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PMI assumed to cancel automatically when the scheduled balance reaches 78% of the original price. Monthly total excludes utilities and maintenance.
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Texas mortgage, at a glance: average effective property tax 1.4% of home value per year. A $350,000 home with 20% down at 7.4% for 30 years costs about $2,493/mo: $1,939 principal & interest, $408 property tax, $146 insurance (est.).
Tax rate: Tax Foundation, Facts & Figures 2026, Table 33, Calendar year 2024 data (Census ACS), published May 28, 2026. Rate: Freddie Mac Primary Mortgage Market Survey, October 8, 2026.
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Texas's mean effective property tax rate on owner-occupied homes is 1.4% of home value per year (Tax Foundation, Facts & Figures 2026, Table 33; Calendar year 2024 data (Census ACS), published May 28, 2026). That is about $4,900 a year on a $350,000 home. Your county or city rate may be higher or lower.
With 20% down at 7.4% for 30 years (Freddie Mac average, October 8, 2026), principal and interest is about $1,939; adding Texas's average property tax ($408) and an estimated insurance cost ($146) gives about $2,493 a month.
Conventional lenders usually require private mortgage insurance when you put less than 20% down. This calculator uses an editable 0.5% of the loan per year and drops PMI when the scheduled balance reaches 78% of the original price, when it must be cancelled automatically under federal law.
No. These are estimates, not financial advice. Actual taxes, insurance, PMI and rates depend on your property, credit and lender.
Estimates, not financial advice. Taxes, insurance, PMI and fees vary by lender, county and city; confirm with your lender, dealer and state agency before acting.