Typical Texas mortgage payment
The median home price in Texas is roughly $350,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $2,768 | $1,879 |
| 5.50% | $2,860 | $1,987 |
| 6.00% | $2,953 | $2,098 |
| 6.50% | $3,049 | $2,212 |
| 7.00% | $3,146 | $2,329 |
| 7.50% | $3,245 | $2,447 |
| 8.00% | $3,345 | $2,568 |
At 6.50% over 30 years, a $350,000 home in Texas costs about $2,212/month in principal & interest.
What affects your Texas payment?
- Property taxes & insurance vary by county and aren't included above.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price is an approximate estimate. Figures are principal & interest only and exclude taxes, insurance and fees. Not financial advice.