Mortgage Calculator Mississippi 2026: Payment, Tax & PMI
This mortgage calculator for Mississippi estimates your full monthly payment — principal & interest, property tax, homeowners insurance and PMI — and notes that Mississippi has no real estate transfer tax. Enter your own rate; everything is calculated privately in your browser.
A mortgage calculator for Mississippi estimates the full monthly cost of a Mississippi home loan: principal and interest from standard amortization, plus property tax, homeowners insurance and private mortgage insurance (PMI) when you put down less than 20%. Mississippi has no real estate transfer tax, so one-time costs are mainly lender, title and recording fees.
How the Mortgage Calculator Mississippi Formula Works (Worked Example)
Principal and interest use the standard amortization formula M = P × r(1+r)n ÷ ((1+r)n − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of payments. Property tax is the home price × your local rate ÷ 12, insurance is your annual premium ÷ 12, and PMI is the loan amount × your PMI rate ÷ 12. Example: a $300,000 Mississippi home, 10% down, 30-year fixed at a user-entered 6.5% (click Load Example above to reproduce it).
| Item | Inputs | Monthly |
|---|---|---|
| Principal & interest | $270,000 loan, 6.5%, 360 payments | $1,706.58 |
| Property tax | 0.58% of $300,000 ($1,740/yr) | $145.00 |
| Homeowners insurance | $2,000/yr (example — use your quote) | $166.67 |
| PMI | 0.6% of $270,000 ($1,620/yr) | $135.00 |
| Total monthly payment | $2,153.25 | |
| Transfer tax | None in Mississippi | $0.00 |
Over 30 years this loan pays about $344,370 in interest. Your rate is an input, not an assumption — check the current weekly national average in Freddie Mac’s Primary Mortgage Market Survey and compare lender Loan Estimates.
Mississippi Property Tax Rate and Your Monthly Payment
Mississippi assesses an owner-occupied home at 10% of its true value, and a homestead exemption reduces the tax on your primary residence once you file with your county tax assessor. The Tax Foundation puts Mississippi’s effective property tax rate at about 0.58% of owner-occupied home value, among the lower rates in the US. Millage differs by county, city and school district, so use the rate from your county for the best estimate.
| Local rate | Annual tax on $300,000 | Added to monthly payment |
|---|---|---|
| 0.43% | $1,290 | $107.50 |
| 0.58% (Tax Foundation statewide effective rate) | $1,740 | $145.00 |
| 0.87% | $2,610 | $217.50 |
Mississippi Closing Costs: Transfer Tax and Recording Fees
Mississippi has no real estate transfer tax, state or local (verified via search). Recording the deed and deed of trust costs only the chancery clerk’s flat per-document fees set by Miss. Code § 25-7-9, so most of your closing costs come from the lender and title company.
| Mississippi item | Amount | Usually paid by |
|---|---|---|
| Real estate transfer tax | None | — |
| Chancery clerk recording fees (Miss. Code § 25-7-9) | Flat fee per recorded document — see your Loan Estimate | Usually buyer |
| Escrow deposits for tax and insurance | Set by your lender — see your Loan Estimate | Buyer |
| Lender, appraisal, title and recording charges | Vary by lender, title company and county — compare Loan Estimates | Negotiable |
Some costs are negotiable, and sellers sometimes cover part of a buyer’s closing costs as a concession.
How Mississippi Mortgage Rates Affect Your Payment
Rates in Mississippi follow national mortgage markets and vary by lender, credit score, down payment and loan type. On a $190,000 home with 20% down, an example 6.95% rate produces a monthly principal and interest payment of approximately $1,006. A 0.25% rate increase adds roughly $26 to that payment, so shopping multiple lenders can save thousands over the life of the loan.
Adjustable-rate mortgages (ARMs) often start lower but carry rate-reset risk, which is why many buyers choose 30-year fixed loans for payment predictability. FHA loans (3.5% down) and VA loans (0% down for eligible veterans) are also options in Mississippi.
First-Time Buyer Programs in Mississippi
Mississippi Home Corporation (MHC) offers first-time buyer loans, down payment assistance and Mortgage Credit Certificates for eligible buyers. Check the agency’s website for current income limits, purchase price limits and rates.
FHA loans are available nationwide and require only 3.5% down with a 580+ credit score — useful for first-time buyers in Mississippi who have limited savings. USDA loans offer 0% down for eligible rural properties in Mississippi. VA loans are available to qualified veterans and active-duty service members with no down payment required and no PMI.
If your down payment is below 20%, Private Mortgage Insurance (PMI) on a $171,000 loan (10% down on $190,000) adds approximately $86/month at a 0.6% annual rate. The Urban Institute puts typical PMI at roughly 0.46%–1.5% of the loan per year depending on credit score. PMI can be removed once your loan-to-value ratio reaches 80%, so extra payments accelerate the timeline to dropping PMI.
Last updated: October 2026. Estimates only — confirm figures with your lender and local tax office.
Frequently Asked Questions
What is the average mortgage rate in Mississippi in 2026?
Mississippi mortgage rates track national averages and change weekly. Check the Freddie Mac Primary Mortgage Market Survey for the current 30-year fixed average, then compare quotes from several lenders - your rate depends on credit score, down payment and loan type.
What is the average monthly mortgage payment in Mississippi?
For a $190,000 home with 20% down in Mississippi, the estimated PITI (principal, interest, taxes, and insurance) is approximately $1,265/month at an example 6.95% rate, assuming a 0.58% property tax rate and $2,000 a year for insurance.
Do I need PMI in Mississippi?
Yes — if your down payment is less than 20%, lenders in Mississippi require Private Mortgage Insurance (PMI) on conventional loans. The Urban Institute puts typical PMI at about 0.46%–1.5% of the loan amount per year, depending on credit score. PMI is removed once you reach 20% equity.
What is the property tax rate in Mississippi?
The Tax Foundation puts Mississippi’s effective property tax rate at about 0.58% of owner-occupied home value - roughly $1,740 a year on a $300,000 home. Rates vary by county, city and school district, so use the rate on your own tax bill.
Does Mississippi have a real estate transfer tax?
No. Mississippi has no real estate transfer tax, so neither buyer nor seller pays a percentage-of-price tax when a home changes hands. You still pay the chancery clerk’s flat recording fees for the deed and deed of trust, plus lender and title charges.
What is the monthly payment on a $300,000 house in Mississippi?
With 10% down and a 30-year fixed loan at 6.5%, principal and interest is about $1,707 a month. Adding 0.58% property tax ($145), $2,000 a year insurance ($167) and 0.6% PMI ($135) brings the total to about $2,153 a month.