Tx Mortgage Calculator

Texas average: 1.80%

Buying a home is one of the biggest financial decisions you’ll ever make, especially in a state like Texas where property taxes can be higher than the national average. That’s why understanding your monthly mortgage payments—including taxes and insurance—is essential for smart budgeting and peace of mind.

Our Texas Mortgage Calculator is a free, easy-to-use online tool that helps homebuyers estimate their monthly payments based on real-world inputs like property value, loan term, down payment, interest rate, and typical Texas property taxes. Whether you’re planning your first home or exploring refinancing, this calculator gives you a detailed breakdown of your costs in seconds.

🔧 How to Use the Texas Mortgage Calculator – Step-by-Step

Using the calculator is simple. Just follow these steps:

  1. Enter Property Value ($):
    Input the total value of the home you’re interested in purchasing.
  2. Enter Down Payment ($):
    This is the upfront amount you’ll pay. The loan amount is calculated by subtracting this from the property value.
  3. Select Loan Term (years):
    Choose between 15, 20, or 30 years. Longer terms reduce your monthly payment but increase total interest paid.
  4. Enter Interest Rate (%):
    Input the annual percentage rate of your mortgage. You can usually find this in your lender’s pre-approval letter or rate sheet.
  5. Enter Property Tax Rate (%):
    Texas’s average property tax rate is pre-filled at 1.80%, but you can adjust this based on your county’s rate.
  6. Enter Annual Home Insurance ($):
    Include your estimated yearly homeowner’s insurance. The Texas average is around $1,500, which is pre-filled.
  7. Click “Calculate”
    Instantly, you’ll see a detailed summary of your estimated loan amount and all monthly payment components.
  8. Review Results
    View your monthly breakdown:
    • Principal & Interest
    • Property Taxes
    • Home Insurance
    • Total Monthly Payment

💡 Example: Buying a $300,000 Home in Texas

Let’s break down an example to show how the calculator works in practice.

  • Property Value: $300,000
  • Down Payment: $60,000
  • Loan Term: 30 years
  • Interest Rate: 6.5%
  • Property Tax Rate: 1.80%
  • Annual Insurance: $1,500

Output:

  • Loan Amount: $240,000
  • Monthly Principal & Interest: ~$1,518
  • Monthly Property Tax: $450
  • Monthly Insurance: $125
  • Total Monthly Payment: ~$2,093

This example gives you a realistic estimate of your monthly financial commitment.

🏠 Why This Calculator Is Helpful

This tool goes beyond a basic mortgage calculator by factoring in:

  • Texas-Specific Tax Rates: Pre-filled with 1.80%, but editable for your county.
  • Insurance Costs: An often-overlooked expense in many online calculators.
  • Customizable Inputs: Adjust all fields to reflect your unique financial scenario.
  • Instant Results: No signup or email required—just plug in and go.

🧠 Extra Tips & Information

Why Are Texas Property Taxes Higher?

Texas doesn’t have a state income tax, which leads local governments to rely more on property taxes. This makes them higher than the national average but is offset in part by the absence of income tax.

Fixed vs Adjustable Rates

This calculator assumes a fixed-rate mortgage, which offers consistent payments. Adjustable-rate mortgages (ARMs) fluctuate over time, and are not factored into this tool.

Consider Escrow

Many mortgage lenders require an escrow account for taxes and insurance. This calculator effectively simulates what your escrow-inclusive monthly mortgage might look like.

❓ FAQs About the Texas Mortgage Calculator

1. Is this calculator specific to Texas only?

Yes, it includes the average Texas property tax rate, but it can be adjusted for other states too.

2. Does it account for HOA fees?

No, HOA fees are not included. Add them separately to your monthly budget if applicable.

3. Can I use it for refinancing?

Absolutely. Just enter the current value of your home and new loan terms.

4. What is included in “Total Monthly Payment”?

Principal, interest, property tax, and homeowner’s insurance.

5. Can I enter a custom loan term?

Currently, it supports only 15, 20, and 30-year terms for simplicity.

6. What happens if my down payment is too high?

If the down payment equals or exceeds the property value, the calculator will prompt you to adjust it.

7. What interest rate should I use?

Use your lender’s quoted APR. If unsure, check average mortgage rates online.

8. How accurate are the results?

It provides a very close estimate, but actual mortgage terms may vary depending on your lender and creditworthiness.

9. Does it work on mobile devices?

Yes, the calculator is mobile-friendly and works on all screen sizes.

10. Can I save or print my results?

While there’s no built-in save feature, you can screenshot or print the result page.

11. Are PMI costs included?

No. If your down payment is under 20%, add PMI separately (~0.5%–1% annually of the loan amount).

12. Is the property tax rate editable?

Yes, the field is pre-filled with 1.80%, but you can change it.

13. How do I find my county’s property tax rate?

Check your county appraisal district or tax assessor’s website.

14. Is the loan amount fixed?

No. It dynamically updates based on your down payment and property value.

15. Can this calculator help with budgeting?

Yes! It helps you forecast ongoing monthly expenses, making budgeting much easier.

16. Can I use it for investment properties?

Yes, though it doesn’t factor in rental income or operating costs.

17. What if I enter a very high property value?

The calculator can handle high values but make sure other values like income and loan approvals are realistic.

18. Does it store or save my data?

No, it runs client-side and doesn’t store any of your information.

19. Is it free to use?

Yes, 100% free with no registration required.

20. Who should use this tool?

Homebuyers, refinancers, real estate agents, and anyone wanting to estimate mortgage costs in Texas.

✅ Start Calculating Today

The Texas Mortgage Calculator is a powerful tool for planning your real estate journey. Whether you’re buying a home or considering a refinance, it offers a quick and easy way to understand your monthly commitments—before you even call a lender.

Ready to crunch the numbers? Try the calculator now and make informed decisions with confidence.