Texas Mortgage Calculator (High Property Tax Logic)
Calculate mortgage payments in Texas. Includes accurate TX property tax estimates (1.8% avg) and homestead exemption logic.
Loan Details
Taxes & Insurance
Estimated Monthly Payment
Payoff Date
September 2056
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Affordability Analysis for $350,000
Texas has no state income tax but very high property taxes (1.6% - 2.2%). This calculator defaults to 1.8% to give you a realistic Texas payment.
When planning for a home at this price point, it is critical to calculate not just the mortgage, but the "Unrecoverable Costs" of homeownership: property taxes, HOA fees, and maintenance (usually 1% of home value per year).
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FAQs for this Price Range
How much is the monthly payment for a $350,000 mortgage?
At 6.5% interest with 20% down, the Principal & Interest payment on this $350,000 home is approximately $1,770/mo. Including taxes, insurance, the full PITI payment is about $2,397/mo.
How much income do I need for a $350,000 house?
Using the 28% rule and this scenario's actual 1.8% tax rate, lenders typically look for a gross annual income of approximately $102,723 to comfortably afford this $350,000 home.
Do I need 20% down?
This scenario assumes 20% down ($70,000), which avoids Private Mortgage Insurance (PMI) entirely. Putting down less is possible but would add roughly $175/mo in PMI until you reach 20% equity.