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Calculators/Real Estate & Mortgages
Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, insurance, and PMI.
$
%
%
years
%
$
Payment Breakdown
Principal & Interest$1,910.09
Property Tax$662.08
Insurance$100.00
Total Monthly Payment$2,672.18
Monthly Payment (PITI)
$2,672.18
Principal & Interest
$1,910.09
Loan Amount
$280,000.00
How to Use This Calculator
1
Enter the home price
Type the full purchase price of the home. In Texas, the median home price as of 2024 is around $310,000, but Austin and Houston run higher — $450K–$550K.
2
Set your down payment percentage
Most conventional loans require 20% down to avoid PMI. FHA loans allow 3.5% down. Veterans using VA loans can go to 0%. Enter the percentage, not the dollar amount.
3
Enter your interest rate
This is your annual interest rate, not APR. Check your lender's rate sheet or use current average rates. As of 2025, 30-year fixed rates hover around 6.5–7.5%.
4
Choose your loan term
30 years is the most common, giving you the lowest monthly payment. 15 years saves tens of thousands in interest but has a higher payment. Enter years (e.g., 30).
5
Review taxes and insurance
Property tax and homeowners insurance are added to your payment through escrow. In Texas, set tax to 1.6–1.9% depending on your county. Insurance runs $800–$1,500/year.
Real-World Examples
Austin Starter Home
Home Price
$380,000
Down Payment
20% ($76,000)
Interest Rate
7.0%
Loan Term
30 years
Result$2,532/month
Includes ~$538/mo Texas property tax and $100/mo insurance. No PMI since 20% down.
Houston FHA Loan
Home Price
$275,000
Down Payment
3.5% ($9,625)
Interest Rate
6.75%
Loan Term
30 years
Result$2,104/month
Includes FHA PMI of ~$115/mo and high Harris County property tax (~2.03%).
Frequently Asked Questions
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