Mortgage Calculator – Mississippi
Mississippi has some of the most affordable home prices in the United States, but insurance and flood-risk considerations can affect total monthly costs.
This Mississippi mortgage calculator helps you estimate monthly payments by including loan terms, interest rates, property taxes, and insurance.
Mortgage Calculator – Mississippi
Why Mortgage Costs in Mississippi Are Low — But Not Always Simple
Mississippi consistently ranks among the states with the lowest median home prices, making homeownership accessible for many buyers.
Property tax rates are low, which helps keep base mortgage payments manageable.
However, flood zones and storm exposure can increase insurance costs depending on location.
Mississippi Mortgage Examples
Example 1: A $210,000 home with 20% down at 6.5% over 30 years may result in a monthly payment around $1,150 including taxes and insurance.
Example 2: Homes near coastal or flood-prone regions often carry higher insurance premiums.
Example 3: Inland rural areas usually offer the lowest total homeownership costs.
15-Year vs 30-Year Mortgage in Mississippi
| Factor | 15-Year Loan | 30-Year Loan |
|---|---|---|
| Monthly Payment | Higher | Lower |
| Total Interest | Much lower | Much higher |
| Best For | Faster payoff | Cash-flow flexibility |
Frequently Asked Questions – Mississippi Mortgage
Is Mississippi one of the cheapest states to buy a home?
Yes. Mississippi has some of the lowest home prices nationwide.
Does this Mississippi mortgage calculator include insurance?
Yes. You can include estimated annual insurance costs.
Are property taxes low in Mississippi?
Yes. Mississippi has low property tax rates.
Do Mississippi buyers need PMI?
PMI may apply if your down payment is below 20%.
Are mortgage rates higher in Mississippi?
Rates generally follow national trends.
Does this calculator include HOA fees?
No. HOA fees vary by property and must be budgeted separately.
Is refinancing common in Mississippi?
Yes. Homeowners refinance to reduce rates or manage monthly payments.
Do flood zones affect insurance costs?
Yes. Flood-zone properties may require additional insurance.
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Disclaimer
This calculator provides estimates for educational purposes only and does not constitute financial, legal, or tax advice.