Mortgage on a $1M house in Tennessee
$6,262 a month with 20% down — $5,382 principal and interest plus $381 property tax and $500 insurance.
Tennessee's typical property tax is 0.46% of the home's value a year (U.S. average 0.9%), which adds $381 a month on a $1M home. The typical home in Tennessee is worth $330,844, so $1M is 202% above the typical price.
$1M home in Tennessee: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $200,000 | $800,000 | $5,382 | $0 | $881 | $6,262 | $268,400 |
| 10% down | $100,000 | $900,000 | $6,054 | $375 | $881 | $7,310 | $313,300 |
| 5% down | $50,000 | $950,000 | $6,391 | $396 | $881 | $7,667 | $328,600 |
| 3.5% down (FHA) | $35,000 | $981,888 | $6,605 | $442 | $881 | $7,928 | $339,800 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.46% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in Tennessee does $1M buy a typical home?
In these counties the typical home value is within 15% of $1M:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Williamson County | $916,175 | 0.4% | $6,215 |
95 of 95 Tennessee counties tracked by Zillow have a typical home value at or below $1M. See all Tennessee home prices.
Other prices in Tennessee
Frequently asked questions
What is the mortgage on a $1M house in Tennessee?
About $6,262 a month with 20% down at 7.11%: $5,382 principal and interest, $381 property tax and $500 insurance.
How much do I need to make to buy a $1M house in Tennessee?
About $268,400 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $1M house in Tennessee?
At Tennessee's typical effective rate of 0.46%, about $4,566 a year. Rates vary by county and city — see the county pages.