Mississippi · MS

Mississippi Mortgage Calculator

Pre-filled for Mississippi: median home price $175,000, average property tax rate 0.79%. Adjust any slider to make it yours.

Mississippi housing at a glance

Median home price: $175,000
Effective property tax rate: 0.79% / yr
Annual property tax (median home): $1,383
Est. monthly tax escrow: $115
State income tax: Yes

Sources: regional housing data 2025 (median price), state assessor averages 2024–2025 (tax rate).

Buying a home in Mississippi

The median home price in Mississippi is around $175,000 and the effective property tax rate averages 0.79%of assessed value per year. Most lenders look for a debt-to-income (DTI) ratio under 43%, meaning your total monthly debt payments (including this mortgage) shouldn't exceed 43% of your gross income.

A 20% down payment on the median home in Mississippi is $35,000. Putting down at least 20% eliminates private mortgage insurance (PMI), which typically adds 0.3–1.5% of the loan amount per year to your monthly payment.

Transfer tax & closing costs in Mississippi

Mississippi has no state real estate transfer tax.

Beyond transfer taxes, total closing costs in Mississippitypically range from 2–5% of the purchase price — including lender origination fees, title insurance, appraisal, and prepaid interest. On the median home that's roughly $3,500–$8,750.

Foreclosure & legal context

Foreclosure type: Non-judicial (trustee sale)
Security instrument: Deed of Trust
Deficiency liability: Recourse

Mississippi mortgage FAQ

What is the monthly mortgage payment for a median-priced home in Mississippi?: At the current 30-year fixed rate of ~6.81%, a $175,000 home in Mississippi with 20% down ($35,000) carries a principal-and-interest payment of ~$914/mo. Add property tax (~$115/mo at 0.79%) and homeowners insurance and your total is roughly $1,029/mo. Use the calculator above to adjust for your exact down payment and rate.
What is the property tax rate in Mississippi?: The effective statewide property tax rate in Mississippi averages 0.79% of assessed value per year. On a $175,000 home, that works out to roughly $1,383 per year ($115/mo). Individual county rates vary.
Does Mississippi have a state income tax?: Yes, Mississippi has a state income tax. This affects your net take-home pay and therefore your effective purchasing power — use our salary calculator to estimate what's left after tax.
What are the closing costs and transfer taxes in Mississippi?: Mississippi has no state real estate transfer tax.
What type of foreclosure does Mississippi use?: Mississippi uses non-judicial (trustee sale) foreclosure, which typically moves faster than court-supervised processes.

Mortgage calculators by state

← Back to the main mortgage calculator