Typical Texas mortgage payment
The median home price in Texas is roughly $350,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $2,768 | $1,879 |
| 5.50% | $2,860 | $1,987 |
| 6.00% | $2,953 | $2,098 |
| 6.50% | $3,049 | $2,212 |
| 7.00% | $3,146 | $2,329 |
| 7.50% | $3,245 | $2,447 |
| 8.00% | $3,345 | $2,568 |
| 8.50% | $3,447 | $2,691 |
| 9.00% | $3,550 | $2,816 |
| 9.50% | $3,655 | $2,943 |
| 10.00% | $3,761 | $3,072 |
What a Texas mortgage really costs (PITI)
Principal & interest alone would run about $2,212/month at 6.50% over 30 years. But Texas's property tax - roughly 1.80% of home value per year here - adds about $525/month, and estimated homeowners insurance adds around $102/month. Your real total monthly payment (PITI) on a $350,000 Texas home is closer to $2,839/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $121,685/year. A 20% down payment here is $70,000.
Texas vs. its neighbors
Of Texas and its neighbors, Arkansas has the lowest estimated total monthly payment - about $1,339 less per month than Texas.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Oklahoma | $210,000 | 0.90% | $1,546/mo |
| Arkansas | $210,000 | 0.64% | $1,501/mo |
| Louisiana | $230,000 | 0.55% | $1,626/mo |
| New Mexico | $300,000 | 0.80% | $2,184/mo |
| Texas (this page) | $350,000 | 1.80% | $2,839/mo |
What affects your Texas payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.