Mississippi Mortgage Calculator

What a median-priced home costs per month in Mississippi

The median home in Mississippi is worth about $130,000. With 20% down ($26,000) on a 30-year loan at 6.5%, the principal and interest payment is roughly $657. Add Mississippi’s property tax at 0.81% of value ($88 a month) and homeowners insurance at the national average ($212 a month), and the full monthly cost lands near $957.

Using the standard 28% front-end guideline, a payment that size implies a household income of roughly $41,015 a year to qualify comfortably.

How Mississippi property tax compares

At 0.81%, Mississippi sits below the national average of 1.1% — a difference of 0.29 percentage points, or about $31 a month on a median-priced home here. Across all 50 states and the District of Columbia, it ranks 32 from the top.

Statewide figures hide a lot. Effective rates are set at the county, city and school-district level, so two homes of identical value an hour apart in Mississippi can carry very different bills. Check the county assessor’s published rate for the specific address before committing to a budget.

Closing costs in Mississippi

Buyers typically pay 2–5% of the purchase price at closing, which on the Mississippi median of $130,000 works out to roughly $2,600 to $6,500. That covers lender origination, appraisal, title insurance and settlement, recording fees, and prepaid escrow for taxes and insurance.

Mississippi is one of roughly fifteen states with no real estate transfer tax, which removes a line item that can run into thousands of dollars elsewhere. Recording fees still apply, but they are nominal by comparison.

Total interest over 30 years

On the $104,000 loan above at 6.5%, total interest across the full term comes to about $132,646 — roughly 128% of the amount borrowed. Adding $200 a month to principal would retire the loan years early and cut that figure substantially; the mortgage payoff calculator shows exactly how much.