Memphis, TN Mortgage Calculator
In Memphis, Tennessee, the median home is around $170,000. With 20% down at 6.85% and Tennessee's ~0.67% effective property-tax rate, the all-in monthly payment is roughly $1,035.65 including principal, interest, property tax, and insurance.
Payment breakdown
- Principal & interest$891.15
- Property tax$155.83
- Home insurance$49.58
Balance over time
| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $1,422 | $9,272 | $134,578 |
| 2 | $1,522 | $9,171 | $133,056 |
| 3 | $1,630 | $9,064 | $131,426 |
| 4 | $1,745 | $8,949 | $129,680 |
| 5 | $1,869 | $8,825 | $127,812 |
| 6 | $2,001 | $8,693 | $125,811 |
| 7 | $2,142 | $8,552 | $123,669 |
| 8 | $2,294 | $8,400 | $121,375 |
| 9 | $2,456 | $8,238 | $118,920 |
| 10 | $2,629 | $8,064 | $116,290 |
| 11 | $2,815 | $7,879 | $113,475 |
| 12 | $3,014 | $7,680 | $110,461 |
| 13 | $3,227 | $7,466 | $107,233 |
| 14 | $3,455 | $7,238 | $103,778 |
| 15 | $3,700 | $6,994 | $100,078 |
| 16 | $3,961 | $6,733 | $96,117 |
| 17 | $4,241 | $6,453 | $91,876 |
| 18 | $4,541 | $6,153 | $87,335 |
| 19 | $4,862 | $5,832 | $82,472 |
| 20 | $5,206 | $5,488 | $77,267 |
| 21 | $5,574 | $5,120 | $71,693 |
| 22 | $5,968 | $4,726 | $65,725 |
| 23 | $6,390 | $4,304 | $59,335 |
| 24 | $6,841 | $3,852 | $52,494 |
| 25 | $7,325 | $3,369 | $45,168 |
| 26 | $7,843 | $2,851 | $37,325 |
| 27 | $8,397 | $2,296 | $28,928 |
| 28 | $8,991 | $1,703 | $19,937 |
| 29 | $9,627 | $1,067 | $10,310 |
| 30 | $10,310 | $387 | $0 |
Frequently asked questions
What's a typical mortgage payment in Memphis, TN?
On a median Memphis home (about $170,000) with 20% down at 6.85%, the full monthly payment is roughly $1,035.65 — principal, interest, Tennessee property tax, and insurance.
How much do you need to earn to buy a home in Memphis?
Using the 28% housing rule, a $1,035.65 payment fits an income near $44,385 a year, before accounting for your other debts.
What are property taxes like in Memphis?
Tennessee's effective property-tax rate averages about 0.67% of home value — roughly $1,139 a year on a $170,000 home. Local rates vary by county and city assessment.
Sources: Freddie Mac Primary Mortgage Market Survey; Tax Foundation — Property Taxes by State; Consumer Financial Protection Bureau.
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.