What’s the average mortgage payment in Mississippi?

According to data collected from Redfin and Rocket Mortgage, the average monthly mortgage payment in Mississippi is around $1,596 before property taxes and insurance. Mississippi is among the most affordable states for homeownership, largely due to lower home prices and a lower overall cost of living compared to national averages.

Despite affordability, Mississippi’s housing market continues to see growing demand, particularly in metro areas like Jackson.

Overview of the Mississippi housing market

The median sale price of a home in Mississippi is roughly $268,600, according to Redfin’s statewide housing data. While prices vary by region, Mississippi generally remains one of the least expensive housing markets in the U.S., with stable price growth and accessible entry points for buyers.

Here’s a snapshot of recent median sale prices from Redfin across several Mississippi cities:

Factors that influence mortgage payments in Mississippi

Your monthly payment includes principal, interest, taxes, and insurance (PITI). Tools like the Rocket Mortgage® mortgage calculator can help you see how different variables affect your payment.

Home price and down payment

Mississippi’s relatively low home prices help keep mortgage payments affordable. For example, on a $268,600 home with a 20% down payment and a 6.5% interest rate, the estimated monthly principal and interest payment is around $1,360. With property taxes and homeowners insurance included, monthly costs typically increase modestly.

A down payment below 20% triggers private mortgage insurance (PMI), which can add more than $200 per month depending on credit and loan type.

Mortgage rate

Your Mississippi mortgage rate depends on:

• Credit score and credit history
• Debt-to-income ratio (DTI)
• Loan type
• Down payment amount
• Home type and location
• Current market conditions

Loan term

Loan length also influences your monthly payment. Most home buyers choose a 30-year or 15-year option. The 30-year mortgage option is the most common of the two and allows you to spread out payments over a longer duration while making a smaller monthly payment. The 15-year mortgage can be a better option for more flexible home buyers because you’ll pay much less in total interest.

Property taxes and insurance

Mississippi’s average property tax rate is about 0.74% ($166), which is among the lowest in the nation. On a median-priced home, property taxes typically add a relatively small amount to monthly housing costs.

Homeowners insurance in Mississippi averages around $328 per month, reflecting higher premiums due to hurricane risk, severe weather, and flood exposure in some parts of the state.

How do mortgage payments in Mississippi compare to others in the region?

While mortgage rates are similar nationwide, Mississippi’s lower home prices keep mortgage payments well below the national average but in line with those of many neighboring states.

Counties with the highest mortgage payments in Mississippi

Mortgage payments tend to be highest in counties with stronger job markets, higher incomes, or proximity to larger metro areas. The counties below have the highest estimated monthly mortgage payments based on Q1 2025 median sale prices from the National Association of REALTORS®.

Counties with the lowest mortgage payments in Mississippi

More rural counties across Mississippi tend to have lower home prices and, in turn, lower monthly mortgage payments.

How to calculate your mortgage payment

Lenders use a standard formula that factors in the loan term, interest rate, and the loan amount.

Rocket Mortgage offers a simple online mortgage calculator that lets you adjust these variables and see how your monthly payment changes. Additional tools allow you to explore refinancing options, PMI estimates, and more.

Mississippi-specific mortgage resources

Mississippi offers several programs designed to help make homeownership more accessible:

• Mississippi Home Corporation (MHC): Provides down payment assistance and affordable mortgage programs for eligible buyers.
• Smart6: Helps Mississippi home buyers afford housing with down payment assistance and %0 closing cost interest for qualifying home buyers.

Average mortgage payment in Mississippi FAQ

Where can I find the lowest average mortgage payments in Mississippi?

Humphreys County has the lowest average mortgage payments in the state, at about $510 per month.

Which county has the highest average mortgage payments in Mississippi?

Lafayette County has the highest estimated monthly mortgage payment, at roughly $2,120.

How much do you need to make to afford a home in Mississippi?

Many lenders follow the “28/36 rule,” meaning that home buyers should avoid spending more than 28% of their gross income on housing and 36% on total debt.

With Mississippi’s typical mortgage payment of $1,596, a household might aim to earn about $5,700 per month, or roughly $68,000 per year, depending on other monthly debts.

The bottom line: Multiple factors shape your mortgage payment in Mississippi

Mississippi’s low home prices help keep mortgage payments affordable for many buyers, though insurance costs can increase monthly housing expenses. Understanding local market conditions, tracking interest rates, and taking advantage of assistance programs can help buyers make informed decisions.

Whether you’re a first-time buyer or an experienced homeowner, get prequalified for a loan with Rocket Mortgage to understand your buying power and begin the process with confidence.

*Methodology: Average monthly mortgage payment in a region, calculated based on average home purchase price for a fixed 30-year loan and a 52-week average interest rate of 6.68% from Freddie Mac as of August 2025.

This article is for informational purposes only and is not intended to provide financial, investment, or tax advice. You should consult a qualified financial or tax professional before making decisions regarding your retirement funds or mortgage.

Rocket Mortgage is a VA-approved lender, not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.

Rocket Mortgage is not acting on behalf of FHA or HUD.

The 3% down payment option is only available on certain conventional loan products and is not available in all states. Additional terms and conditions may apply.