Texas mortgage calculator

This mortgage calculator will help you estimate the costs of your mortgage loan. Get a clear breakdown of your potential mortgage payments with taxes and insurance included.
Texas housing market
The Lone Star State's housing market remains incredibly affordable with the 15th lowest median home value in the U.S. Don't mess with that level of affordability! One thing to know about Texas: while it is known for oil and gas, there is a good chance your home will be powered by wind as it has the largest wind energy supply in the U.S.
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30 year fixed loan term
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Total principal: $240,000
Loan Term
30-year fixed
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15-year fixed30-year fixed
Total Monthly Payment$2,036$2,488$2,036
Mortgage Rate7.024%6.207%*7.024%*
Total interest paid$336,215$129,395$336,215
* Data source: ©Zillow, Inc. 2006 - 2024. Use is subject to the Terms of Use
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Texas mortgage and refinance rates today (APR)

ProductInterest rateAPR
30-year fixed-rate6.991%7.071%
20-year fixed-rate6.596%6.690%
15-year fixed-rate6.086%6.223%
10-year fixed-rate5.729%5.901%
7-year ARM7.144%7.787%
5-year ARM6.844%7.835%
30-year fixed-rate FHA6.143%6.900%
30-year fixed-rate VA6.009%6.392%

Data source: ©Zillow, Inc. 2006 – 2021. Use is subject to the Terms of Use

Today's rate

30-year fixed

Today’s mortgage rates in Texas are 7.071% for a 30-year fixed, 6.223% for a 15-year fixed, and 7.835% for a 5-year adjustable-rate mortgage (ARM).

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Texas's first-time home buyer programs

The Texas Department of Housing and Community Affairs, or TDCHA, offers several loan programs to help qualified first-time home buyers get a mortgage.

My First Texas Home loan

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What you need to knowThe My First Texas Home program offers 30-year, fixed-interest rate mortgages for first-time home buyers and veterans....

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Texas's best mortgage lenders

NerdWallet has done the work for you to pick the best financing partner for you in Texas.

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Average property tax in Texas counties

Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Texas. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.

CountyAvg. property tax rateAvg. home value
Anderson County1.22%$91,800
Andrews County1.14%$126,000
Angelina County1.31%$111,700
Aransas County1.25%$158,900
Archer County1.34%$125,600
Armstrong County0.91%$128,600
Atascosa County1.22%$96,100
Austin County1.1%$175,200
Bailey County1.73%$68,000
Bandera County1.19%$165,900
Bastrop County1.51%$180,900
Baylor County1.25%$67,200
Bee County1.25%$78,500
Bell County1.56%$147,200
Bexar County1.87%$160,100
Blanco County0.95%$230,800
Borden County0.47%$106,900
Bosque County0.86%$106,700
Bowie County1.42%$132,000
Brazoria County2.09%$195,200
Brazos County1.71%$190,600
Brewster County1.2%$113,400
Briscoe County1.05%$65,700
Brooks County1.4%$61,900
Brown County1.3%$95,100
Burleson County0.98%$99,500
Burnet County1.15%$171,100
Caldwell County1.46%$124,300
Calhoun County1.23%$114,900
Callahan County1.07%$76,500
Cameron County1.66%$92,000
Camp County1.18%$83,600
Carson County1.4%$107,800
Cass County1.14%$86,200
Castro County1.49%$80,300
Chambers County1.35%$171,500
Cherokee County1.24%$98,200
Childress County1.41%$81,000
Clay County1.26%$87,200
Cochran County1.36%$33,300
Coke County1.32%$81,800
Coleman County0.92%$65,900
Collin County1.89%$323,500
Collingsworth County1.34%$55,800
Colorado County0.99%$116,700
Comal County1.2%$282,300
Comanche County1.23%$89,600
Concho County1.33%$109,800
Cooke County1.42%$144,700
Coryell County1.42%$115,200
Cottle County1.1%$44,700
Crane County1.21%$81,500
Crockett County0.72%$80,600
Crosby County1.75%$57,500
Culberson County1.73%$57,000
Dallam County1.17%$77,000
Dallas County1.61%$175,000
Dawson County1.68%$66,400
Deaf Smith County1.77%$88,000
Delta County1.67%$73,100
Denton County1.84%$280,600
DeWitt County0.63%$100,000
Dickens County0.99%$54,200
Dimmit County1.24%$65,200
Donley County1.38%$65,100
Duval County0.88%$48,500
Eastland County1.13%$59,800
Ector County1.27%$149,500
Edwards County1.18%$72,800
Ellis County1.67%$190,400
El Paso County2.05%$122,300
Erath County1.21%$128,300
Falls County1.18%$63,000
Fannin County1.34%$98,200
Fayette County0.77%$158,700
Fisher County1.28%$60,500
Floyd County1.47%$60,500
Foard County1.44%$47,400
Fort Bend County2.23%$264,000
Franklin County1.18%$130,300
Freestone County1.16%$86,100
Frio County1.02%$75,900
Gaines County1.39%$111,000
Galveston County1.84%$206,400
Garza County1.1%$77,500
Gillespie County0.98%$269,900
Glasscock County0.87%$193,600
Goliad County0.67%$130,900
Gonzales County0.98%$92,900
Gray County1.5%$71,700
Grayson County1.5%$139,500
Gregg County1.43%$137,600
Grimes County0.86%$110,100
Guadalupe County1.48%$190,000
Hale County1.47%$80,200
Hall County1.4%$48,700
Hamilton County1.15%$108,500
Hansford County1.42%$93,500
Hardeman County1.49%$38,400
Hardin County1.39%$113,100
Harris County1.71%$174,000
Harrison County1.14%$141,700
Hartley County1.6%$146,900
Haskell County1.41%$49,200
Hays County1.71%$234,400
Hemphill County1.23%$130,700
Henderson County1.19%$116,000
Hidalgo County1.92%$86,100
Hill County1.43%$93,700
Hockley County1.5%$82,300
Hood County1.27%$170,800
Hopkins County1.23%$97,200
Houston County0.98%$80,200
Howard County1.23%$85,700
Hudspeth County1.29%$44,100
Hunt County1.52%$137,300
Hutchinson County1.49%$75,500
Irion County0.85%$146,400
Jack County1.45%$81,400
Jackson County1.24%$96,700
Jasper County1.05%$97,400
Jeff Davis County1.0%$111,300
Jefferson County1.63%$107,200
Jim Hogg County1.54%$61,800
Jim Wells County1.33%$73,800
Johnson County1.55%$154,200
Jones County1.43%$73,100
Karnes County0.95%$94,100
Kaufman County1.77%$182,300
Kendall County1.21%$297,700
Kent County0.79%$70,500
Kerr County1.15%$164,000
Kimble County0.5%$107,200
Kinney County1.21%$64,200
Kleberg County1.63%$86,800
Knox County1.67%$44,400
Lamar County1.31%$88,100
Lamb County1.39%$62,700
Lampasas County1.36%$136,800
La Salle County1.11%$70,800
Lavaca County1.01%$143,300
Lee County0.95%$138,300
Leon County0.84%$102,300
Liberty County1.4%$99,200
Limestone County1.22%$84,800
Lipscomb County1.25%$92,400
Live Oak County0.81%$84,900
Llano County1.0%$184,500
Lubbock County1.73%$137,700
Lynn County1.91%$76,800
Madison County0.96%$101,700
Marion County1.16%$88,600
Martin County0.95%$120,500
Mason County0.71%$156,400
Matagorda County1.38%$102,200
Maverick County1.57%$95,100
McCulloch County0.94%$82,000
McLennan County1.72%$139,800
McMullen County0.98%$74,700
Medina County1.41%$134,400
Menard County1.19%$60,800
Midland County1.44%$202,100
Milam County1.05%$88,500
Mills County0.79%$111,200
Mitchell County1.34%$65,700
Montague County1.04%$107,100
Montgomery County1.76%$235,400
Moore County1.36%$106,400
Morris County1.08%$82,300
Motley County1.52%$57,300
Nacogdoches County0.97%$141,600
Navarro County1.6%$88,900
Newton County0.86%$73,300
Nolan County1.53%$66,100
Nueces County1.65%$138,600
Ochiltree County1.4%$102,400
Oldham County1.59%$87,000
Orange County1.34%$107,100
Palo Pinto County1.29%$88,600
Panola County1.03%$97,200
Parker County1.53%$216,100
Parmer County1.35%$86,200
Pecos County1.18%$68,600
Polk County1.26%$84,900
Potter County1.63%$91,200
Presidio County1.37%$50,700
Rains County1.43%$114,000
Randall County1.61%$173,900
Reagan County1.13%$88,400
Real County0.68%$105,100
Red River County1.1%$65,200
Reeves County1.17%$52,900
Refugio County1.36%$80,800
Roberts County0.95%$135,700
Robertson County1.0%$93,900
Rockwall County1.78%$266,400
Runnels County1.42%$76,500
Rusk County1.02%$111,200
Sabine County0.82%$92,100
San Augustine County1.0%$81,900
San Jacinto County0.96%$95,900
San Patricio County1.69%$120,900
San Saba County1.17%$97,000
Schleicher County1.43%$72,900
Scurry County1.56%$89,800
Shackelford County1.69%$78,900
Shelby County0.89%$73,100
Sherman County1.01%$86,800
Smith County1.36%$155,900
Somervell County0.93%$172,200
Starr County1.23%$67,200
Stephens County1.22%$73,400
Sterling County0.59%$66,100
Stonewall County1.28%$53,700
Sutton County1.5%$95,500
Swisher County1.41%$70,800
Tarrant County1.96%$186,200
Taylor County1.42%$122,100
Terrell County0.98%$66,600
Terry County1.6%$68,000
Throckmorton County1.22%$68,600
Titus County1.31%$96,300
Tom Green County1.44%$140,400
Travis County1.65%$321,400
Trinity County1.19%$75,300
Tyler County1.12%$81,500
Upshur County1.24%$111,600
Upton County1.11%$62,900
Uvalde County0.97%$77,800
Val Verde County1.49%$94,500
Van Zandt County1.14%$112,600
Victoria County1.6%$140,300
Walker County1.34%$156,400
Waller County1.43%$157,600
Ward County0.61%$85,600
Washington County1.11%$163,400
Webb County2.03%$133,200
Wharton County1.47%$115,700
Wheeler County1.33%$86,500
Wichita County1.79%$100,700
Wilbarger County1.75%$69,900
Willacy County1.15%$49,100
Williamson County1.94%$272,500
Wilson County1.42%$170,600
Winkler County1.09%$58,200
Wise County1.36%$160,800
Wood County1.15%$117,000
Yoakum County1.19%$81,900
Young County1.28%$87,500
Zapata County1.13%$60,700
Zavala County1.42%$39,900

Source: American Communities Survey 2016, U.S. Census

How to calculate a mortgage payment

Under "Home price," enter the price (if you're buying) or the current value (if you're refinancing). NerdWallet also has a refinancing calculator.

Under "Down payment," enter the amount of your down payment (if you’re buying) or the amount of equity you have (if refinancing). A down payment is the cash you pay upfront for a home, and home equity is the value of the home, minus what you owe.

On desktop, under "Interest rate" (to the right), enter the rate. Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years.

On mobile devices, tap "Refine Results" to find the field to enter the rate and use the plus and minus signs to select the "Loan term."

You may enter your own figures for property taxes, homeowners insurance and homeowners association fees, if you don’t wish to use NerdWallet’s estimates. Edit these figures by clicking on the amount currently displayed.

The mortgage calculator lets you click "Compare common loan types" to view a comparison of different loan terms. Click "Amortization" to see how the principal balance, principal paid (equity) and total interest paid change year by year. On mobile devices, scroll down to see "Amortization."

Formula for calculating a mortgage payment

The mortgage payment calculation looks like this: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

  • M = monthly mortgage payment

  • P = the principal amount

  • i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year. So, if your rate is 5%, then the monthly rate will look like this: 0.05/12 = 0.004167.

  • n = the number of payments over the life of the loan. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments.

How a mortgage calculator helps you

Determining what your monthly house payment will be is an important part of figuring out how much house you can afford. That monthly payment is likely to be the biggest part of your cost of living.

Using NerdWallet’s mortgage calculator lets you estimate your mortgage payment when you buy a home or refinance. You can change loan details in the calculator to run scenarios. The calculator can help you decide:

  • The home loan term length that’s right for you. 30-year fixed-rate mortgage lower your monthly payment, but you’ll pay more interest over the life of the loan. A 15-year fixed-rate mortgage reduce the total interest you'll pay, but your monthly payment will be higher. c

  • If an ARM is a good option. Adjustable-rate mortgages start with a "teaser" interest rate, and then the loan rate changes — higher or lower — over time. A 5/1 ARM can be a good choice, particularly if you plan on being in a home for just a few years. You’ll want to be aware of how much your monthly mortgage payment can change when the introductory rate expires, especially if interest rates are trending higher.

  • If you’re buying too much home. The mortgage payment calculator can give you a reality check on how much you can expect to pay each month, especially when considering all the costs, including taxes, insurance and private mortgage insurance.

  • If you’re putting enough money down. With minimum down payments commonly as low as 3%, it's easier than ever to put just a little money down. The mortgage payment calculator can help you decide what the best down payment may be for you.

How lenders decide how much you can afford to borrow

Mortgage lenders are required to assess your ability to repay the amount you want to borrow. A lot of factors go into that assessment, and the main one is debt-to-income ratio.

Your debt-to-income ratio is the percentage of pretax income that goes toward monthly debt payments, including the mortgage, car payments, student loans, minimum credit card payments and child support. Lenders look most favorably on debt-to-income ratios of 36% or less — or a maximum of $1,800 a month on an income of $5,000 a month before taxes.

Typical costs included in a mortgage payment

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But most mortgage payments include other charges as well. Here are the key components of the monthly mortgage payment:

  • Principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe.

  • Interest: What the lender charges you to lend you the money. Interest rates are expressed as an annual percentage.

  • Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due, the loan servicer pays them.

  • Homeowners insurance: Your policy covers damage and financial losses from fire, storms, theft, a tree falling on your house and other bad things. As with property taxes, you pay roughly one-twelfth of your annual premium each month, and the servicer pays the bill when it's due.

  • Mortgage insurance: If your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. It protects the lender’s interest in case a borrower defaults on a mortgage. Once the equity in your property increases to 20%, the mortgage insurance is canceled, unless you have an FHA loan backed by the Federal Housing Administration.

Typically, when you belong to a homeowners association, the dues are billed directly, and it's not added to the monthly mortgage payment. Because HOA dues can be easy to forget, they're included in NerdWallet's mortgage calculator.

Reducing monthly mortgage payments

The mortgage calculator lets you test scenarios to see how you can reduce the monthly payments:

  • Extend the term (the number of years it will take to pay off the loan). With a longer term, your payment will be lower but you’ll pay more interest over the years. Review your amortization schedule to see the impact of extending your loan.

  • Buy less house. Taking out a smaller loan means a smaller monthly mortgage payment.

  • Avoid paying PMI. With a down payment of 20% or more, you won’t have to pay private mortgage insurance. Similarly, keeping at least 20% equity in the home lets you avoid PMI when you refinance.

  • Get a lower interest rate. Making a larger down payment can not only let you avoid PMI, but reduce your interest rate, too. That means a lower monthly mortgage payment.

Monthly mortgage payments can go up

Your monthly payment can go up over time if:

  • Property taxes or homeowners insurance premiums rise. These costs are included in most mortgage payments.

  • You incur a late payment fee from your mortgage loan servicer.

  • You have an adjustable-rate mortgage and the rate rises at the adjustment period.