Texas Mortgage Calculator

Mortgage is next to the only affordable option for low to average income home buyers in many parts of Texas and the rest of the United States. On this page we offer a convenient Texas home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in Texas.

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Today's Mortgage Rates Trends in Texas

Best mortgage lenders in Texas

The most popular mortgage lenders in Texas operate nationwide. Our list includes such recognizable names as AmeriSave, Rocket Mortgage, D&H Lending. Several lesser known but trustworthy options include Texas-based Texas Trust Home Loans, Lone Star Financing.

How to calculate mortgage payment in Texas

Use our simple mortgage calculator TX to evaluate your future monthly expenses. A detailed step-by-step instruction follows below.

Why and How to Use Our Mortgage Calculator

Use our house payment calculator for comprehensive financial planning tailored to your needs in Texas. Let’s take a closer look at each field in order to gain a better understanding of the mortgage in Texas parameters.

The first element to consider is the home price, which represents the amount you intend to invest in your future property. A down payment is the initial portion of this price that must be paid upfront. To avoid expensive insurance premiums, it is advisable to aim for a minimum down payment of 20% in the case of a conventional loan. The remaining amount constitutes the principal, typically 80% of the home price when a 20% down payment is made.

Next, the loan term defines the period within which you will fully repay your mortgage through scheduled payments. Fixed-rate conforming loans are typically permitted to extend up to 30 years, while adjustable-rate options usually have shorter terms.

The interest rate is a fixed or variable percentage of the principal that you are required to pay over the loan's duration. It is important to note that you are actually charged an annual percentage rate (APR), which is not identical to the interest rate. Although the interest rate constitutes a significant portion of the APR, the latter also encompasses various fees, including origination fees, closing costs, insurance payments, and more.

For more precise assessment, the interest rate used for these calculations is based on the current mortgage rates in Texas, given a $400,000 home price and a 10% down payment.

Median property taxes in Texas counties

The property tax is another important thing to consider when selecting your future house. Many lenders insist on setting up a mortgage escrow account to ensure the borrower’s keeping up with the tax and insurance costs.

County Avg. property tax rate Avg. home value
Anderson County $1,007 $91,800
Andrews County $766 $126,000
Angelina County $1,100 $111,700
Aransas County $1,670 $158,900
Archer County $1,498 $125,600
Armstrong County $1,111 $128,600
Atascosa County $1,122 $96,100
Austin County $1,903 $175,200
Bailey County $992 $68,000
Bandera County $1,716 $165,900
Bastrop County $2,267 $180,900
Baylor County $638 $67,200
Bee County $898 $78,500
Bell County $2,135 $147,200
Bexar County $2,484 $160,100
Blanco County $1,945 $230,800
Borden County $546 $106,900
Bosque County $1,118 $106,700
Bowie County $1,189 $132,000
Brazoria County $2,851 $195,200
Brazos County $2,657 $190,600
Brewster County $1,094 $113,400
Briscoe County $579 $65,700
Brooks County $469 $61,900
Brown County $1,087 $95,100
Burleson County $1,050 $99,500
Burnet County $1,933 $171,100
Caldwell County $1,681 $124,300
Calhoun County $1,045 $114,900
Callahan County $817 $76,500
Cameron County $1,306 $92,000
Camp County $1,200 $83,600
Carson County $986 $107,800
Cass County $783 $86,200
Castro County $1,118 $80,300
Chambers County $2,099 $171,500
Cherokee County $896 $98,200
Childress County $877 $81,000
Clay County $1,199 $87,200
Cochran County $553 $33,300
Coke County $775 $81,800
Coleman County $613 $65,900
Collin County $4,351 $323,500
Collingsworth County $918 $55,800
Colorado County $1,142 $116,700
Comal County $2,782 $282,300
Comanche County $1,051 $89,600
Concho County $1,017 $109,800
Cooke County $1,924 $144,700
Coryell County $1,544 $115,200
Cottle County $455 $44,700
Crane County $648 $81,500
Crockett County $401 $80,600
Crosby County $981 $57,500
Culberson County $891 $57,000
Dallam County $735 $77,000
Dallas County $2,827 $175,000
Dawson County $754 $66,400
Deaf Smith County $1,298 $88,000
Delta County $1,041 $73,100
Denton County $3,822 $280,600
DeWitt County $873 $100,000
Dickens County $409 $54,200
Dimmit County $552 $65,200
Donley County $866 $65,100
Duval County $440 $48,500
Eastland County $628 $59,800
Ector County $1,061 $149,500
Edwards County $513 $72,800
Ellis County $2,126 $190,400
El Paso County $2,501 $122,300
Erath County $1,638 $128,300
Falls County $794 $63,000
Fannin County $1,170 $98,200
Fayette County $1,546 $158,700
Fisher County $713 $60,500
Floyd County $853 $60,500
Foard County $610 $47,400
Fort Bend County $4,260 $264,000
Franklin County $1,142 $130,300
Freestone County $1,070 $86,100
Frio County $776 $75,900
Gaines County $925 $111,000
Galveston County $2,836 $206,400
Garza County $701 $77,500
Gillespie County $2,209 $269,900
Glasscock County $505 $193,600
Goliad County $706 $130,900
Gonzales County $1,001 $92,900
Gray County $969 $115,600
Grayson County $1,519 $139,500
Gregg County $1,485 $137,600
Grimes County $950 $110,100
Guadalupe County $2,275 $190,000
Hale County $1,164 $80,200
Hall County $733 $48,700
Hamilton County $1,363 $108,500
Hansford County $1,028 $93,500
Hardeman County $687 $38,400
Hardin County $1,171 $113,100
Harris County $3,040 $174,000
Harrison County $1,080 $141,700
Hartley County $1,869 $146,900
Haskell County $525 $49,200
Hays County $3,417 $234,400
Hemphill County $1,150 $130,700
Henderson County $1,056 $116,000
Hidalgo County $1,402 $86,100
Hill County $1,233 $93,700
Hockley County $997 $82,300
Hood County $1,887 $170,800
Hopkins County $1,316 $97,200
Houston County $750 $80,200
Howard County $702 $85,700
Hudspeth County $508 $44,100
Hunt County $1,420 $137,300
Hutchinson County $782 $75,500
Irion County $885 $146,400
Jack County $880 $81,400
Jackson County $1,147 $96,700
Jasper County $656 $97,400
Jeff Davis County $972 $111,300
Jefferson County $1,406 $107,200
Jim Hogg County $735 $61,800
Jim Wells County $872 $73,800
Johnson County $1,867 $154,200
Jones County $730 $73,100
Karnes County $845 $94,100
Kaufman County $2,597 $182,300
Kendall County $3,529 $297,700
Kent County $396 $70,500
Kerr County $1,725 $164,000
Kimble County $1,032 $107,200
Kinney County $405 $64,200
Kleberg County $1,212 $86,800
Knox County $699 $44,400
Lamar County $1,126 $88,100
Lamb County $627 $62,700
Lampasas County $1,655 $136,800
La Salle County $486 $70,800
Lavaca County $943 $143,300
Lee County $1,460 $138,300
Leon County $669 $102,300
Liberty County $1,254 $99,200
Limestone County $854 $84,800
Lipscomb County $953 $92,400
Live Oak County $577 $84,900
Llano County $1,496 $184,500
Lubbock County $1,801 $137,700
Lynn County $1,300 $76,800
Madison County $830 $101,700
Marion County $570 $88,600
Martin County $945 $120,500
Mason County $968 $156,400
Matagorda County $1,087 $102,200
Maverick County $1,015 $95,100
McCulloch County $716 $82,000
McLennan County $1,635 $139,800
McMullen County $607 $74,700
Medina County $1,427 $134,400
Menard County $775 $60,800
Midland County $1,812 $202,100
Milam County $1,035 $88,500
Mills County $934 $111,200
Mitchell County $910 $65,700
Montague County $1,049 $107,100
Montgomery County $3,123 $235,400
Moore County $1,138 $106,400
Morris County $903 $82,300
Motley County $629 $57,300
Nacogdoches County $916 $141,600
Navarro County $1,176 $88,900
Newton County $523 $73,300
Nolan County $713 $66,100
Nueces County $2,047 $138,600
Ochiltree County $1,148 $102,400
Oldham County $1,481 $87,000
Orange County $1,120 $107,100
Palo Pinto County $941 $88,600
Panola County $849 $97,200
Parker County $2,461 $216,100
Parmer County $1,178 $86,200
Pecos County $422 $68,600
Polk County $755 $84,900
Potter County $1,415 $91,200
Presidio County $760 $50,700
Rains County $1,104 $114,000
Randall County $2,265 $173,900
Reagan County $661 $88,400
Real County $1,045 $105,100
Red River County $701 $65,200
Reeves County $489 $52,900
Refugio County $621 $80,800
Roberts County $1,394 $135,700
Robertson County $779 $93,900
Rockwall County $4,054 $266,400
Runnels County $1,082 $76,500
Rusk County $876 $111,200
Sabine County $434 $92,100
San Augustine County $593 $81,900
San Jacinto County $894 $95,900
San Patricio County $1,552 $120,900
San Saba County $813 $97,000
Schleicher County $729 $72,900
Scurry County $933 $89,800
Shackelford County $761 $78,900
Shelby County $541 $73,100
Sherman County $1,020 $86,800
Smith County $1,607 $155,900
Somervell County $1,392 $172,200
Starr County $502 $67,200
Stephens County $726 $73,400
Sterling County $519 $66,100
Stonewall County $819 $53,700
Sutton County $695 $95,500
Swisher County $916 $70,800
Tarrant County $3,193 $186,200
Taylor County $1,366 $122,100
Terrell County $285 $66,600
Terry County $899 $68,000
Throckmorton County $685 $68,600
Titus County $1,136 $96,300
Tom Green County $1,201 $140,400
Travis County $3,972 $321,400
Trinity County $709 $75,300
Tyler County $656 $81,500
Upshur County $1,120 $111,600
Upton County $359 $62,900
Uvalde County $904 $77,800
Val Verde County $1,255 $94,500
Van Zandt County $1,173 $112,600
Victoria County $1,753 $140,300
Walker County $1,482 $156,400
Waller County $1,968 $157,600
Ward County $342 $85,600
Washington County $2,055 $163,400
Webb County $2,267 $133,200
Wharton County $1,374 $115,700
Wheeler County $715 $86,500
Wichita County $1,480 $100,700
Wilbarger County $894 $69,900
Willacy County $724 $49,100
Williamson County $3,817 $272,500
Wilson County $2,048 $170,600
Winkler County $465 $58,200
Wise County $1,788 $160,800
Wood County $1,096 $117,000
Yoakum County $675 $81,900
Young County $777 $87,500
Zapata County $359 $60,700
Zavala County $369 $39,900

Source: American Communities Survey 2016, U.S. Census

Texas Housing Market 2024

The past year has seen a steep increase in the market value of housing in Texas. This continues a longstanding trend amplified by the COVID pandemic. Nevertheless, the pace of growth has diminished compared to the previous year, while both purchase and refinance rates have been on the increase for some time and are expected to rise further in the near future.

How do I calculate my mortgage payment?

The most convenient way to do this is to make use of our calculator. It's powered by a simple formula, which you can also use to calculate the amount to be paid by hand:

M = P*i(1 + i)^n / (1 + i)^n – 1

M – estimated monthly mortgage payment;

P – principal;

I – monthly interest rate (to determine it, divide your annual mortgage rate by 12);

N – the loan term expressed in months (in other words, the overall number of monthly payments)

Imagine you are applying for a 15-year mortgage loan with a fixed 6.99% APR (which is .0699 as a unit fraction). The house costs $500k, with 10% ($50,000) to be paid down. The principal amount (P) will be equal to 90% of the initial home cost ($500,000 – $50,000 = $450,000).

I = .0699 % / 12 = .005825%.

Finally, let’s convert the loan length from years to months: N = 15 * 12 = 180.

M ($) = 450,000*.005825(1 + .005825)^180 / (1 + .005825)^180 – 1 ≈ 4042.

So, you are going to pay about $4042 a month.

It is important to note that the calculated M value is approximate, as no extra fees are taken into account.

Tips for first-time home buyers in Texas

First, there are several federal agencies (USDA, FHA and VA) that guarantee loans for selected borrowers. Many first-time homebuyers can find options which most fit their budget.

Besides these government-guaranteed programs, it is worth considering some offers from UHC (Texas Housing Corporation) available to Texasns. In particular, first-time home buyers can apply for FirstHome – down payment and closing costs assistance program, if they qualify for a FHA loan and their FICO score is at least 660. This option covers up to 6% of the loan amount toward down payment and/or the closing costs. It is important to note that this option comes in the form of a 30-year-fixed-rate second loan only. If you do not qualify for the FirstHome program, do not despair. Texas Housing Score Loan is an alternative program that covers up to 4%. The minimum satisfactory credit score is 620.

Some useful tips for first-timers:

  1. Get pre-approved beforehand. This will increase your creditworthiness in the home sellers’ eyes. It is highly recommended to get the pre-approval letters from not only one, but at least two or three different lenders.
  2. Compare different mortgage rates. Choose at least three lenders. The more, the better.
  3. Do preliminary calculations based on the amount you have been pre-approved for. Plan your future expenses.
  4. Set aside for a down payment as much as possible – and as early as possible. The down payment will decrease the principal amount, which, in turn, can reduce your potential expenses. So it is important to start saving in advance.
  5. If you are eligible for a VA loan, consider this option first of all.
  6. Consider government-backed plans, as well as local assistance programs. There can be tempting offers – don't miss the boat.
  7. Pay off previous debts, if possible.

FAQ

How much house can I afford in Texas?

To see whether a given property is within the limits of your budget, you must know its value and the tentative loan terms. Feed these to the calculator on the current page. Don't forget to account for your other debts, as well. Most advisers suggest keeping your mortgage payment at less than 28% of your monthly income, with total debt under 36%.

What credit rating do I need to qualify for a mortgage loan in Texas?

There is no definitive answer to this question. For conventional loans, credit scores starting from 620 are generally satisfactory. However, the exact conditions vary widely and include other essential criteria, including your income, current debt amount etc. For government-backed FHA plans, there is no predefined threshold, and each lender has the right to set their own requirements. Typically, a credit score of 500 or better may qualify.

What is the average mortgage rate in Texas?

At the time of writing, the average rates for conventional fixed-rate mortgages are 7.2240% and 6.3240% for a 30-year and a 15-year loan term, respectively.