Buying in Mississippi: what the numbers look like
Mississippi sits mid-pack for property taxes — 0.7% average effective rate (32nd of 50, national average ≈ 0.94%), which works out to about $1,260 a year on the typical $180,000 home. On the insurance side, Mississippi homeowners average about $3,600 a year — 34% above the 50-state average, so get quotes early; the premium can move a deal's math. Gulf counties carry significant wind-coverage costs.
Put together at an illustrative 6.5% rate (30-year, 20% down), the typical Mississippi purchase pencils out near $1,315/month: $910 principal & interest + $105 tax + $300 insurance. That's the number the calculator above starts from — swap in your real price, rate quote, and county figures to make it yours.
Property taxes & closing costs in Mississippi
The lowest typical home value in the nation keeps dollar tax bills modest despite an average rate.
Transfer tax: No real estate transfer tax. Closing costs also include lender, title, and recording fees — typically 2–5% of the price all-in.
Mississippi at a glance
| Typical home value (Zillow, 2025) | $180,000 (49th highest) |
| Avg. effective property tax (2023) | 0.7% ≈ $105/mo |
| Avg. home insurance (2025) | $3,600/yr ≈ $300/mo |
| Example payment (typical home, 6.5%, 20% down) | $1,315/mo |
Frequently asked questions
How much is the mortgage payment on a typical Mississippi home?
The typical Mississippi home runs about $180,000 (Zillow, 2025). With 20% down ($36,000) on a 30-year loan at an illustrative 6.5% rate, the full monthly payment is roughly $1,315 — $910 principal & interest, $105 property tax, and $300 insurance. Adjust every input above to match your own price and quote.
What is the property tax rate in Mississippi?
Mississippi's average effective rate is 0.7% of home value — the 32nd lowest — that is, 19th lowest in the nation (Tax Foundation, 2023 data). On the typical $180,000 home that is about $1,260 per year. The lowest typical home value in the nation keeps dollar tax bills modest despite an average rate.
How much is homeowners insurance in Mississippi?
Roughly $3,600 per year on average for $300k of dwelling coverage (Bankrate, 2025) — above the 50-state average of $2,682. Gulf counties carry significant wind-coverage costs.
Nearby states & more tools
Compare: Louisiana mortgage calculator · Alabama mortgage calculator · Tennessee mortgage calculator · Arkansas mortgage calculator — or see all 50 states compared.
Not sure of your price range? Start with the home affordability calculator, then fine-tune here. The full mortgage calculator has extra payments and PMI controls too.
Data & sources: Property tax — Effective property tax rate on owner-occupied housing, calendar year 2023 (Tax Foundation analysis of Census ACS data, published 2025). Home value — Typical home value, Zillow Home Value Index (ZHVI), 2025, rounded to the nearest $5,000. Insurance — Average annual homeowners insurance premium for $300k dwelling coverage (Bankrate/Quadrant 2025), rounded to the nearest $50. State-level figures are planning defaults, not quotes: property taxes vary by county and city, insurance varies by home and insurer, and home values move monthly. Every value prefills the calculator but remains editable. The 6.5% rate is illustrative, not an offer or a prediction — always enter a real quote.
Disclaimer: Educational purposes only — not financial advice. See our Terms of Use.