Mortgage Calculator — Texas
Pre-filled with Texas's average home price of $320000, property tax rate of 1.74%, and average insurance of $2200/year. Adjust any value below.
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2 Monthly Costs (Texas averages pre-filled)
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Full month-by-month payment breakdown
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Texas Housing Market
Texas has no state income tax but offsets this with some of the highest property tax rates in the country — averaging 1.7–2.0% of assessed value annually. This significantly impacts total monthly housing costs.
Affordability in Texas
Texas home prices remain more affordable than coastal markets, but high property taxes can add $400–$600/month to your payment. Austin has seen dramatic price appreciation since 2020, now among the most expensive Texas markets.
Key Markets
First-Time Buyer Programs in Texas
TDHCA My First Texas Home
30-year fixed mortgage at below-market rates + up to 5% down payment assistance. Income limits apply by county.
TSAHC Home Sweet Texas
Down payment assistance grant (3–5% of loan amount, no repayment) for buyers at or below area median income.
Texas Mortgage Credit Certificate (MCC)
Federal tax credit of up to $2,000/year on mortgage interest paid. Can be combined with down payment assistance.
Property Tax in Texas
Texas property taxes are among the highest in the US (1.7–2.0% effective rate). On a $320K home, expect $5,500–$6,400/year. Some counties like Travis (Austin) and Harris (Houston) run higher. Homestead exemption reduces assessed value by $100,000 for primary residences.
Texas Conforming Loan Limit
$766,550 in most Texas counties (standard national conforming limit). Some Dallas and Austin area submarkets have higher limits.
Closing Costs in Texas
Texas closing costs typically run 2–4% of purchase price. Notable costs: lender origination (0.5–1%), title insurance, appraisal ($400–$700). Texas has no real estate transfer tax, keeping closing costs lower than many states.
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