Texas mortgage calculator with taxes, insurance, and PMI

How this Texas mortgage calculator works

Most online calculators stop at principal and interest, then your real payment lands hundreds of dollars higher once taxes and insurance show up. This one folds the whole picture together. You set the home price, down payment, loan term, and your own interest rate, then add the Texas costs that actually move the number: property tax, homeowners insurance, mortgage insurance or PMI, and any HOA dues.

The result is your estimated monthly payment with a clear breakdown of each part, plus a year-by-year amortization schedule that shows how the balance falls and how much interest you pay over the life of the loan. Switch the loan type to compare a conventional, FHA, VA, or USDA estimate, and the tool adjusts the mortgage insurance for you.

Why Texas property taxes change your payment

Texas has no state income tax, and it makes up for it with relatively high property taxes. That trade matters when you budget a payment, because most buyers escrow taxes monthly with their mortgage. Effective rates vary widely by county, city, and school district, and the major metros tend to run higher than the often-quoted statewide average. Here is roughly where the biggest counties sit, so you can set the calculator to your area:

Approximate effective rates, Texas Comptroller and county appraisal districts. A primary residence with the homestead exemption typically pays less, so adjust the calculator to your actual tax bill.

If the home is your primary residence, the Texas homestead exemption can lower the taxable value and soften the school-tax portion. Property taxes are the single biggest reason a Texas payment differs from the same loan in a low-tax state, so it is worth getting this input right.

Homeowners insurance and PMI in Texas

Texas homeowners insurance tends to run higher than the national average because of wind, hail, and storm exposure across much of the state. The calculator seeds an estimate based on the home price, and you should replace it with a real quote once you have one, since premiums swing with location, roof age, and coverage.

On a conventional loan with less than 20 percent down, you will usually pay private mortgage insurance, or PMI, until you reach 20 percent equity. The calculator adds it as its own line and lets you set the rate. Put 20 percent or more down and the PMI line drops to zero. FHA, VA, and USDA handle this differently, which the loan-type buttons account for.

FHA, VA, USDA, and conventional estimates

Use the loan-type selector to match your situation. Unlike a generic calculator, the fees here follow the current published agency figures, so they change with your file: the VA funding fee tiers with your down payment and drops to zero if you are exempt, and FHA mortgage insurance follows the HUD schedule by loan-to-value and term. Each option changes how mortgage insurance and upfront fees are treated:

• Conventional. PMI applies under 20 percent down and ends as you build equity. A flexible, common choice for many Texas buyers.
• FHA. A lower down payment option with both an upfront and a monthly mortgage insurance premium. The calculator finances the upfront premium into the loan, as lenders typically do.
• VA. For eligible veterans and service members, with zero down and no monthly mortgage insurance. A one-time VA funding fee is financed in, and it is waived for many veterans with a service-connected disability.
• USDA. For eligible rural and many suburban Texas areas, with zero down, a small monthly fee, and an upfront guarantee fee financed into the loan.

You can read the details on my FHA, VA, USDA, and conventional program pages, then send me your scenario to confirm eligibility.

What the estimate includes, and what it does not

This tool estimates your ongoing monthly payment: principal and interest, property tax, homeowners insurance, mortgage insurance, and HOA dues. It does not include one-time closing costs, prepaid escrow deposits, title work, or special HOA assessments, and it does not lock anything in.

Rates and pricing depend on your credit, loan amount, property type, and the market on the day we lock, so the rate you enter here is only as good as your estimate. When you are ready for real numbers, I price your actual file and send a personalized Loan Estimate with the APR. Rather than rely on a generic calculator, that is when the figures become yours.