With a 4.7% top income tax rate and 0.65% property tax, Mississippi homeowners face a moderate combined tax burden. This calculator is pre-filled with Mississippi numbers: $165,000 median price, 0.65% property tax, $2,150/year insurance.
Last updated: March 13, 2026
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Monthly Payment (Mississippi)$0
Loan Details — Mississippi
Mississippi median: $165,000
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Below 20% triggers PMI on conventional loans
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Average 30-year fixed ~6.75% (March 2026)
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Mississippi average: 0.65%
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Mississippi average: $2,150/yr
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Principal & Interest
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Property Tax
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PMI
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Mississippi Metro Area Home Prices
Click a metro to load its median price into the calculator above.
Yearly Amortization Schedule+
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Mississippi's Tax Landscape and Your Mortgage
Mississippi levies a flat 4.7% income tax on all taxable income. A household earning $150,000 pays approximately $5,288 in state income tax, which reduces the amount available for monthly mortgage payments by roughly $441/month.
At the state's median home price of $165,000, the $0.65% property tax rate adds $89/month to your mortgage payment. That's $1,073/year — below the national median of ~1.1%.
Property Taxes Across Mississippi
The 0.65% statewide average masks significant variation. Assessment ratio is 10% for homestead property (very favorable)
Price ranges across the state: Jackson has a median of $185,000, while Jackson sits at $185,000 — a $0 gap that dramatically changes your monthly payment. At $0.65% property tax, that price difference alone means $0/month more in property tax in Jackson.
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Homebuyer Programs and Exemptions
Mississippi offers several programs for homebuyers:
MHC Smart Solution program with down payment assistance
HOAP (Home of Your Own) program for buyers with disabilities
Homestead exemption: First $7,500 of assessed value exempt; seniors 65+ may qualify for full exemption on first $75,000
Mississippi-Specific Considerations
Lowest median home prices in the nation
High insurance costs due to hurricane risk in southern counties
Income tax being phased down — headed toward elimination
Assessment ratio is 10% for homestead property (very favorable)
Property tax rates vary by county — DeSoto County (Memphis metro) differs from coastal and Delta counties
Insurance Costs in Mississippi
At $2,150/year, Mississippi's average homeowners insurance premium is significantly above the national average of approximately $1,500/year. That's $179/month added to your housing cost — a factor that's easy to overlook when comparing states. High insurance costs due to hurricane risk in southern counties
Compare Mississippi Mortgage Rates
See personalized rates from Mississippi lenders. LendingTree matches you with up to 5 offers so you can compare and save.
0.39% property tax, 5% top rate. Median home: $232,500.
Alaska Mortgage Calculator
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1.04% property tax, no income tax. Median home: $340,000.
Arizona Mortgage Calculator
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0.62% property tax, 2.5% top rate. Median home: $395,000.
Frequently Asked Questions
What is the average property tax rate in Mississippi?
The average effective property tax rate in Mississippi is 0.65%. On a $165,000 home (the state median), that works out to approximately $1,073/year or $89/month added to your mortgage payment. Property tax rates vary by county and school district within Mississippi — always check your specific jurisdiction's rate. Homestead exemption: First $7,500 of assessed value exempt; seniors 65+ may qualify for full exemption on first $75,000
How much does homeowners insurance cost in Mississippi?
The average annual homeowners insurance premium in Mississippi is approximately $2,150 ($179/month). This is near the national average of approximately $1,500/year. Actual premiums depend on your home's location, age, construction type, and coverage limits.
What first-time homebuyer programs are available in Mississippi?
MHC Smart Solution program with down payment assistance. HOAP (Home of Your Own) program for buyers with disabilities. These programs typically have income limits, purchase price caps, and may require homebuyer education courses. Check the Mississippi housing finance agency website for current eligibility requirements and application deadlines.
How does Mississippi's 4.7% income tax affect home affordability?
Mississippi's top income tax rate of 4.7% reduces your take-home pay, which affects how much mortgage you can comfortably carry. On a $150,000 salary, state income tax takes roughly $4,583-$5,993/year (effective rate is lower than the top marginal rate). The tradeoff: Mississippi's relatively low 0.65% property tax rate keeps the housing-specific portion of your tax burden lower. Use our paycheck calculator to see your exact take-home pay.
What is the conforming loan limit in Mississippi?
The 2026 conforming loan limit in Mississippi is $806,500. Loans above this amount are considered jumbo loans and typically carry higher interest rates (0.25-0.5% premium), require larger down payments (10-20%), and have stricter qualification requirements including higher credit scores (700+) and lower debt-to-income ratios.
This calculator is for educational purposes. Tax rates and insurance costs are based on Mississippi state averages and may not reflect your specific county, school district, or municipality. Consult a financial professional for advice specific to your situation.