Texas variant. This is a Texas-specific version of the Mortgage Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Mortgage Calculator.
With a median home value of $305,000 and an effective property tax rate of 1.68%, a typical Texas mortgage payment combines principal, interest, taxes, and insurance into a meaningfully different number than the sticker price suggests.
What drives a Texas mortgage payment
On the $305,000 median home with 20% down ($61,000), you'd finance about $244,000. At an illustrative 6.5% 30-year fixed rate, the principal-and-interest payment is roughly $1,542/month.
Texas's 1.68% effective property tax adds about $427/month, and homeowners insurance plus any PMI push the all-in payment higher still. Enter your real price, rate, and down payment above for an exact figure.
About taxes and housing in Texas
Texas has a constitutional ban on a state personal income tax, relying instead on sales and property taxes.
Texas offsets the lack of an income tax with relatively high property taxes near 1.68%, while median home values are around $305,000.
Texas has one of the largest state economies in the nation, led by energy, technology, manufacturing, and trade.
Worked example: $305,000 home in Texas
Price $305,000, 20% down ($61,000), loan $244,000 at 6.5% for 30 years → P&I ≈ $1,542/mo. Add property tax ≈ $427/mo (1.68% of value ÷ 12). Total before insurance ≈ $1,969/mo.
Quick reference
- State income tax: No state income tax (constitutional ban)
- State sales tax: 6.25% (plus 1.95% avg local)
- Median home value: $305,000
- Median household income: $75,780
- Effective property tax rate: 1.68%
- Avg auto insurance: $2,018/yr
Frequently Asked Questions
How much is a mortgage on a $305,000 Texas home?
With 20% down at 6.5% over 30 years, principal and interest run about $1,542/month, before Texas's 1.68% property tax and insurance.
What is the property tax rate in Texas?
Texas's effective property tax rate is about 1.68% of home value per year.