Can I Afford a $100K Home in Mississippi?
Complete mortgage breakdown for a $100,000 home in Mississippi, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$796/mo
P&I: $526 + Tax: $54 + Insurance: $217
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $3,000 | $948 | $40,649 |
| 5% | $5,000 | $934 | $40,050 |
| 10% | $10,000 | $900 | $38,553 |
| 20% | $20,000 | $796 | $34,130 |
Monthly Cost Breakdown (Mississippi)
Principal & Interest
$526/mo
Property Tax (0.65%)
$54/mo
Homeowners Insurance
$217/mo
Total Interest (30-yr)
$109,195
Affordability Rules of Thumb
28% Rule (Housing)
$34,130/yr
Minimum gross income
36% Rule (All Debt)
$26,546/yr
If no other debt
3Ã Income Rule
$33,333/yr
Conservative target
Buying a $100K Home in Mississippi
A $100,000 home in Mississippi is at or below the national median home price. With a 20% down payment of $20,000, your estimated monthly payment of $796 is achievable on a salary of $34,130 or more. Mississippi's property tax rate of 0.65% is relatively low, helping keep costs down.
These estimates assume a 6.875% 30-year fixed mortgage rate. Use our mortgage calculator for custom scenarios, or check what salary you can afford in Mississippi.