Free tool
Mortgage payment calculator: see the whole payment
Enter the rate you were quoted. Add Texas property tax, insurance, mortgage insurance, and HOA to see what you'd really pay each month.
Everything runs in your browser. Nothing you type is sent anywhere or saved. Want me to check real numbers? Send me your Loan Estimate.
How is a mortgage payment calculated?
Your monthly payment is principal and interest plus escrow for property taxes and homeowner's insurance, plus any mortgage insurance and HOA dues. Principal and interest come from the loan amount, your interest rate, and the term. Escrow items are added on top, and in Texas, property taxes are often a big piece.
Why do Texas property taxes matter so much?
Texas has no state income tax, so local governments rely heavily on property taxes. Rates are set by your county, city, school district, and other local taxing units, and they vary by address. Use the actual rate for the property, and file your homestead exemption after you move in.
Source: Texas Comptroller: property tax.
Where do I find these numbers on my Loan Estimate?
Look at page 1, Projected Payments. It breaks out principal and interest, mortgage insurance, and estimated escrow, and shows the total monthly payment. If the escrow line looks light for the property, the tax estimate may be a placeholder. Ask.
Decode the whole thing: Loan Estimate decoder.
For illustration only. Not a commitment to lend, a Loan Estimate, or an offer of credit. Your actual figures depend on your full application, credit approval, property, and the loan program. John Stafford NMLS #2470539 | GoRascalJohn powered by GoRascal Inc. NMLS #2072896. Equal Housing Opportunity.
Common questions
Does this calculator include PMI or FHA MIP?
Yes, if you enter it. Use the mortgage insurance amount from your Loan Estimate's Projected Payments table.
What property tax rate should I use in Texas?
Use the combined rate for the specific property from the county appraisal district or the listing's tax info. Rates vary by address.
Why is my lender's payment different?
Lenders use exact tax, insurance, and mortgage insurance figures for the property. Differences in those inputs usually explain the gap.
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