Monthly Payment on a $150K Mortgage in Texas
Using Texas's 1.8% property tax rate and $3,800/yr homeowners insurance.
$150K Mortgage in Texas: Rate Comparison
Monthly PITI payment using Texas's 1.8% property tax and $3,800/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,434 | $1,387 | $1,223 |
| 6.0% | $1,479 | $1,430 | $1,261 |
| 6.5% | $1,525 | $1,474 | $1,300 |
| 7.0% | $1,573 | $1,519 | $1,340 |
| 7.5% | $1,621 | $1,564 | $1,381 |
| 8.0% | $1,670 | $1,611 | $1,422 |
How This Compares to Texas's Median
A $150K home is 52% below Texas's median of $310K. This is well within reach in many Texas communities.
Income Needed for a $150K Home in Texas
To afford this payment of $1,474/mo in Texas, you'd need a household income of approximately $63K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $60K salary can afford →Closing Costs in Texas
Estimated closing costs in Texas: $3K (1.7% of purchase price). Texas has no transfer tax, which helps keep your upfront costs lower.
What to Know About a $150K Mortgage in Texas
Note that Texas's 1.8% property tax rate adds $225/mo to your payment — significantly more than the national average of roughly 1.1%. On a $150K home, that's $2,700/year in property taxes alone. This is a major factor in your total payment and something to budget for carefully.
Homeowners insurance in Texas runs $3,800/yr, adding $317/mo to your payment. This is well above the national average due to weather-related risks in the region. Shopping for competitive insurance quotes can help offset this cost.
With 10% down ($15,000), your loan of $135,000 at 6.5% over 30 years produces a principal and interest payment of $853/mo. Adding Texas's 1.8% property tax ($225/mo) and $3,800/yr insurance ($317/mo) brings your total to $1,474/mo. Because you're putting less than 20% down, PMI adds $79/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $172,185 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $16,152 over the life of the loan.