Current Avg. Rates: 6.46% 30-yr fixed|5.77% 15-yr fixed
Source: Freddie Mac Primary Mortgage Market Survey
Source: Freddie Mac Primary Mortgage Market Survey
Nashville vs Charlotte: Mortgage Cost Comparison
Thinking about buying in Nashville or Charlotte? Here's a side-by-side comparison of mortgage costs in both cities.
$2,610
Nashville PITI
$2,357
Charlotte PITI
$252/mo
Difference
Your Monthly Payment (PITI)
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Principal + Interest + Tax + Insurance
Monthly Breakdown
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Property Tax
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Insurance
Loan Overview
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Total Interest
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Payoff Date
Bi-Weekly Option
? Pay half your monthly payment every two weeks — you'll make 26 half-payments (13 full payments) per year instead of 12
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Bi-Weekly Payment
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Total Interest
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Payoff Date
Nashville vs Charlotte: Full Mortgage Comparison
Buying a home in Charlotte is $252/month cheaper based on average home prices and local costs.
| Nashville, TN | Charlotte, NC | |
|---|---|---|
| Avg. Home Price | $430,000 | $380,000 |
| Down Payment (20%) | $86,000 | $76,000 |
| Loan Amount | $344,000 | $304,000 |
| Property Tax Rate | 0.68% | 0.85% |
| Annual Property Tax | $2,924 | $3,230 |
| Annual Insurance | $2,300 | $2,000 |
| Monthly P&I | $2,174 | $1,921 |
| Monthly PITI | $2,610 | $2,357 |
| Total Interest (30yr) | $438,753 | $387,735 |
What Drives the Difference?
Home prices are the biggest factor — Nashville’s average home costs $50,000 more than Charlotte’s.
Property taxes also favor Nashville — Charlotte’s 0.85% rate is higher than Nashville’s 0.68%.
Insurance is $300/year more in Nashville.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Nashville | Charlotte | |
|---|---|---|
| Monthly PITI | $2,610 | $2,357 |
| Income needed | $111,842 | $101,028 |
Try Your Own Numbers
The calculator above is pre-filled with Nashville’s averages. Adjust the values to match your situation, or try the Charlotte calculator for Charlotte-specific numbers.