Mortgage Calculator MLcalc

Mortgage Calculator /With Taxes and PMI /Texas

Texas Mortgage Calculator

Set to Texas’s own property tax rate of 1.31% and its median home price, so the payment below reflects what owning here actually costs — not a national average.

$
% ($62,600)
years
%
$/year
$/year
$/month
%
$/month
Amortization schedule
$2,029
Monthly payment
$1,596
Principal & interest
$342
Taxes
$91
Insurance
$0
HOA fees

Loan balance over time

Balance Principal paid $250,400 Interest paid $324,122
20262056
Total of 360 payments$730,402
Principal$250,400
Interest$324,122
Taxes$123,000
Insurance$32,880
HOA fees$0
P&I 78.7% Taxes 16.8% Insurance 4.5%
15- vs 30-year term at 6.58%
15-year
$2,192/mo P&I
$144,210 total interest
30-year · current
$1,596/mo P&I
$324,122 total interest
The 15-year term saves $179,912 in interest. Which term is right for you?

What these numbers come from

Median home value
$313,200
Median tax bill
$4,108
Effective tax rate
1.31%
Rank of 51
8th highest

Texas taxes property at about 1.31% of value against 0.89% nationally. On a $313,000 home that is $110 a month more than the same house would cost in taxes at the national rate. Rates are set by counties, cities and school districts, so your own bill will differ from the state median — put your actual figure in the property tax field and the payment updates.

Tax and home value figures: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Insurance is estimated at 0.35% of home value per year — there is no comparable public per-state dataset, so treat it as a placeholder and replace it with your own quote. The interest rate is the national Freddie Mac 30-year average of 6.58%; this site does not publish state-level rate quotes.

Monthly cost across Texas home prices

20% down, 30-year fixed at 6.58%, with Texas property tax of 1.31% and estimated insurance.

Home price Loan P&I Tax/mo Full payment
$188,000 $150,400 $959 $205 $1,219
$251,000 $200,800 $1,280 $274 $1,627
$313,000 median $250,400 $1,596 $342 $2,029
$392,000 $313,600 $1,999 $428 $2,541
$470,000 $376,000 $2,396 $513 $3,047

The gap between the P&I column and the last one is what a mortgage quote leaves out. In Texas taxes alone add $342 a month on a median-priced home.

Amortization schedule

Date Principal Interest Tax, Ins. & HOA Balance
Aug $223 $1,373 $433 $250,177
Sep $224 $1,372 $433 $249,953
Oct $225 $1,371 $433 $249,728
Nov $227 $1,369 $433 $249,501
Dec $228 $1,368 $433 $249,273
2026 $1,127 $6,853 $2,165 $249,273
Jan $229 $1,367 $433 $249,044
Feb $230 $1,366 $433 $248,814
Mar $232 $1,364 $433 $248,582
Apr $233 $1,363 $433 $248,350
May $234 $1,362 $433 $248,116
Jun $235 $1,361 $433 $247,880

Refinancing in Texas

Texas writes its home equity rules into the state constitution, and they are stricter than elsewhere. A cash-out refinance is capped at 80 percent of the home value, fees are limited, and once a loan is treated as a Section 50(a)(6) home equity loan it keeps that character even if you refinance again. A plain rate-and-term refinance avoids those limits entirely.

Work the break-even with the refinance calculator, or check this week’s national average rates.

Texas home loans in detail

Texas Mortgage Overview

Texas has always been a popular place to live. It has a diverse culture, affordable housing, and incredible scenery and weather. With the average housing prices around $172,000, it's easy to see why 28 million people live here.

If you're ready to buy a home in Texas, here are your loan options.

Texas conventional loans

If you have great credit, apply for a conventional loan. You need just a 660 credit score and a 3

  • 5 percent down payment. Borrowers pay PMI with less than 20 percent down on the home, but the rates are affordable. You can cancel PMI once you owe less than 80 percent of the home's value. Conventional loans don't have hard requirements, with a 36 - 40 percent debt ratio and stable income, you could get some of today's best rates.

Texas FHA loans

If you can't get a conventional loan, look at the FHA loan. You don't need perfect credit. Borrowers secure loans with credit scores of 580 and 3.5 percent down or 500 - 579 and 10 percent down. Either way, you're on your way to owning your first home. FHA loans have great rates. You pay mortgage insurance for the life of the loan, but it's often worth it.

Texas VA loans

Military veterans can get 100 percent financing with a VA loan. The credit score requirements are low (620) and the debt ratio requirement is as high as 50 percent. There is not any mortgage insurance, but you will pay an upfront funding fee for the VA loan.

Texas USDA loans

USDA loans are for low to moderate-income families who don't qualify for the above loans. USDA loans are for borrowers with credit scores of at least 640 and a debt ratio of 41 percent or less. It's a great program for first-time homebuyers or anyone who hasn't owned a home in the last three years.

First-Time Homebuyer

Programs in Texas

My First Texas Home

This 30-year low interest loan and up to 5 percent of the loan amount in down payment assistance, you can buy your first home. You must meet the income guidelines and have a minimum 620 credit score to qualify.

Tax Mortgage Credit Certificate Program

With the MCC you get a dollar-for-dollar tax credit on mortgage interest paid for the year for the life of your loan. You can deduct up to $2,000 per year which puts more money in your pocket for homeownership costs.

Home for Texas Heroes

If you work in public service, you may qualify for the Homes for Texas Heroes programs which provides a 30-year fixed-rate mortgage and down payment assistance up to 5 percent of the loan amount. Teachers, police officers, veterans, firefighters, and corrections officers are among the eligible applicants.

Texas mortgage FAQ

How much is property tax on a home in Texas?
Texas homeowners pay an effective property tax rate of about 1.31 percent of home value — the 8th highest of the 50 states and DC. On the state's median home value of $313,200 that works out to roughly $4,100 a year, or $342 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.
What is the monthly payment on a median-priced Texas home?
At $313,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $1,596 a month. Adding Texas property tax of roughly $342 a month and an estimated $91 of homeowner insurance brings the full payment to around $2,029.
Which mortgage loans can you get in Texas?
Texas offers conventional loans (660 credit score, 3 to 5 percent down, 36 to 40 percent debt ratio), FHA loans (580 score with 3.5 percent down or 500-579 with 10 percent down), VA loans with 100 percent financing, a 620 score, and debt ratios as high as 50 percent, and USDA loans for low to moderate-income buyers with a 640 score and a 41 percent debt ratio or less.
What first-time buyer programs are offered in Texas?
My First Texas Home pairs a 30-year low-interest loan with down payment assistance of up to 5 percent of the loan amount for buyers with at least a 620 credit score who meet income guidelines. The Mortgage Credit Certificate program provides a dollar-for-dollar tax credit on mortgage interest for the life of the loan, and Homes for Texas Heroes gives public servants a 30-year fixed rate plus up to 5 percent assistance.
What credit score do Texas lenders look for?
It varies by loan type. Conventional loans in Texas generally require a 660 credit score, FHA loans accept 580 with 3.5 percent down or 500 to 579 with 10 percent down, VA loans set the bar around 620, and USDA loans require at least 640. The My First Texas Home program also asks for a minimum 620 score.

Property tax in every state

Effective rate on owner-occupied value, highest bills first in each column.