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Texas mortgage calculator

The median home in Texas runs about $340,000. With 20% down that's a loan near $272,000 — the calculator is pre-filled with that figure. Texas has no state income tax, so schools and counties lean heavily on property tax, producing one of the highest effective rates in the nation — partly offset by a sizable homestead exemption. Hail and wind also make insurance expensive.

$1,766.00 / month

Total interest
$363,755
Total paid
$635,755
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$68k$136k$204k$272k0612182430Year

How it works

A full Texas payment is more than principal and interest. At the state's 1.68% effective property tax rate, a $340,000 home owes about $5,712 a year in tax, and homeowners insurance averages roughly $3,800 a year here. Together those add about $793 to the monthly payment before any HOA dues or PMI.

Texas's median household income is about $76,000, or $6,333 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,773 — which is why a median-priced home is comfortable in some metros and a stretch in others. Homes in Texas sell in about 55 days on average.

Frequently asked questions

What is a typical mortgage payment in Texas?
On the state's roughly $340,000 median home with 20% down, the loan is about $272,000. Principal and interest depend on your rate; on top of that, Texas's 1.68% effective property tax rate and about $3,800 a year in homeowners insurance add roughly $793 per month to the payment.
How much are property taxes on a home in Texas?
Texas's effective property tax rate averages about 1.68% of market value — roughly $5,712 a year on the $340,000 median home. Your county sets the actual rate and may assess below market value.
Is homeowners insurance expensive in Texas?
The average Texas homeowners policy runs about $3,800 a year. Texas has no state income tax, so schools and counties lean heavily on property tax, producing one of the highest effective rates in the nation — partly offset by a sizable homestead exemption. Hail and wind also make insurance expensive.
Can I afford a home in Texas on the median income?
Texas's median household income is about $76,000 a year, or $6,333 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,773 — so a median-priced home is a stretch in the pricier metros.
How fast do homes sell in Texas?
A for-sale home in Texas spends about 55 days on the market on average, though this varies widely by metro and season.

Learn more: Understanding your mortgage payment

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