Monthly Payment on a $300K Mortgage in Texas
Using Texas's 1.8% property tax rate and $3,800/yr homeowners insurance.
$300K 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% | $2,551 | $2,457 | $2,129 |
| 6.0% | $2,642 | $2,543 | $2,206 |
| 6.5% | $2,734 | $2,631 | $2,284 |
| 7.0% | $2,829 | $2,720 | $2,363 |
| 7.5% | $2,926 | $2,812 | $2,445 |
| 8.0% | $3,024 | $2,905 | $2,528 |
How This Compares to Texas's Median
A $300K home is close to Texas's median of $310K — this represents a typical purchase in the state. Cities at this price range include Midland, San Antonio, Tyler, Corpus Christi.
Income Needed for a $300K Home in Texas
To afford this payment of $2,631/mo in Texas, you'd need a household income of approximately $113K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $110K salary can afford →Closing Costs in Texas
Estimated closing costs in Texas: $5K (1.7% of purchase price). Texas has no transfer tax, which helps keep your upfront costs lower.
What to Know About a $300K Mortgage in Texas
Note that Texas's 1.8% property tax rate adds $450/mo to your payment — significantly more than the national average of roughly 1.1%. On a $300K home, that's $5,400/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 ($30,000), your loan of $270,000 at 6.5% over 30 years produces a principal and interest payment of $1,707/mo. Adding Texas's 1.8% property tax ($450/mo) and $3,800/yr insurance ($317/mo) brings your total to $2,631/mo. Because you're putting less than 20% down, PMI adds $158/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $344,370 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $32,304 over the life of the loan.