Can I Afford a $100K Home in Tennessee?
Complete mortgage breakdown for a $100,000 home in Tennessee, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$747/mo
P&I: $526 + Tax: $47 + Insurance: $175
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $3,000 | $899 | $38,542 |
| 5% | $5,000 | $885 | $37,943 |
| 10% | $10,000 | $850 | $36,446 |
| 20% | $20,000 | $747 | $32,023 |
Monthly Cost Breakdown (Tennessee)
Principal & Interest
$526/mo
Property Tax (0.56%)
$47/mo
Homeowners Insurance
$175/mo
Total Interest (30-yr)
$109,195
Affordability Rules of Thumb
28% Rule (Housing)
$32,023/yr
Minimum gross income
36% Rule (All Debt)
$24,907/yr
If no other debt
3Ã Income Rule
$33,333/yr
Conservative target
Buying a $100K Home in Tennessee
A $100,000 home in Tennessee is at or below the national median home price. With a 20% down payment of $20,000, your estimated monthly payment of $747 is achievable on a salary of $32,023 or more. Tennessee's property tax rate of 0.56% is relatively low, helping keep costs down.
These estimates assume a 6.875% 30-year fixed mortgage rate. Use our mortgage calculator for custom scenarios, or check what salary you can afford in Tennessee.