
Cumberland County0.35%$140,800
Davidson County0.86%$250,200
Decatur County0.47%$91,800
DeKalb County0.45%$131,100
Dickson County0.67%$146,300
Dyer County0.76%$98,100
Fayette County0.43%$185,000
Fentress County0.44%$103,700
Franklin County0.68%$120,600
Gibson County0.82%$94,800
Giles County0.59%$120,400
Grainger County0.55%$110,600
Greene County0.48%$115,700
Grundy County0.46%$82,400
Hamblen County0.57%$131,200
Hamilton County0.89%$177,300
Hancock County0.57%$83,500
Hardeman County0.64%$85,400
Hardin County0.46%$107,400
Hawkins County0.61%$115,400
Haywood County0.6%$104,300
Henderson County0.61%$92,700
Henry County0.55%$97,000
Hickman County0.56%$104,800
Houston County0.66%$94,900
Humphreys County0.56%$103,000
Jackson County0.58%$107,700
Jefferson County0.52%$136,700
Johnson County0.44%$114,100
Knox County0.65%$180,200
Lake County0.79%$75,100
Lauderdale County0.73%$81,000
Lawrence County0.62%$98,800
Lewis County0.5%$88,300
Lincoln County0.48%$117,500
Loudon County0.44%$193,000
Macon County0.6%$111,700
Madison County0.77%$131,200
Marion County0.53%$121,200
Marshall County0.74%$119,300
Maury County0.64%$188,600
McMinn County0.47%$123,700
McNairy County0.53%$87,500
Meigs County0.49%$118,400
Monroe County0.51%$115,200
Montgomery County0.82%$167,600
Moore County0.37%$166,000
Morgan County0.67%$91,600
Obion County0.63%$87,600
Overton County0.44%$114,700
Perry County0.51%$84,200
Pickett County0.39%$129,700
Polk County0.62%$110,900
Putnam County0.64%$160,400
Rhea County0.51%$114,200
Roane County0.66%$135,900
Robertson County0.7%$172,300
Rutherford County0.71%$216,600
Scott County0.59%$86,700
Sequatchie County0.53%$138,100
Sevier County0.38%$185,900
Shelby County1.4%$148,600
Smith County0.56%$120,700
Stewart County0.66%$130,400
Sullivan County0.71%$142,800
Sumner County0.63%$238,400
Tipton County0.63%$142,400
Trousdale County0.69%$128,000
Unicoi County0.59%$121,200
Union County0.45%$114,200
Van Buren County0.4%$95,000
Warren County0.57%$108,600
Washington County0.64%$162,500
Wayne County0.67%$96,400
Weakley County0.6%$94,300
White County0.49%$97,700
Williamson County0.55%$451,400
Wilson County0.59%$260,200

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

Under "Home price," enter the price (if you're buying) or the current value (if you're refinancing). NerdWallet also has a .

Under "Down payment," enter the amount of your down payment (if you’re buying) or the amount of equity you have (if refinancing). A  is the cash you pay upfront for a home, and  is the value of the home, minus what you owe.

On desktop, under "Interest rate" (to the right), enter the rate. Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years.

On mobile devices, tap "Refine Results" to find the field to enter the rate and use the plus and minus signs to select the "Loan term."

You may enter your own figures for  and , if you don’t wish to use NerdWallet’s estimates. Edit these figures by clicking on the amount currently displayed.

The mortgage calculator lets you click "Compare common loan types" to view a comparison of different loan terms. Click "Amortization" to see how the principal balance, principal paid (equity) and total interest paid change year by year. On mobile devices, scroll down to see "Amortization."

» MORE: 

The mortgage payment calculation looks like this: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

Determining what your monthly house payment will be is an important part of figuring out how much house you can afford. That monthly payment is likely to be the biggest part of your cost of living.

Using NerdWallet’s mortgage calculator lets you estimate your mortgage payment when you buy a home or refinance. You can change loan details in the calculator to run scenarios. The calculator can help you decide:

Mortgage lenders are required to assess your ability to repay the amount you want to borrow. A lot of factors go into that assessment, and the main one is debt-to-income ratio.

Your  is the percentage of pretax income that goes toward monthly debt payments, including the mortgage, car payments, student loans, minimum credit card payments and child support. Lenders look most favorably on debt-to-income ratios of 36% or less — or a maximum of $1,800 a month on an income of $5,000 a month before taxes.

» MORE: 

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But most mortgage payments include other charges as well. Here are the key components of the monthly mortgage payment:

Typically, when you belong to a homeowners association, the dues are billed directly, and it's not added to the monthly mortgage payment. Because HOA dues can be easy to forget, they're included in NerdWallet's mortgage calculator.

The mortgage calculator lets you test scenarios to see how you can reduce the monthly payments:

Your monthly payment can go up over time if: