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Mortgage Calculator Texas — 2026 Payment Estimates
Pre-filled with Texas's estimated median home price of $315,000 and 1.6% effective property tax rate. Adjust any input for your specific situation. All calculations run in your browser.
Reviewed for accuracy June 2026 by Gary S.
Median home price
$315,000
Monthly P&I (30yr)
$1,592.81
Property tax/month
$420.00
Est. total PITI/month
$2,130.94
Optional — unlocks affordability analysis
Enter gross income to check affordability
At the 28% front-end guideline, this payment requires ~$68,263/year in gross income. The monthly shown is principal and interest only — add ~$24 for taxes, insurance.
- ›A 15-year term saves $178,278 in total interest but raises the payment by $602/month
- ›Total interest ($321,412) exceeds the loan itself ($252,000) — every extra principal payment saves its full remaining interest
⚡ Total interest ($321,412) exceeds the loan principal — consider extra principal payments or a shorter term
Check your full price range with the Home Affordability Calculator →Share on r/personalfinance, Twitter/X, or LinkedIn 📊
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Texas mortgage payment scenarios — $315,000 home at 6.5%
Monthly P&I and estimated total PITI (principal, interest, tax, insurance) at three down payment levels. Property tax uses Texas's 1.6% effective rate; insurance estimated at 0.45% of home value annually.
| Down payment | Down amount | P&I (30yr) | P&I (15yr) | Total PITI (30yr) |
|---|---|---|---|---|
| 10% down | $31,500 | $1,791.91 | $2,469.59 | $2,330.04 |
| 15% down | $47,250 | $1,692.36 | $2,332.39 | $2,230.49 |
| 20% down | $63,000 | $1,592.81 | $2,195.19 | $2,130.94 |
P&I only (30yr and 15yr). PITI adds property tax (1.6%) and estimated homeowners insurance (0.45% annually). Does not include PMI — required when down payment is below 20%.
Property tax and insurance in Texas
Texas has no state income tax but compensates with among the highest property tax rates nationally at about 1.60% effective. On a $315,000 home, property taxes add approximately $420/month to the total payment — a critical factor that changes the affordability calculus versus lower-property-tax states.
Texas property tax
Effective rate: 1.6%. On a $315,000 home, annual property taxes are approximately $5,040 — or $420.00/month. Many lenders collect this monthly into an escrow account.
Homeowners insurance
Estimated at 0.45% of home value annually — roughly $118.13/month on a $315,000 home. Rates vary by coverage, age of home, and local risk factors. Get quotes from multiple insurers before closing.
PMI (if under 20% down)
Private Mortgage Insurance is required on conventional loans with less than 20% down, typically costing 0.5–1.5% of the loan amount per year. On a $252,000 loan, PMI adds roughly $189.00–$315.00/month.
Income needed
The 28% front-end DTI guideline requires approximately $91,326/year in gross income to qualify for the median Texas home with 20% down. This is principal, interest, tax, and insurance — not counting other debt.
Texas housing market 2026
Texas is the second-largest US housing market. Austin drove extreme appreciation 2020–2022 but has corrected significantly. Dallas–Fort Worth, Houston, and San Antonio are more stable. No state income tax attracts in-migration, but property taxes are the key financial trade-off buyers must evaluate carefully.
Key numbers for Texas buyers
- Median home price: $315,000 (2026 estimate)
- Down payment (20%): $63,000
- Loan amount (80% LTV): $252,000
- Monthly P&I at 6.5% / 30yr: $1,592.81
- Est. PITI (with tax + insurance): $2,130.94/month
- Income needed (28% DTI): $91,326/year
- State income tax: None — a meaningful take-home pay advantage
What you need at closing in Texas: beyond the down payment
The down payment dominates the conversation, but closing costs typically add another 2–4% of the purchase price on top. On Texas's median home of $315,000, a buyer putting 20% down should realistically plan to bring $72,450–$78,750 to closing — $63,000 down payment plus approximately $9,450 in closing fees. Getting a Loan Estimate (LE) from your lender within three business days of application will itemise every charge so there are no surprises on closing day.
| Cost item | Estimate on a $315,000 home |
|---|---|
| Down payment (20%) | $63,000 |
| Loan origination fee (~0.75% of loan) | $1,890 |
| Title insurance (owner + lender) | $1,575 |
| Home inspection | $450 |
| Appraisal | $550 |
| Prepaid property tax (3 months) | $1,260 |
| Homeowners insurance (first year) | $1,418 |
| Recording, transfer, and misc. fees | $1,260 |
| Estimated total cash needed at closing | $71,403 |
Estimates vary by lender, county, and negotiated seller concessions. Some buyers negotiate seller-paid closing costs — typically up to 3% on conventional loans — which reduces the cash needed at closing.
True monthly cost of owning a home in Texas
The PITI payment of $2,131/month is the number lenders use for qualification, but it understates the real monthly cost of ownership. Experienced homeowners budget an additional 1–2% of the home's value per year for maintenance and repairs — covering items like HVAC servicing, roof maintenance, plumbing, appliance replacement, and exterior upkeep. On a $315,000 home, that's $263–$525/month in reserve. Newer homes trend toward the low end; homes older than 15–20 years or in harsh climates often exceed 2%.
HOA fees add another layer in many communities. Condo and townhome HOAs in Texas commonly run $150–$500/month; master-planned communities and high-rise condos can exceed $1,000/month. HOA fees cover shared maintenance and amenities but are not included in any mortgage payment estimate. Always confirm HOA fees before making an offer — they can meaningfully change the affordability equation.
Summing PITI, a 1.5% annual maintenance reserve, and a conservative HOA estimate gives a realistic "total monthly cost of ownership" of $2,775–$3,056/month for a typical $315,000 home in Texas. Use this range — not just the mortgage payment — when comparing the true cost of owning versus renting in your target area.
Compare mortgage payments by state
📍 California
Median $750,000 · ~$3,793/mo P&I · 0.73% tax
📍 Florida
Median $405,000 · ~$2,048/mo P&I · 0.89% tax
📍 New York
Median $415,000 · ~$2,099/mo P&I · 1.4% tax
📍 Georgia
Median $325,000 · ~$1,643/mo P&I · 0.83% tax
📍 Arizona
Median $365,000 · ~$1,846/mo P&I · 0.6% tax
📍 North Carolina
Median $325,000 · ~$1,643/mo P&I · 0.77% tax
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All guides →What Salary Do I Need for a $400K House? The Exact Math (2026)
You need about $109,000/year for a $400,000 house with 20% down at 6.5% (28% DTI standard; $2,539 PITI). With 10% down it rises to ~$126,000; with $1,000/mo of debts, ~$118,000. Full breakdown with rate sensitivity.
How to Calculate Home Affordability: The 4 Rules Lenders Use
Home affordability is calculated using four ratios: the 28% front-end rule, the 36% back-end rule, the 43% DTI ceiling, and the 3x–5x income rule. Most buyers are constrained by their back-end DTI, not their income. A worked example shows exactly what you can borrow at $90,000 gross income with $500/month in existing debt.
How to Remove PMI: When It Cancels Automatically and How to Request It Early
PMI cancels automatically at 78% LTV but you can request removal at 80%. With appreciation, a new appraisal can eliminate PMI years earlier. At $1,200/year per $200,000 borrowed, removing PMI 5 years early saves $6,000. Here is the exact process, the lender rules, and when refinancing beats an appraisal.
Mortgage calculator Texas — frequently asked questions
What is the average mortgage payment in Texas?
Based on Texas's median home price of $315,000, a 30-year mortgage at 6.5% with 20% down produces a monthly principal and interest payment of $1,592.81. Adding property tax (~$420.00/month at 1.6%) and homeowners insurance (~$118.13/month) gives an estimated total PITI of approximately $2,130.94/month.
What is the median home price in Texas in 2026?
The estimated median home price in Texas in 2026 is approximately $315,000. Prices vary significantly by metro area — use this as a benchmark and enter the specific price you are evaluating in the calculator above.
How much income do I need to afford a house in Texas?
Using the 28% front-end DTI guideline, an estimated total monthly payment (PITI) of $2,130.94 on the median Texas home requires approximately $91,326/year in gross income. This assumes 20% down, 6.5% rate, 30-year term, and 1.6% property tax.
What are property taxes in Texas?
Texas's effective property tax rate is approximately 1.6%. On a $315,000 home, that is roughly $420.00/month or $5,040/year. Texas has no state income tax but compensates with among the highest property tax rates nationally at about 1.60% effective. On a $315,000 home, property taxes add approximately $420/month to the total payment — a critical factor that changes the affordability calculus versus lower-property-tax states.
Is a 15-year or 30-year mortgage better in Texas?
At 6.5% on a $315,000 home with 20% down: the 30-year P&I is $1,592.81/month; the 15-year P&I is $2,195.19/month — $602.38/month more. The 15-year saves $178,278 in total interest. If the higher payment is affordable, the 15-year is almost always the better long-term financial choice.