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If you are considering buying a home in the Magnolia State, you’ll want to have an understanding of your home budget, your down payment amount, and the mortgage interest rate on your home loan. A Mississippi mortgage calculator can be an invaluable tool for you. It can provide estimates on costs and allow you to run the figures on different scenarios as you look for the combination of price, down payment, and loan details that will be best for you. This guide walks you through how you can use the calculator. It explains monthly housing cost influences so you can make smart homeownership moves.
Key Points
Key Points
• The Mississippi mortgage calculator will estimate your monthly payments based on the home price, your down payment, interest rate, loan term, and property taxes.
• Using a calculator helps you as a buyer understand the true cost of homeownership. It can help you prepare and stay within your budget.
• It takes just minutes using the calculator to see how different scenarios may affect your payments.
• Down payment assistance programs in Mississippi can reduce your upfront costs, making homeownership more accessible.
• The mortgage preapproval process is another avenue to gaining an understanding of monthly payments, and exactly how much home you can afford to buy.
Mississippi Mortgage Calculator
Calculator Definitions
• Home price: Your home price is the purchase price you’ve agreed to with the home seller. Inputting this number accurately will ensure reliable estimates.
• Down payment: The amount you pay upfront is your down payment, which is often discussed as a percentage of the home price. A 20% down payment lets you avoid private mortgage insurance (PMI).
• Loan term: The loan term is the duration to repay the mortgage, typically 15 or 30 years. A 30-year term offers lower monthly payments, while a 15-year term reduces total interest paid.
• Interest rate: The interest rate is the cost of borrowing, expressed as a percentage of the loan amount. The higher rate you have, the more your monthly payments and total interest paid will be.
• Property tax: Property tax is typically a percentage of a home’s assessed value. The effective tax rate in Mississippi is 0.70%. Since property tax costs can be significant, they are often divided up and folded into your mortgage payment each month.
• Monthly payment: Your monthly payment will include the loan principal, interest, and most likely property tax.
• Total interest paid: The amount of interest you’ll be responsible for over the life of the loan is your total interest paid. It’s influenced by the loan interest rate, term, and principal amount.
• Total loan cost: Your principal and accumulated interest add up to the total loan cost. If you choose a longer term for your loan, it will result in a higher total loan cost.
How to Use the Mississippi Mortgage Calculator
Step 1: Enter Your Home Price
Type eifgebgidlcbnghlvndfftcnkncjfhuvjkbddltkhrbvin the home price you’ve agreed upon with the seller.
Step 2: Select a Down Payment Amount
Choose the down payment percentage. This number will significantly affect your monthly mortgage payments. If you’re unsure of how much cash you’ll need to get to a certain percentage of the home price, you can use a down payment calculator.
Step 3: Choose a Loan Term
Select a term of between 10 and 30 years, based on your financial goals as well as your budget constraints.
Step 4: Add an Interest Rate
Input your desired interest rate — or the one you’ve been offered by a lender — to the second or third decimal point for the most accurate estimates.
Step 5: Add Your Property Tax
Enter the property tax rate as a percentage. This will help the calculator estimate your total monthly payment. You can use the average effective tax rate for Mississippi, which is .64%, or look up the specific rate for the property by searching its ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator will estimate your monthly home loan payments based on the price of the property, the loan amount, and your interest rate and loan term. By factoring in the local property taxes, you’ll get a clearer picture of the total cost of owning the home.
If you are buying your first home, it can be particularly helpful to put different scenarios into a mortgage calculator so you can see how your choices will impact your expenses, both month-to-month and over the long term. You’ll get a good understanding of how the size of your down payment affects both your monthly and total costs.
The mortgage calculator works best for estimating the variables on fixed-rate mortgages. If the type of mortgage loan you choose has a variable interest rate, you can still estimate your costs, but the numbers will be less precise due to rate fluctuations.
The median Mississippi home sale price in mid-2025 was a relatively affordable $265,700, well below the U.S. average of more than $440,000 reported by Redfin. Lenders recommend that your home loan payment should not exceed 28% of your gross monthly income. To buy a $270,000 home with a 20% down payment (that’s $54,000) and a 30-year mortgage at 7.00%, you’d need a minimum income of around $74,000, though you would need more income if your down payment was smaller or if you’re carrying other debts. Your monthly mortgage payment would be about $1,720 monthly.
You can use a home affordability calculator, too, which lets you work backward from your annual income, factor in your debts, and arrive at an ideal price for a home you can afford.
Another way to zero in on how much house fits into your budget is to participate with a lender in the mortgage preapproval process. You’ll follow steps and submit detailed financial information. If you qualify, the lender will provide you with a loan amount and an estimated interest rate.
Components of a Mortgage Payment
Principal and interest are a mortgage payment’s two primary components. This mortgage calculator factors in property taxes, too. They are often folded into monthly loan payments. (It’s in your lender’s best interest to make sure you are able to cover your tax bills, and breaking down what can be a large amount into 12 installments helps.) Your monthly payment may also include PMI (or private mortgage insurance, which is necessary if your down payment is under 20%) or homeowners association (HOA) fees, depending on your situation.
If you are thinking about a Federal Housing Administration (FHA)-guaranteed home loan, you’ll want to use an FHA mortgage calculator, which factors in the loan’s upfront mortgage insurance premiums.
Maybe you are looking at a loan backed by the U.S. Department of Veterans Affairs. In this case, a VA mortgage calculator is your best bet.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Mississippi
The cost of living in Mississippi is relatively low compared to the national average, which means you’ll get more for your dollar in this state. On an index where 100 is the U.S. average cost of living, Mississippi weighs in at 87.3 — it’s the 2nd most affordable state in the country. When you think about your housing budget, remember that you’ll have to pay for other things besides the house itself. Necessities like utilities and transportation-related costs are also below-average in Mississippi, but groceries may not be cheaper than they are in other states.
Relatively affordable living is abundant in Mississippi. Many cities here make a list of the best affordable places in the U.S., including Yazoo City, Greenville, and Meridian. Every major city in Mississippi enjoys a below-average cost of living index, according to COLI 2024 Annual Average Data.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Mississippi homebuyers have some options when a mortgage payment is too much. Here are some possible ways to reduce the amount you have to pay monthly:
• Recast your mortgage. Make a lump-sum payment toward the principal you still owe and then ask the lender to recalculate the payment.
• As soon as you reach 20% home equity, drop that PMI. (You’ll need to inform your lender that you no longer require the insurance.)
• Extend your loan term to lower your monthly payments.
• Look for a cheaper homeowners insurance policy.
• Think about appealing your property taxes — though only if you can really determine that they are too high. Inviting scrutiny of a property’s worth can result in a tax increase, which might actually up your payment. Exercise caution here.
• Discuss a loan modification with your lender if you’re facing financial hardship.
• If interest rates have dropped since you bought your home, consider a mortgage refinance.
If you qualify as a first-time homebuyer in Mississippi, you may be able to tap into state programs and receive aid with your down payment or closing costs — resources are out there to make homeownership accessible to people with limited savings. You could even get new homebuyer perks if you haven’t owned a primary residence in the last three years. The Mississippi Home Corporation provides below-market-interest-rate assistance for eligible low- and middle-income buyers, including teachers.
Spending a little time with the Mississippi mortgage calculator can help you to understand the financial commitment you’ll be making when you close on your home and sign on the dotted line. It can help you to know just what taking out a mortgage can cost you, and to make an informed decision about which house you can afford. Whether you are a first-time homebuyer or have experience as a property owner, the calculator will provide you with valuable insights.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
How does my credit score affect my mortgage loan interest rate?
Your credit score affects your mortgage interest rate in a big way. A higher score may win you better loan terms and a lower interest rate. A lower score could mean paying a higher rate and having to meet much stricter lending requirements.
How much does my down payment need to be on a mortgage?
You should put down the greatest amount you can feel comfortable with, your financial situation fully considered. If you can make a 20% down payment, it will let you avoid PMI, and reduce your monthly payments and the overall loan cost. A first-time homebuyer might be able to put down as little as 3% toward a home’s purchase price, and a repeat buyer may be able to pay only 5%. To determine what your down payment should be, take a close look at your financial picture and figure out what is realistic for you. Run the numbers, too, to see how paying more upfront can save you money in the long run.
Should I choose a 30-year or 15-year mortgage term?
When deciding on a mortgage term, consider that a 30-year loan will offer you lower monthly payments but mean you’ll pay more interest over time. A 15-year term, meanwhile, requires higher monthly payments but lets you save on interest overall. Assess your financial goals and budget and know that opting for the shortest term you can swing is the soundest choice.
How can I secure a lower interest rate?
Get your credit score up to 700 or higher to be eligible for the most competitive rates. You can go through the prequalification process with a few lenders, compare the rates you are offered, and pick the best one. If you can afford it, get together a larger down payment, which lenders tend to reward with better rates and terms. If you own a home already, explore mortgage refinancing if you think you can beat your old loan with one at a new, lower rate. (Don’t forget to factor in the closing costs.)
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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