Mortgage Refinance Calculator for Tennessee

Refinancing a Mortgage in Tennessee

With a median home value of $310,000 in Tennessee, many homeowners have accumulated significant equity since 2020. Nashville and suburbs (Williamson, Rutherford, Wilson counties) have seen 40-60% appreciation since 2020. Knoxville has also emerged as a top relocation destination. Memphis remains the state's most affordable major market.

Refinance Closing Costs in Tennessee

Refinancing costs approximately $2,500 in Tennessee. Tennessee charges a transfer tax of $0.37/$100 of value (a deed tax), which is very low. Overall closing costs are among the lowest in the Southeast. Your break-even is when cumulative monthly savings equal these upfront costs.

Conforming Refinance Limits

To qualify for a conventional rate-and-term refinance in Tennessee, your balance must stay under $726,200. No Tennessee counties currently qualify for high-cost conforming limits.

Property Taxes After Refinancing

Refinancing doesn't trigger a property reassessment in Tennessee. Your 0.66% effective rate stays constant — only the principal and interest portion of your payment changes. Tennessee has no state income tax on wages and no broad sales tax on food, making it one of the lower total tax burden states. Nashville has become one of the country's most in-demand relocation markets, driving up home values and eventual property tax bills.

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