Texas Mortgage Calculator
Work out what a home in Texas really costs per month. The calculator below starts from the state's typical home price of $300,000 and its 1.68% effective property-tax rate — higher than the 1.1% national average — which works out to about $5,040 a year in property tax on a median home. Average local homeowners insurance ($4,085/year) is included too, so the estimate is a realistic all-in figure of around $2,277/month on a standard 30-year purchase rather than a bare principal-and-interest number. Swap in your own price, rate and down payment to refine it, and see below for how Texas compares with the rest of the country.
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Amortization schedule
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Property taxes in Texas
Texas's effective property-tax rate is about 1.68% of a home's value each year — higher than the U.S. average of 1.1%. On the state's median home price of $300,000, that works out to roughly $5,040/year ($420/month) added to your payment.
Good to know: Texas has no state income tax and leans on property taxes instead — among the highest rates in the nation, partly offset by a $100,000 homestead exemption from school taxes; insurance premiums also run well above average.
For the full formula and a worked example, see the main Mortgage Calculator.
Homeowners insurance in Texas
Lenders require homeowners insurance, and in Texas it averages about $4,085/year ($340/month) for a policy with $300,000 in dwelling coverage — 61% above the U.S. average of $2,543. Premiums run high here, so it's worth comparing several insurers and asking about wind, hail or flood deductibles that may apply separately. The calculator above already includes this figure in the monthly estimate — replace it with a real quote when you have one.
Buying a home in Texas
Start from the sticker price: Texas's median home runs $300,000, about 29% more affordable than the national median of $420,000. Financed with 20% down over 30 years at roughly 6.5%, principal and interest alone is near $1,517/month; layering on property tax ($420/month at the state's 1.68% rate) and average insurance ($340/month) lifts the realistic monthly cost to about $2,277. HOA dues and PMI (below 20% down) would come on top. Since the property-tax rate sits above the U.S. average, that line item matters more in Texas than in most states — try your own numbers in the calculator to see the effect.
Texas closing costs and metro-area examples
Texas buyers should budget for more than principal and interest. Buyer closing costs commonly include lender fees, appraisal, title services, recording charges, prepaid homeowners insurance and initial property-tax or escrow deposits. Actual costs depend on the lender, loan program, county and negotiated seller credits, so treat the calculator result as a planning estimate rather than a loan quote.
Use the same Texas mortgage calculator for Austin, Dallas, Houston, San Antonio and Fort Worth, then replace the defaults with the property’s actual price, county tax rate, insurance quote and HOA dues. Austin-area prices can make the down payment the largest variable; Dallas–Fort Worth tax rates vary by city and school district; Houston buyers should examine flood exposure and insurance; San Antonio buyers should check local tax districts; and Fort Worth buyers should confirm Tarrant County and municipal assessments.
For a useful comparison, calculate the payment once with the advertised home price, then repeat it with the property’s real tax rate, homeowners-insurance estimate, PMI and HOA fees. That second result is usually a better estimate of the total monthly housing cost.