MORTGAGE CALCULATOR
Texas mortgage calculator
See your estimated monthly payment including Texas property taxes homeowners insurance HOA dues and PMI
How much should I put down?
Many conventional loans allow as little as 3% to 5% down, and FHA loans allow 3.5%. Putting 20% down avoids private mortgage insurance (PMI) on a conventional loan.
Why are Texas property taxes so high?
Texas has no state income tax, so local governments and school districts rely on property taxes. Combined rates in the DFW area often run about 1.5% to 2.6% of a home's taxable value, depending on the city and school district.
What is the homestead exemption?
If the home is your primary residence, you can apply for a homestead exemption with your county appraisal district. It lowers the taxable value of your home for school taxes and can save you real money every year.
What is PMI?
Private mortgage insurance protects the lender when you put less than 20% down on a conventional loan. It typically comes off once you reach about 22% equity.