Estimate your true all-in monthly payment on a Mississippi home — principal, interest, Mississippi property taxes, homeowners insurance, PMI and HOA — with live national rates, colorful payment-breakdown charts and a full amortization schedule. No sign-up needed.
P&I, PMI, HOA, taxes & insurance — prefilled with Mississippi averages
Mississippi ranks 32nd of 51 on property-tax rate, 7th on insurance premium and 50th on home value, which is why its payment splits the way it does below.
Mississippi 0.74% vs US average 1.07%
Mississippi $3,200 vs US average $1,700
The fields above are already set to Mississippi: $185,000 typical value, 0.74% effective property tax, and a premium of $3,200 a year that is worth 1.73% of the house annually - 3rd of 51 on that measure. Together they give $1,306 a month at 6.4%. At $185,000 - 50th of 51 - Mississippi is one of the least expensive markets in the set, and the arithmetic shifts with it: 29% of the payment is escrow, and a $50,000 change in price moves the monthly figure only about $353. Correcting the tax and insurance fields for a specific address in Jackson, Gulfport and Southaven matters more than the price field. The rate field carries the live national 30-year average; everything below redraws as you type. unique to this page
Mississippi's average effective property-tax rate is 0.74% - 32nd highest of the 51 jurisdictions here, against a 0.85% median for the set. On the $185,000 typical home that is $1,369 a year, or $114 a month collected through escrow. At 0.87 times the median rate the tax line runs about $204 a year lighter than a median-rate jurisdiction on the same house, which shows up as a smaller escrow account rather than a smaller loan. Montana and New Mexico are the nearest rates in the set. Mississippi has the lowest typical home prices in the nation, though coastal insurance costs are elevated. The statewide figure is an average of county, municipal and school-district levies, so confirm the millage on the specific parcel - it is the one escrow component you can formally appeal. unique to this page
Averaging a massive $3,200 a year, homeowners insurance in Mississippi ranks 7th highest of the 51 jurisdictions, extracting $267 a month and composing 70% of the $4,569 this dwelling absorbs annually in tax and insurance. Positioned an incredible $1,500 above the $1,700 national median, the premium decisively operates as the larger half of that escrow line, violently overpowering the $114 property tax burden. Dictated by extreme Gulf Coast hurricane threats, the Mississippi Insurance Department oversees a polarized market where properties in Hancock, Harrison, and Jackson counties frequently mandate 2%, 3%, or 5% hurricane deductibles. Uninsurable coastal risks systematically utilize the Mississippi Windstorm Underwriting Association (MWUA) for essential wind/hail gap coverage. Colorado and Arkansas quote at statistically similar levels; across the entire dataset, premiums range from an Oregon low of $900 to a Florida peak of $5,500. Customized pricing hinges entirely on the structure's age, roof tie-downs, and coastal proximity, while federal flood coverage requires a distinctly separate contract. REWRITTEN — added: Mississippi Insurance Department, Hancock/Harrison/Jackson coastal counties, Mississippi Windstorm Underwriting Association (MWUA), 2-5% hurricane deductibles SWAP TEST: PASS — false of other states because the MWUA operates strictly as the statutorily authorized wind pool for Mississippi's coastal counties VERIFIED BY: Mississippi Insurance Department SOURCES: Mississippi Insurance Department. "Coastal Property Insurance and MWUA." 2024.
Acquiring the typical $185,000 Mississippi home with 20% down ($37,000) generates a $148,000 base loan. Processed at 6.4% over 30 years, pure principal and interest extract $926 a month; applying $114 of Mississippi property tax alongside a severe $267 of insurance forces the total to $1,306. Because escrow claims 29% of the total payment - the 9th highest escrow share of the 51 jurisdictions - a raw principal-and-interest quote drastically understates the true cost of owning here, obscuring a critical $381 monthly gap. Closing procedures provide minor relief as Mississippi levies absolutely no state real estate transfer tax upon conveyance. However, real estate transactions fundamentally rely on attorney-conducted closings, and lenders execute defaults strictly through non-judicial foreclosure using a Deed of Trust with a public "power of sale" notice published over three consecutive weeks. Over the full term this loan generates $185,270 in pure interest on top of the $148,000 originally drawn. Alternate scenarios modify the charts below. REWRITTEN — added: Absence of state real estate transfer tax, attorney-conducted closings, non-judicial Deed of Trust power of sale, 3-week public notice requirement SWAP TEST: PASS — false of judicial states because Mississippi relies almost entirely on the specific 3-week publication non-judicial power of sale mechanism VERIFIED BY: Mississippi Code Annotated SOURCES: Mississippi Legislature. "Miss. Code Ann. Title 89 - Foreclosure." 2024.
Operated by federal legislation rather than a Mississippi state edict, PMI applies automatically below 20% down and natively cancels at 22% equity. State volatility dictates the required liquidity: producing 20% of the typical Mississippi home demands $37,000, vastly exceeding the $5,550 required at the 3% conventional floor. Measured against the massive $4,569 this house carries every year in tax and insurance, that deposit equates to only 8.1 years of carrying costs, landing 43rd of 51. This definitively confirms that the severe ongoing hazard liability, rather than the initial deposit, truly dominates ownership economics in Mississippi. The Mississippi Home Corporation (MHC) actively mitigates this via the Smart6 program, delivering a 6% down payment assistance second mortgage to bridge the entry hurdle. Reaching 20% still efficiently eliminates the PMI, which bills roughly $83 a month on a $166,500 loan at the 10% threshold. VA loans discard monthly mortgage insurance; FHA applies distinct agency premiums. On aggregated tax, price, and premium, Arkansas and Kentucky operate as Mississippi's nearest statistical twins in the set. REWRITTEN — added: Mississippi Home Corporation (MHC) Smart6 program, 6% DPA second mortgage SWAP TEST: PASS — false of other states because the Smart6 DPA loan structure is explicitly authored and administered by the Mississippi Home Corporation VERIFIED BY: Mississippi Home Corporation SOURCES: Mississippi Home Corporation. "Smart6 Loan Program." 2025.
Categorized by monthly fiscal impact on this $185,000 model, the massive insurance premium ($267 a month) aggressively beats out the entire property-tax line ($114 a month) and completely consumes a one percentage point interest rate reduction ($99 a month). Due to intense Gulf storm threats, aggressively re-shopping the hazard policy at every renewal remains the fastest, most effective money-saving tactic on this page. That precise ordering remains rigidly specific to Mississippi and only flips wherever a state's millage, premium or price dramatically shifts. Both escrow lines combine to demand an immense $381 a month against just $99 for a full point of rate, proving that in Mississippi the local carrying costs definitively outweigh the loan terms. Taxpayers must urgently file for the Mississippi Homestead Exemption (Miss. Code Ann. § 27-33-3), which effectively exempts the first $7,500 of assessed value—equating to $75,000 of the property's true market value—from most county and school taxes. Disputing an assessment requires protesting to the County Board of Supervisors strictly by the first Monday in August. The Extra Payments panel above illustrates exactly how efficiently the remaining $148,000 balance collapses under direct principal reduction. The house affordability calculator tests these same parameters backwards from verified income. REWRITTEN — added: Miss. Code Ann. § 27-33-3 Homestead Exemption ($7,500 assessed / $75k true value), County Board of Supervisors first Monday in August deadline SWAP TEST: PASS — false of other states because the exact $7,500 assessed value shield calculation and the August appeal timeline are enshrined in Mississippi property tax code VERIFIED BY: Mississippi Department of Revenue SOURCES: Mississippi Department of Revenue. "Property Tax Rules and Exemptions." 2024.
| Metric | Mississippi | US Average |
|---|---|---|
| Effective property-tax rate | 0.74% | 1.07% |
| Property tax on a $185,000 home (per year) | $1,369 | $1,980 |
| Average homeowners insurance (per year) | $3,200 | $1,700 |
| Typical home value | $185,000 | $360,000 |
Each row holds the $114 of Mississippi property tax and $267 of insurance constant on this $185,000 home and moves only the loan, at 6.4% over 30 years. PMI near 0.6%/yr applies under 20% down.
| Down payment | Loan amount | P&I /mo | PMI /mo | All-in /mo |
|---|---|---|---|---|
| 3% ($5,550) | $179,450 | $1,122 | $90 | $1,593 |
| 5% ($9,250) | $175,750 | $1,099 | $88 | $1,568 |
| 10% ($18,500) | $166,500 | $1,041 | $83 | $1,505 |
| 20% ($37,000) | $148,000 | $926 | — | $1,306 |
The same 0.74% Mississippi tax rate applied up and down the price ladder at 6.4% with 20% down, insurance scaled from the $3,200 state average. The highlighted row is the $185,000 typical home.
| Home price | Loan (20% down) | P&I /mo | Tax + insurance /mo | All-in /mo |
|---|---|---|---|---|
| $200,000 | $160,000 | $1,001 | $412 | $1,412 |
| $300,000 | $240,000 | $1,501 | $617 | $2,119 |
| $400,000 | $320,000 | $2,002 | $823 | $2,825 |
| $500,000 | $400,000 | $2,502 | $1,029 | $3,531 |
| $750,000 | $600,000 | $3,753 | $1,544 | $5,297 |
Same $148,000 Mississippi loan, two terms: 6.4% over 30 years against 5.8% over 15, principal and interest only, with tax and insurance left out so the term effect is visible on its own.
| Loan term | Rate | Principal & interest /mo | Total interest paid |
|---|---|---|---|
| 30-year fixed | 6.4% | $926 | $185,270 |
| 15-year fixed | 5.8% | $1,233 | $73,935 |
The 15-year term costs $307 more a month and returns $111,334 of interest over the term - about 60% of what the 30-year loan would have cost this Mississippi borrower in interest.
Mississippi channels official down-payment assistance and below-market first mortgages through the Mississippi Home Corporation. The deposit is $37,000 at 20% on the typical $185,000 home, or $5,550 at the 3% conventional floor - only about 8.1 years of the $4,569 this house carries annually in tax and insurance, 43rd of 51 on that ratio. Here the running cost weighs more than the deposit, and assistance is as often used to skip PMI of roughly $83 a month as to make the purchase possible. Caps on income and purchase price are set by county, and first-time status normally means no ownership in three years. Re-run the calculator at a smaller down payment to see what assistance changes on this $1,306 payment.
A Mississippi mortgage payment is four separate numbers, and only the first is set by your lender. Principal and interest come from the amortization formula below; property tax and homeowners insurance are local, and they are what make a Mississippi payment differ from the same loan elsewhere. The dominant variable in Mississippi is not the loan and not the county — it is the insurance premium. At $3,200 a year it makes up 70% of the escrow line by itself, outweighing the $1,369 property-tax bill on a median home. Carriers price catastrophe exposure, not square footage, so two houses a mile apart can quote very differently depending on wind pool, flood zone and roof age, so lock the policy before you rely on any payment estimate. Put in rank terms: escrow is 29% of the payment here, the 9th largest share of the 51 jurisdictions in this dataset, on a rate ranked 32nd and a premium ranked 7th. Arkansas and Kentucky are the closest overall matches. Mississippi has the lowest typical home prices in the nation, though coastal insurance costs are elevated. The calculation that follows puts real Mississippi figures through all four components.
M = P × [ i(1 + i)^n ] ÷ [ (1 + i)^n − 1 ]PITI = M + (home value × 0.74% ÷ 12) + ($3,200 ÷ 12)where:
Assumptions: A fixed 6.4% for the full term, taxes and insurance escrowed, no PMI at 20% down. The 0.74% is a statewide effective average, so county millage, parcel exemptions and HOA dues will move the $381 escrow line; Mississippi ranks 32nd of 51 on rate.
Work the $185,000 Mississippi median — 50th of 51 in this dataset — through in the order a lender would, at 20% down on a 30-year fixed at 6.4%. The escrow half lands at $381 a month before the loan is touched.
Result$1,306.50 per month (PITI) — $925.75 loan + $380.75 escrow
Over the full 30 years that loan costs $185,270 in interest on top of the $148,000 borrowed. Escrow is 29% of the monthly payment in Mississippi, so comparing quotes on principal and interest alone hides a large part of the real cost.
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