Nashville vs Knoxville: Mortgage Cost Comparison
Thinking about buying in Nashville or Knoxville? Here's a side-by-side comparison of mortgage costs in both cities.
$2,610
Nashville PITI
$1,881
Knoxville PITI
$729/mo
Difference
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? Monthly payment PITI with taxes & insurance included
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? Bi-weekly payment PITI if paid every other week
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Nashville vs Knoxville: Full Mortgage Comparison
Buying a home in Knoxville is $729/month cheaper based on average home prices and local costs.
| Nashville, TN | Knoxville, TN | |
|---|---|---|
| Avg. Home Price | $430,000 | $310,000 |
| Down Payment (20%) | $86,000 | $62,000 |
| Loan Amount | $344,000 | $248,000 |
| Property Tax Rate | 0.68% | 0.6% |
| Annual Property Tax | $2,924 | $1,860 |
| Annual Insurance | $2,300 | $1,900 |
| Monthly P&I | $2,174 | $1,568 |
| Monthly PITI | $2,610 | $1,881 |
| Total Interest (30yr) | $438,753 | $316,310 |
What Drives the Difference?
Home prices are the biggest factor — Nashville’s average home costs $120,000 more than Knoxville’s.
Property taxes also favor Knoxville — Nashville’s 0.68% rate is higher than Knoxville’s 0.6%.
Insurance is $400/year more in Nashville.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Nashville | Knoxville | |
|---|---|---|
| Monthly PITI | $2,610 | $1,881 |
| Income needed | $111,842 | $80,608 |
Try Your Own Numbers
The calculator above is pre-filled with Nashville’s averages. Adjust the values to match your situation, or try the Knoxville calculator for Knoxville-specific numbers.