If you’re applying for a home mortgage in Tennessee, there are various fees in your monthly payment other than the loan’s principal and interest. They include real estate taxes, home insurance and homeowners association (HOA) dues, when applicable.
The average cost of property tax in Tennessee is $1,548 per year. It is the 15th most affordable state for property taxes. Meanwhile, homeowners insurance averages $3,466 per year, while HOA dues vary with a property.
Overall, in Tennessee, a mortgage payment is approximately $12 lower than the national average.
Use MoneyGeek’s Tennessee mortgage calculator to see an estimate of the total cost of buying a house. You can adjust your down payment amount and loan term and input relevant fees to obtain an accurate picture. Our guide also has resources that you can use in your home-buying journey to lower your payment.