Mortgage Calculator — Austin, TX
Median home price in Austin: $480,000. Monthly payment: $2,555/month (20% down, 7%, 30yr). Property tax rate: 1.68%.
= $96,000
Payment Breakdown
Austin Mortgage Payments by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $3,138 | $2,180 | $400,912 |
| 6% | $3,240 | $2,302 | $444,819 |
| 6.5% | $3,345 | $2,427 | $489,771 |
| 6.75% | $3,398 | $2,491 | $512,622 |
| 7% | $3,452 | $2,555 | $535,714 |
| 7.25% | $3,505 | $2,620 | $559,040 |
| 7.5% | $3,560 | $2,685 | $582,594 |
| 8% | $3,670 | $2,818 | $630,356 |
Austin Property Tax & Total Housing Cost
True Cost of a Home in Austin
What you actually pay over 30 years on a $480,000 home (20% down, 7%):
Homebuyer Tips for Austin, TX
The Austin housing market has its own dynamics. With a median price of $480,000 and a property tax rate of 1.68%, here are tips specific to buying in this area:
- Factor in property taxes early. At 1.68%, you'll pay $672/month in property tax alone — that's $8,064/year on the median home.
- Budget beyond the mortgage. Your true monthly housing cost in Austin is closer to $3,227/month when combining P&I and property tax — before insurance and maintenance.
- Get pre-approved locally. Lenders familiar with TX markets often have better rate options and faster closings for Austin properties.
- Compare neighborhoods carefully. Property tax rates and home values can vary significantly within Austin — a lower-tax neighborhood could save you thousands annually.
- Consider the 28% rule. To keep your Austin mortgage at 28% of gross income, you need a household income of at least $138,290/year.
- Research first-time buyer programs. TX may offer down payment assistance or reduced rates for first-time buyers purchasing in Austin.
Frequently Asked Questions — Austin Mortgages
How much house can I afford in Austin, TX?
Using the 28% rule, a household earning $100,000/year can afford roughly $347,097 in Austin. This accounts for the local property tax rate of 1.68%, which adds $672/month on the median home.
What is the monthly payment on a $480,000 home in Austin?
With 20% down and a 7% rate on a 30-year mortgage, the principal and interest payment is $2,555/month. Including property tax, expect to pay around $3,227/month before insurance.
Are property taxes high in Austin?
Austin's property tax rate is 1.68%. On the median home of $480,000, that's $8,064/year or $672/month. This is above the national average of about 1.1%.
Is a 30-year or 15-year mortgage better for Austin?
A 15-year mortgage at 6.75% on the median Austin home costs $3,398/month — $843 more than a 30-year — but saves $308,065 in total interest.
How much do I need for a down payment in Austin?
A 20% down payment on the median Austin home is $96,000. FHA loans allow as little as 3.5% down ($16,800), though you'll pay mortgage insurance.
What credit score do I need to buy a home in Austin?
Most conventional loans require a 620+ credit score, while FHA loans accept 580+. For the best rates on a $480,000 home in Austin, aim for 740 or higher — it can save you 0.5-1% on your rate.
How do I lower my mortgage payment in Austin?
You can lower your payment by making a larger down payment, buying down your rate with points, choosing a longer term, or shopping around for lower rates. In Austin, you could also look at neighborhoods with lower property tax assessments.
What is the total cost of owning a home in Austin for 30 years?
On the median $480,000 home with 20% down at 7%, you'll pay $1,015,714 in mortgage costs alone, plus $241,920 in property tax — a true total of $1,257,634 over 30 years.
Affordability in Austin
Based on 28% housing cost rule. Includes property tax.