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How Much Will Your Mortgage Be in Tennessee?

The Volunteer State has been home to rising home values of late—as much as 9% in the northwest of the state. Overall, however, home prices in Tennessee are among some of the lowest in the country. In fact, homeowners in the state only spend around 19% of their take-home income on housing each month on average.

Of note is the fact that in Tennessee, instead of a mortgage, when you purchase a home, you will be given a deed of trust. You need to know about a deed of trust because with the latter, your lender can legally foreclose on your home without needing to obtain a court order through a power of sale clause within deeds of trust. In such cases, your lender can hire a third party to auction off your home if you fall behind in payments without taking the time to go to court. If you want to move to Tennessee, see First-time Homebuyer Guide for Tennessee. Also, see FHA Loan in Tennessee for details and requirements for a home in the state.

Let's Calculate Your Tennessee Mortgage Payment

The dollar amount you expect to pay for a home
This is the initial payment you put toward the cost of your new home. How much do you plan to put down? You could put little-to-no money down depending on your loan type. However, when you enter a higher down payment into the mortgage calculator, it lowers your estimated monthly payment


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