Texas Mortgage Calculator

PITI stands for principal, interest, property taxes and homeowners insurance. Your lender usually collects the taxes and insurance each month and holds them in an escrow account. If you put less than 20% down on a conventional loan, the payment also includes private mortgage insurance (PMI). FHA loans add a monthly mortgage insurance premium (MIP), and USDA loans add an annual guarantee fee. HOA dues are paid separately but still count toward what you spend on housing each month, so this calculator adds them in.

Texas has no state income tax, so local property taxes run high. Combined rates (county, city, school district and special districts) commonly land between about 1.6% and 2.6% of assessed value. This calculator opens at 2.29%, a typical combined rate for a San Antonio address in Bexar County. Look up your own address with your county appraisal district and enter that rate for a closer estimate.

VA and USDA loans allow 0% down for eligible buyers. FHA loans require at least 3.5% down with a credit score of 580 or higher. Conventional loans start at 3% down for some first-time buyer programs. Putting 20% down on a conventional loan removes PMI. Texas down payment assistance from TDHCA and TSAHC can help with upfront costs if you qualify.

Once you live in the home and file for the residence homestead exemption, school districts must exempt $140,000 of your home's value from school taxes (from tax year 2025). Homeowners who are 65 or older, or disabled, get an extra $60,000 off school taxes (one or the other, not both). Counties and cities may offer their own exemptions too. This calculator figures tax on the full price, so your escrow can come in lower after the exemption is applied. Use our Texas property tax calculator to see the difference.

Conventional loans with less than 20% down carry private mortgage insurance. The cost depends on your credit score and down payment and often falls between about 0.3% and 1.5% of the loan a year; this calculator opens at 0.5%. You can ask to cancel PMI once your balance reaches 80% of the original home value, and it ends automatically at 78%.

FHA loans charge an upfront premium of 1.75% of the base loan, which is usually added to the loan, plus an annual premium paid monthly. On a 30-year FHA loan of $726,200 or less, the annual premium is 0.55% with less than 5% down and 0.50% with 5% or more down. With less than 10% down, MIP lasts for the life of the loan; with 10% or more down, it ends after 11 years.