Mortgage Payment Calculator for Mississippi

Mortgage Payments in Mississippi

The median home value in Mississippi is $155,000. Mississippi is the most affordable state for housing nationally. Jackson has faced challenges with population decline, while the Gulf Coast and Oxford markets have shown stronger growth.

Conforming Loan Limits in Mississippi

The conforming loan limit is $726,200. All Mississippi counties are at the standard conforming limit. Loans up to this amount qualify for standard Fannie Mae/Freddie Mac rates. Above this is jumbo territory with stricter requirements.

Sample Monthly Payments in Mississippi

At the median home value of $155,000 with a 20% down payment ($31,000), you'd borrow $124,000. At 7% for 30 years, principal and interest runs approximately $825/month. Add property taxes (~$84/mo) and insurance (~$150/mo) for a total PITI estimate.

Property Taxes in Mississippi

Budget for Mississippi's effective property tax rate of 0.65% (avg. bill: $921/year). Lenders include taxes in your PITI calculation and collect them monthly in escrow.

Closing Costs

First-time buyers in Mississippi should budget for closing costs of approximately $2,100. Mississippi has minimal transfer taxes and recording fees. Closing costs are among the lowest in the South.

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