Mortgage Calculator Texas: PITI Payment Estimator (2026)
Your monthly mortgage payment includes more than principal and interest. In Texas, property taxes and insurance can add $500 to $700 to a mid-range home payment. Use this calculator to see the full PITI picture — principal, interest, taxes, insurance, and PMI — before you fall in love with a house.
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of most monthly mortgage payments. In Texas, property taxes are among the highest in the nation, running 1.5% to 2.5% of home value annually. On a $350,000 home, that adds $438 to $729 per month. Insurance adds another $100 to $200. PMI applies if you put less than 20% down on a conventional loan.
How to use this calculator
Enter your target home price and planned down payment. The calculator automatically determines your loan amount. Input a realistic interest rate based on current Texas market conditions. Set your loan term, property tax rate, and insurance estimate, then click Calculate Payment. If your down payment is less than 20%, add an estimated PMI amount or contact us for exact PMI options.
Mortgage Payment Calculator
Estimates only, not a loan offer or commitment to lend. Actual payments depend on credit, property, and market conditions. Verify with a licensed loan officer at 972-466-2551.
What your monthly mortgage payment includes
Your monthly payment includes four main components. Principal is the amount you borrowed. Interest is the cost of borrowing. Taxes are property taxes paid to the county, school district, and municipality. Insurance covers your home against damage. If you put less than 20% down on a conventional loan, you also pay PMI (private mortgage insurance), which protects the lender. FHA loans use MIP instead of PMI, and VA loans do not require either for eligible veterans.
| Component | Typical Texas Range | Notes |
|---|---|---|
| Principal & interest | Varies by loan | Based on loan amount, rate, term |
| Property tax | 1.5% to 2.5% of value | Highest in the nation; varies by county |
| Insurance | $1,800 to $3,000/yr | Varies by coverage, location, provider |
| PMI (if <20% down) | $100 to $400/mo | Removable at 20% equity on conventional |
| HOA (if applicable) | $150 to $400/mo | Common in Frisco, Plano, McKinney |
How to lower your monthly payment
- Increase your down payment to reduce the loan amount and eliminate PMI.
- Improve your credit score for a lower rate. Even 0.25% matters.
- Choose a 30-year term for lower payments, or a 15-year term for faster equity.
- Shop insurance quotes. Rates vary significantly by provider.
- Appeal your property tax assessment if you believe it is too high.
- Consider an ARM if you plan to sell or refinance within a few years.
Why Liberty Home Mortgage: We are a Dallas-Fort Worth mortgage company, and we help buyers understand their full PITI payment every week. Aslam Mansoor answers at 972-466-2551 and will show you the complete picture, not just principal and interest.
Texas property taxes run 1.5% to 2.5% of home value annually. On a $350,000 home, that is $438 to $729 per month. Insurance adds $150 to $250 per month. PMI runs $100 to $400 per month with less than 20% down. The homestead exemption reduces your taxable value after closing.
Worked example (illustrative only): A Lewisville buyer purchases a $350,000 home with 10% down at 6.95%. The loan amount is $315,000. Principal and interest are $2,090 per month. Property tax at 1.8% adds $525. Insurance adds $200. PMI adds $150. Total monthly payment is $2,965. After the homestead exemption, the tax portion drops to about $475, reducing the payment to $2,915. Your numbers depend on your rate, taxes, and insurance.
Where Liberty Home Mortgage lends:
Mortgage Calculator FAQ
How accurate is this mortgage calculator?
The calculator provides a close educational estimate based on the numbers you enter. Actual monthly payments depend on your final interest rate, property taxes set by your county, insurance premiums from your provider, and any HOA or PMI requirements. For an exact figure, get pre-approved.
Does this calculator include Texas property taxes?
Yes. We pre-fill a Texas average property tax rate of 1.8%, but you should adjust this to your specific county. Collin, Denton, and Tarrant counties vary, so enter the rate shown on the listing or ask your realtor for the exact figure.
What is PMI and when do I need it?
Private Mortgage Insurance is required on most conventional loans when your down payment is less than 20% of the purchase price. It protects the lender if you default. Once you reach 20% equity, you may request cancellation. FHA loans use MIP, and VA loans do not require mortgage insurance for eligible veterans.
How do I lower my monthly mortgage payment?
You can lower your payment by increasing your down payment, choosing a longer loan term, improving your credit score for a better rate, or selecting a loan program with reduced PMI. Some borrowers also consider an adjustable-rate mortgage for a lower initial payment, though the rate may change later.
Should I choose a 15-year or 30-year loan term?
A 30-year term offers the lowest monthly payment and maximum flexibility. A 15-year term builds equity faster and typically carries a lower interest rate, but the monthly payment is significantly higher. Use the calculator to test both scenarios side by side with your budget.
Does the calculator include HOA fees?
Yes. There is a field for monthly HOA dues. Many condos and planned communities in Frisco, Plano, and McKinney charge $150 to $400 per month. Include this amount for the most accurate estimate if your target property has an association.
Can I get pre-approved after using the calculator?
Absolutely. The calculator is a starting point. After you run your numbers, call 972-466-2551 or apply online for a same-day pre-approval review. A pre-approval letter tells sellers you are a serious buyer and defines your exact budget.
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Ready to see your real numbers? Call 972-466-2551 or apply online today.