Texas Down Payment Calculator 2026 — How Much to Save
Last updated: April 2026 · Source: Zillow, Freddie Mac, Tax Foundation
Quick Answer
For the Texas median home price of $315,000, you need: $9,450 for a 3% conventional loan, $11,025 for FHA (3.5%), $31,500 for 10% down (lower PMI), or $63,000 for 20% (no PMI). VA and USDA loans offer 0% down for eligible buyers.
Texas Housing & Mortgage Data
| Median Home Price | $315,000 |
| 30-Year Fixed Rate | 6.90%(State average, Apr 2026) |
| Property Tax Rate | 1.68%(Effective rate) |
| Avg HO Insurance | $3,500/yr ($292/mo) |
| Typical Down Payment | 10% ($31,500) |
| Median Household Income | $66,000/yr |
Key Facts for Texas
- ✓Texas median home price is $315,000 as of 2026
- ✓30-year fixed mortgage rates in Texas average 6.90%
- ✓Property taxes in Texas are 1.68% — above the national average of 1.10%
- ✓Homeowners insurance averages $3,500/year in Texas
- ✓A household earning $78,750/year can typically afford the median Texas home
More Texas Calculators
Frequently Asked Questions — Down Payment Calculator in Texas
- Are there down payment assistance programs in Texas?
- Yes. Texas offers state-level down payment assistance (DPA) programs through its Housing Finance Agency. Programs typically offer 2–5% of the purchase price as a forgivable grant or low-interest second loan for first-time buyers who meet income and purchase price limits. Search "Texas Housing Finance Agency" for current programs.
- Is a 20% down payment required to buy a home in Texas?
- No. The 20% down payment is a myth. Conventional loans start at 3% down, FHA loans at 3.5% down, and VA/USDA loans offer 0% down for eligible buyers. The tradeoff: anything below 20% requires PMI on a conventional loan. On a $315,000 home, 20% down is $63,000 vs $9,450 for 3% down.
- What is the average mortgage payment in Texas?
- The average monthly mortgage payment (principal + interest) in Texas is approximately $1,867 for a $283,500 loan at 6.90% over 30 years. Adding property tax ($441/mo) and homeowners insurance ($292/mo) brings total PITI to about $2,600/month.
- What credit score do I need for a mortgage in Texas?
- Most Texas lenders require a minimum 620 credit score for conventional loans and 580 for FHA loans (with 3.5% down). For the best rates in Texas, aim for 740+. A higher score can reduce your rate by 0.5–1.0%, saving $42,525 over the life of a 30-year loan.
- How much down payment is required to buy a home in Texas?
- You can buy a home in Texas with as little as 0% down (VA, USDA loans for eligible buyers), 3% down (conventional), or 3.5% down (FHA). On the Texas median home price of $315,000, a 20% down payment is $63,000 and lets you avoid PMI. Texas also has state-level down payment assistance programs for first-time buyers.
- What are current mortgage rates in Texas?
- Current 30-year fixed mortgage rates in Texas average 6.90% as of April 2026. 15-year fixed rates are typically 0.5–0.75% lower. Rates vary by lender, credit score, and loan-to-value ratio. Compare at least 3–5 lenders to ensure you get the best Texas mortgage rate.
- What is the property tax rate in Texas?
- Texas's effective property tax rate is 1.68%. On the Texas median home value of $315,000, annual property taxes are approximately $5,292 ($441/month). Property taxes in Texas are typically escrowed in your monthly mortgage payment.