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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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:
- 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.
- Compare different mortgage rates. Choose at least three lenders. The more, the better.
- Do preliminary calculations based on the amount you have been pre-approved for. Plan your future expenses.
- 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.
- If you are eligible for a VA loan, consider this option first of all.
- Consider government-backed plans, as well as local assistance programs. There can be tempting offers – don't miss the boat.
- Pay off previous debts, if possible.