CALCMONEY // MORTGAGE REFINANCE // TN
Tennessee average rate: 6.76%. On the median loan of $269,206, a 1% rate drop saves $175/month and breaks even in 39 months.
Calculate Your Refinance6.76%
$336,508
$1,748
$6,730
| New Rate | New Monthly | Monthly Savings | Break-Even | 30yr Savings |
|---|---|---|---|---|
| 6.26% (save 0.5%) | $1,659 | $89/mo | 6yr 4mo | $25,150 |
| 5.76% (save 1.0%) | $1,573 | $175/mo | 3yr 3mo | $56,317 |
| 5.26% (save 1.5%) | $1,488 | $260/mo | 2yr 2mo | $86,734 |
The median home price in Tennessee is $336,508. At 80% LTV, the typical loan is $269,206 at the current 6.76% average rate, producing a monthly P+I payment of $1,748. Total interest over 30 years at this rate: $360,022.
Property taxes in Tennessee average 0.52% of assessed value, or $1,750 per year on the median home. This adds $146/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.
North Carolina
$338,359 median home
GAGeorgia
$334,119 median home
WIWisconsin
$343,798 median home
SDSouth Dakota
$324,891 median home