Down Payment Calculator for Tennessee

Down Payment Planning in Tennessee

With a median home value of $310,000 in Tennessee, here's what different down payment tiers look like:

• 3% (First-time buyer programs): $9,300
• 3.5% (FHA minimum): $10,900
• 10% (Avoid PMI with some lenders): $31,000
• 20% (Eliminate PMI entirely): $62,000

Conforming Loan Limits in Tennessee

The conforming loan limit in Tennessee is $726,200. No Tennessee counties currently qualify for high-cost conforming limits. If your loan exceeds this, you'll need jumbo financing, which typically requires a 20%+ down payment.

Closing Costs to Plan For

Beyond your down payment, budget for closing costs of around $2,500 in Tennessee. Tennessee charges a transfer tax of $0.37/$100 of value (a deed tax), which is very low. Overall closing costs are among the lowest in the Southeast.

Property Tax Impact

Tennessee's effective property tax rate is 0.66% (average annual bill: $1,220). A larger down payment reduces your monthly mortgage but property taxes remain constant regardless of how much you put down.

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