Mortgage on a $700K house in Tennessee
$4,384 a month with 20% down — $3,767 principal and interest plus $266 property tax and $350 insurance.
Tennessee's typical property tax is 0.46% of the home's value a year (U.S. average 0.9%), which adds $266 a month on a $700K home. The typical home in Tennessee is worth $330,844, so $700K is 112% above the typical price.
$700K home in Tennessee: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $140,000 | $560,000 | $3,767 | $0 | $616 | $4,384 | $187,900 |
| 10% down | $70,000 | $630,000 | $4,238 | $263 | $616 | $5,117 | $219,300 |
| 5% down | $35,000 | $665,000 | $4,473 | $277 | $616 | $5,367 | $230,000 |
| 3.5% down (FHA) | $24,500 | $687,321 | $4,624 | $310 | $616 | $5,550 | $237,800 |
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 $700K buy a typical home?
No Tennessee county has a typical home value within 15% of $700K.
94 of 95 Tennessee counties tracked by Zillow have a typical home value at or below $700K. See all Tennessee home prices.
Other prices in Tennessee
Frequently asked questions
What is the mortgage on a $700K house in Tennessee?
About $4,384 a month with 20% down at 7.11%: $3,767 principal and interest, $266 property tax and $350 insurance.
How much do I need to make to buy a $700K house in Tennessee?
About $187,900 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $700K house in Tennessee?
At Tennessee's typical effective rate of 0.46%, about $3,196 a year. Rates vary by county and city — see the county pages.