VA Loan Calculator — Mississippi
An eligible VA borrower can buy the typical Mississippi home ($198,000) with no down payment. The 2.15% first-use funding fee ($4,257) is rolled into a $202,257 loan, and there is no monthly mortgage insurance — saving about $89 a month versus FHA MIP on the same home.
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
$1,656
Principal & Interest + Taxes + Insurance · no mortgage insurance
APR 7.242%
Total Interest
$283,633
Total Cost
$596,212
Advanced Parameters
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
N/A
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | PMI | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $16,196 | $2,043 | $14,154 | — | $200,214 | -$2,214 |
| Year 2 | $16,196 | $2,191 | $14,005 | — | $198,023 | -$23 |
| Year 3 | $16,196 | $2,350 | $13,846 | — | $195,673 | $2,327 |
| Year 4 | $16,196 | $2,521 | $13,676 | — | $193,152 | $4,848 |
| Year 5 | $16,196 | $2,704 | $13,493 | — | $190,449 | $7,551 |
| Year 6 | $16,196 | $2,900 | $13,296 | — | $187,548 | $10,452 |
| Year 7 | $16,196 | $3,111 | $13,086 | — | $184,438 | $13,562 |
| Year 8 | $16,196 | $3,337 | $12,860 | — | $181,101 | $16,899 |
| Year 9 | $16,196 | $3,579 | $12,618 | — | $177,522 | $20,478 |
| Year 10 | $16,196 | $3,839 | $12,358 | — | $173,684 | $24,316 |
| Year 11 | $16,196 | $4,117 | $12,079 | — | $169,566 | $28,434 |
| Year 12 | $16,196 | $4,416 | $11,780 | — | $165,150 | $32,850 |
| Year 13 | $16,196 | $4,737 | $11,459 | — | $160,413 | $37,587 |
| Year 14 | $16,196 | $5,081 | $11,115 | — | $155,332 | $42,668 |
| Year 15 | $16,196 | $5,450 | $10,746 | — | $149,882 | $48,118 |
| Year 16 | $16,196 | $5,846 | $10,351 | — | $144,036 | $53,964 |
| Year 17 | $16,196 | $6,270 | $9,926 | — | $137,766 | $60,234 |
| Year 18 | $16,196 | $6,725 | $9,471 | — | $131,040 | $66,960 |
| Year 19 | $16,196 | $7,214 | $8,983 | — | $123,827 | $74,173 |
| Year 20 | $16,196 | $7,738 | $8,459 | — | $116,089 | $81,911 |
| Year 21 | $16,196 | $8,299 | $7,897 | — | $107,790 | $90,210 |
| Year 22 | $16,196 | $8,902 | $7,294 | — | $98,888 | $99,112 |
| Year 23 | $16,196 | $9,548 | $6,648 | — | $89,339 | $108,661 |
| Year 24 | $16,196 | $10,242 | $5,955 | — | $79,098 | $118,902 |
| Year 25 | $16,196 | $10,985 | $5,211 | — | $68,112 | $129,888 |
| Year 26 | $16,196 | $11,783 | $4,413 | — | $56,329 | $141,671 |
| Year 27 | $16,196 | $12,639 | $3,558 | — | $43,691 | $154,309 |
| Year 28 | $16,196 | $13,556 | $2,640 | — | $30,135 | $167,865 |
| Year 29 | $16,196 | $14,541 | $1,656 | — | $15,594 | $182,406 |
| Year 30 | $16,194 | $15,594 | $600 | — | $0 | $198,000 |
VA Loan numbers for Mississippi
- Typical Mississippi home value
- $198,000
- 0% down ($0) · Zillow, August 31, 2026
- Loan amount
- $202,257
- Includes $4,257 financed funding fee
- Estimated monthly payment
- $1,656
- APR 7.242%
- Mississippi property tax
- 0.58%
- $96/mo
- Homeowners insurance
- $2,529/yr
- $211/mo
- VA funding fee (first use)
- 2.15% · $4,257
- Financed; exempt with VA disability compensation
- Monthly savings vs FHA MIP
- $89/mo
- Same $198,000 home, FHA at 3.5% down
How much house can you afford in Mississippi with a va loan?
Highest price where principal, interest, Mississippi property tax and insurance, with the 2.15% VA funding fee financed and no monthly mortgage insurance stay within 28% of gross income —0% 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 | $130,000 | $0 | 66% |
| $75,000 | $1,750 | $210,000 | $0 | 106% |
| $100,000 | $2,333 | $290,000 | $0 | 147% |
| $125,000 | $2,917 | $370,000 | $0 | 187% |
| $150,000 | $3,500 | $450,000 | $0 | 228% |
| $200,000 | $4,667 | $610,000 | $0 | 309% |
| $250,000 | $5,833 | $770,000 | $0 | 390% |
VA 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 va loan in Mississippi?
Estimated $1,656 per month ($1,350 principal & interest, $96 property tax, $211 insurance) at 7.03% for 30 years, with 0% down. APR 7.242%.
How much is the VA funding fee on a $198,000 Mississippi home?
$4,257 (2.15%) for a first-time user with no down payment. Putting 5% down lowers it to 1.5%, and 10% down to 1.25%.
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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
- VA — Funding fee and closing costs
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.