Math that makes sense

Calculate your mortgage payment in Texas

What goes into a mortgage payment in texas?

Credit Score

You know, your credit score plays a huge role in determining your mortgage rate. If you have a high credit score, it means you’ve been pretty good at managing your credit. This makes you less of a risk for lenders, so they might even offer you a lower interest rate. How cool is that?

Loan-to-Value (LTV) Ratio

So, the LTV ratio is basically how your loan amount stacks up against what your property is actually worth. If your LTV is low, that typically means you’ve got a sizable down payment. The good news? That usually helps you snag a better mortgage rate.

Down Payment

If you can make a bigger down payment, it shows you’re really committed and financially secure. This could even get you a lower interest rate.

Debt-to-Income (DTI) Ratio

Lenders look at your debt-to-income (DTI) ratio. It’s how they compare how much you owe in debt each month to what you make before taxes. A lower ratio usually means you’re in a better financial spot and could help you get a better rate on your mortgage.

Loan Type and Term

The type of loan you choose and its terms could affect your interest rate. A 30-year fixed-rate mortgage will likely come with a more affordable payment than a 15-year, fixed-rate mortgage. However, a 15-year mortgage will end in half the time of a 30-year mortgage.

Economic Factors

Factors like inflation, how many people are out of work, and how the economy is doing overall – these all play a big part in what mortgage rates look like.

Market Conditions

Mortgage rates aren’t set in stone. They can go up or down based on how many people want to buy houses and what’s happening in the bond market. When lots of people want mortgages, the rates might go up. But if fewer people are looking to buy, then the rates could drop.

Loan Amount

If you borrow a bigger amount, the interest rate might be higher. That’s because the lender is taking on more risk.

Type of Property

The kind of property you’re planning to buy, like a single-family home, an investment property, or a condo, can actually change the mortgage rate you get.

Points or Fees

Lenders might give you different interest rates and you could get a chance to pay less if you shell out some discount points upfront. On the flip side, if the fees are higher, you might end up with a lower interest rate.

Credit Market Conditions

Mortgage rates can be affected by how easily lenders can get credit and how much mortgage money is in the market.

How much are property taxes in Texas counties?

Did you know one of the good things about moving to Texas is they don’t have a state taxes on property like some states do? However, they do have property tax, but it changes depending on what county you’re in.

Now, the Texas state government announces the property tax rates for every county. Just remember, these assessed values might not update frequently, so what you end up paying could be a bit different from what is in the table.

CountyMedian Home Price*Average Property Tax Rate**Median Annual Property Tax Cost
Harris County$315,0002.19%$6,898.50
Dallas County$350,0001.81%$6,335.00
Tarrant County$340,0001.92%$6,528.00
Bexar County$292,1001.99%$5,812.79
Travis County$520,0001.77%$9,204.00
Collin County$497,5001.87%$9,303.25
Hidalgo County$235,0001.98%$4,653.00
El Paso County $260,0002.31%$6,006.00
Denton County$448,7501.90%$8,526.25
* As of October 2023 according to
** Data taken from

How much does homeowners insurance cost in Texas

The cost of homeowners insurance in Texas, as in other states, 
is influenced by a variety of factors. Whether you live on the coast, 
in one of the major cities, or in the mountains, there are multiple aspects 
of your home that impact your homeowners insurance payment.

These factors help insurers assess the risk associated with your home 
and determine the price you pay for coverage. Here are some key factors that go into determining the cost of homeowners insurance in Texas.


You know, where your house is located in Texas really makes a big difference in how much you pay for insurance. If your place is in an area that gets hit a lot by natural disasters, like floods, hurricanes, or wildfires, you might end up paying more for your insurance premiums.

Dwelling Coverage

When selecting your dwelling coverage for your home in the state of Texas, remember it affects your payment. Ensure it covers the full cost of rebuilding your house if, unfortunately, it’s destroyed.

Property Value

When figuring out how much you’ll pay for insurance, insurers consider the total worth of your place. This includes the land itself and any upgrades you’ve made to it.

Home Features & Construction

The age, materials, and construction of your Texas home can significantly influence your insurance costs since some features may be more prone to damage or expensive to repair.

Coverage Limits

The amount you choose for personal property coverage and the level of liability protection you desire can significantly affect your insurance policy costs.

Deductible Amount

Opting for a higher deductible means paying more out-of-pocket for claims, but it can reduce your insurance premiums.

Claims History

Your past insurance claims, particularly large ones, can significantly affect your current premiums. If you’ve frequently made substantial claims, you might see your rates increase.

Security & Safety Features

Adding security systems, smoke detectors, fire alarms, or other safety features to your home could lead to significant discounts on your insurance costs.


In Texas, flood insurance is a must-have for homeowners. This state’s weather can be unpredictable, with sudden storms causing floods. Adding flood insurance ensures your home and belongings are protected.

How can I start a mortgage application on a home in Texas?

Have you finished using our Texas Mortgage Calculator? Kickstart your journey towards living in the Lone Star State through securing a mortgage pre-approval. It’s a handy step that not only signals to sellers and real estate agents that you mean business but also gives you a ballpark figure of what you could potentially get approved for.

*All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction.

Owning, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Owning, Inc. Owning, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.