Cost of Ownership · Tennessee
The true cost of owning a home in Tennessee
For a median $286,700 home in Tennessee, here is the full monthly cost — not just the mortgage. Built from public data: the state's median home value and effective property-tax rate, its average homeowners premium, and the current 30-year rate. This is a representative example, not a quote.
Lender-approved payment
$1,997/mo
PITI + PMI
True monthly cost
$2,235/mo
everything, incl. upkeep
The gap
+$239/mo
what approval leaves out
Effective property-tax rate
0.50%
Avg. homeowners premium
$1,492/yr
NFIP flood claims on record
17,649
Closing costs in Tennessee
Median closing costs and lender origination charges on real home-purchase loans in Tennessee, from public CFPB HMDA data. Cells with fewer than 25 loans aren't shown.
Median total closing costs
$6,715
Typically $4,415–$10,319
Median origination charges
$3,075
Typically $1,440–$5,300
| Loan size | p25 | Median | p75 | Loans |
|---|---|---|---|---|
| All | $4,415 | $6,715 | $10,319 | 73,639 |
| All | $4,184 | $6,495 | $9,994 | 71,391 |
| < $250k | $3,863 | $5,414 | $7,859 | 21,333 |
| < $250k | $3,656 | $5,269 | $7,506 | 24,523 |
| $250k–$500k | $4,700 | $7,410 | $11,230 | 39,418 |
| $250k–$500k | $4,561 | $7,490 | $11,289 | 36,637 |
| $500k–$750k | $4,943 | $7,575 | $13,124 | 7,487 |
| $500k–$750k | $5,066 | $7,290 | $13,010 | 8,605 |
| > $750k | $5,453 | $7,989 | $13,957 | 4,283 |
| > $750k | $5,095 | $7,690 | $14,817 | 2,744 |
Compare your own Loan Estimate with the Loan Estimate Decoder, or see every state in the Fee & Rate Index.
Common questions about buying a home in Tennessee
- What are the median closing costs in Tennessee?
- Median total closing costs — lender and third-party charges — on a home-purchase loan in Tennessee are about $6,715, from public CFPB HMDA data. Cells with fewer than 25 loans are suppressed.
- What is the effective property-tax rate in Tennessee?
- The effective property-tax rate in Tennessee is about 0.50%, from the Census American Community Survey (median real estate taxes divided by median home value).
- What does a median home cost to own each month in Tennessee?
- A median $286,700 home in Tennessee costs about $2,235 a month to own — principal, interest, property tax, insurance, PMI, and a maintenance reserve — versus a lender-approved payment of about $1,997. Every figure is from public data.
These figures use Tennessee's median home value and a 10% down payment as a representative example. Your price, rate, and county rate will differ — run your own numbers in the True Cost tool, see how Tennessee ranks on property tax and insurance, or browse every state.