Mortgage Calculators

Plan your home purchase with our free, easy-to-use financial tools

Monthly Payment Calculator

Modern home

Calculate your estimated monthly mortgage payment including principal and interest.

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Payment Breakdown

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Amortization Schedule (First 12 Months)

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Affordability Calculator

Find out how much house you can afford based on your income and expenses.

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Refinance Calculator

See how much you could save by refinancing your current mortgage.

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Calculator Tips
  • Texas has no state income tax but higher property taxes
  • Most lenders want DTI below 43%
  • 20% down avoids PMI
  • Compare 15-yr vs 30-yr terms
  • Factor in closing costs (2-5%)
Related Resources

30-Year vs. 15-Year Mortgage Comparison

See how loan term affects your monthly payment, total interest, and long-term cost on a $350,000 home with 20% down ($280,000 loan).

Feature30-Year Fixed15-Year FixedDifference
Typical Rate (2025)~6.85%~6.15%Save 0.70% on rate
Monthly P&I Payment$1,838$2,381+$543/month
Total Interest Paid$381,727$148,545Save $233,182
Total Loan Cost$661,727$428,545Save $233,182
Break-Even Point—~430 monthsBuild equity faster
Best ForLower monthly cash flow needs, first-time buyersHigher-income buyers wanting to minimize total interest—
Note: Rates shown are illustrative averages for early 2025. Actual rates vary by credit score, lender, and market conditions. For estimation purposes only. Consult a licensed mortgage professional.

Texas Homebuyer Resources

Texas offers exceptional programs and unique advantages for homebuyers.

TSAHC — Texas State Affordable Housing Corp.

The TSAHC Home Sweet Texas program provides down payment assistance (DPA) of up to 5% of the loan amount as a grant (no repayment required) or deferred forgivable second lien.

  • Available to first-time and repeat buyers
  • Works with FHA, VA, USDA, and conventional loans
  • Income limits vary by county and family size
  • Minimum 620 credit score
Learn About TSAHC
TDHCA — Texas Dept. of Housing & Community Affairs

The My First Texas Home program by TDHCA offers 30-year fixed-rate mortgages at below-market interest rates plus down payment and closing cost assistance up to 5% of the loan amount.

  • Must be a first-time homebuyer (or not owned in 3 years)
  • Income limits apply (varies by county)
  • Available statewide through participating lenders
  • Can be combined with Texas Mortgage Credit Certificate (MCC)
Learn About TDHCA
Texas Homestead Exemption

Reduce your taxable home value by $100,000 on school district taxes. Age 65+ homeowners also get a school district tax freeze. Apply through your county appraisal district using Form 50-114.

Texas Property Tax Rates
CountyAvg. Rate
Travis (Austin)~1.97%
Harris (Houston)~2.13%
Bexar (San Antonio)~2.09%
Dallas~2.18%
Tarrant (Ft. Worth)~2.26%
No State Income Tax

Texas homeowners keep 100% of their income from state tax. While property taxes are higher than many states, no income tax means more purchasing power toward your mortgage payment.

Texas property taxes are deductible on federal returns (up to $10,000 SALT cap).

Mortgage FAQ

Common questions from Texas homebuyers.

Minimum down payments vary by loan type: FHA: 3.5% (with 580+ credit score), Conventional: 3–5% (with PMI below 20%), VA/USDA: 0% (for eligible veterans and rural buyers). Putting 20% down eliminates PMI and reduces your monthly payment significantly. TSAHC and TDHCA programs can help cover your down payment with grants or forgivable loans.

Minimum requirements: FHA loans: 500–580 (500 with 10% down, 580 with 3.5% down), Conventional: 620+ (740+ for best rates), VA: no official minimum but lenders typically require 580–620, Jumbo: 700+. The higher your credit score, the lower your interest rate — a 750 score can save you tens of thousands compared to a 620 score over a 30-year loan.

Texas closing costs typically range from 2% to 5% of the loan amount. On a $350,000 home, expect $7,000–$17,500 in closing costs including lender fees (origination, appraisal, credit report), title insurance (Texas has regulated rates), survey, escrow, and prepaid items (homeowners insurance, property tax escrow). Texas requires a real estate attorney or title company to handle closings. Ask your lender for a Loan Estimate within 3 business days of application.

It depends on your financial situation. A 15-year mortgage has lower interest rates and you pay far less total interest — often saving $200,000+ — but monthly payments are significantly higher. A 30-year mortgage has lower monthly payments, giving you more cash flow flexibility, but you pay much more in interest over the life of the loan. Many financial advisors suggest the 30-year if you can invest the payment difference at a higher return than your mortgage rate.

PMI (Private Mortgage Insurance) is required on conventional loans when your down payment is less than 20%. It typically costs 0.5%–1.5% of the loan amount annually (added to your monthly payment). To avoid PMI: put 20% down, get a VA or USDA loan (no PMI required), use a piggyback loan (80/10/10), or wait until you have 20% equity and request cancellation. Once your loan balance reaches 80% of the original home value, you can request PMI removal under the Homeowners Protection Act.

Homebuyer Education Articles

Expert guidance on mortgages, buying in Texas, and managing your home investment.

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