CALCMONEY // MORTGAGE // TN // MEMPHIS // 38120
ZIP CODE ANALYSISHyper-local mortgage data for ZIP 38120 in Memphis, TN.
$620,000
$496,000
$4,248
$182,071/yr
| Down Payment | Home Price | Loan Amount | Monthly P&I | Total Monthly | Rate |
|---|---|---|---|---|---|
| 10% Down | $620,000 | $558,000 | $3,675 | $4,657 | 6.9% |
| 20% Down | $620,000 | $496,000 | $3,267 | $4,248 | 6.9% |
| 25% Down | $620,000 | $465,000 | $3,062 | $4,044 | 6.9% |
Total monthly includes principal & interest, property tax (1.5% annual), and estimated homeowners insurance. PMI not included.
Shelby Farms Area (ZIP 38120) sits within Memphis, Tennessee with a median home price of $620,000 — significantly above the Memphis city-wide median of $200,000. At 80% LTV, the typical loan of $496,000 remains within conforming loan limits, keeping conventional financing accessible.
Property taxes in ZIP 38120 run 1.5% annually, adding $775 per month on the median home. Median household income in this neighborhood is approximately $108,000, placing the price-to-income ratio at 5.7x. Tennessee has no state income tax, giving buyers here more purchasing power relative to equivalent salaries in income-tax states.