Quick answer
The median home in Chattanooga costs $295K. With 20% down ($59K) at 7% for 30 years, the monthly payment is $1,570/month. Total interest paid over 30 years: $329,241.
Calculator · TN · 2026
Mortgage Calculator for Chattanooga, TN (2026)
Pre-filled with Chattanooga's median home price of $295K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Chattanooga Mortgage Payment Scenarios
Median home price: $295K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $14,750 | $280,250 | $1,865 | $2,519 | $390,974 |
| 10% | $29,500 | $265,500 | $1,766 | $2,386 | $370,396 |
| 20% | $59,000 | $236,000 | $1,570 | $2,121 | $329,241 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Chattanooga
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $295K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$295K home · 20% down ($236K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Chattanooga?
The median home price in Chattanooga is $295K. With 20% down and a 30-year loan at 7%, the monthly payment is $1,570. Adding estimated property taxes and insurance brings total monthly costs to approximately $1,865.
Is it cheaper to rent or buy in Chattanooga?
A 2-bedroom rental in Chattanooga averages $1,550/month. Buying the median $295K home with 20% down costs approximately $1,865/month (mortgage + taxes + insurance) — $315 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Chattanooga?
Using the 28% housing rule, you need at least $67K–80K in annual gross income to comfortably afford the median $295K home in Chattanooga with 20% down. You also need $59K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Chattanooga?
TN has a state income tax rate of None. Property taxes vary by county but on a $295K home, expect $246–$492/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.