CALCMONEY // MORTGAGE // TN // MEMPHIS
Calculate your monthly mortgage payment using Memphis-specific property tax rates and local market data.
$200,000
6.9%
0.77%
83
| Principal & Interest | $1,054 |
| Property Tax | $128 |
| Homeowners Insurance (est.) | $67 |
| Total Monthly Payment (PITI) | $1,249 |
$40,000
$219,354
$53,518/yr
The median home price in Memphis is $200,000, below the national median of $420,000. With a median household income of $48,000, the price-to-income ratio is 4.2x — meaning buyers typically spend 4.2 years of gross income on the purchase price.
Property taxes in Memphis run 0.77% of assessed value. On the median home, that is $1,540 per year, or $128 per month added to your mortgage payment. This is close to the national average of 1.1%.
Tennessee has no state income tax, which means more of your gross salary becomes take-home pay. This effectively increases your purchasing power compared to income-tax states.
The cost of living index in Memphis is 83 (national average = 100). Beyond housing, your everyday expenses will also run below the national average.
Once you have your payment estimate, comparing lenders is the most important step. A 0.25% rate difference on a $160,000 loan saves $7,200 in interest over 30 years.
Compare Top Memphis Mortgage LendersNeighborhood-level data for 3 ZIP codes in Memphis. Rates, home prices, and estimated payments vary by area.