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Texas mortgage calculator with property tax

texas mortgage calculator with property tax

Use this mortgage calculator to estimate how much house you can afford. See your total mortgage payment including taxes, insurance, and PMI. Mortgage Calculator. This calculator will help you to determine how much house you can afford and/or qualify for. Annual Property Taxes. Do you know how much of a mortgage you and your family can afford? Payments: $0 Home Insurance: $102 Property Taxes: $365 HOA Fees: $0 PMI: $160.

Texas mortgage calculator with property tax -

How much house can you afford?

Already qualified for a mortgage? Use our handy calculator below to work out how much a specific home will cost you to own. If you haven't yet received a pre-approval for a mortgage we highly recommend Cornerstone Home Lending. Unlike a bank, they have a variety of loan products available to them, and are extremely efficient and competitive. Visit them now to find out just how much home you can afford. Choosing the right lender is one of the most important steps you will take when preparing to purchase a home!

This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.

Contact us for more information about financing your next real estate purchase.

Источник: is an independent publisher and advertising-supported comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance. The products and offers that appear on this site are from companies from which receives compensation. This compensation may impact how, where and in what order products or offers appear on this site. does not include the entire universe of available financial products or credit offers
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How to Use the Mortgage Calculator

This free mortgage calculator helps you estimate your monthly payment with the principal and interest components, property taxes, PMI, homeowner’s insurance and HOA fees. It also calculates the sum total of all payments including one-time down payment,  total PITI amount and total HOA fees during the entire amortization period. You are presented with a detailed mortgage payment schedule. Many homeowners wish to accelerate their mortgage schedule through extra payments or accelerated bi-weekly payments. A table showing the difference in payments, total interest paid and amortization period under both schemes is also displayed.

Here are a few important points to help you understand the mortgage calculations:

The mortgage calculations do not include the following costs and savings:

If you opt for ARMs, your mortgage interest rates (and monthly payment) will change over time. Some of the recurring expenses will change over the lifetime of home ownership due to home value changes, inflation and other factors. Some expenses (e.g., property taxes, homeowner's insurance etc.) will continue even after you have paid off your loan. You should consider all these factors, especially when making a rent vs. buy decision.

Best wishes for an affordable home mortgage loan and a great new home!

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Mortgage Payment Breakdown

If you are a first time home buyer, you might not know what makes up your monthly mortgage. You mortgage payment is typically broken down like this:

*One thing to note, is that insurance and taxes are typically escrowed into a bank account, and the bank will pay them for you once the bills become available. The taxes are paid in arrears, and the insurance is paid upfront, typically in six month increments. You will be required to prepay a portion of these for the year, as part of your closing costs.

More on Taxes

I wanted to take a moment to dig a bit deeper on property taxes. Here in the slideshow below, I will be featuring four homes for sell in the area, the address and neighborhood isn’t so important, but what I want you to reflect on is the tax rate and what makes up those numbers.

Above, you can see that the “Jurisdiction” column identifies who each tax rate belongs to. You will see the school district (Conroe ISD or Klein ISD (This was just voted on, and a change to 1.36 was approved.)), Emergency Service Districts, County Hospitals or County Tax, Mud (this tax rate typically drives one neighborhood to be higher than one another, until the bond that supports the Mud is paid down. The Mud bond is responsible for brining the water and sewage into an area.),  Lone Star College, and The Woodlands Township (think HOA for The Woodlands), among some others.

Something else to note, is that even though a home is for sale for $400,000, this typically has no bearing or relevance to the tax assessed value. A tax assessed value is different than a market value. The tax assessed value is determined by the county, and there are lots of opinions on these values. The market value is actually what a buyer is willing to pay for a particular home. The asking price might be higher or lower than the assessed value and the same goes for the actual market value. Now there is the tax appraisal value, which is a private appraisal done by your lender, to determine how much they value your home to be. This ends up being a very important number, due to the fact that they won’t lend you more money “than the home is worth”. When this issue arises, there are a handful of options to come a resolution, so please don’t let this be a fear of yours.

It is very important to fight your tax assessed value each year, to prevent your property value from getting out of control. It is a very simple process, and you typically can do it all online. Most people just go through a couple steps, and get a resolution. Others fight it in person, and bring evidence with them to support the value they believe their home should be worth. It really is simpler than it sounds, and if you need any assistance, please reach out. Almost on a weekly basis, I prepare evidence for a current (or future) client.

A Key Takeaway On Taxes

One key takeaway, I would like to keep in mind is that (typically) the newer the home, the newer the MUD (municipal utility district), causing the taxes to be high. The higher the taxes, the less home you will qualify for. So in a neighborhood where the tax rate is 2.2%, you might qualify for $300,000, but in a neighborhood with a tax rate of 3.4%, you might only qualify for $275,000. So please when figuring out your home budget, know what your monthly budget is, not just a purchase price budget. Another thing to note, is that your “extra” money is going towards taxes instead of paying down your principal.

Mortgage Calculator

Using this very accurate mortgage calculator, you can determine what your monthly mortgage amount will be. The average cost for home owner’s insurance typically falls between .75% and 1% of the home’s purchase price. So to do things quickly, if you are looking at a $300,000, you would just put $3000 for the home owners insurance. For PMI, you can put $100-$150. Here is a link to a PMI calculator if you would like extreme accuracy in your final number. Credit has a factor on PMI, among other things. For property tax, you can find this number on the MLS. Keep in mind these numbers are without exemptions. To learn about homestead exemptions, click here. If you need help figuring out what you qualify for, here is a good resource.

Your total monthly payment


We are so happy you found our little corner of the interwebs. We look forward to y’all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Hugs, Jo.

Thoughtfully written for you by Jordan and the Jo & Co. Team.


here for you at jo and co

We are Waiting for You

If you are looking to relocate to the Houston Area, we would love to meet you, and hear your story. Below you will find all of my contact information, as well as some homes for sale in the area. We truly look forward to hearing from you! P.S. Don’t forget to check out our YouTube Channel!

If you are overwhelmed..

Now if you are feeling overwhelmed on where you should plant your roots, I would love to talk to you. You can schedule a call with me by click this link: or just send us an email: [email protected]. There are some amazing communities all over the Houston suburbs. In this post,, I deep dive into all the different suburbs/neighborhoods that you might want to consider, and why. There are many resources here, so please reach out if you are curious what to look at next! Thank you for trusting us.

Links to check out..

➟ Our YouTube Channel ::
➟ How do property taxes work in Texas? ::
➟ Things to do in The Woodlands ::
➟ Safest Neighborhoods in Houston ::
➟ Best Neighborhoods in Houston ::
➟ Houston Texas Where to Live ::
➟ First Time Texas Home Buyer ::

What next?!

• Download our Moving to Texas ebook!
• Download our Where to Live in Houston Texas ebook!
• Schedule a phone call or appointment with us!
• Email us! [email protected].
• Looking for a buyer’s agent? Fill out our buyer questionnaire!
• Ready to find your dream home? Search,
• Subscribe to our YouTube Channel: your piece of texas

Visit the Jo & Co. YouTube Channel

At Jo & Co. we know that most people struggle with the home buying or selling experience. We are a brokerage, real people, that do more for you, by being with you every step of the way, so that you plant your roots in the right soil. One way that we go above and beyond is with the content we share on YouTube. Click the photo below to explore our channel.

How to Calculate Your Monthly Mortgage Amount in Texas + Accurate Mortgage Calculator was last modified: November 2nd, 2021 by Jordan Marie Schilleci, Realtor®, Jo & Co. Realty Group

Mortgage Calculator

Down Payment:$0
Amount Financed:$0

Since you are putting LESS than 20% down, you will need to pay PMI (Private Mortgage Insurance), which tends to be about $55 per month for every $100,000 financed (until you have paid off 20% of your loan). This could add $ to your monthly payment.

TOTAL Monthly Payment: $0 (monthly + pmi)

Residential (or Property) Taxes are a little harder to figure out... In Massachusetts, the average resedential tax rate seems to be around $14 per year for every $1,000 of your property's assessed value.

Let's say that your property's assessed value is 85% of what you actually paid for it - $0. This would mean that your yearly residential taxes will be around $, and this could add $ to your monthly payment.

  1. The down payment = The price of the home multiplied by the percentage down divided by 100 (for 5% down becomes 5/100 or 0.05)

    $0 = $0 X 0 / 100)
  2. The interest rate = The annual interest percentage divided by 100

    0 = % / 100
  3. The monthly factor = The result of the following formula:

    The monthly interest rate = The annual interest rate divided by 12 (for the 12 months in a year)

    0 = 0 / 12
  4. The month term of the loan in months = The number of years you've taken the loan out for times 12

    Months = Years X 12
  5. The monthly payment is figured out using the following formula:

    Monthly Payment = 0 * (0 / (1 - ((1 + )-(0))))

    The amortization breaks down how much of your monthly payment goes towards the bank's interest, and how much goes into paying off the principal of your loan.

Amortization For Monthly Payment: $0 over 0 years

Year 0

MonthInterest PaidPrincipal PaidRemaing Balance

Totals for year 0

You will spend $0 on your house in year 0
$0 will go towards INTEREST
$0 will go towards PRINCIPAL


How Much House Can You Afford?

Attention renters! The shelter you rent may very well be costing you more than the home you could own. How much is that roof over your head really costing you?

Owning Versus Renting Can Make A Significant $$$$$ Difference

This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.

For more information about financing your next real estate purchase

Contact us

Back to Homebuyers Guide


Mortgage Calculator

A mortgage calculator helps prospective home loan borrowers figure out what their monthly mortgage payment will be. A mortgage payment calculator takes into account factors including home price, down payment, loan term and loan interest rate in order to determine how much you’ll pay each month in total on your home loan. Other associated costs may include property taxes, home insurance and mortgage insurance.

How to calculate your mortgage payment

Mortgage calculators take into account a variety of different factors when determining your monthly mortgage costs. They can include the price of your home, your down payment, your monthly interest rate and the term length of your mortgage. If your math skills are a little rusty, a mortgage calculator does the hard work for you in order to determine your monthly payment and associated costs.

The basic formula for calculating your mortgage costs: P = A[R(1 + R)^T]/[(1 + R)^T – 1]

  • P stands for your monthly payment
  • A stands for your loan amount
  • T stands for the term of your loan in months
  • R stands for the monthly interest rate for your loan

For example, let’s say that John wants to purchase a house that costs $125,000 and has saved up a $25,000 down payment. His loan amount (A) is $100,000, the term length (T) is 15 years (180 months) and the monthly interest rate (R) is 4.20%. In this scenario, John’s monthly mortgage payment (P) will be $749.75.

John’s mortgage cost formula will look like: 749.75 = 100,000[4.2(1+4.2)^180/[(1+4.2)^180-1)

If John wants to purchase the same house with a 30-year term length, the formula works in much the same way. In this scenario, his loan amount (A) is $100,000, term length (T) is 30 years (360 months) and monthly interest rate (R) is 4.20%. With a 30-year mortgage, John’s monthly mortgage payment (P) will be $489.02.

John’s mortgage cost formula will look like: 489.02 = 100,000[4.2(1+4.2)^360/[(1+4.2)^180-1)

By using a mortgage calculator, prospective homebuyers can determine just how much they’ll be paying each month for their new home. Mortgage calculators are an easy, convenient way to determine how much you’ll be able to afford. They also allow borrowers to experiment with different down payments, loan term lengths and home prices. 

Why should I use a mortgage calculator?

  1. To decide if an ARM loan is right for me ­– An ARM loan, also known as an adjustable-rate mortgage, has an interest rate that changes over time. After a fixed-rate introductory period, ARM rates can fluctuate depending on the economy. There are usually set limits when it comes to how much the interest rates can increase from year to year, as well as limits over the length of the loan. While ARM loans can offer an enticingly low introductory rate, you run the risk of increasing monthly payments over time. Mortgage calculators can help you decide whether an ARM rate is worth the risk or if a conventional fixed-rate mortgage is a better option.
  2. To figure out if a home is out of my price range – Because a mortgage calculator allows prospective borrowers to calculate their monthly costs, it can help buyers decide on a good price range for purchasing a home. A good rule of thumb is to spend no more than 30% of your monthly income on a housing payment.
  3. To figure out what my payments would be with more or less money down – Mortgage calculators can also help borrowers decide on an optimal down payment amount. In general, the larger your down payment, the lower your monthly costs will be. A larger down payment can also help you avoid paying for mortgage insurance. The more money you can save up for a down payment on a house, the less you’ll end up spending on interest and fees. Depending on the price of your home, a mortgage calculator can help you figure out what the best down payment will be.
  4. To decide what the best loan term is – Mortgages are commonly offered with either 15 or 30-year terms. Longer-term lengths will reduce your monthly payment, but you’ll pay more interest over time. Shorter-term lengths have higher monthly payments but may end up saving you money in the long run. When deciding on a term length for your mortgage, it’s also a good idea to consider other related factors, such as how long you plan to live in your home and whether or not you plan to refinance.
  5. To figure out associated costs – When it comes to buying a house, most people focus on the down payment as the biggest cost associated with homeownership. However, there are a variety of associated costs that are easy to overlook, including insurance, property taxes and homeowners association dues. Mortgage calculators can help you to include these additional factors when you’re determining the necessary monthly payments for your new home.

The final word

Ultimately, mortgage calculators ensure that borrowers are more informed when it comes to the financial side of purchasing a home and enable home buyers to make the choices that are right for their financial situation. Once you’re done calculating your mortgage, compare the best mortgage rates of this year to see which lender best fits your needs.

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