Mortgage Calculator & Closing Costs: Wichita Falls, TX
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Wichita Falls, Texas.
Median Home Price
$165K
Population
105K
Avg Monthly Rent
$880
Property Tax Rate
1.8% *
* Property tax shown is the Texas state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Wichita Falls.
Wichita Falls vs Texas Median
The median home price in Wichita Falls is $165,000, which is 47% below the Texas state median of $310,000.
Mortgage Calculator — Wichita Falls, TX
Pre-filled with Wichita Falls median home price and Texas tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $165K home using Texas's 1.8% tax rate and $3,800/yr insurance.
5% Down
$1,646/mo
Down: $8,250
Loan: $157K
P&I: $991
Tax: $248
Insurance: $317
PMI: $91
10% Down
$1,589/mo
Down: $16,500
Loan: $149K
P&I: $939
Tax: $248
Insurance: $317
PMI: $87
20% Down (No PMI)
$1,398/mo
Down: $33,000
Loan: $132K
P&I: $834
Tax: $248
Insurance: $317
Income needed (28% rule): $60K/year with 20% down, $68K/year with 10% down.
Rent vs Buy in Wichita Falls
Rent
$880/mo
vs
Buy (10% down)
$1,589/mo
Price-to-rent ratio: 15.6 — A ratio between 15-20 means the rent vs buy decision in Wichita Falls depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Wichita Falls is $165,000, 47% below the Texas state median of $310,000. With a population of 104,898, Wichita Falls is a mid-size city where home prices tend to be more accessible than in many parts of Texas.
Property taxes in Texas average 1.8% annually. This higher-than-average tax rate means a $165,000 home in Wichita Falls would carry roughly $248/month in property taxes alone — plan accordingly. Homeowners insurance in Texas runs approximately $3,800 per year. Insurance costs are notably high — factor this into your monthly budget.
Average rent in Wichita Falls is $880/month. The price-to-rent ratio in Wichita Falls is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Wichita Falls offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Texas's TDHCA My First Texas Home program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Wichita Falls.