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Mortgage Calculator — Memphis, TN
Median home price in Memphis: $185,000. Monthly payment: $985/month (20% down, 7%, 30yr). Property tax rate: 1.41%.
= $37,000
Monthly Payment
$985
Loan Amount
$148,000
Total Interest
$206,473
Total Cost
$391,473
Payment Breakdown
Down Payment$37,000 (9.5%)
Principal$148,000 (37.8%)
Total Interest$206,473 (52.7%)
Memphis Mortgage Payments by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $1,209 | $840 | $154,518 |
| 6% | $1,249 | $887 | $171,441 |
| 6.5% | $1,289 | $935 | $188,766 |
| 6.75% | $1,310 | $960 | $197,573 |
| 7% | $1,330 | $985 | $206,473 |
| 7.25% | $1,351 | $1,010 | $215,464 |
| 7.5% | $1,372 | $1,035 | $224,541 |
| 8% | $1,414 | $1,086 | $242,950 |
Memphis Property Tax & Total Housing Cost
Property Tax Rate
1.41%
$2,609/year
Monthly P&I
$985
20% down, 7%, 30yr
Est. Total Monthly
$1,202
P&I + property tax
Affordability in Memphis
10% down ($18,500)$56,790/yr needed
15% down ($27,750)$54,153/yr needed
20% down ($37,000)$51,515/yr needed
25% down ($46,250)$48,878/yr needed
Based on 28% housing cost rule. Includes property tax.