Mortgage on a $300K house in Mississippi
$1,926 a month with 20% down — $1,614 principal and interest plus $162 property tax and $150 insurance.
Mississippi's typical property tax is 0.65% of the home's value a year (U.S. average 0.9%), which adds $162 a month on a $300K home. The typical home in Mississippi is worth $194,531, so $300K is 54% above the typical price.
$300K home in Mississippi: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $60,000 | $240,000 | $1,614 | $0 | $312 | $1,926 | $82,600 |
| 10% down | $30,000 | $270,000 | $1,816 | $113 | $312 | $2,241 | $96,000 |
| 5% down | $15,000 | $285,000 | $1,917 | $119 | $312 | $2,348 | $100,600 |
| 3.5% down (FHA) | $10,500 | $294,566 | $1,982 | $133 | $312 | $2,426 | $104,000 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.65% 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 Mississippi does $300K buy a typical home?
In these counties the typical home value is within 15% of $300K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| DeSoto County | $299,861 | 0.6% | $1,914 |
| Oktibbeha County | $282,630 | 0.71% | $1,942 |
| Rankin County | $271,112 | 0.6% | $1,915 |
| Lamar County | $265,690 | 0.66% | $1,929 |
| Madison County | $336,172 | 0.68% | $1,934 |
78 of 80 Mississippi counties tracked by Zillow have a typical home value at or below $300K. See all Mississippi home prices.
Other prices in Mississippi
Frequently asked questions
What is the mortgage on a $300K house in Mississippi?
About $1,926 a month with 20% down at 7.11%: $1,614 principal and interest, $162 property tax and $150 insurance.
How much do I need to make to buy a $300K house in Mississippi?
About $82,600 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $300K house in Mississippi?
At Mississippi's typical effective rate of 0.65%, about $1,943 a year. Rates vary by county and city — see the county pages.