Mortgage Calculator: Estimate Your Home Payment

Plug in a price, down payment and rate to see what you’d actually pay each month, including property taxes, homeowners insurance and mortgage insurance. It takes about a minute, and you don’t have to give us your contact info to use it.

Commonly Asked Questions

What goes into your monthly payment

Most people look at the principal and interest number and stop there. That's usually only part of the check you'll write each month. A full mortgage payment typically includes:

  • Principal: the part that pays down what you borrowed.
  • Interest: what the lender charges to lend you the money. Early in the loan, this is the biggest slice.
  • Property taxes: collected monthly and held in escrow until the bill is due.
  • Homeowners insurance: also usually paid through escrow.
  • Mortgage insurance: PMI on conventional loans with less than 20% down, or MIP on FHA loans.
  • HOA dues: if the home is in an HOA, these are usually paid separately. Still count them when you set your budget.

Why Texas payments run higher than you'd expect

Texas has no state income tax, and property taxes help make up the difference. It's common for combined rates in the DFW area to land around 2% of assessed value before exemptions. On a $350,000 home, that can add several hundred dollars a month to your payment.

Two things help:

  • Homestead exemption: If the home is your primary residence, file for your homestead exemption with your county appraisal district. It lowers the taxable value of your home and caps how fast that value can rise year to year.
  • Shopping insurance early: Hail and storm risk push Texas homeowners insurance above the national average. Get quotes before you're under contract so there are no surprises at closing.

Use the tax and insurance fields in the calculator to test a few scenarios. It's the fastest way to see how much these two numbers move your payment.

See what extra payments do

Adding even a small amount to your monthly payment can shave years off your loan. Use the extra payment field to try $100, $250 or $500 a month and compare total interest paid. You can export the full amortization schedule as a CSV, or share your results with a unique link that expires.

Ready for real numbers?

A calculator gets you in the ballpark. Your actual rate depends on your credit, loan type, down payment and the property itself. The Prime Rate team can walk you through FHA, VA, conventional and DSCR options and show you what your payment really looks like.