Texas Mortgage Calculator
Estimate your monthly mortgage payment in Texas based on the state median home price of $310K, a 1.8% property tax rate, and $4K/year homeowners insurance.
Why This Matters in Texas
In Texas, property taxes average 1.8% of assessed value. On the state median home of $310K, that adds $465/month to your mortgage payment — well above the national average and a significant budget factor. Combined with $317/month for homeowners insurance, your non-mortgage housing costs in Texas total $782/month before you even account for principal and interest.
Texas's median home price of $310K is in the moderate range nationally. Most conventional loan programs with 5-10% down are well-suited for this price range.
What to Expect for a Mortgage Payment in Texas
On the median Texas home priced at $310K, a buyer putting 10% down at a 6.5% rate would face a principal-and-interest payment of roughly $1,763 per month. Add $465/mo in property taxes and $317/mo for homeowners insurance, and the total PITI comes to approximately $2,545 each month. That median price sits about 11% below the national median of roughly $350K, which directly shapes how much house most Texas borrowers can realistically target.
At $310K, Texas's median home price falls in a moderate range nationally. Buyers have the full spectrum of financing options available: conventional loans at 5–20% down, FHA loans at 3.5%, and VA loans at 0% for eligible veterans. Putting 20% down ($62K) eliminates PMI and drops the monthly payment to roughly $2,349, saving about $196 per month compared to the 10%-down scenario.
One important factor in Texas: the 1.8% property tax rate adds $5,580 per year ($465/mo) to your housing cost. That is a significant share of the total payment and something many first-time buyers underestimate. When comparing Texas to lower-tax states, remember that the sticker price only tells half the story — ongoing tax costs can add hundreds to the monthly obligation.
Homeowners insurance in Texas runs about $4K per year ($317/mo), which is well above the national average. Factors like severe weather exposure, claims history in the state, and insurer availability drive these premiums higher. Budget for this carefully — it is a non-negotiable part of your monthly PITI. Shopping multiple carriers and raising your deductible are the most common ways to reduce this cost. The TDHCA My First Texas Home program can help offset upfront costs, making the overall purchase more feasible: Up to 5% DPA grant.