Mississippi Mortgage Calculator: Estimate Your Monthly Payment
Updated: January 18, 2024
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When it comes to monthly mortgage fees, Mississippi homeowners pay $169 less than the national average. The real estate tax rate in the state is on the cheaper side with 0.81% and an average of $1,751 property tax per year.
On average, Mississippi residents earn $5,053 annually per household, and the median home value in the state is $130,200.
That said, you may find yourself looking at a different price point when you consider other factors, such as loan terms, interest rates and a down payment. MoneyGeek’s Mississippi mortgage calculator helps you make an informed decision by providing you with a custom estimate of your mortgage payment based on your unique situation.
Start Here: Plug In Your Mortgage Factors
Our mortgage calculator will provide you with a personalized estimate of your monthly mortgage payment. You can review the factor breakdown below to better understand how rates are determined.
Why and How to Use Our Mortgage Calculator
Buying a house might be the most expensive investment you can make, and taking out a mortgage loan is one of the best ways to make it possible. However, the monthly payments can still get out of hand without proper planning and consideration. Luckily, Mississippi is among the top 10 cheapest states for monthly mortgage payments at an average of $990.
MoneyGeek’s Mississippi state mortgage calculator can assist you in determining a budget before purchasing a house. It shows the different components of your potential mortgage payment, which is useful when it comes to identifying areas where you can save.
Here are the factors you need to understand when using our mortgage calculator.
Home Price:
Input the amount of loan you’re planning to get or the maximum home price you can afford.
Down Payment:
You can put either the amount you plan to give for the down payment in dollars or in percentage. Both fields will auto-update when you change the value.
Interest Rate:
Enter the interest rate for the loan you intend to take out. You can also look at the mortgage rates we publish as a reference.
Loan Terms:
This is the amount of time you have to pay the loan. The commonly selected period spans 15 or 30 years, but you can also choose other options if needed.
Payments per Year:
How many times you’ll make a mortgage payment per year. Choosing 12 means you’re doing monthly payments.
Property Tax:
This is the tax you pay to the local government for your property and is usually determined by your property value. In Mississippi, the average annual property tax is $1,751.
HOA Fees:
This is the fee charged by your homeowners' association, usually for the maintenance of common areas.
Principal & Interest:
The sum of the amount you borrowed plus the cost of repaying the loan to the lender.
Monthly Payment:
This is all your expenses for the month, including property taxes, principal and interest, HOA fees and more.
Principal Payment:
It's a percentage of your monthly mortgage payment that goes into paying down the principal.
Interest Payment:
The amount a lender charges for a mortgage loan based on the interest rate.
Total Cost with Interest:
Based on all the factors, this is the total amount you have to pay the lender.
Monthly mortgage payments might be expensive depending on the home's price, location, loan type and lender. Mississippi's average monthly mortgage payment is $990. Fortunately, there are ways to save money. Consider the following suggestions:
- Pay your loans faster. If feasible, setting up payment terms (like bi-monthly payments or extra mortgage payments) that allow for a faster reduction of your outstanding principal can save you in the long run.
- Extend loan terms. Extending your loan term will result in a higher total payment, but it’s broken down into more manageable monthly payments.
- Choose a cheaper house. A less expensive house means cheaper loans and more affordable monthly payments.
- Find a lower interest rate. The interest rate is a significant factor, especially for longer-term payments. Shop around and see if you can find lenders with reasonable terms and lower interest.
Next Steps: What to Do After You Have Estimated Your Mortgage Payments
For those looking into mortgages for the first time, the process may seem complex. This is why MoneyGeek offers information to help you understand the topic better.
- Shop & Compare Rates - There are several lenders in Mississippi. Depending on the individual, the best lender may be different. Shop around and read about Mississippi mortgage rates to find the best mortgage for you.
- Not Ready to Buy? - There are a few factors to consider if you're debating whether to rent or buy property in Mississippi.
- Learn More - Your needs and financial situations will determine the best mortgage loan for you. If you need more information, check out our resources on FHA, VA and reverse mortgages.
Frequently Asked Questions About Mortgages in Mississippi
Mortgage lenders assess affordability using a debt-to-income (DTI) ratio. Your home loan is considered affordable if it has a DTI of 43% or less.
Mississippi's average outstanding mortgage is $122,107.
It depends on the loan you plan to take out. Certain programs will let you put as little as 3% down, while other loans require up to a minimum of 20%.
If the down payment is less than 20% of the home’s value, most conventional loans require borrowers to purchase private mortgage insurance.
Mississippi's average annual property tax is $1,751.
Mississippi homeowners pay $990 per month on their mortgages on average. That's around $169 less than the average monthly mortgage payment in the nation.
The median house price in Mississippi is $130,200.