Mortgage Calculator for Texas — Includes Property Tax & Insurance
In Texas, the median home costs $335,000, and property taxes there are higher than the typical U.S. state at an average of 1.6% of assessed value — which adds roughly $447 to the monthly payment on a median-priced Texas home. Homeowners insurance in Texas averages $2,100 a year ($175/month), above the national average. Putting 20% down at Texas's typical 30-year fixed rate of 7.08%, your full PITI payment — principal, interest, taxes, and insurance — comes to about $2,419 per month. The calculator below is pre-filled with these Texas figures so you can adjust any input and see the impact instantly.
A buyer earning Texas's median household income of $70,000 would dedicate roughly 41% of gross monthly income to housing — significantly strained by the standard 28% guideline.
Median Home Price
$335,000
Avg 30-yr Rate
7.08%
Property Tax Rate
1.6%/yr
Est. Monthly PITI
$2,419
Mortgage Calculator
Total Monthly Payment
$2,419.10
Loan Amount
$268,000
Total Paid
$647,076
Total Interest
$379,076
How to Get a Mortgage in Texas
- 1 Check your credit score. In Texas, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $335,000 Texas home, 20% down is $67,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in Texas average 7.08%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $8,040–$13,400 on a median Texas purchase.
- 5 Budget for ongoing costs: Texas property taxes average 1.6%/yr ($5,360/yr on the median home), plus homeowner's insurance averaging $2,100/yr.
Monthly Cost Breakdown — Median Texas Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
Texas Mortgage FAQs
What is the average home price in Texas?
The median home price in Texas is $335,000 (2024 estimate). With a typical 20% down payment of $67,000, a buyer would finance $268,000 at a 30-year fixed rate.
What are property taxes like in Texas?
Texas has an average effective property tax rate of 1.6% of assessed home value. On a $335,000 home, that's approximately $5,360 per year ($447/month) — above the national average of 1.07%.
How much income do I need to buy a home in Texas?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced Texas home, you'd need to earn roughly $103,676 per year. The state's median household income is $70,000, meaning the typical household allocates about 41% of gross income to housing — significantly strained.
What is the average mortgage rate in Texas?
The average 30-year fixed mortgage rate in Texas is approximately 7.08% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
Related:
National Mortgage Calculator Loan Calculator Investment Return Calculator