Mortgage for Texas (2026)
Texas (TX) Key Facts
Median Home Price
$300,000
Average Property Tax Rate
1.8%
Average Home Insurance Rate
1.2%
Estimated Monthly Payment
$2,501
First Time Buyer Programs
2
How This Calculator Works in Texas
This mortgage calculator lets you estimate your monthly payment on a Texas home by factoring in the purchase price, down payment, interest rate, property taxes, and insurance. It is pre-loaded with Texas's average property tax rate and insurance costs so you can get a realistic estimate quickly. Adjust the inputs to match your specific situation and see how different scenarios affect your monthly budget.
Texas Overview
Texas has a median home price of approximately $300K, with an average property tax rate of 1.8% and homeowners insurance averaging 1.2% annually. No state income tax. TDHCA My First Texas Home and other state programs can help first-time buyers with down payment assistance and competitive mortgage rates.
How Texas Compares
Compared to neighboring states, Texas's median home price of $300,000 is below the national median of about $420,000. Nearby Louisiana has a median price of $215,000 with a 0.55% property tax rate. Property tax rates vary significantly among neighboring states, which can substantially impact long-term homeownership costs.
| State | Top Rate | Notes |
|---|---|---|
| Louisiana | $215,000 | Median home price is $215,000 with a 0.55% property tax rate. Estimated monthly mortgage payment is about $1,604. |
| Oklahoma | $200,000 | Median home price is $200,000 with a 0.9% property tax rate. Estimated monthly mortgage payment is about $1,534. |
| New Mexico | $300,000 | Median home price is $300,000 with a 0.8% property tax rate. Estimated monthly mortgage payment is about $2,114. |
The median home price in Texas is $300,000, compared to the national median of approximately $420,000. With a 1.8% average property tax rate and 1.2% insurance rate, Texas homeowners can expect an estimated monthly payment of about $2,501 on a median-priced home with 10% down at 6.75% interest.
Tips for Texas Residents
- 1Texas has a median home price around $300K. No state income tax. Research local market conditions as prices vary significantly by city and neighborhood.
- 2Property taxes in Texas average 1.8%. As a community property state, both spouses are equally responsible for mortgage debt. Always verify your specific county's tax rate, as it directly impacts your monthly payment.
- 3Explore TDHCA My First Texas Home for potential down payment assistance and favorable rates. Texas also offers TDHCA My Choice Texas Home. Check income limits and eligibility early in your home search.
- 4Community property state; homestead exemption reduces property tax burden. Budget 2-5% of the purchase price for closing costs including lender fees, title insurance, and prepaid expenses.
- 5High property taxes ~1.8% offset no income tax. A 0.25% rate difference on a $300K home can save thousands over the life of your loan, so shop at least 3-4 lenders before committing.
Frequently Asked Questions
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