Mortgage Calculator — Dallas, TX
Median home price in Dallas: $360,000. Monthly payment: $1,916/month (20% down, 7%, 30yr). Property tax rate: 1.93%.
= $72,000
Payment Breakdown
Dallas Mortgage Payments by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $2,353 | $1,635 | $300,684 |
| 6% | $2,430 | $1,727 | $333,614 |
| 6.5% | $2,509 | $1,820 | $367,328 |
| 6.75% | $2,549 | $1,868 | $384,467 |
| 7% | $2,589 | $1,916 | $401,786 |
| 7.25% | $2,629 | $1,965 | $419,280 |
| 7.5% | $2,670 | $2,014 | $436,946 |
| 8% | $2,752 | $2,113 | $472,767 |
Dallas Property Tax & Total Housing Cost
True Cost of a Home in Dallas
What you actually pay over 30 years on a $360,000 home (20% down, 7%):
Homebuyer Tips for Dallas, TX
The Dallas housing market has its own dynamics. With a median price of $360,000 and a property tax rate of 1.93%, here are tips specific to buying in this area:
- Factor in property taxes early. At 1.93%, you'll pay $579/month in property tax alone — that's $6,948/year on the median home.
- Budget beyond the mortgage. Your true monthly housing cost in Dallas is closer to $2,495/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 Dallas properties.
- Compare neighborhoods carefully. Property tax rates and home values can vary significantly within Dallas — a lower-tax neighborhood could save you thousands annually.
- Consider the 28% rule. To keep your Dallas mortgage at 28% of gross income, you need a household income of at least $106,932/year.
- Research first-time buyer programs. TX may offer down payment assistance or reduced rates for first-time buyers purchasing in Dallas.
Frequently Asked Questions — Dallas Mortgages
How much house can I afford in Dallas, TX?
Using the 28% rule, a household earning $100,000/year can afford roughly $336,664 in Dallas. This accounts for the local property tax rate of 1.93%, which adds $579/month on the median home.
What is the monthly payment on a $360,000 home in Dallas?
With 20% down and a 7% rate on a 30-year mortgage, the principal and interest payment is $1,916/month. Including property tax, expect to pay around $2,495/month before insurance.
Are property taxes high in Dallas?
Dallas's property tax rate is 1.93%. On the median home of $360,000, that's $6,948/year or $579/month. This is above the national average of about 1.1%.
Is a 30-year or 15-year mortgage better for Dallas?
A 15-year mortgage at 6.75% on the median Dallas home costs $2,549/month — $632 more than a 30-year — but saves $231,049 in total interest.
How much do I need for a down payment in Dallas?
A 20% down payment on the median Dallas home is $72,000. FHA loans allow as little as 3.5% down ($12,600), though you'll pay mortgage insurance.
What credit score do I need to buy a home in Dallas?
Most conventional loans require a 620+ credit score, while FHA loans accept 580+. For the best rates on a $360,000 home in Dallas, aim for 740 or higher — it can save you 0.5-1% on your rate.
How do I lower my mortgage payment in Dallas?
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 Dallas, you could also look at neighborhoods with lower property tax assessments.
What is the total cost of owning a home in Dallas for 30 years?
On the median $360,000 home with 20% down at 7%, you'll pay $761,786 in mortgage costs alone, plus $208,440 in property tax — a true total of $970,226 over 30 years.
Affordability in Dallas
Based on 28% housing cost rule. Includes property tax.