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If you’re looking to buy a home in Nashville, Tennessee, our mortgage calculator can help you estimate monthly payments based on home price, loan term, interest rate, and down payment. With this tool, you can better understand your budget, compare options, and plan confidently for your next step in homeownership.
Key Points
• Using a Nashville mortgage calculator helps estimate monthly payment obligations and the total cost of the loan.
• Your credit score plays a significant role in determining your mortgage interest rate, with higher scores typically receiving more competitive rates.
• The loan term, typically 15 or 30 years, greatly affects your monthly payments and total interest paid, with longer terms offering lower monthly payments but higher total interest.
• Exploring down payment assistance programs can significantly reduce the initial financial burden of purchasing a home, making it more accessible for low-income buyers, first-time homebuyers, and those in specific professions.
• A larger down payment, such as 20%, can help avoid private mortgage insurance (PMI) and potentially secure better interest rates, making the mortgage more affordable.
Nashville Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price and your initial offer. It helps determine the size of your home loan and the type of mortgage loan you might qualify for.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%, with a higher percentage potentially securing a lower interest rate.
• Loan term: The loan term is the length of time you have to repay the mortgage. A 30-year term offers lower monthly payments but results in more interest paid over the life of the loan. A 15-year term has higher monthly payments but can save you a significant amount in interest.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates can vary based on borrower qualifications, market trends, and the type of mortgage loan. A strong credit score and a higher down payment can help secure a lower interest rate.
• Annual property tax: The annual property tax is a significant ongoing cost of homeownership, typically administered by the local government and expressed as a percentage of the home’s assessed value.
• Total monthly payment: In this calculator, the total monthly payment includes the principal, interest, and property tax. Your monthly mortgage payment may also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure is influenced by the interest rate, loan term, and the principal amount.
How to Use the Nashville, TN Mortgage Calculator
To use the Nashville mortgage calculator effectively, follow these steps to estimate your total monthly payment and overall borrowing cost.
Step 1: Enter Your Home Price
Type in the agreed-upon purchase price of the property. This is not your loan amount, but rather the amount you intend to pay for the home.
Step 2: Select a Down Payment Amount
Choose the down payment you plan to pay upfront. The higher your down payment, the lower your monthly payment will be. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the time you’ll need to repay the home loan. Common terms are 15 or 30 years. A 15-year term will result in higher monthly payments but less paid in interest overall; whereas a 30-year term will provide lower monthly payments but higher interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This affects your monthly payment and total loan cost. If you’re looking at large loan amounts, you’ll want to research rates for jumbo loans.
Step 5: Add Your Property Tax
Enter the percentage representing the annual property tax rate. Tennessee’s average effective rate is 0.49%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps estimate affordable housing costs by calculating monthly payments based on loan amount, interest rate, and term. It allows you to compare different scenarios, such as lower rates or longer terms, to see how they affect your payments.
This tool is invaluable for understanding the impact of down payments, as well. Having a 20% down payment (or more) eliminates the need for private mortgage insurance. Mortgage calculators are also particularly useful for first-time homebuyers, who may not be aware of all that goes into a mortgage payment and how that payment is determined.
Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
In August 2025, Nashville’s median home sale price was $485,000. Lenders advise keeping housing costs (mortgage, taxes, insurance, HOA) under 28% of gross monthly income. For a $500,000 home, a 20% down payment would be $100,000, resulting in a $2,660 monthly payment on a 30-year, 7.00% mortgage. To keep your mortgage payment under 28% of your income, you would need a gross yearly income of around $115,000.
To figure out how much house you can afford, you can use a home affordability calculator. A home affordability calculator estimates your home-buying power based on your income, expenses, down payment, and current mortgage rates.
It can also be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
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:
Components of a Mortgage Payment
The main components of a mortgage payment include the principal and interest. The mortgage principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal. In the early years of your mortgage, a larger portion of your monthly payment goes toward interest, with the balance gradually shifting toward the principal over time. Property tax is another significant component, typically administered by the local government and expressed as a percentage of the home’s assessed value.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Nashville, TN
Nashville’s cost of living is 9% higher than the state average and 1% lower than the national average. Housing expenses, in particular, are higher than the national average, but may be considered economical compared to other major cities, such as Austin or San Francisco. Despite the expense, Nashville boasts a vibrant lifestyle and strong job market.
Take a look at how Nashville compares to the national average. In the chart, 100 equals the average cost of living in the U.S.
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.
If you’re buying your first home in Nashville, there are several down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both. To qualify, you typically must not have owned a primary residence within the past three years.
Lowering your mortgage payments can free up cash for other financial goals and reduce long-term stress. Tips to reduce your mortgage in Nashville include:
• Eliminate private mortgage insurance (PMI). Once you reach 20% equity in your home through regular payments or home appreciation, you can request to drop PMI from your lender, significantly reducing your monthly costs.
• Consider mortgage recasting. By making a lump sum payment toward your mortgage principal, your lender may re-amortize the loan, resulting in a new, smaller balance and lower monthly payments.
• Appeal your property taxes. Property taxes are a significant part of your monthly housing costs. If you believe your assessment is too high, you can appeal your property taxes. Start by reviewing your annual city property tax bill and comparing it to similar properties in your area.
• Modify or refinance your loan. Modifying your loan involves changing the terms of your existing mortgage to make monthly payments more manageable. One common modification is to extend the term of your loan, which can lower your monthly payments. Another option is refinancing your loan. If you qualify for a lower rate, you may be able to reduce your monthly payment.
• Shop for a lower homeowners insurance rate. You can lower your premium by increasing your deductible, bundling homeowners and auto insurance, or making upgrades that enhance your home’s security or storm-resistance. Compare quotes from multiple insurers to find the best deal that fits your budget and needs.
The Takeaway
The Nashville mortgage calculator helps estimate your monthly mortgage payments and total loan cost. Understanding your financial limits and exploring various options can help you make informed decisions and find a Nashville home that fits both your lifestyle and your budget.
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.
The average mortgage in Nashville can vary based on several factors, including the home price, the size of the down payment, and prevailing interest rates. As of recent data, the average mortgage payment in Nashville is around $2,770.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate for a mortgage loan. A higher credit score can secure a better interest rate, as lenders view you as less risky. Conversely, a lower credit score may result in a higher interest rate, making the mortgage more expensive.
What are principal and interest on a mortgage loan?
The principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal. In the early years of your mortgage, a larger portion of your monthly payment goes toward interest, with the balance gradually shifting toward the principal over time.
How much should I put down on a mortgage?
It’s recommended to put down at least 20% of the purchase price of the home. This helps you avoid private mortgage insurance (PMI), which is typically required for down payments less than 20%. A larger down payment can also reduce your monthly mortgage payments and the total interest you pay over the life of the loan. However, it’s possible to put down as little as 3% to 5%. Ultimately, you should put down as much as you can comfortably afford without compromising your other saving goals.
Should I choose a 30-year or 15-year mortgage term?
When choosing between a 30-year and 15-year mortgage, consider your finances. A 30-year mortgage offers lower monthly payments but higher overall interest. A 15-year mortgage has higher monthly payments but saves on interest and builds equity faster. If you can manage larger payments, the 15-year option saves long-term. If you prefer budget flexibility, a 30-year term offers breathing room while achieving homeownership.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
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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