Texas Mortgage Payment Calculator 2026
Quick Answer
The median Texas home is $344,000. With 20% down, the loan is $275,000 — that's $1,793/month P&I on a 30-year loan at 6.8%, or $2,335/month on a 15-year at 6.1%. To qualify under the 28% rule, you need roughly $89,000/year in gross income.
Loan Details
30-yr avg 2026: ~6.8%
Mortgage Payment Results
Monthly Payment
$2,281.74
principal + interest
Total Interest
$471,426
Total Paid
$821,426
Bi-Weekly Payment Strategy
Paying $1,140.87 every two weeks instead of $2,281.74 monthly saves $113,269 in interest and pays off your loan 6y 1m earlier. (You make 26 half-payments = 13 full payments per year vs 12.)
Payment at Different Rates — $350,000 / 30 years
| Rate | Monthly P&I | Total Interest | vs Current |
|---|---|---|---|
| 5.0% | $1,878.88 | $326,395 | -$402.86/mo |
| 5.5% | $1,987.26 | $365,414 | -$294.48/mo |
| 6.0% | $2,098.43 | $405,434 | -$183.31/mo |
| 6.5% | $2,212.24 | $446,406 | -$69.50/mo |
| 6.8% | $2,281.74 | $471,426 | ← current |
| 7.0% | $2,328.56 | $488,281 | +$46.82/mo |
| 7.5% | $2,447.25 | $531,010 | +$165.51/mo |
| 8.0% | $2,568.18 | $574,543 | +$286.44/mo |
P&I only — does not include property tax, insurance, or PMI. For a full PITI payment, use the Mortgage Calculator.
Frequently Asked Questions — Texas
What is the monthly mortgage payment on a Texas home?
The median Texas home costs $344,000. With 20% down ($68,800), the loan is $275,000. Monthly P&I at 6.8% for 30 years: $1,793. At 6.8% for 15 years: $2,335. These figures are principal and interest only — add property tax, homeowners insurance, and PMI (if applicable) for your full monthly housing cost.
How much do you need to earn to buy a home in Texas?
For the median Texas home ($344,000) with 20% down, the monthly P&I is $1,793. Using the 28% front-end DTI rule (lenders want housing costs below 28% of gross income), you need approximately $89,000/year — about $7,417/month — in gross income. With property tax and insurance, the required income is roughly 10–15% higher.
How much does bi-weekly mortgage payment save in Texas?
On a $275,000 mortgage at 6.8% for 30 years ($1,793/month), switching to bi-weekly payments of $896 every two weeks results in one extra full payment per year. This saves approximately $62,969 in total interest and pays off the loan 4–5 years early. Confirm your lender applies bi-weekly payments immediately rather than holding them until month-end.
What is the difference between 15-year and 30-year in Texas?
On $275,000 at current rates: 30-year (6.8%) = $1,793/month, total interest $370,406. 15-year (6.1%) = $2,335/month, total interest $145,388. The 15-year saves $225,018 in interest but costs $543 more per month. Texas buyers with strong income often prefer the 15-year; those prioritizing cash flow choose the 30-year.
How do I calculate how much mortgage I can afford in Texas?
Use the affordability mode in the calculator: enter your target monthly payment, rate, and term to get the maximum loan. As a rule of thumb: on a $89,000/year salary ($7,417/month), 28% = $2,077/month for housing. At 6.8% for 30 years, that finances a loan of approximately $275,000. With $68,800 down, that buys a $344,000 home.