Mortgage Calculator for Texas Residents — Free 2026 Tool
If you're using the mortgage calculator in Texas, real local context matters. With a median home price around $339,500, small changes to rate or down payment can move your monthly payment meaningfully. This page also reflects a typical TX monthly mortgage of about $1,900 and a cost-of-living index of 92.1. Use the inputs below to estimate your payment and then sanity-check the result against what households in Texas tend to face.
Comprehensive Mortgage Calculator
Calculate your complete monthly housing payment with taxes, insurance, and PMI
Monthly Payment
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Formula used in this calculation
Amortization Schedule (First Year)
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,716.70 | $245.53 | $1,471.17 | $271,354 |
| 2 | $1,716.70 | $246.86 | $1,469.84 | $271,108 |
| 3 | $1,716.70 | $248.20 | $1,468.50 | $270,859 |
| 4 | $1,716.70 | $249.54 | $1,467.16 | $270,610 |
| 5 | $1,716.70 | $250.89 | $1,465.80 | $270,359 |
| 6 | $1,716.70 | $252.25 | $1,464.44 | $270,107 |
| 7 | $1,716.70 | $253.62 | $1,463.08 | $269,853 |
| 8 | $1,716.70 | $254.99 | $1,461.70 | $269,598 |
| 9 | $1,716.70 | $256.37 | $1,460.32 | $269,342 |
| 10 | $1,716.70 | $257.76 | $1,458.93 | $269,084 |
| 11 | $1,716.70 | $259.16 | $1,457.54 | $268,825 |
| 12 | $1,716.70 | $260.56 | $1,456.13 | $268,564 |
How this calculation works
According to standard financial formulas, your monthly principal and interest payment is calculated using the amortization formula. PITI adds property tax (annual rate ÷ 12), homeowners insurance (typically 0.5% of home value annually ÷ 12), and MIP for FHA loans (0.55% of loan balance annually ÷ 12).
How interest rate affects your payment
| Rate | Monthly P&I ($380k, 30yr) | Total Interest Paid |
|---|---|---|
| 5.5% | $2,158 | $397,000 |
| 6.0% | $2,279 | $440,000 |
| 6.41% | $2,374 | $474,000 |
| 6.82% | $2,478 | $512,000 |
| 7.5% | $2,657 | $576,000 |
A 1% rate difference on a $380,000 mortgage costs approximately $60,000 more over 30 years.
📊 Texas at a Glance
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How to Use This Calculator
Start with a home price near Texas's median of $339,500. Enter your down payment and interest rate, then review the monthly payment against your take-home budget — keeping in mind Texas's income tax rate of 0% income tax (no state income tax). Conventional loans have specific requirements: Conventional loans are the most common mortgage type and typically require a minimum 3–20% down payment with no government backing.
How Mortgage Calculator Is Calculated
Your monthly principal-and-interest payment is calculated using standard loan amortization. Formula: `Monthly P&I = P * [r(1+r)^n] / [(1+r)^n - 1]` Where `P` is the loan amount, `r` is the monthly interest rate (APR ÷ 12), and `n` is the total number of monthly payments (e.g. 360 for a 30-year loan).
Monthly Payment = P[r(1+r)^n] / [(1+r)^n - 1]Using This Calculator in Texas
Texas has no state income tax, making take-home pay calculations different from most states. The median home price is $339,500 (Redfin, 2025), well below the national average. Texas has an adult obesity rate of 35.6% (CDC BRFSS 2024), above the national average of 33%. With a typical monthly mortgage of around $1,900 and a cost-of-living index of 92.1, this calculator helps you translate Texas market prices into a payment you can plan around. Conventional loans are the most common mortgage type and typically require a minimum 3–20% down payment with no government backing.
Tips & What Your Results Mean
Test at least two scenarios: one with your target down payment and one with 5% more down. In Texas, where the median home price is $339,500, small changes in down payment can meaningfully reduce your monthly payment. Also compare a 15-year vs 30-year term — the monthly payment difference is often smaller than people expect, while the total interest savings can be substantial.
Frequently Asked Questions
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