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Mortgage Calculator — Houston, TX
Median home price in Houston: $310,000. Monthly payment: $1,650/month (20% down, 7%, 30yr). Property tax rate: 1.81%.
= $62,000
Monthly Payment
$1,650
Loan Amount
$248,000
Total Interest
$345,982
Total Cost
$655,982
Payment Breakdown
Down Payment$62,000 (9.5%)
Principal$248,000 (37.8%)
Total Interest$345,982 (52.7%)
Houston Mortgage Payments by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $2,026 | $1,408 | $258,922 |
| 6% | $2,093 | $1,487 | $287,279 |
| 6.5% | $2,160 | $1,568 | $316,310 |
| 6.75% | $2,195 | $1,609 | $331,068 |
| 7% | $2,229 | $1,650 | $345,982 |
| 7.25% | $2,264 | $1,692 | $361,047 |
| 7.5% | $2,299 | $1,734 | $376,259 |
| 8% | $2,370 | $1,820 | $407,105 |
Houston Property Tax & Total Housing Cost
Property Tax Rate
1.81%
$5,611/year
Monthly P&I
$1,650
20% down, 7%, 30yr
Est. Total Monthly
$2,118
P&I + property tax
Affordability in Houston
10% down ($31,000)$99,590/yr needed
15% down ($46,500)$95,171/yr needed
20% down ($62,000)$90,751/yr needed
25% down ($77,500)$86,332/yr needed
Based on 28% housing cost rule. Includes property tax.