Shelby County, TN Mortgage Calculator
Estimate your monthly mortgage payment in Shelby County with local property tax rates, homeowners insurance, and 2026 FHA and conforming loan limits.
Local Home Values & Affordability
At a median of $175,000, Shelby County sits 44% below the national median of $310,000 — making it one of the more affordable markets in our dataset and well within FHA financing range.
A 20% down payment on a median Shelby County home requires $35,000 in cash — or $6,125 for an FHA-minimum 3.5% down payment. Buyers with less than 20% down will also need to budget for PMI or FHA MIP.
Property Tax in This Market
Based on the 1.27% effective rate and a median home value of $175,000, a typical homeowner in Shelby County pays approximately $2,223 in annual property taxes — or $185 per month added to their mortgage payment.
Shelby County's property tax rate of 1.27% is close to the national average of 1.10%. On a median-priced home of $175,000, expect an annual tax bill of approximately $2,223.
Sources: Tax Foundation 2025
Homeowners Insurance Costs
Homeowners insurance in Shelby County runs approximately $1,600/year ($133/month), in line with the national average of $1,600.
Premium quotes in Shelby County typically range from $1,100 to $2,400 per year depending on home age, construction type, coverage limits, and your insurer. Always get multiple quotes.
Sources: NAIC 2024
Loan Limits & Financing Options
A buyer purchasing the median Shelby County home ($175,000) with FHA's minimum 3.5% down would borrow $168,875 — well within the $541,287 baseline FHA limit for this county. FHA financing is a viable option for most buyers here.
With 20% down on a median-priced home, the loan amount of $140,000 stays $692,750 below the $832,750 conforming limit — giving buyers access to conventional Fannie/Freddie pricing without jumbo underwriting.
All FHA loans require an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount, plus an annual MIP of 0.55%–0.75% of the loan balance paid monthly. On a $168,875 FHA loan, expect approximately $77/month in ongoing MIP — added to principal, interest, taxes, and insurance.
Sources: HUD ML 2025-23, FHFA 2026, HUD MIP Rates 2023
Extra Monthly Payment
Estimated Monthly Payment
$1,245
Estimates are for educational purposes only and are not a loan offer or commitment to lend.
Loan Amount: $140,000
LTV: 0.01%
P&I Payment
$927
Total Interest
$193,622
over loan life
Payoff
30 yr
Closing Costs
$3,325–$6,206
est. range
Monthly Payment Breakdown
2026 Loan Limit Context
FHA Limit
$541,287
Conforming Limit
$832,750
Amortization Schedule
| Mo. | Payment | Principal | Interest | Balance | Total Interest |
|---|---|---|---|---|---|
| 1 | $927 | $116 | $811 | $139,884 | $811 |
| 2 | $927 | $117 | $810 | $139,768 | $1,621 |
| 3 | $927 | $117 | $809 | $139,650 | $2,430 |
| 4 | $927 | $118 | $809 | $139,532 | $3,239 |
| 5 | $927 | $119 | $808 | $139,414 | $4,047 |
| 6 | $927 | $119 | $807 | $139,294 | $4,855 |
| 7 | $927 | $120 | $807 | $139,175 | $5,662 |
| 8 | $927 | $121 | $806 | $139,054 | $6,468 |
| 9 | $927 | $121 | $805 | $138,932 | $7,273 |
| 10 | $927 | $122 | $805 | $138,810 | $8,078 |
| 11 | $927 | $123 | $804 | $138,688 | $8,882 |
| 12 | $927 | $123 | $803 | $138,564 | $9,685 |
2026 Loan Limits — Shelby County, TN
| Limit Type | 2026 Limit | Note |
|---|---|---|
| FHA Loan Limit (1-unit) | $524,225 | Max loan for FHA-insured mortgage |
| Conforming Loan Limit (1-unit) | $806,500 | Fannie Mae / Freddie Mac eligible |
Source: HUD / FHFA. Data as of 2025-01-15.
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