Mortgage calculator
What will my monthly payment be in Texas?
Most calculators undercount Texas payments because property taxes and insurance are so significant here. This one includes them.
$0
Estimated monthly payment
- Principal & interest
- Property tax
- Insurance
- PMI
- HOA
- Cash needed for down payment
Estimates only; not a loan offer. Default tax and insurance figures are placeholders; change them to match the home you're considering. Actual rates depend on your credit, loan type and lender.
Frequently asked questions
How much are property taxes on a house in Texas?
It depends on the combined rate for the address (city, county, school district and any MUD or PID). As a rough example, at a combined rate of about 2%, a home assessed at $400,000 would owe around $8,000 a year before exemptions, or about $667 a month. Your homestead exemption lowers that once you file. Always check the actual rate for the specific home.
What is PMI and when does it go away?
Private mortgage insurance is usually required on conventional loans with less than 20% down. You can typically ask your lender to remove it once your loan balance reaches 80% of the home's original value, and it generally ends automatically at 78%. FHA loans have their own mortgage insurance rules.
How much of my income should go to my house payment?
A common guideline is to keep your total housing payment (including taxes and insurance) around 28% of your gross monthly income, but the right number depends on your other debts, savings and goals. Your lender will look at your full debt-to-income ratio.
Why is my Texas house payment higher than I expected?
Usually property taxes and insurance. Texas has no state income tax, so property taxes are higher than in many states, and hail risk affects insurance costs. That's why this calculator includes both.
Does this calculator include my homestead exemption?
No. Enter the tax rate for the home, and remember your actual bill will be lower once your homestead exemption is applied. The seller's current tax bill may already include their exemptions, so don't rely on it.