Texas mortgage calculator with property taxes
In Texas, property taxes can be a big share of the monthly payment. See principal, interest, taxes, insurance and PMI together.
How it's calculated
For Texas we prefill the statewide effective property tax rate from U.S. Census data. Once you file for the residence homestead exemption ($140,000 off the value for school taxes, $200,000 if 65 or older or disabled), your escrow payment can drop — model it with the Texas property tax calculator.
Principal and interest use the standard amortization formula: payment = L × r / (1 − (1 + r)^−n), where L is the loan (price − down payment), r the monthly rate (annual rate / 12) and n the number of payments (years × 12). We add one-twelfth of the yearly property tax and insurance, the monthly HOA dues and, if you put down less than 20%, private mortgage insurance (PMI) as a percentage of the loan.
Under the Homeowners Protection Act, you can ask your servicer to cancel PMI when your balance is scheduled to reach 80% of the home's original value, and it must end automatically at 78% if you are current on payments. We show the month the scheduled balance reaches 78%. FHA and VA loans have different mortgage insurance or funding fee rules.
Calculator by state
Frequently asked questions
Why is my Texas mortgage payment so high?
Usually because of property taxes held in escrow: Texas has no state income tax and relies on local property taxes, so the tax part of the payment is larger than in many states.
Will the homestead exemption lower my payment?
Yes, once it is approved and your servicer recalculates the escrow. For school taxes it removes $140,000 of value; other local exemptions may apply.
What is included in a mortgage payment?
Principal and interest, and usually an escrow amount for property taxes and homeowners insurance (PITI). Mortgage insurance and HOA dues may add to your monthly housing cost.
How much is the payment on a $300,000 mortgage?
At 6.5% for 30 years, principal and interest are about $1,896 a month; at 15 years, about $2,613. Taxes, insurance and any PMI or HOA come on top — enter your numbers to see the total.
When can I stop paying PMI?
You can request cancellation when your balance is scheduled to reach 80% of the original value, and it must end automatically at 78% if your payments are current. Paying extra principal gets you there sooner.
Sources
- CFPB — When can I remove private mortgage insurance (PMI)?
- CFPB — Loan Estimate explainer
- U.S. Census Bureau — American Community Survey 2020-2024 5-year estimates, tables B25103 and B25077
Results are estimates for information only and are not legal, tax or financial advice. Confirm the figures with your lender, title or escrow company and the county offices.
More calculators
Ready for the next step?
Compare licensed brokerages and agents in your city, with their official state license, or get a free estimate of your home's value.
Find a brokerage or agent in: