CALCMONEY // MORTGAGE REFINANCE // TN
Tennessee average rate: 6.90%. On the median loan of $264,000, a 1% rate drop saves $173/month and breaks even in 39 months.
Calculate Your Refinance6.90%
$330,000
$1,739
$6,600
| New Rate | New Monthly | Monthly Savings | Break-Even | 30yr Savings |
|---|---|---|---|---|
| 6.40% (save 0.5%) | $1,651 | $87/mo | 6yr 4mo | $24,853 |
| 5.90% (save 1.0%) | $1,566 | $173/mo | 3yr 3mo | $55,617 |
| 5.40% (save 1.5%) | $1,482 | $256/mo | 2yr 2mo | $85,655 |
The median home price in Tennessee is $330,000. At 80% LTV, the typical loan is $264,000 at the current 6.90% average rate, producing a monthly P+I payment of $1,739. Total interest over 30 years at this rate: $361,934.
Property taxes in Tennessee average 0.71% of assessed value, or $2,343 per year on the median home. This adds $195/month to your all-in housing cost. When evaluating a refinance, factor in property tax and insurance for a complete picture.
Tennessee has no state income tax, so there is no state-level mortgage interest deduction. The federal deduction still applies on loans up to $750,000 for itemizers.
Wyoming
$325,000 median home
MNMinnesota
$340,000 median home
NCNorth Carolina
$340,000 median home
TXTexas
$340,000 median home