Texas Mortgage Calculator

Calculate your monthly mortgage payment in Texas. Pre-filled with Texas's average property tax rate of 1.80%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$525
Homeowner's Insurance
$100
Total Monthly Payment
$2,395

Loan Summary

Home Price
$350,000
Down Payment
$70,000
Loan Amount
$280,000
Total Interest
$357,125
Total Cost(P&I + down payment)
$707,124

See how this mortgage fits your financial plan

Your estimated payment is $2,395/month. See how it fits alongside your income, savings, investments, and other expenses over time.

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Texas Housing Overview

Texas has an average property tax rate of 1.80%. Texas' cost of living is about 7% below the national average, though Austin has become significantly more expensive.

Property Tax: 1.80%No state income taxHigh property taxes (~1.8%)Multiple major metro areas with strong job markets

Buying a Home in Texas

If you're considering buying a home in Texas, understanding the local housing market and costs is essential. Property taxes, insurance rates, and home prices vary significantly by area within the state. This calculator pre-fills Texas's average property tax rate of 1.80% to give you a more accurate estimate.

Texas Property Taxes

Texas has an average effective property tax rate of 1.80%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 1.80% rate means approximately $6300 per year, or $525 per month in property taxes alone.

Cost of Living in Texas

Texas' cost of living is about 7% below the national average, though Austin has become significantly more expensive. When evaluating whether to buy a home in Texas, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for Texas Homebuyers

  • No state income tax is a major financial advantage, especially for high earners
  • Texas has high property taxes (averaging 1.8%) which partially offset the lack of income tax
  • Austin, Dallas, Houston, and San Antonio each offer distinct and strong job markets
  • Consider that Texas has no state income tax but does have a high sales tax of 6.25% (up to 8.25% with local taxes)

Key Texas Features

  • No state income tax
  • High property taxes (~1.8%)
  • Multiple major metro areas with strong job markets
  • High sales tax (6.25-8.25%)
  • Second-largest state economy

See How Your Texas Mortgage Fits Your Financial Plan

This calculator shows your Texas mortgage payment. Trajectoryy's full simulator shows how that payment fits alongside your income, taxes, savings, investments, and more.

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Compare Texas Mortgage Costs with Other States

Louisiana0.55% property taxArkansas0.61% property taxOklahoma0.87% property taxCalifornia0.71% property taxNew York1.46% property taxNew Jersey2.23% property tax

Frequently Asked Questions

What is the average property tax rate in Texas?
The average effective property tax rate in Texas is approximately 1.80%. This rate is applied to the assessed value of your property, which may differ from the market value depending on Texas's assessment practices. Property tax rates can also vary significantly by county and municipality within the state.
How much does a typical mortgage payment cost in Texas?
Your mortgage payment in Texas depends on the home price, your down payment, interest rate, and loan term. With Texas's average property tax rate of 1.80%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is Texas an affordable state to buy a home?
Texas' cost of living is about 7% below the national average, though Austin has become significantly more expensive. When evaluating affordability in Texas, consider not just the home price but also property taxes (1.80% average), homeowner's insurance costs, and any HOA fees common in your area.
How do Texas property taxes compare to other states?
Texas's average property tax rate of 1.80% can be compared against the national average of roughly 1.1%. States like New Jersey (2.23%) and Illinois (1.97%) have among the highest rates, while Hawaii (0.28%) and Alabama (0.40%) have among the lowest.
What first-time homebuyer programs are available in Texas?
Most states, including Texas, offer first-time homebuyer programs through their state housing finance agency. These typically include down payment assistance, below-market interest rates, and closing cost grants. Check with Texas's housing authority and the FHA, VA, and USDA loan programs for additional options.

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