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Mortgage Calculator — Nashville, TN
Median home price in Nashville: $450,000. Monthly payment: $2,395/month (20% down, 7%, 30yr). Property tax rate: 0.66%.
= $90,000
Monthly Payment
$2,395
Loan Amount
$360,000
Total Interest
$502,232
Total Cost
$952,232
Payment Breakdown
Down Payment$90,000 (9.5%)
Principal$360,000 (37.8%)
Total Interest$502,232 (52.7%)
Nashville Mortgage Payments by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $2,942 | $2,044 | $375,855 |
| 6% | $3,038 | $2,158 | $417,017 |
| 6.5% | $3,136 | $2,275 | $459,160 |
| 6.75% | $3,186 | $2,335 | $480,583 |
| 7% | $3,236 | $2,395 | $502,232 |
| 7.25% | $3,286 | $2,456 | $524,100 |
| 7.5% | $3,337 | $2,517 | $546,182 |
| 8% | $3,440 | $2,642 | $590,959 |
Nashville Property Tax & Total Housing Cost
Property Tax Rate
0.66%
$2,970/year
Monthly P&I
$2,395
20% down, 7%, 30yr
Est. Total Monthly
$2,643
P&I + property tax
Affordability in Nashville
10% down ($45,000)$126,085/yr needed
15% down ($67,500)$119,669/yr needed
20% down ($90,000)$113,254/yr needed
25% down ($112,500)$106,838/yr needed
Based on 28% housing cost rule. Includes property tax.