Tennessee First-Time Homebuyer Calculator
First-time homebuyer costs in Tennessee: $10,850 FHA down payment, $8,060 closing costs, 0.71% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for Tennessee. Includes down payment, closing costs (2.6%), PMI (required below 20% down), property tax (0.71%), and homeowners insurance ($2,240/yr). DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
Tennessee homebuyer facts: Median price $310,000 | 20% down = $62,000 | FHA 3.5% down = $10,850 | Closing costs ~$8,060 | Property tax 0.71% | No attorney required.
Frequently Asked Questions
How much do I need to buy a house in Tennessee?
For Tennessee's median home ($310,000): FHA minimum down payment is $10,850 (3.5%), plus $8,060 in closing costs. Total minimum: ~$18,910. With 20% down to avoid PMI: ~$70,060.
What are closing costs in Tennessee?
Tennessee closing costs average 2.6% of the home price, or about $8,060 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and optional attorney fees. Transfer taxes are 0.37%.
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