the whole number, not half of it
Mortgage Payment Calculator
The biggest surprise I see first-time buyers run into is realizing that the monthly payment is a good deal more than just principal and interest. Most calculators online only show you those two, which is how people end up budgeting for one number and meeting another. This one breaks out the rest, because here in Texas the rest makes up a meaningful part of what you actually pay.
This is an estimate built from the numbers you enter, so treat it as a planning tool rather than anything official. It is not a loan offer, a quote or a commitment to lend. Your loan officer will give you a Loan Estimate with real figures within three business days of your application, and that is the document that counts.
Why the rest of the payment matters in Texas
Texas has no state income tax, and the trade-off is property taxes that run higher than the national average. Your rate depends on the county, the school district, and whether the community sits in a Municipal Utility District. Rates vary meaningfully from one community to the next, so a few minutes of research before you sign a contract can prevent a serious surprise.
One more thing specific to new construction: if your home was not finished on January 1, your first tax bill reflects only the land, and your escrow is set from that low number. In year two the full value hits the tax rolls and your payment jumps with it. Estimate the year-two figure early and set the difference aside from day one.
Mary De Pinho | Texas Real Estate License #579203 | Dalton Wade Real Estate Group
Mary De Pinho is a licensed real estate agent and is not a lender, mortgage broker, or credit repair organization. Information about down payment assistance programs, credit readiness, and mortgage financing is provided for educational purposes only and does not constitute financial, legal, or credit repair advice. Assistance program eligibility, terms, income limits, and available funding are subject to change and are determined by the administering agency, not by the agent. Results vary by individual situation. Figures cited in this material were current as of the date of publication; verify all program details with the appropriate agency before making financial decisions.
Equal Housing Opportunity. Mary De Pinho does not discriminate on the basis of race, color, religion, sex, national origin, familial status, disability, or any other class protected under federal, state, or local fair housing law.
Buyer representation is provided under a written buyer representation agreement. The agent's commission for new-construction purchases is paid by the builder at no cost to the buyer. Terms of representation are disclosed in writing before services begin, in accordance with current Texas Real Estate Commission rules.