With just a few inputs like loan amount, interest rate, and loan term, we can quickly see how different scenarios impact our finances. This tool not only simplifies the home-buying process but also helps us plan for the future with confidence. Let’s explore how using a Texas mortgage calculator can be a game-changer in our journey to homeownership.
How to Use the Texas Mortgage Calculator
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Enter home price and down payment (or %).
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Choose a loan term (15- or 30-year fixed, etc.).
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Use Texas property tax (county rate × home value) and estimated homeowners insurance.
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Toggle PMI/HOA if applicable.
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Compare Conventional, FHA, VA side-by-side.
Want a quick decision?
✅ Get pre-approved online — it only takes a few minutes.
Texas Mortgage Payment Basics (What Drives PITI)
Loan Amount
Home price – down payment = loan.
Example: $300,000 home – 20% down ($60,000) → $240,000 loan.
Interest Rate
Rates vary by credit, occupancy, and market conditions. A 0.25%–0.50% rate change meaningfully impacts lifetime interest.
Loan Term
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30-Year Fixed: Lower payment, more total interest.
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15-Year Fixed: Higher payment, faster equity, lower total interest.
Texas Property Taxes
Texas has no state income tax, but higher property taxes. County rates vary (approx.):
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Harris County: ~2.0–2.2%
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Travis County: ~1.7–1.9%
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Dallas County: ~2.0–2.2%
Check your locality: Texas Comptroller – Property Tax.
Homeowners Insurance
Typical range $1,000–$3,000/yr (higher in coastal or severe-weather areas). See coverage tips: Texas Department of Insurance.
PMI & HOA
PMI applies when down < 20% (Conventional). HOA varies by community; include it for an accurate monthly total.
Compare Popular Texas Loan Options
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Conventional (Fixed-Rate) – Best pricing with ≥20% down; cancel PMI once you reach 20% equity.
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FHA – Flexible credit, low down payment; mortgage insurance required.
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VA – For eligible Veterans/Service members; no down payment in many cases; no monthly PMI.
Learn more loan programs from Herring Bank:
5 Ways to Lower Your Texas Mortgage Payment
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Target 20% down to eliminate PMI on Conventional loans.
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Refinance if rates drop or credit improves.
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Appeal your property tax assessment if your value is overstated.
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Choose a 30-year term for lower monthly payments.
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Improve credit (utilization <30%, on-time history) for better pricing.
Frequently Asked Questions
What makes Texas mortgage payments unique?
Texas lacks state income tax but generally has higher property taxes and insurance—your payment needs to factor both for accuracy.
Can I estimate closing costs here?
Plan ~2%–5% of the loan amount. Your Herring Bank loan officer will provide a detailed estimate with your application.
Do ARMs make sense in Texas?
Adjustable-Rate Mortgages can work for short-horizon buyers (e.g., moving or refinancing within 5–7 years). For long-term stability, most buyers choose fixed-rate.
What are FHA/VA benefits?
FHA offers low down payment and flexible credit; VA offers no-down (for eligible borrowers) and no monthly PMI.
How do I start?
Apply online in minutes: Herring Bank Mortgage Application – Get Started
Helpful Resources
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Texas Comptroller – Property Tax: https://comptroller.texas.gov/taxes/property-tax/
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Texas Department of Insurance (Home Insurance): https://www.tdi.texas.gov/
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CFPB – Mortgage Basics: https://www.consumerfinance.gov/owning-a-home/
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HUD – FHA Mortgage Insurance: https://www.hud.gov/program_offices/housing
VA Lending Locations
Texas VA Loans, Laredo TX, Wichita Falls TX, Garland TX, San Antonio TX, Corpus Christi TX, Houston TX, Fort Worth TX, Dallas TX, El Paso TX Colorado, Colorado Springs CO
VA Lending Resources
How to Get a VA Loan in Texas, VA Lending Guide Fort Worth, TX
