Mississippi Mortgage Calculator 2026
Mississippi has the lowest median home prices of any state in the nation, making it one of the most accessible states for first-time homebuyers on a budget. The state's low property taxes (0.65%) and low cost of living further enhance affordability, though hurricane risk along the Gulf Coast drives higher insurance costs.
Calculate Your Mississippi Mortgage Payment
Pre-filled with Mississippi averages — adjust any value to match your situation.
= $35,000 down
Estimated Monthly Payment Breakdown
Based on $175,000 home price, 20% down, 30-year fixed at 7.25%.
Mississippi Property Taxes & Income Tax
Mississippi's 0.65% property tax rate is well below the national average. The Homestead Exemption exempts the first $7,500 of assessed value from all ad valorem taxes for primary residences. Mississippi's income tax is a flat 5% being phased down to 4% by 2026.
Mississippi Homeowners Insurance
The Gulf Coast (Gulfport, Biloxi, Pascagoula) faces significant hurricane risk with annual premiums of $3,000–$8,000+. Inland areas average $1,500–$2,200/year. The state also faces tornado risk and severe thunderstorms. Budget $125–$200/month depending on location.
Mississippi Housing Market Overview
Mississippi's housing market is among the most affordable in the nation. The Gulf Coast has a more dynamic market driven by gaming, tourism, and military (Keesler AFB). Southaven (Memphis suburb) has seen strong growth. Much of rural Mississippi qualifies for USDA loans, making zero-down homeownership widely accessible.
Frequently Asked Questions
What is the average mortgage payment in Mississippi?
Based on Mississippi's median home price of $175,000, a 20% down payment, and a 30-year fixed rate of 7.25%, the estimated total monthly payment (PITI) is approximately $1,200/month.
What is the conforming loan limit in Mississippi?
The conforming loan limit in Mississippi is $766,550. Loans above this amount are jumbo loans requiring stronger credit and larger down payments.
Can I get a USDA loan in Mississippi?
Yes — Mississippi has USDA-eligible rural areas where qualifying buyers can purchase a home with zero down payment. Use the USDA eligibility map to check specific addresses.
Are VA loans available in Mississippi?
Yes — eligible veterans, active-duty service members, and surviving spouses can use VA loans in Mississippi with no down payment and no PMI. The VA loan limit in Mississippi is $766,550.
Mississippi Loan Limits
Mississippi Homebuyer Programs
Down payment assistance of up to 6% of the loan amount for qualifying first-time homebuyers in Mississippi.
Learn more →Loan Types Available
Compare Neighboring States
Get Pre-Approved Today
See what you qualify for in Mississippi with current rates.
Calculate My Payment