2026 data · 0.65% property tax · Median home $140,200
Mississippi Mortgage Calculator
A median-priced home in Mississippi ($140,200) costs roughly $951 per month all-in (PITI), assuming 20% down and a 30-year fixed at 7.0%. Mississippi's effective property tax rate is 0.65% — well below the US average of about 1.0%.
Mississippi median-home monthly payment
$951/mo
P&I $746 · Tax $76 · Insurance $129
@ $140,200 price, 20% down, 30-yr fixed at 7.0%
For a custom calculation with your specific numbers (different down payment, rate, term, or home price), use the main mortgage calculator — it includes a full amortization schedule.
Monthly payments at common home prices in Mississippi
| Home price | 20% down | P&I | Prop tax | Insurance | Total PITI/mo |
|---|---|---|---|---|---|
| $140,200 (state median) | $28,040 | $746 | $76 | $129 | $951 |
| $200,000 | $40,000 | $1,064 | $108 | $183 | $1,356 |
| $300,000 | $60,000 | $1,597 | $163 | $275 | $2,034 |
| $400,000 | $80,000 | $2,129 | $217 | $367 | $2,712 |
| $500,000 | $100,000 | $2,661 | $271 | $458 | $3,390 |
| $750,000 | $150,000 | $3,992 | $406 | $688 | $5,086 |
Calculations use Mississippi's 0.65% effective property tax rate, estimated homeowners insurance at 1.10%/year of home value, 30-year fixed at 7.0%, no PMI (20% down). Closing costs not included.
Mississippi property tax
Effective rate
0.65%
Median home value
$140,200
Median property tax
$872/yr
Mississippi has below-average property tax rates and a homestead exemption of $7,500 (or assessed value) for owner-occupied homes. Disabled/senior additional exemption available.
See our property tax calculator for a state-by-state property tax breakdown, and our Mississippi paycheck calculator to estimate take-home pay against this monthly housing cost.
Mississippi vs neighboring states
| State | Property tax rate | Median home | Median tax/yr | |
|---|---|---|---|---|
| Mississippi (this page) | 0.65% | $140,200 | $872 | |
| Tennessee | 0.56% | $269,600 | $1,520 | Tennessee mortgage → |
| Alabama | 0.39% | $172,800 | $658 | Alabama mortgage → |
| Louisiana | 0.55% | $181,500 | $988 | Louisiana mortgage → |
| Arkansas | 0.57% | $154,800 | $878 | Arkansas mortgage → |
FAQs about Mississippi mortgages
What is the property tax rate in Mississippi?
Mississippi's effective property tax rate is 0.65%, meaning the average homeowner pays roughly 0.65% of their home's value in property tax annually. On a $140,200 home (the state median), that's about $872 per year, or $73 per month added to your mortgage payment.
What is the average monthly mortgage payment in Mississippi?
For a home at Mississippi's median value of $140,200, assuming 20% down, a 30-year fixed mortgage at 7.0%, and Mississippi's 0.65% property tax + estimated insurance, the typical monthly PITI payment is approximately $951. This includes $746 principal & interest, $76 property tax, and $129 homeowners insurance.
How much income do I need to buy a house in Mississippi?
Using the standard 28% front-end DTI rule, you'd need annual income of approximately $40,757 to comfortably afford Mississippi's median-priced home. Lenders typically allow up to 43% total DTI (including all debts), which corresponds to about $26,540 annual income at the maximum end. Your specific qualification depends on credit score, down payment, debts, and lender requirements.
Is Mississippi a good state to buy a house?
Mississippi's combination of 0.65% property tax (well below the national average of ~1.0%) and median home value of $140,200 make it one of the more affordable states for homeowners. Mississippi has below-average property tax rates and a homestead exemption of $7,500 (or assessed value) for owner-occupied homes.
How does Mississippi property tax compare to neighboring states?
Mississippi's 0.65% rate compares to: Tennessee at 0.56%, Alabama at 0.39%, Louisiana at 0.55%, Arkansas at 0.57%. Property taxes can differ substantially between bordering states — moving 30 miles across a state line can change your annual tax bill by thousands.
Does Mississippi have a homestead exemption?
Mississippi has below-average property tax rates and a homestead exemption of $7,500 (or assessed value) for owner-occupied homes. Disabled/senior additional exemption available.
What's included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four standard components of a mortgage payment. For your Mississippi mortgage, the breakdown on a median-priced home would be: Principal & Interest $746, Property Tax $76, Homeowners Insurance $129. Add PMI if your down payment is under 20%, and HOA fees if your home is in a community with one.