Free · No signup · 2026 rates
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 Sing
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 📊
Calculate for another state:
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
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
Related calculators
Mortgage & housing guides
All guides →The True Cost of Homeownership: 9 Costs Your Mortgage Payment Hides
The mortgage P&I payment is just the entry fee. Property tax, insurance, maintenance, repairs, and opportunity cost typically add 30–60% on top. A $400k home worked example reveals the real monthly cost: $3,824 vs the quoted $2,014.
Car Lease vs Buy: The True Cost Comparison Most Dealerships Hide
Leasing looks cheaper monthly because you pay only for depreciation — but lease payments never end. A side-by-side worked example comparing a 3-year lease vs a 5-year purchase on a $40,000 car shows who wins over a 10-year period.
When to Refinance Your Mortgage: The Break-Even Math You Need First
Refinancing lowers your rate but costs 2–5% of the loan in closing costs. The break-even period tells you how many months until monthly savings exceed those costs. Learn the formula, a $350,000 worked example, and the 1% rate-drop guideline.
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.