Can I Afford a $300K Home in Tennessee?
Complete mortgage breakdown for a $300,000 home in Tennessee, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$1,892/mo
P&I: $1,577 + Tax: $140 + Insurance: $175
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $9,000 | $2,348 | $100,625 |
| 5% | $15,000 | $2,306 | $98,828 |
| 10% | $30,000 | $2,201 | $94,337 |
| 20% | $60,000 | $1,892 | $81,070 |
Monthly Cost Breakdown (Tennessee)
Principal & Interest
$1,577/mo
Property Tax (0.56%)
$140/mo
Homeowners Insurance
$175/mo
Total Interest (30-yr)
$327,586
Affordability Rules of Thumb
28% Rule (Housing)
$81,070/yr
Minimum gross income
36% Rule (All Debt)
$63,054/yr
If no other debt
3Ã Income Rule
$100,000/yr
Conservative target
Buying a $300K Home in Tennessee
A $300,000 home in Tennessee falls in the mid-range of the housing market. At $1,892/month with 20% down, you'll need a household income of about $81,070 to comfortably afford this home under the 28% rule. Property taxes in Tennessee (0.56%) add $140 monthly to your costs.
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.