Conventional Loan Calculator — Mississippi
In Mississippi, one-unit loans up to $832,750 are conforming. With 10% down on the typical $198,000 home, the $178,200 loan carries estimated PMI of 0.72% ($107/mo), which drops off after about 9 years once the balance reaches 80% of the price.
Mississippi has the 15th-lowest effective property tax rate of the 50 states at 0.58% — $653 less a year than the 0.91% state average on a $198,000 home. Homeowners insurance averages $2,529 a year, the 24th-highest premium nationally and $191 less than the typical state.
Loan Parameters
Total Monthly Payment
$1,603
Principal & Interest + Taxes + Insurance
APR 7.488%
Total Interest
$249,899
Total Cost
$549,113
Advanced Parameters
Private Mortgage Insurance (PMI)
Your down payment is below 20%. PMI is estimated at 0.72% annually and is removed here when your LTV reaches 80%.
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
Feb 2035
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | PMI | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $14,270 | $1,800 | $12,470 | $1,283 | $176,400 | $21,600 |
| Year 2 | $14,270 | $1,930 | $12,340 | $1,283 | $174,470 | $23,530 |
| Year 3 | $14,270 | $2,071 | $12,199 | $1,283 | $172,399 | $25,601 |
| Year 4 | $14,270 | $2,221 | $12,049 | $1,283 | $170,178 | $27,822 |
| Year 5 | $14,270 | $2,382 | $11,888 | $1,283 | $167,796 | $30,204 |
| Year 6 | $14,270 | $2,555 | $11,715 | $1,283 | $165,241 | $32,759 |
| Year 7 | $14,270 | $2,741 | $11,529 | $1,283 | $162,500 | $35,500 |
| Year 8 | $14,270 | $2,940 | $11,330 | $1,283 | $159,561 | $38,439 |
| Year 9 | $14,270 | $3,153 | $11,117 | $428 | $156,408 | $41,592 |
| Year 10 | $14,270 | $3,382 | $10,888 | — | $153,026 | $44,974 |
| Year 11 | $14,270 | $3,628 | $10,642 | — | $149,398 | $48,602 |
| Year 12 | $14,270 | $3,891 | $10,379 | — | $145,507 | $52,493 |
| Year 13 | $14,270 | $4,174 | $10,096 | — | $141,333 | $56,667 |
| Year 14 | $14,270 | $4,477 | $9,793 | — | $136,857 | $61,143 |
| Year 15 | $14,270 | $4,802 | $9,468 | — | $132,055 | $65,945 |
| Year 16 | $14,270 | $5,150 | $9,120 | — | $126,905 | $71,095 |
| Year 17 | $14,270 | $5,524 | $8,746 | — | $121,381 | $76,619 |
| Year 18 | $14,270 | $5,925 | $8,345 | — | $115,455 | $82,545 |
| Year 19 | $14,270 | $6,356 | $7,914 | — | $109,100 | $88,900 |
| Year 20 | $14,270 | $6,817 | $7,453 | — | $102,283 | $95,717 |
| Year 21 | $14,270 | $7,312 | $6,958 | — | $94,971 | $103,029 |
| Year 22 | $14,270 | $7,843 | $6,427 | — | $87,128 | $110,872 |
| Year 23 | $14,270 | $8,412 | $5,857 | — | $78,715 | $119,285 |
| Year 24 | $14,270 | $9,023 | $5,247 | — | $69,692 | $128,308 |
| Year 25 | $14,270 | $9,678 | $4,591 | — | $60,013 | $137,987 |
| Year 26 | $14,270 | $10,381 | $3,889 | — | $49,632 | $148,368 |
| Year 27 | $14,270 | $11,135 | $3,135 | — | $38,497 | $159,503 |
| Year 28 | $14,270 | $11,944 | $2,326 | — | $26,553 | $171,447 |
| Year 29 | $14,270 | $12,811 | $1,459 | — | $13,743 | $184,257 |
| Year 30 | $14,272 | $13,743 | $529 | — | $0 | $198,000 |
Conventional Loan numbers for Mississippi
- Typical Mississippi home value
- $198,000
- 10% down ($19,800) · Zillow, August 31, 2026
- Loan amount
- $178,200
- conforming in all 82 Mississippi counties
- Estimated monthly payment
- $1,603
- APR 7.488%
- Mississippi property tax
- 0.58%
- $96/mo
- Homeowners insurance
- $2,529/yr
- $211/mo
- Mississippi conforming limit
- $832,750
- Above this, the loan is jumbo
- PMI
- 0.72% · $107/mo
- Drops off after 9 years
How much house can you afford in Mississippi with a conventional loan?
Highest price where principal, interest, Mississippi property tax, insurance and PMI stay within 28% of gross income —10% down, 30-year fixed at 7.03%. Other debts lower these numbers.
| Household income | Housing budget / mo | Max home price | Down payment | vs typical home |
|---|---|---|---|---|
| $50,000 | $1,167 | $135,000 | $13,500 | 68% |
| $75,000 | $1,750 | $218,000 | $21,800 | 110% |
| $100,000 | $2,333 | $301,000 | $30,100 | 152% |
| $125,000 | $2,917 | $384,000 | $38,400 | 194% |
| $150,000 | $3,500 | $467,000 | $46,700 | 236% |
| $200,000 | $4,667 | $633,000 | $63,300 | 320% |
| $250,000 | $5,833 | $799,000 | $79,900 | 404% |
Conventional vs other loan types in Mississippi
$198,000 home, each program's typical minimum or default down payment, current average 30-year rate.
| Loan type | Down | Loan amount | Upfront fee | Monthly MI | Total / month | APR |
|---|---|---|---|---|---|---|
| Conventional | 10% · $19,800 | $178,200 | — | $107 PMI | $1,603 | 7.488% |
| FHA | 3.5% · $6,930 | $194,414 | UFMIP $3,344 | $89 MIP | $1,693 | 7.761% |
| VA | 0% · $0 | $202,257 | Funding fee $4,257 | $0 | $1,656 | 7.242% |
| JumboLoan is conforming (≤ $832,750) | 20% · $39,600 | $158,400 | — | $0 | $1,363 | 7.030% |
Frequently asked questions
What is the monthly payment on a $198,000 home with a conventional loan in Mississippi?
Estimated $1,603 per month ($1,189 principal & interest, $96 property tax, $211 insurance, $107 PMI) at 7.03% for 30 years, with 10% down. APR 7.488%.
How much is PMI on a Mississippi conventional loan?
At 90% loan-to-value, PMI is estimated at 0.72% a year ($107/mo). It can be removed once the balance reaches 80% of the home's original value.
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Data sources & assumptions
- Freddie Mac Primary Mortgage Market Survey (PMMS) — Weekly average as of September 24, 2026
- Zillow Home Value Index (ZHVI), typical home value, all homes — Default home prices; typical value as of August 31, 2026
- FHFA 2026 Conforming Loan Limit Values (one-unit) — 2026 one-unit limits, 56 states & territories
- Effective statewide property tax rate (Tax Foundation, 2026 projections) — Statewide effective rate; county rates vary
- Average annual homeowners premium, $300K dwelling / $1K deductible (industry survey averages) — Statewide average premium
- CFPB — What is private mortgage insurance?
- Homeowners Protection Act (PMI cancellation at 78–80% LTV)
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.