Estimate your monthly mortgage payment in Mississippi — principal & interest plus Mississippi property tax and homeowner’s insurance.
Buying a home in Mississippi: what to know
Mississippi is the most affordable market in this group, with a typical home value of only $197,606 (Zillow ZHVI, August 2026). The effective property tax rate of 0.58% is among the lowest nationally, so taxes barely move the monthly payment. The tradeoff is insurance: at about $1,907 a year (NAIC 2022), Mississippi ranks 7th-most-expensive for homeowner’s coverage, driven by Gulf hurricane exposure. The Mississippi Home Corporation (MHC) helps first-timers with the below-market MRB7 mortgage, which adds a $7,000 deferred second loan forgiven after 10 years, plus Easy8 and Smart6 down payment assistance.
Mississippi mortgage facts
| Fact | Figure |
|---|---|
| 2026 conforming loan limit (1-unit) | $832,750Mississippi uses the standard 2026 baseline of $832,750 for a one-unit home in every county; no high-cost counties. |
| Median home price | $197,606 |
| Median effective property tax rate | 0.58% |
| Average homeowner’s insurance | $1,907/year |
Data as of October 2026. Sources: FHFA 2026 conforming limits (Nov 2025 announcement); Zillow ZHVI Aug 2026 (via Mississippi county news series); Tax Foundation Property Taxes by State and County 2026 (2024 ACS); NAIC 2022 HO-3 premiums via Insurance Information Institute (May 2025); Mississippi Home Corporation program materials.; rate: 7.40% (Freddie Mac PMMS, week ending October 15, 2026)
Mississippi first-time buyer programs
- MHC Mortgage Revenue Bond 7 (MRB7) — Below-market 30-year fixed-rate mortgage for first-time buyers, veterans, or buyers in targeted areas, plus a $7,000 interest-free deferred second loan for down payment and closing costs that is forgiven after 10 years of owner occupancy. Official site
- MHC Easy8 Down Payment Assistance — Up to $8,000 in down payment and closing-cost assistance as a 0% deferred second mortgage with no monthly payments, due on sale, refinance, or payoff of the first mortgage. For first-time buyers meeting income limits; 640 minimum credit. Official site
How to use this calculator
This calculator comes pre-filled with Mississippi’s $197,606 typical home value, the 0.58% effective property tax rate, and $1,907 per year for homeowner’s insurance. Mississippi’s 2026 conforming limit is $832,750 statewide, and the typical purchase needs less than a quarter of it, so jumbo financing is a non-issue here. Focus on the insurance line instead: at nearly $160 a month, it is the largest extra in the payment, so get wind/hail quotes for your ZIP code before finalizing your budget.
Worked example: a median Mississippi home
Take a median-priced Mississippi home at $197,606. With 20% down ($39,521.20), the loan amount is $158,084.80. At 7.40% (Freddie Mac PMMS, week ending October 15, 2026) on a 30-year fixed term, principal and interest come to $1,094.55/month. Add property tax of about $95.51/month (0.58% of $197,606, divided by 12) and insurance of about $158.92/month ($1,907 a year), for a total estimated payment of $1,348.97/month. Over 30 years, total interest would be about $235,952.20. Your rate, down payment, and county tax bill will move these numbers — use the calculator above with your own figures.
What is the 2026 conforming loan limit in Mississippi?
The 2026 conforming loan limit for a one-unit home in Mississippi is $832,750 in every county. Mississippi has no designated high-cost counties, and the typical home value of $197,606 keeps nearly all purchases well within conforming range.
How much are property taxes in Mississippi?
Mississippi’s median effective property tax rate is about 0.58% (Tax Foundation 2026), roughly $1,146 a year on the $197,606 typical home. The homestead exemption shields the first $7,500 of assessed value for primary residences.
What first-time homebuyer programs does Mississippi offer?
The Mississippi Home Corporation’s MRB7 program combines a below-market 30-year fixed mortgage with a $7,000 deferred second loan forgiven after 10 years, while Easy8 offers up to $8,000 and Smart6 up to $6,000 in down payment assistance. Teachers in shortage areas can get up to $6,000 through the HAT program, forgiven after three years of service.
Why is homeowner’s insurance so expensive in Mississippi?
The average HO-3 premium was about $1,907 in 2022 (NAIC via III), the 7th-highest in the nation, driven by Gulf Coast hurricane and wind exposure. Coastal properties may need coverage through the Mississippi Windstorm Underwriting Association, and hurricane deductibles are typically percentage-based.
Do I need flood insurance in Mississippi?
Standard homeowner’s policies exclude flood, and lenders require NFIP flood insurance in Special Flood Hazard Areas along the Gulf Coast and major rivers. Price it separately: it is not included in the calculator’s insurance field and can add meaningfully to the monthly escrow.